# Evaluation of E-commerce Performance in SMEs based on Vector Auto Regression Model

Save this PDF as:

Size: px
Start display at page:

Download "Evaluation of E-commerce Performance in SMEs based on Vector Auto Regression Model"

## Transcription

3 Inernaional Journal of u-and e-services, Science and Technolog A A A 0 ( ) ( ) p ( p ) () The srucure of VAR model is decided onl b he number of variables and he lag lengh. For example, if a VAR model has wo variables as and 2, as:, 2, c c 2. 2.,, , 2, 2 (2) Then we change his formula ino marix form, as: 2 c c , 2, 2 (3) Assume ha Y 2 So ha, formula (3) can be wrien as: c.., c, 2, c Y (4) c Y (5) This is he basic model of VAR, as he formula onl has lagged endogenous variables, so ha hese lagged endogenous variables are asmpoic unrelaed wih. Then we can use OLS mehod o esimae each VAR formula, and he parameer esimaors ha we ga will be consisen Sabili Condiions The sabili of he VAR model means ha when we pu an impulse o he innovaion of on formula in he VAR mode,he impac of he effec will graduall reduce.the basic condiion of sabili is ha: all he eigenvalue of should be locaed wihin he uni circle. According o he formula 5, when =, i should be: And when =2, we calculae he formula wih ieraive mehod, as: So ha, when =, i could be wrien as: Y (6) c Y 0 2 Y c Y c Y (7) Y 2 c Y 0 i (8) i 0 i From he formula above, we can ge ha Y becomes a funcion o he vecor, Y 0 and afer he formula ransformaion. So we can analsis he impac resul of hese vecors o find ou wheher he VAR model is sable. If he VAR model is sable, i will saisf he condiions as: Coprigh c 204 SERSC 53

4 Inernaional Journal of u-and e-services, Science and Technolog ) If give one uni impulse o c a =, when,he effec will have a Limi value as (I- ) - 2) If give one uni impulse o Y 0, he effec will be when = and will be graduall disappeared wih ime has been increased. From he analsis abou VAR model, we can ge ha if he VAR model has he uni roo, i will have he memor abou impulse impac for a long ime, so his VAR model is no sable. Also, he response ofendogenous variables will no reduce wih ime increased in his case. 3. Empirical Analsis 3.. Daa Collecion and Evaluaion Index In order o analze how he applicaion of E-business effec on he business performance, we use STATA 2.0 sofware and make a saisical analsis of E-business applicaion index (EB) and sales volume (SV) in SMEs from Being. The E-business applicaion index is ver comprehensive, so ha we use analic hierarch process (AHP) in order o consruc his index. Afer he measuremen and selecion, we consruced he evaluaion index of e-commerce developmen level in SMEs. This evaluaion ssem mainl includes hree class as e-commerce ransacions Index, Informaizaion developmen Index and human capial Index. This E-business applicaion index can be used o analze he level of E-business applicaion in SMEs, he conen of hese hree indicaors as shown below. a) E-commerce ransacions Index (X): Share of e-commerce ransacions, ha is, he raio of e-commerce ransacions o he oal urnover. b) Informaizaion developmen Index(X2): mainl include he informaizaion invesmen raio, he average dail efficienc of compuer and he average his raio of enerprise websie. The informaizaion invesmen raio means he proporion of informaizaion invesmen o oal invesmen. c) Human capial Index(X3): saff raio of he elecronic commerce enerprise and he populari of he Inerne level. The E-business applicaion index can be calculaed b using linear weighed mehod. According o he index ssem, we used comprehensive evaluaion mehod o measure he E- business applicaion index (EAI), he calculaion formula is: EAI m n i j P W W (9) x P 00 (0) max x In his formula, EAI represens he score of E-business applicaion in SMEs, P is he calculaed value of he indicaors, and W is he corresponding weigh.the weigh of ever indicaor is calculaed b AHP mehod, he weigh is deermined b he influence of each index o he upper level index, and we use -9 o rank he influence level.means he influence level is same and 9 means he influence level is highes, he influence level is increased from o 9. B calculaing he weigh, we ge ha he weighs of hree indicaors as W=0.3, W2=0.49 and W3= Coprigh c 204 SERSC

5 Inernaional Journal of u-and e-services, Science and Technolog So ha we can ge he E-business applicaion index based on his mehod. The daa of sales volume is colleced from Being saisic ear book and Caixin daabase, period from 200 o 20. We also underake log processing o daa, noed as LnEB and LnSV ADF Uni Roo Tes The uni roo es was firs pu forward b David Dicke & Wane Fuller, so i is also called DF es. DF es is a basic mehod in saionari es, if we have a model as: Y () Y DF es is he significance es o he coefficien. If, when T, T, ha means he impulse will be reduced when he ime is increased. However, if, he impulse will no be reduced wih he ime, so ha his ime-series daa is no sable. The basic DF es model can be wrien as: Y (2) 2 Y If we add he lagged variable of in formula 0, hen i will be called he augmened Dicke-Fuller es, so ha ADF es model can be wrien as: Y m Y Y (3) 2 i i i Daa sable is he premise of esablishing VAR model, an augmened Dicke Fuller es (ADF) is a es for a uni roo in a ime series sample. We use ADF uni roo es o inspec LnEB and LnSV, he resul as is shown in Table. Through he es resuls we can see ha LnEB and LnSV are non-saionar,hen we es on d.lneb and d.lnsv and demonsrae ha d.lneb and d.lnsv are sable, so we can build he VAR model and use granger es and coinegraion es. Table. Augmened Dicke Fuller Tes (ADF) Variable Tes Saisic % Criical Value 5% Criical Value 0% Criical Value Resul LnEB Unsable LnSV Unsable D. LnEB Sable D. LnSV Sable 3.3. VAR Model Vecor auo regression (VAR) is a saisical model used o capure he linear inerdependencies among muliple ime series. An esimaed VAR model can be used for forecasing, and he quali of he forecass can be judged.var model is he simulaneous form of auoregressive model, A VAR (p) model of a ime series () has he form: A A A 0 ( ) ( ) p ( p ) (4) Coprigh c 204 SERSC 55

7 Inernaional Journal of u-and e-services, Science and Technolog significan influence business sales volume increase, so ha i is imporan o appl E-business in SMEs. The cholesk variance decomposiion also shows he same resul, he conribuion degree of LnSV o LnSV is graduall reduced and he conribuion degree of LnEB o LnSV is graduall increased. From figure 2, we find he conribuion degree of LnSV o LnSV a = period is almos 00%, and hen reduced graduall from sep 2, finall reduced o 67.2% in =8 period. A he same ime, he conribuion degree of LnEB o LnSV is 25% a = period, hen increased and become sable from sep 2, he conribuion degree in =8 period is 62%.This means ha E-business applicaion has a imporan conribuion degree o sales volume increase, and can be used o explain he business performance in SMEs b using E-business echnolog. Figure. Impulse-response Analsis 4. Conclusion Figure 2.Cholesk Variance Decomposiion In his paper, we firs inroduce he ECRM and E-business sraeg in enerprise, and use VAR model o analze how E-commerce affec he business performance in emerging counries as China. The resul shows ha E-business applicaion can improve he sales performance of small business obviousl, here exis a long-erm equilibrium relaionship beween E-business applicaion and small business sales volume. E-business would be he mos imporan facors for SMEs o success. The advanage of using E-business in SMEs basicall has he following aspecs: Firs, elecronic commerce has been he marke developmen ools, he nework markeing aciviies of enerprises can improve markeing efficienc and reduce he cos of sales. For example, inerne adverising can increase he sales Coprigh c 204 SERSC 57

9 Inernaional Journal of u-and e-services, Science and Technolog [9] A.J. Davies and G.Sierra, Implemeningelecronic commerce in SMEs--Three casesudies, BT Technolog Journal, vol.7,(999),pp.97-. [0] W.Erik, K.Gabriele, A frameworkforanalsing sraegies of Inerne ServiceProviders,NETNOMICS: Economic Researchand Elecronic Neworking,vol.3,(200), pp [] A. J.DavidandW. Lorna, The e-businesscapabili of small and medium sized firms in inernaionalsuppl chains, Informaion Ssems ande-business Managemen, vol.2,(2004), pp [2] S.Phavaphan andk.donaprueh, Effecsof e-crm on cusomer bank relaionship qualiand oucomes: The case of Thailand,TheJournalof High Technolog Managemen Research, vol.22,(20),pp [3] F. Slvie andj.judih, Idenifingsuccess facors for rapid growh in SME e-commerce, Small Business Economics, vol.9,(2002),pp [4] P. Lucia ands.francesca, Globalisaion, EBusinessand SMEs: Evidence from he Ialian disricof Prao, Small Business Economics, vol.22,(2004), pp [5] H.T.JamesandW.Richard, A model ofe-commerce use b inernaionalizing SMEs,Journalof Inernaional Managemen, vol.7, (200), pp [6] W.Ing-Long, H.Ching-Yi, A sraeg-based process for effecivel deermining ssemrequiremens in ecrm developmen, Informaionand Sofware Technolog, vol.5,(2009), pp Coprigh c 204 SERSC 59

10 Inernaional Journal of u-and e-services, Science and Technolog 60 Coprigh c 204 SERSC

### Internal and external value evaluation of E-business strategy in enterprise

Available online www.jocpr.com Journal of Chemical and Pharmaceuical Research, 2014, 6(6):693-697 Research Aricle ISSN : 0975-7384 CODEN(USA) : JCPRC5 Inernal and exernal value evaluaion of E-business

### An empirical analysis about forecasting Tmall air-conditioning sales using time series model Yan Xia

An empirical analysis abou forecasing Tmall air-condiioning sales using ime series model Yan Xia Deparmen of Mahemaics, Ocean Universiy of China, China Absrac Time series model is a hospo in he research

### Research on Inventory Sharing and Pricing Strategy of Multichannel Retailer with Channel Preference in Internet Environment

Vol. 7, No. 6 (04), pp. 365-374 hp://dx.doi.org/0.457/ijhi.04.7.6.3 Research on Invenory Sharing and Pricing Sraegy of Mulichannel Reailer wih Channel Preference in Inerne Environmen Hanzong Li College

### Cointegration Analysis of Exchange Rate in Foreign Exchange Market

Coinegraion Analysis of Exchange Rae in Foreign Exchange Marke Wang Jian, Wang Shu-li School of Economics, Wuhan Universiy of Technology, P.R.China, 430074 Absrac: This paper educed ha he series of exchange

### Information Systems for Business Integration: ERP Systems

Informaion Sysems for Business Inegraion: ERP Sysems (December 3, 2012) BUS3500 - Abdou Illia, Fall 2012 1 LEARNING GOALS Explain he difference beween horizonal and verical business inegraion. Describe

### USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES

USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES Mehme Nuri GÖMLEKSİZ Absrac Using educaion echnology in classes helps eachers realize a beer and more effecive learning. In his sudy 150 English eachers were

### Impact of Debt on Primary Deficit and GSDP Gap in Odisha: Empirical Evidences

S.R. No. 002 10/2015/CEFT Impac of Deb on Primary Defici and GSDP Gap in Odisha: Empirical Evidences 1. Inroducion The excessive pressure of public expendiure over is revenue receip is financed hrough

### PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE

Profi Tes Modelling in Life Assurance Using Spreadshees PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Erik Alm Peer Millingon 2004 Profi Tes Modelling in Life Assurance Using Spreadshees

### Morningstar Investor Return

Morningsar Invesor Reurn Morningsar Mehodology Paper Augus 31, 2010 2010 Morningsar, Inc. All righs reserved. The informaion in his documen is he propery of Morningsar, Inc. Reproducion or ranscripion

### Cannibalization and Product Life Cycle Management

Middle-Eas Journal of Scienific Research 19 (8): 1080-1084, 2014 ISSN 1990-9233 IDOSI Publicaions, 2014 DOI: 10.5829/idosi.mejsr.2014.19.8.11868 Cannibalizaion and Produc Life Cycle Managemen Ali Farrukh

### Vector Autoregressions (VARs): Operational Perspectives

Vecor Auoregressions (VARs): Operaional Perspecives Primary Source: Sock, James H., and Mark W. Wason, Vecor Auoregressions, Journal of Economic Perspecives, Vol. 15 No. 4 (Fall 2001), 101-115. Macroeconomericians

### SKF Documented Solutions

SKF Documened Soluions Real world savings and we can prove i! How much can SKF save you? Le s do he numbers. The SKF Documened Soluions Program SKF is probably no he firs of your supplier parners o alk

### The Application of Multi Shifts and Break Windows in Employees Scheduling

The Applicaion of Muli Shifs and Brea Windows in Employees Scheduling Evy Herowai Indusrial Engineering Deparmen, Universiy of Surabaya, Indonesia Absrac. One mehod for increasing company s performance

### The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas

The Greek financial crisis: growing imbalances and sovereign spreads Heaher D. Gibson, Sephan G. Hall and George S. Tavlas The enry The enry of Greece ino he Eurozone in 2001 produced a dividend in he

### Chapter 1.6 Financial Management

Chaper 1.6 Financial Managemen Par I: Objecive ype quesions and answers 1. Simple pay back period is equal o: a) Raio of Firs cos/ne yearly savings b) Raio of Annual gross cash flow/capial cos n c) = (1

### Chapter 8: Regression with Lagged Explanatory Variables

Chaper 8: Regression wih Lagged Explanaory Variables Time series daa: Y for =1,..,T End goal: Regression model relaing a dependen variable o explanaory variables. Wih ime series new issues arise: 1. One

### Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya.

Principal componens of sock marke dynamics Mehodology and applicaions in brief o be updaed Andrei Bouzaev, bouzaev@ya.ru Why principal componens are needed Objecives undersand he evidence of more han one

### The Journey. Roadmaps. 2 Architecture. 3 Innovation. Smart City

The Journe 1 Roadmaps 2 Archiecure 3 Innovaion Uili Mobili Living Enr Poins o a Grid Journe Sraeg COMM projec Evoluion no Revoluion IT Concerns Daa Mgm Inegraion Archiecure Analics Regulaor Analics Disribued

### Performance Center Overview. Performance Center Overview 1

Performance Cener Overview Performance Cener Overview 1 ODJFS Performance Cener ce Cener New Performance Cener Model Performance Cener Projec Meeings Performance Cener Execuive Meeings Performance Cener

### Economic Factors in Determining the Penetration Coefficient of Mobile Phone in Iran

Iranian Economic Review, Vol.5, No.26, Spring 200 Economic Facors in Deermining he Peneraion Coefficien of Mobile Phone in Iran Mansour Khalili Araghi Ghahreman Abdoli Absrac n his paper we have sudied

### The Impact of International Oil Price Fluctuation on China s Economy

Available online a www.sciencedirec.com Energ Procedia 5 (2011) 1360 1364 IACEED2010 The Impac of Inernaional Oil Price Flucuaion on China s Econom Zhang Qianqian School of Economics and Managemen, Wuhan

### Why Did the Demand for Cash Decrease Recently in Korea?

Why Did he Demand for Cash Decrease Recenly in Korea? Byoung Hark Yoo Bank of Korea 26. 5 Absrac We explores why cash demand have decreased recenly in Korea. The raio of cash o consumpion fell o 4.7% in

### Forecasting Malaysian Gold Using. GARCH Model

Applied Mahemaical Sciences, Vol. 7, 2013, no. 58, 2879-2884 HIKARI Ld, www.m-hikari.com Forecasing Malaysian Gold Using GARCH Model Pung Yean Ping 1, Nor Hamizah Miswan 2 and Maizah Hura Ahmad 3 Deparmen

### ClaimCore. Putting Customers at the Core of Your Claims Processes. Integrated Customer Database. R es y me. Ad j u d ic ati o n

ClaimCore for Benefis Overview Feaures & Benefis The Core Suie Technology Services/Educaion Conac Us ClaimCore Puing Cusomers a he Core of Your Claims Processes Handle growh wih a rules-based, cusomer-focused

### PolicyCore. Putting Innovation and Customer Service at the Core of Your Policy Administration and Underwriting

PolicyCore Puing Innovaion and Cusomer Service a he Core of Your Policy Adminisraion and Underwriing As new echnologies emerge and cusomer expecaions escalae, P&C insurers are seeing opporuniies o grow

### Distributing Human Resources among Software Development Projects 1

Disribuing Human Resources among Sofware Developmen Proecs Macario Polo, María Dolores Maeos, Mario Piaini and rancisco Ruiz Summary This paper presens a mehod for esimaing he disribuion of human resources

### A New Type of Combination Forecasting Method Based on PLS

American Journal of Operaions Research, 2012, 2, 408-416 hp://dx.doi.org/10.4236/ajor.2012.23049 Published Online Sepember 2012 (hp://www.scirp.org/journal/ajor) A New Type of Combinaion Forecasing Mehod

### TEMPORAL PATTERN IDENTIFICATION OF TIME SERIES DATA USING PATTERN WAVELETS AND GENETIC ALGORITHMS

TEMPORAL PATTERN IDENTIFICATION OF TIME SERIES DATA USING PATTERN WAVELETS AND GENETIC ALGORITHMS RICHARD J. POVINELLI AND XIN FENG Deparmen of Elecrical and Compuer Engineering Marquee Universiy, P.O.

### INVESTIGATION OF THE INFLUENCE OF UNEMPLOYMENT ON ECONOMIC INDICATORS

INVESTIGATION OF THE INFLUENCE OF UNEMPLOYMENT ON ECONOMIC INDICATORS Ilona Tregub, Olga Filina, Irina Kondakova Financial Universiy under he Governmen of he Russian Federaion 1. Phillips curve In economics,

### INTRODUCTION TO FORECASTING

INTRODUCTION TO FORECASTING INTRODUCTION: Wha is a forecas? Why do managers need o forecas? A forecas is an esimae of uncerain fuure evens (lierally, o "cas forward" by exrapolaing from pas and curren

### Chapter 6: Business Valuation (Income Approach)

Chaper 6: Business Valuaion (Income Approach) Cash flow deerminaion is one of he mos criical elemens o a business valuaion. Everyhing may be secondary. If cash flow is high, hen he value is high; if he

### DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR

Invesmen Managemen and Financial Innovaions, Volume 4, Issue 3, 7 33 DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR Ahanasios

### Time Series Analysis Using SAS R Part I The Augmented Dickey-Fuller (ADF) Test

ABSTRACT Time Series Analysis Using SAS R Par I The Augmened Dickey-Fuller (ADF) Tes By Ismail E. Mohamed The purpose of his series of aricles is o discuss SAS programming echniques specifically designed

### Chabot College Physics Lab RC Circuits Scott Hildreth

Chabo College Physics Lab Circuis Sco Hildreh Goals: Coninue o advance your undersanding of circuis, measuring resisances, currens, and volages across muliple componens. Exend your skills in making breadboard

### Advise on the development of a Learning Technologies Strategy at the Leopold-Franzens-Universität Innsbruck

Advise on he developmen of a Learning Technologies Sraegy a he Leopold-Franzens-Universiä Innsbruck Prof. Dr. Rob Koper Open Universiy of he Neherlands Educaional Technology Experise Cener Conex - Period

### Measuring macroeconomic volatility Applications to export revenue data, 1970-2005

FONDATION POUR LES ETUDES ET RERS LE DEVELOPPEMENT INTERNATIONAL Measuring macroeconomic volailiy Applicaions o expor revenue daa, 1970-005 by Joël Cariolle Policy brief no. 47 March 01 The FERDI is a

### Analysis of Pricing and Efficiency Control Strategy between Internet Retailer and Conventional Retailer

Recen Advances in Business Managemen and Markeing Analysis of Pricing and Efficiency Conrol Sraegy beween Inerne Reailer and Convenional Reailer HYUG RAE CHO 1, SUG MOO BAE and JOG HU PARK 3 Deparmen of

### Title: Who Influences Latin American Stock Market Returns? China versus USA

Cenre for Global Finance Working Paper Series (ISSN 2041-1596) Paper Number: 05/10 Tile: Who Influences Lain American Sock Marke Reurns? China versus USA Auhor(s): J.G. Garza-García; M.E. Vera-Juárez Cenre

### Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand

36 Invesmen Managemen and Financial Innovaions, 4/4 Marke Liquidiy and he Impacs of he Compuerized Trading Sysem: Evidence from he Sock Exchange of Thailand Sorasar Sukcharoensin 1, Pariyada Srisopisawa,

### Chapter Four: Methodology

Chaper Four: Mehodology 1 Assessmen of isk Managemen Sraegy Comparing Is Cos of isks 1.1 Inroducion If we wan o choose a appropriae risk managemen sraegy, no only we should idenify he influence ha risks

### Market Analysis and Models of Investment. Product Development and Whole Life Cycle Costing

The Universiy of Liverpool School of Archiecure and Building Engineering WINDS PROJECT COURSE SYNTHESIS SECTION 3 UNIT 11 Marke Analysis and Models of Invesmen. Produc Developmen and Whole Life Cycle Cosing

### Optimal Growth for P&C Insurance Companies

Opimal Growh for P&C Insurance Companies by Luyang Fu AbSTRACT I is generally well esablished ha new business produces higher loss and expense raios and lower reenion raios han renewal business. Ironically,

### Social Media Content on Financial Markets

Inernaional Journal of New Technology and Research (IJNTR) ISSN:2454-4116, Volume-2, Issue-3, March 2016 Pages 134-137 Social Media Conen on Financial Markes Juheng Zhang Absrac Socks are weeed by invesors

### Usefulness of the Forward Curve in Forecasting Oil Prices

Usefulness of he Forward Curve in Forecasing Oil Prices Akira Yanagisawa Leader Energy Demand, Supply and Forecas Analysis Group The Energy Daa and Modelling Cener Summary When people analyse oil prices,

### Purchasing Power Parity (PPP), Sweden before and after EURO times

School of Economics and Managemen Purchasing Power Pariy (PPP), Sweden before and afer EURO imes - Uni Roo Tes - Coinegraion Tes Masers hesis in Saisics - Spring 2008 Auhors: Mansoor, Rashid Smora, Ami

### Cloud Service Trust Model and Its Application Research Based on the Third Party Certification

Inernaional Journal of u- and e- Service, Science and Technology, pp.259-268 hp://dx.doi.org/1.14257/ijuness.215.8.7.26 Cloud Service Trus Model and Is Applicaion Research Based on he Third Pary Cerificaion

### Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is \$613.

Graduae School of Business Adminisraion Universiy of Virginia UVA-F-38 Duraion and Convexiy he price of a bond is a funcion of he promised paymens and he marke required rae of reurn. Since he promised

### Course Outline. Course Coordinator: Dr. Tanu Sharma Assistant Professor Dept. of humanities and Social Sciences Email:tanu.sharma@juit.ac.

Course Name : HUMAN RESOURCE MANAGEMENT Course Code: 10B1WPD75 Course Credi: (-0-0) Semeser: VII Course Type: Elecive (All B. Tech. sudens) Deparmen: Humaniies and Social Sciences Course Coordinaor: Dr.

### Price elasticity of demand for crude oil: estimates for 23 countries

Price elasiciy of demand for crude oil: esimaes for 23 counries John C.B. Cooper Absrac This paper uses a muliple regression model derived from an adapaion of Nerlove s parial adjusmen model o esimae boh

### Cointegration: The Engle and Granger approach

Coinegraion: The Engle and Granger approach Inroducion Generally one would find mos of he economic variables o be non-saionary I(1) variables. Hence, any equilibrium heories ha involve hese variables require

### Relationships between Stock Prices and Accounting Information: A Review of the Residual Income and Ohlson Models. Scott Pirie* and Malcolm Smith**

Relaionships beween Sock Prices and Accouning Informaion: A Review of he Residual Income and Ohlson Models Sco Pirie* and Malcolm Smih** * Inernaional Graduae School of Managemen, Universiy of Souh Ausralia

### The Kinetics of the Stock Markets

Asia Pacific Managemen Review (00) 7(1), 1-4 The Kineics of he Sock Markes Hsinan Hsu * and Bin-Juin Lin ** (received July 001; revision received Ocober 001;acceped November 001) This paper applies he

### Appendix D Flexibility Factor/Margin of Choice Desktop Research

Appendix D Flexibiliy Facor/Margin of Choice Deskop Research Cheshire Eas Council Cheshire Eas Employmen Land Review Conens D1 Flexibiliy Facor/Margin of Choice Deskop Research 2 Final Ocober 2012 \\GLOBAL.ARUP.COM\EUROPE\MANCHESTER\JOBS\200000\223489-00\4

### Why Do Real and Nominal. Inventory-Sales Ratios Have Different Trends?

Why Do Real and Nominal Invenory-Sales Raios Have Differen Trends? By Valerie A. Ramey Professor of Economics Deparmen of Economics Universiy of California, San Diego and Research Associae Naional Bureau

### Can Individual Investors Use Technical Trading Rules to Beat the Asian Markets?

Can Individual Invesors Use Technical Trading Rules o Bea he Asian Markes? INTRODUCTION In radiional ess of he weak-form of he Efficien Markes Hypohesis, price reurn differences are found o be insufficien

### 4. International Parity Conditions

4. Inernaional ariy ondiions 4.1 urchasing ower ariy he urchasing ower ariy ( heory is one of he early heories of exchange rae deerminaion. his heory is based on he concep ha he demand for a counry's currency

### A Model of High School Student Financial Assistance System in China

Inernaional Journal of u- and e- Service, Science and Technology, pp.173-182 hp://dx.doi.org/10.14257/ijuness.2015.8.7.17 A Model of High School Suden Financial Assisance Sysem in China Hua Ding, Zhongliang

### WATER MIST FIRE PROTECTION RELIABILITY ANALYSIS

WATER MIST FIRE PROTECTION RELIABILITY ANALYSIS Shuzhen Xu Research Risk and Reliabiliy Area FM Global Norwood, Massachuses 262, USA David Fuller Engineering Sandards FM Global Norwood, Massachuses 262,

### Building an E- Commerce Strategy for the Office Equipment and Printer Marketplace. CAPt CAP VENTURES

Building an E- Commerce Sraegy for he Office Equipmen and Priner Markeplace The Inerne is creaing a revoluion in he disribuion of office equipmen. New conceps and business models abound, and i seems cerain

### Benefit-Cost Analysis

Slide 1 Benefi-Cos Analysis Sco Pearson Sanford Universiy Sco Pearson is Professor Emerius of Agriculural Economics a he Food Research Insiue, Sanford Universiy. He has paricipaed in projecs ha combined

### RC Circuit and Time Constant

ircui and Time onsan 8M Objec: Apparaus: To invesigae he volages across he resisor and capacior in a resisor-capacior circui ( circui) as he capacior charges and discharges. We also wish o deermine he

### Idealistic characteristics of Islamic Azad University masters - Islamshahr Branch from Students Perspective

Available online a www.pelagiaresearchlibrary.com European Journal Experimenal Biology, 202, 2 (5):88789 ISSN: 2248 925 CODEN (USA): EJEBAU Idealisic characerisics Islamic Azad Universiy masers Islamshahr

### Automatic measurement and detection of GSM interferences

Auomaic measuremen and deecion of GSM inerferences Poor speech qualiy and dropped calls in GSM neworks may be caused by inerferences as a resul of high raffic load. The radio nework analyzers from Rohde

### Macroeconomic functions of the Russian stock market

December, 2. 6. 2013 Macroeconomic funcions of he Russian sock marke Adam Marszk Faculy of Managemen and Economics Gdańsk Universiy of Technology Gdańsk, Poland amarszk@zie.pg.gda.pl Absrac The purpose

### House Price Index (HPI)

House Price Index (HPI) The price index of second hand houses in Colombia (HPI), regisers annually and quarerly he evoluion of prices of his ype of dwelling. The calculaion is based on he repeaed sales

### CAPt. Print e-procurement: Changing the Face of the Printing Industry CAP VENTURES. Market Forecast for Web-Based Print e-procurement

Prin e-procuremen: Changing he Face of he Prining Indusry Marke Forecas for Web-Based Prin e-procuremen Buyers Crieria for Web Procuremen Opporuniies and Advanages for Prin Service Providers Profiles of

### The Real Business Cycle paradigm. The RBC model emphasizes supply (technology) disturbances as the main source of

Prof. Harris Dellas Advanced Macroeconomics Winer 2001/01 The Real Business Cycle paradigm The RBC model emphasizes supply (echnology) disurbances as he main source of macroeconomic flucuaions in a world

### Time-Series Forecasting Model for Automobile Sales in Thailand

การประช มว ชาการด านการว จ ยด าเน นงานแห งชาต ประจ าป 255 ว นท 24 25 กรกฎาคม พ.ศ. 255 Time-Series Forecasing Model for Auomobile Sales in Thailand Taweesin Apiwaanachai and Jua Pichilamken 2 Absrac Invenory

### Information technology and economic growth in Canada and the U.S.

Canada U.S. Economic Growh Informaion echnology and economic growh in Canada and he U.S. Informaion and communicaion echnology was he larges conribuor o growh wihin capial services for boh Canada and he

### LEVENTE SZÁSZ An MRP-based integer programming model for capacity planning...3

LEVENTE SZÁSZ An MRP-based ineger programming model for capaciy planning...3 MELINDA ANTAL Reurn o schooling in Hungary before and afer he ransiion years...23 LEHEL GYÖRFY ANNAMÁRIA BENYOVSZKI ÁGNES NAGY

### SELF-EVALUATION FOR VIDEO TRACKING SYSTEMS

SELF-EVALUATION FOR VIDEO TRACKING SYSTEMS Hao Wu and Qinfen Zheng Cenre for Auomaion Research Dep. of Elecrical and Compuer Engineering Universiy of Maryland, College Park, MD-20742 {wh2003, qinfen}@cfar.umd.edu

### DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS

DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS Hong Mao, Shanghai Second Polyechnic Universiy Krzyszof M. Osaszewski, Illinois Sae Universiy Youyu Zhang, Fudan Universiy ABSTRACT Liigaion, exper

### How Useful are the Various Volatility Estimators for Improving GARCH-based Volatility Forecasts? Evidence from the Nasdaq-100 Stock Index

Inernaional Journal of Economics and Financial Issues Vol. 4, No. 3, 04, pp.65-656 ISSN: 46-438 www.econjournals.com How Useful are he Various Volailiy Esimaors for Improving GARCH-based Volailiy Forecass?

### System Performance Improvement By Server Virtualization

Sysem Performance Improvemen By Server Virualizaion Hioshi Ueno, Tomohide Hasegawa, and Keiichi Yoshihama Absrac Wih he advance of semiconducor echnology, microprocessors become highly inegraed and herefore

### Mortality Variance of the Present Value (PV) of Future Annuity Payments

Morali Variance of he Presen Value (PV) of Fuure Annui Pamens Frank Y. Kang, Ph.D. Research Anals a Frank Russell Compan Absrac The variance of he presen value of fuure annui pamens plas an imporan role

### The Effect of Working Capital Management on Reducing the Stock Price Crash Risk(Case Study: Companies Listed in Tehran Stock Exchange)

Inernaional Research Journal of Applied and Basic Sciences 2013 Available online a www.irjabs.com ISSN 2251-838X / Vol, 6 (9): 1222-1228 Science Explorer Publicaions The Effec of Working Capial Managemen

### CEEP-BIT WORKING PAPER SERIES. The crude oil market and the gold market: Evidence for cointegration, causality and price discovery

CEEP-BIT WORKING PAPER SERIES The crude oil marke and he gold marke: Evidence for coinegraion, causaliy and price discovery Yue-Jun Zhang Yi-Ming Wei Working Paper 5 hp://www.ceep.ne.cn/english/publicaions/wp/

### Statistical Approaches to Electricity Price Forecasting

Saisical Approaches o Elecriciy Price Forecasing By J. Suar McMenamin, Ph.D., Frank A. Monfore, Ph.D. Chrisine Fordham, Eric Fox, Fredrick D. Sebold Ph.D., and Mark Quan 1. Inroducion Wih he adven of compeiion,

### 2009 / 2 Review of Business and Economics. Federico Etro 1

The Economic Impac of Cloud Compuing on Business Creaion, Employmen and Oupu in Europe An applicaion of he Endogenous Marke Srucures Approach o a GPT innovaion Federico Ero ABSTRACT Cloud compuing is a

### 2009 / 2 Review of Business and Economics. Federico Etro 1

The Economic Impac of Cloud Compuing on Business Creaion, Employmen and Oupu in Europe An applicaion of he Endogenous Marke Srucures Approach o a GPT innovaion Federico Ero ABSTRACT Cloud compuing is a

### Modeling Tourist Arrivals Using Time Series Analysis: Evidence From Australia

Journal of Mahemaics and Saisics 8 (3): 348-360, 2012 ISSN 1549-3644 2012 Science Publicaions Modeling Touris Arrivals Using Time Series Analysis: Evidence From Ausralia 1 Gurudeo AnandTularam, 2 Vicor

### Reporting to Management

CHAPTER 31 Reporing o Managemen Inroducion The success or oherwise of any business underaking depends primarily on earning revenue ha would generae sufficien resources for sound growh. To achieve his objecive,

### The Complete VoIP Telecom Service Provider The Evolution of a SIP Trunking Provider

The Complee VoIP Telecom Service Provider The Evoluion of a SIP Trunking Provider By: Sean Rivers Direcor of Technology parner Assurance 1 Agenda Who is Bandwidh.com Today Before VoIP The Addiion of VoIP

### A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation

A Noe on Using he Svensson procedure o esimae he risk free rae in corporae valuaion By Sven Arnold, Alexander Lahmann and Bernhard Schwezler Ocober 2011 1. The risk free ineres rae in corporae valuaion

### BALANCE OF PAYMENTS. First quarter 2008. Balance of payments

BALANCE OF PAYMENTS DATE: 2008-05-30 PUBLISHER: Balance of Paymens and Financial Markes (BFM) Lena Finn + 46 8 506 944 09, lena.finn@scb.se Camilla Bergeling +46 8 506 942 06, camilla.bergeling@scb.se

### MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR

MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR The firs experimenal publicaion, which summarised pas and expeced fuure developmen of basic economic indicaors, was published by he Minisry

### The naive method discussed in Lecture 1 uses the most recent observations to forecast future values. That is, Y ˆ t + 1

Business Condiions & Forecasing Exponenial Smoohing LECTURE 2 MOVING AVERAGES AND EXPONENTIAL SMOOTHING OVERVIEW This lecure inroduces ime-series smoohing forecasing mehods. Various models are discussed,

### New Fuzzy Dynamic Evaluation For ERP Benefits

New Fuzzy Dynamic Evaluaion For ERP Benefis Berlin Wu, (Email: berlin@mah.nccu.edu.w), Naional Chengchi Universiy, Taiwan Liping Kao, (Email: Liping.kao@mail.chihlee.edu.w), Chihlee Insiue of Business

### THE FIRM'S INVESTMENT DECISION UNDER CERTAINTY: CAPITAL BUDGETING AND RANKING OF NEW INVESTMENT PROJECTS

VII. THE FIRM'S INVESTMENT DECISION UNDER CERTAINTY: CAPITAL BUDGETING AND RANKING OF NEW INVESTMENT PROJECTS The mos imporan decisions for a firm's managemen are is invesmen decisions. While i is surely

### Contrarian insider trading and earnings management around seasoned equity offerings; SEOs

Journal of Finance and Accounancy Conrarian insider rading and earnings managemen around seasoned equiy offerings; SEOs ABSTRACT Lorea Baryeh Towson Universiy This sudy aemps o resolve he differences in

### SCHUMPETER DISCUSSION PAPERS Interdependence between Foreign Exchange Markets and Stock Markets in Selected European Countries

SCHUMPETER DISCUSSION PAPERS Inerdependence beween Foreign Exchange Markes and Sock Markes in Seleced European Counries Mevlud Islami SDP 2008-007 ISSN 1867-5352 by he auor Inerdependence Beween Foreign

### THE IMPACT OF CUBES ON THE MARKET QUALITY OF NASDAQ 100 INDEX FUTURES

Invesmen Managemen and Financial Innovaions, Volume 3, Issue 3, 2006 117 THE IMPACT OF CUBES ON THE MARKET QUALITY OF NASDAQ 100 INDEX FUTURES Seyfein Unal, M. Mesu Kayali, Cuney Koyuncu Absrac Using Hasbrouck

### Statistical Analysis with Little s Law. Supplementary Material: More on the Call Center Data. by Song-Hee Kim and Ward Whitt

Saisical Analysis wih Lile s Law Supplemenary Maerial: More on he Call Cener Daa by Song-Hee Kim and Ward Whi Deparmen of Indusrial Engineering and Operaions Research Columbia Universiy, New York, NY 17-99

### STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2

ABSTRACT STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2 Earlier sudies have esablished guidelines o opimize he capial srucure of a privaized projec. However, in he

### Investor sentiment of lottery stock evidence from the Taiwan stock market

Invesmen Managemen and Financial Innovaions Volume 9 Issue 1 Yu-Min Wang (Taiwan) Chun-An Li (Taiwan) Chia-Fei Lin (Taiwan) Invesor senimen of loery sock evidence from he Taiwan sock marke Absrac This

### Return Calculation of U.S. Treasury Constant Maturity Indices

Reurn Calculaion of US Treasur Consan Mauri Indices Morningsar Mehodolog Paper Sepeber 30 008 008 Morningsar Inc All righs reserved The inforaion in his docuen is he proper of Morningsar Inc Reproducion

### Supply Chain Management Using Simulation Optimization By Miheer Kulkarni

Supply Chain Managemen Using Simulaion Opimizaion By Miheer Kulkarni This problem was inspired by he paper by Jung, Blau, Pekny, Reklaii and Eversdyk which deals wih supply chain managemen for he chemical

### THE APPLICATION OF E-COMMERCE TECHNOLOGIES IN THE DEVELOPMENT OF INTERNATIONAL TRADE

VE IVS RI TI TAS TIA ISSN 1822-8011 (prin) ISSN 1822-8038 (online) INTELEKTINĖ EKONOMIKA INTELLECTUAL ECONOMICS 2011, No. 1(9), p. 7 22 THE APPLICATION OF E-COMMERCE TECHNOLOGIES IN THE DEVELOPMENT OF