Fractal insights into overnight and intraday returns: Unraveling global market heterogeneity

Investigating the co-movements between crude oil futures helps to understand the integration of the global markets. This paper focuses on Shanghai crude oil futures (INE) and study its co-movements with the international benchmarks of WTI and Brent crude oil futures in intra-day day and night trading sessions. A complex network model framework is proposed to analyse the intra-day co-movement patterns labelled by a functional data clustering approach on intra-day return curves. Our findings indicate INE is more integrated with the global market during the night session, but it shows a regional fractional effect during the day session. Based on the revealed dynamics of co-movement patterns, we further design a pairs trading strategy between INE crude oil futures and the international benchmarks. The simulation results show that the pairs trading strategy can be promisingly profitable, even during market turmoil phases.

Overseas R&D and the strategic evolution of MNEs: evidence from laboratories in the UK

In recent years, the nations of the world have presented the development strategy of manufacturing. Manufacturing is the foundation of a country. However, with the increasing global resource constraints and market heterogeneity, the variety of individual demands, and the long-term goals of sustainable development, with the support of emerging information and communication technologies such as Internet, cyber-physical system, Internet of Things, cloud computing, and big data, industrial value creation is causing a paradigm shift in manufacturing. This paper studies a range of new manufacturing paradigms and presents a state-of-the-art survey of published works. It explores the corresponding current manufacturing concepts, technologies, framework features, application effects, resource optimization, and future challenges in these new paradigms. The integration of various manufacturing paradigms is also analyzed. Through this survey, the developments of these new manufacturing paradigms are explained and the future prospects are also discussed.

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Recently hospitality service or hospitality industry has been emerging as a major business in global market. However, As for Korea, there is room for to define business model and to realize the potential of hospitality industry. In general, hospitality industry ―accommodation, food and beverage, leisure tourism and healing― is recognized to provide tangible and intangible service via customer contact point. Among other service sectors hospitality service is closely relevant to economic growth and development of a country. As for Korea, competitive advantage in hospitality industry will play a major role to advance developed country. Meanwhile, hotel business are faced to business opportunity, given that foreign tourists have been growing since 2010 owing to Hanryu fever, or Korean cultural boom in asia. In the end, global competitiveness depends on how to realize business opportunities in hospitality industry. Therefore, it is high time to build competitive advantage in the industry and nurture service multinationals viable in global and local markets. ‘Big question’ in international business is concerned in foreign direct investment, internationalization of a firm and MNE’s strategy. In this vein, extant research has been focused on manufacturing multinationals especially in emerging markets. As widely known, emerging country is a fast follower, which is to seek economic growth rapidly after advanced countries in the Western. For example, the country was recognized as BRICs(Brazil, Russian, India and China) and Post-BRICs like Eastern Europe, Turkey, Mexico, Vietnam and Indonesia, etc. However, there is little study on service multinationals in hospitality industry like hotel service. Against this backdrop, we are to try to explain the localization of service multinationals in emerging market with heterogeneity. That is, this study analyzed how to respond micro institutions in hotel service market, and how to tailor its strategy to the local market in Korea. According to the case analysis, Primarily, headquarter tried to take initiative with global standard ―brand power, global network, standardized service, global operation system― to respond global integration by industry globalization potential. Second, Accor-Ambassador Korea(hereafter, AAK) tailored multi-brands strategy to customer needs & wants in the local market. For example, AAK simultaneously introduces Accor hotels brands, e.g. Sofitel, Pullman, Novotel, Mercure, and Ibis, to the Korean market with the help of headquarter. Third, as for entry mode, AAK incrementally enhances localization in accordance with sequential entry like franchising, management contract, partnership, and joint venture. In other words, Accor tried to gain access to local service knowledge from the Korean counterpart Ambassador hotel while both have long-term relationship. Fourth, AAK proposed clear-cut brand positioning with the help of market research, considering heterogeneous customer needs and wants. Last and the least, under the guideline of Accor Foundation, AAK has carried on social responsibility to build local friendly brand image. Until now, AAK has conducted on successful localization to deal with both industry globalization potential and local market heterogeneity, combining headquarter initiative and local market knowledge. In conclusion, multinationals in emerging market with high volatility are inclined to be heterogeneous situation of product/service market. In other words, this study suggests that MNEs pay attention to the change of micro institutions, e.g. consumption, customer, dominant local player, local competition, which give rise to heterogeneity of product/service market. That is, MNE has to enhance localization to the point of institutional isomorphism to respond micro institutions. From the results, implication and future research are elaborated as follows.

Impacts of Product-driven Complexity on the Success of Logistics in the Automotive Sector