Cumulative Market Research Articles

Online reverse auctions research in marketing versus SCM: A review and future directions

An online reverse auction (ORA) is a dynamic procurement mechanism that allows suppliers to compete in real time via a platform to gain a buyer's business. The ORA is a technological tool introduced in the late 1990s, gaining proponents and detractors among practitioners and academics. Remarkably, while practitioner interest in ORAs has grown, related marketing and supply chain management (SCM) research has declined. This contradiction between theory and practice suggests the need to conduct a systematic review to provide readers with a state-of-the-art understanding of ORAs and recommend fruitful avenues for further research. We focus on the marketing literature and contrast the findings with SCM literature, in such an analysis practical relevance is stressed. Our study offers three main contributions: (1) integration of the cumulative marketing knowledge on ORAs in the 2002–2020 period, (2) development of a three-layer framework of the ORA domain (i.e., conceptualization, ORA as a process, and research setting), and (3) construction of a new research agenda to deal with scholarly challenges and emerging trends.

Individual insurance products: is there a real choice for Russians?

The article analyzes the level of competition of insurance product offerings in the following four markets using the Russian market as an example: (1) life insurance, (2) accident and disease insurance, (3) voluntary health insurance and (4) pension insurance. The purpose of the study is to assess competitive dynamics in the insurance product markets during the period under review. Relevant data of the Expert Rating Agency for 2018-2021 were used as the study basis. The study methodology is based on the assessment of the competitive situation using the SV matrix, which is based on HTSV (level of differentiation within the dominant group) and CRSV (cumulative market share of the dominant group). The study shows that the Russian insurance market in 2018-2021 was quite diverse in terms of dominance. Most individual insurance products belong to the B4 quadrant of the SV matrix (a natural oligopoly), yet, the situation with the dominant group regarding types of insurance under study is significantly different, since the number of dominant players varies from 2 to 10, considerably affecting a real consumer choice, however, among the markets under study, there is none with low concentration or without a dominant group or dominant leader. In the VHI market, the choice is quite large, while the presence of a big dominant group of eight companies suggests formation of the two-tier companies. The top echelon sets quality standards and dominates by price, while other companies can compete with the leaders due to niche offerings and price factors. The pension insurance market is an example of a significantly reduced consumer choice: in 2018, it is in the RO quadrant with a relatively “weak” dominant group, while by 2021, a hardly differentiated oligopoly of 5 companies has been formed, controlling 95% of the market. Emerging players with the market and institutional opportunities similar to SOGAZ make significant changes in the market structure, as in the case of personal insurance market, wherein SOGAZ has absorbed the largest player, transferring the market from an oligopoly of seven companies to the actual dominance of the one.

A multi-country analysis of transnational tobacco companies' market share.

The international tobacco market is dominated by five transnational tobacco companies (TTCs) which continue to interfere with measures to reduce tobacco consumption. The aim of this study is to better understand the current international tobacco industry market structure by providing an overview of the market share of these five companies globally. A longitudinal multi-country study design was used to understand market share trends across 90 different countries from 2011 to 2020. Descriptive analyses were conducted based on market share and market size data obtained from Euromonitor Passport. Market share (%), maximal market share (%) and cumulative market share (%) were calculated. Maps and boxplots are used to present the descriptive analyses. Median cumulative TTC market share and interquartile ranges for each year were calculated and stratified by country income level. The average maximal market share of one company in a country was 50% (IQR: 40.0-63.5) in 2020 compared to 51.5% in 2011 (IQR: 41.3-69.0). One of the five TTCs had the highest market share in 77 out of the 90 countries. Philip Morris International was the main market player in 38 countries, followed by British American Tobacco (24), Japan Tobacco International (8), Imperial Brands (6), and lastly China National Tobacco Corporation was only dominant in China. The percentage of cigarettes manufactured by one of the five TTCs remained relatively stable between 2011 (86.4%) and 2020 (85.2%). Average cumulative TTC market shares increased between 2011 and 2020 in both low- and middle-, and high-income countries. The international tobacco market is concentrated with a small number of large players, and this has not changed substantially between 2011 and 2020. The impact of this on the ability of the tobacco industry to resist policy changes is unknown but presents a cause for concern.

Abstract 255: Association Of Hospital Market Area Dominance With Out-of-hospital Cardiac Arrest Survival To Admission

Introduction: Access to care has been measured by geographic distance, transport time or provider density. For emergency care sensitive conditions, like out-of-hospital cardiac arrest (OHCA), market area coverage may be associated with short-term outcomes due to the need for access to definitive care. Our objective was to evaluate the association of market area dominance with survival to hospital admission. Methods: ED-treated OHCA were identified in age-eligible Medicare fee-for service claims using ICD 9/10 codes and ED charges. Hospital market shares were defined as the cumulative proportion of all OHCA claims treated at the hospital of interest within a group of ZIP code tabulation areas (ZCTAs) centered around the hospital. Market share was calculated using sequential addition of ZCTAs. Hospital Market Areas (HMAs) included all ZCTAs where the cumulative market share exceeded a threshold (<50% 50-74% 75-89% ≥90%). Survival to admission was determined using in-patient claims and vital status data. The primary predictor, maximum HMA threshold, is the highest market share proportion covering that ZCTA. A ZCTA with a 90% max HMA has one hospital treating 90% of OHCA case in that ZCTA or closer. Relative risk of survival was calculated using modified Poisson regression with hospital random effect and patient characteristics (age, sex, race, comorbidity). Results: Of the 194,914 claims treated at 4,436 hospitals between 2013 and 2015, 45% were female, 16% Black, 77% White, and 50% from large metro areas. 28% of claims were from a ZCTA with <50% max HMA (an area where no single hospital treats the majority of OHCA). Relative risk of survival to admission decreased as the max HMA increased [RR[95%CI] 50-74%: 0.97[0.95, 0.99]; 75-89%: 0.94 [0.91, 0.98]; ≥90%: 0.90 [0.83, 0.98]. Small and non-metro areas were associated with lower survival likelihood. Interactions were not significant between max HMA and small metro areas; non-metro areas saw a greater reduction in survival likelihood for ZCTAs with max HMAs >75%. Conclusion: For OHCA, market dominance was associated with lower likelihood of survival to hospital admission. The likelihood of survival decreased as market dominance increased. Further study is needed to develop strategies to mitigate this disparity.

The sum of all fears: Forecasting international returns using option-implied risk measures

This paper investigates international index return predictability using daily-updated option-implied information in predictive regressions and out-of-sample forecasts. We document the joint predictive power of a variance risk premium (VRP) proxy (defined as risk-neutral variance minus realized variance), Generalized Riskiness (GR), and higher-order moments for forecast horizons of one day to one year. These four risk metrics, which capture cumulative market “fears,” perform well in the US and in an international sample of countries. The VRP proxy and GR are significant and complementary predictors for several horizons, including under one month (VRP proxy) and longer horizons (GR). Risk-neutral skewness and kurtosis are significant for several countries across multiple horizons. Utility gain calculations confirm the economic significance of these risk-neutral variables across countries.

Кількісні показники прямого контролю монополій на різних ієрархічних рівнях економічної системи

The evidence base of proving that a monopoly uses its market power is a problem that has no unambiguous solution. Lack of clarity in antitrust legislation is a long term problem. A part of the problem is impossibility to elaborate a theory and quantitative indexes for a monopoly control, which would be used for juridical practice. This paper presents an attempt to solve this problem proposing new quantitative indexes of a monopoly control. To do this, we used the cumulative market imperfection model of macroeconomic dynamics (CMI-model) that is based on comparison of perfect and imperfect competition both for separate markets and economy as a whole. Within framework of the model there is a possibility to calculate natural (competitive) price that correspond to perfect competition even, if such competition never was establish in real market. Difference between natural and actual market price characterizes the rate of market imperfection and could be used for the monopoly power estimation. We proposed two types of quantitative indexes to control a monopoly. First type estimates the value of monopoly power, second type – impact degree of this power. It makes us possible to control monopoly on different hierarchical levels: firm, sector of economy, economy as a whole. Besides, there are some more competitive advantages of proposed indexes: 1)monitor indexes in dynamics, i.e. we are able to estimate in real time both the fact of a monopoly power usage and impact degree of this power; 2) to separate innovative component from production cost of monopolist; 3) to demonstrate the monopoly power impact on period and amplitude of economic cycle; 4) to control monopoly in a permanent mode, actually “on-line”, but not in a discrete mode as it could be done in standard methods. Additionally, proposed indexes do not require confidential information about firm’s activity.

Future cost projections for photovoltaic module manufacturing using a bottom-up cost and uncertainty model

Photovoltaic module prices have typically decreased faster than projections. There are two methods usually used for these projections; cumulative market shipment experience curves or detailed bottom-up cost calculations for specific technologies. The former suffers from a lack of specificity in terms of technology or changing market situations, and the latter from a lack of quantifiable uncertainty. We present an alternative bottom-up future cost model for a new vertically integrated c-Si PV factory, from poly silicon to module, incorporating input ranges and uncertainty via a Monte Carlo analysis. Neglecting profit margins, the majority of projected scenarios for global 2025 module manufacturing cost fall between 0.10 US$/W and 0.18 US$/W, due mostly to reductions in raw materials costs for module fabrication. The lowest 10th percentile projections, below 0.10 US$/W, would be realised by the largest scale manufacturers with access to very low materials costs and low operational costs. The model projects production cost learning rates between 29% and 43% compared to a long-term historical average module selling price learning rate of 24%. Analysis of the competitive position of silicon heterojunction cell technology in combination with multi-wire module technology is performed. Access to the multi-wire technology improves competitiveness of 2025 manufacturing in high labour rate countries if silver prices remain high and the cost of the multi-wire material is reduced in line with other materials, motivating continued development of this technology. Finally, continued reduction in labour intensity, through automation and throughput will enable more competitive manufacturing in higher labour cost locations.

Optimization of macroeconomic policy and stabilization of cyclical economic dynamics

This paper demonstrates that, despite the current mandate of monetary policy, its final goal (at least for central banks of developed countries) is the control of three main macroeconomic variables — economic growth, employment and inflation, — regardless on actual mandate for this policy. However, the priorities of realization of the final goal may face the imperfection of macroeconomic models and rules of monetary policy, which will make it impossible to control all three macroeconomic variables at the same time. The article proposes a new instrument for monetary policy — aggregate cumulative market imperfection — to optimize macroeconomic variables and stabilize cyclical economic dynamics. The author demonstrates the main competitive advantages of this instrument of monetary policy as compared with typical models of macroeconomic dynamics and simple rules of monetary policy (Simons, Friedman, and Taylor rules). In particular, this instrument is valid for any combination of market conditions, for any economy and for any moment of real time. It can be used simultaneously as: 1) a target of monetary policy; 2) a simple rule of monetary policy correction in the short-run; 3) a reaction function to evaluate a backward connection between the regulator’s actions and the effect of these actions on current economic situation; and 4) an instrument to stabilize cyclical economic dynamics; 5) an instrument to forecast starting (ending) point of recessions and shift in macroeconomic trends. If we can hold the aggregate cumulative market imperfection within a given optimal interval with the help of government regulations (i.e. to target this indicator only) using all possible instruments both of monetary, and (if necessary) of other kinds of regulation policy, we will be able to optimize all three main macroeconomic variables. Optimality of these variables means providing maximum economic growth and employment under comfortable inflation for any combination of market conditions and for any moment of calendar time, which will at the same time stabilize cyclical economic dynamics. In doing so, we will not target each of these three variables separately, that is, it is practically impossible to determine quantitatively their optimal values as they change permanently over time together with the constant change of current combination of market conditions.

Оптимізація монетарної політики та стабілізація циклічної економічної динаміки

This paper demonstrates that, despite the current mandate of monetary policy, its final goal (at least for central banks of developed countries) is the control of three main macroeconomic variables — economic growth, employment and inflation, — regardless on actual mandate for this policy. However, the priorities of realization of the final goal may face the imperfection of macroeconomic models and rules of monetary policy, which will make it impossible to control all three macroeconomic variables at the same time. The article proposes a new instrument for monetary policy — aggregate cumulative market imperfection — to optimize macroeconomic variables and stabilize cyclical economic dynamics. The author demonstrates the main competitive advantages of this instrument of monetary policy as compared with typical models of macroeconomic dynamics and simple rules of monetary policy (Simons, Friedman, and Taylor rules). In particular, this instrument is valid for any combination of market conditions, for any economy and for any moment of real time. It can be used simultaneously as: 1) a target of monetary policy; 2) a simple rule of monetary policy correction in the short-run; 3) a reaction function to evaluate a backward connection between the regulator’s actions and the effect of these actions on current economic situation; and 4) an instrument to stabilize cyclical economic dynamics; 5) an instrument to forecast starting (ending) point of recessions and shift in macroeconomic trends. If we can hold the aggregate cumulative market imperfection within a given optimal interval with the help of government regulations (i.e. to target this indicator only) using all possible instruments both of monetary, and (if necessary) of other kinds of regulation policy, we will be able to optimize all three main macroeconomic variables. Optimality of these variables means providing maximum economic growth and employment under comfortable inflation for any combination of market conditions and for any moment of calendar time, which will at the same time stabilize cyclical economic dynamics. In doing so, we will not target each of these three variables separately, that is, it is practically impossible to determine quantitatively their optimal values as they change permanently over time together with the constant change of current combination of market conditions.

Abstract 14264: National Comparison of Hospital Market Share for Out-of-Hospital Cardiac Arrest and Elective Cardiac Surgery

Introduction: Competition in the healthcare market is a theoretical driver of innovation, cost-savings, and improved quality. When patients are treated for certain emergent conditions, such as out-of-hospital cardiac arrest (OHCA), individuals have less choice in their treating hospital. For patients undergoing elective cardiac valve replacement surgery (EVRS), hospital choice may reflect distinct referral patterns and preferences. Our objective was to compare hospital market share for different cardiac services, thus allowing for better understanding of the care landscape and target interventions to improve outcomes. Methods: Using age-eligible Medicare fee-for-service institutional claims, an emergency department (ED) treated OHCA cohort was identified via ICD-9/10 diagnosis codes and ED charges. EVRS, an inpatient referral procedure, were identified from in-patient summary claims using procedure codes. Market shares were built for each hospital by sequential addition of ZIP-code areas and calculating the hospital’s cumulative market share. Geographic market share areas were defined for each hospital at 90%, 25% and 10% cut-offs if present. Correlation between corresponding market shares and patient counts were assessed using Pearson’s r. Results: Between 1/2013 and 12/2015, we identified 206,162 EVRS claims and 222,018 OHCA claims. Median age was similar (77 vs 78 yrs), as was percent of female patient (43% vs 44%). Very few beneficiaries (0.38%) appeared in both cohorts. Many more hospitals cared for OHCA than EVRS (4482 vs 1170). More OHCA treating hospitals achieved a 25% market share (68% vs 57%) however, EVRS hospital with a 25% market share covered more population (420,294 vs 66,394) and had a greater client radius (21 vs 15 miles). Among the hospitals providing care to both cohorts, the cumulative market share and patient counts were positively correlated (r = 0.49 and 0.46 respectively, p<0.001 for both). Conclusion: Despite many more hospitals providing care for OHCA, the market share for EVRS and OHCA trend together. This market trend, combined with the association of better outcomes with higher OHCA volume suggests that OHCA should be regionalized within markets to facilities that provide elective cardiac surgical procedures.

Cumulative market impact of consecutive orders over one and two days: how long does the market remember past trades?

The market's memory is short-lived—the average impact of trading lasts for only a couple of days

Local Effects from the Monetary Policy Globalization

Most central banks of developed countries realize the “quantitative easing” (QE) monetary policy that allows us to speak about globalization as for monetary policy, as for this policy effects. We identified some positive and negative effects from the QE policy for the US economy (as the issuing country) and for Ukraine (as a country that accept of this policy effects on local level) that can be taking into account when national economy economic planning.At the base of author’s CMI-model of macroeconomic dynamics we proposed possible explanation for this monetary policy effects for the US economy that have no satisfied explanation within well-known models: 1) comparatively low economic growth rate under the QE monetary policy; 2) phenomenon of low inflation under sharp rising of money supply as a result of the QE policy; 3) phenomenon of record employment under comparatively small economic growth rate. Also we identified some other effects of the QE monetary policy that can be explained within well-known models. There are the following ones: negative interest rates for bonds market, the US dollar weakening on FOREX market, price rising for gold and various digital assets. We proposed some possible ways to use global effects from the QE monetary policy to benefit Ukrainian economy. For example, we proposed to change the structure of part of the gold and foreign exchange reserves of the National Bank of Ukraine (NBU) in order to increase its value, actually, under the risk-free way. We can use periods of the US economy stimulus provided by Federal Reserve Bank to increase part of gold in the reserves with corresponding decreasing of foreign exchange part. When the stimulus will be stopped, we proposed to decrease part of gold with corresponding increasing of foreign exchange part. Conclusions, tied with impact of the cumulative market imperfections value (ΔР) on economic growth rate obtained for the US economy, are valid and for Ukrainian economy, because, beforehand, we proved the validity of our CMI-model for national economy, too. JEL classification: E30, E31, E32, E37

MATHEMATICAL MODELING OF THE SPREADING OF GENERATIONS OF INDUSTRIAL PRODUCTS IN A COMPETITIVE MARKET

This article studies the process of spreading generations of industrial products in the competitive market and assessing the influence of the characteristics of generations of products and destabilizing factors on the volume of their sales. The level of innovation and competitiveness of generations is used as characteristics, their definition and mathematical formalization are given. The study uses the generalized model of F. Bass, the provisions of the concept of “multi-product competition” by R. Peterson and V. Mahajan, and the concept of the va­riability of consumer behavior of different generations by T. Islam and N. Mead. A model of the spreading of generations of industrial products of competing brands in the duopole market is obtained, taking into account destabilizing factors. Based on this model, equations are constructed that establish the relationship between the shares of consumers of competing generations of pro­ducts. The statistical data on the spreading of generations of video game consoles from Sony and Microsoft in the global and regional markets serve as a basis for approbation. To identify the parameters of the model and determine the presence and closeness of the relationship, correlation-regression analysis and the least squares method are used. These results demonstrate a high level of correlation between the sales volume of each console generation and the characteristics of the console generations. It was found that with an increase in the influence exerted by a competitor, the cumulative market share of the considered generation of the product decreases, and with an increase in the level of innovation of the generation of the product, its level of competitiveness increases. The obtained results of processing the predicted and actual data on the spread of generations demonstrate a significant influence of destabilizing factors on the process of spreading generations. The theo­retical significance of the work consists in the development of a model for the distribution of generations of industrial products for a particular case with a duapole market structure. The practical significance lies in obtaining the calculated values of the link between the sales volume of each generation of consoles and their characteristics.

Забезпечення комплементарності основних складових макроекономічної динаміки

We propose a new way to provide complementarities of main macroeconomic indicators — economic growth, employment and inflation. It is shown at the example of monetary policy of world’s main central banks that, while officially the banks mainly have one purpose mandate, which is inflation (except of the U.S. where the central bank are officially to control both inflation and employment, unofficially they try to control all three main macroeconomic values, to provide their complementarities. It is difficult to provide complementarities of three main macroeconomic indicators in the absence of an economic model that connects both the three integrated indicators, and numerous intermediate ones, which determine each of the three main indicators. Finally, choice of any regulation instrument is determined by the model chosen by regulator to provide interconnection between integrated values and intermediate indicators. Analyzing the history of monetary policy for world’s main central banks, we revealed changing efficiency for their regulation instruments in terms of their effect on economic growth, employment and inflation. It varies from maximum efficiency in the optimum point in time to minimum efficiency, which requires a change of the regulation instrument for a new one to provide a more stable and forecastable cause-result connection between final and intermediate indicators. At the base of author’s CMI-model of macroeconomic dynamics we grounded the formula that connects as three main macroeconomic values so numerous intermediate indicators. It allows us, targeting only one integrated indicator (cumulative market imperfections) to control economic growth, employment and inflation at the same time. For that purpose we can chose all possible instruments both of monetary policy and of other policies (fiscal, antitrust, innovation ones etc.). Besides, we would be able to control efficiency of the action of the applied regulation instruments on the main macroeconomic indicators to determine the quantitative criterion of optimum efficiency for regulation instruments.

Recommended Test Vehicle Update for Manual for Assessing Safety Hardware

Passenger vehicles in Manual for Assessing Safety Hardware (MASH) crash testing are required to be representative of the modern vehicle fleet and practical worst-case impact scenarios. The objective of this paper was to identify potential updates for standard test vehicle selection criteria for MASH as well as develop a preferred strategy for performing future standard test vehicle reviews. Representative vehicles were documented using sales data, and registration and crash data were observed to validate the primary use of sales data. Curb weights were plotted against cumulative market share of new vehicle sales to identify the 5th and 95th percentile “practical worst-case” weights of 2,800 lb and 5,850 lb, respectively, consistent with MASH philosophy. Suitable test vehicle options were found at the 5th percentile weight; however, a pickup near the 92.5 percentile weight (5,400 lb) was recommended to ensure vehicles are both representative of the fleet and obtainable for crash sites. MASH test vehicle specifications were recommended based on a review of geometrical and inertial properties of candidate vehicles near these target weights. Potential mid-size test vehicles were also explored, and four vehicle classes (two mid-size car and two crossover utility vehicle [CUV] classes) were identified as test vehicle candidates. Research on vehicle impact behavior of mid-size cars and CUVs are desired to determine impact behavior of each vehicle with different roadside hardware. Future revisions to MASH test vehicle selection criteria were outlined and should use analysis and attributes of new vehicle sales.

The Growing Blessing of Unicorns: The Changing Nature of the Market for Privately Funded Companies

The past 15 years have seen the emergence of large infusions of private capital at levels previously accessible only in public markets. One direct effect of these non‐public fundraisings is the spawning of private entities with market valuations reaching $1 billion, thereby achieving the status of unicorns. As the authors reported in an earlier study, by the end of 2015, there were 142 unicorns with an aggregate value exceeding $500 billion. The conviction of many investors and managers at that time was that these companies could best create value by staying private, often by adopting governance structures focused on creating superior operating performance. It was also widely believed that unicorns would remain outside the public markets longer and succeed in attracting even more private capital, thereby enabling their investors to capture a greater share of the increase in company value.In this study, the authors examine how the characteristics and dynamics of “the blessing” have changed in the past five years. Despite the widespread view that the valuations and private financing trend fueling this market were not sustainable, the authors report that by March 2020, the “net” number of unicorns had grown from 142 to 464, a number that doesn't reflect the transformation of over half of the 2015 sample through acquisition or public offering and their replacement by new unicorns. Further, the cumulative market valuation of unicorns more than doubled from $500 billion to $1.37 trillion, representing growth far greater than that in the public equity markets (some 26% per annum, as compared to 9% for the S&P 500) over the same period—and the blessing has become more diversified, both in terms of industry and geographical location.The authors also consider what happens when unicorns “graduate” to a different organizational form by means of an IPO, private buyout, or business failure. Analyzing the 107 firms that departed the sample between 2015 and 2020, the authors report that the average lifespan of a unicorn from its founding date to its exit date has been 9.5 years, indicating that such firms indeed remain privately owned for a longer time than in the past. Additionally, the study finds that the founders and initial investors in unicorns have fared quite well, cashing out their initial investment at almost six times invested capital, on average. These private investment performance metrics have been significantly higher than the returns to public shareholders in the same firms during the post‐IPO period, signifying that unicorn investors have captured much more of the value created in the company's growth phase than public stockholders.

The Competitive Effects of the GDPR

Abstract The GDPR is the Magna Carta of data protection, the importance of which cannot be overstated. Yet, as this article shows, the price of data protection through the GDPR is much higher than previously recognized. The GDPR creates two main harmful effects on competition and innovation: it limits competition in data markets, creating more concentrated market structures and entrenching the market power of those who are already strong; and it limits data sharing between different data collectors, thereby preventing the realization of some data synergies which may lead to better data-based knowledge. To illustrate its claims, the article analyzes the competitive dynamics created by the GDPR, focusing on how it affects the options available to firms for amassing the data necessary for their operations, and their resultant ability to realize economies of scale and scope in data analysis. It identifies seven main parallel and cumulative market dynamics that may limit data collection and data sharing, only some of which have been recognized so far. As shown, under some market conditions, the GDPR has unintended and so far unrecognized effects on competition, efficiency, innovation, and the resultant welfare. The dynamics identified in this article offer partial explanations for some of the troubling empirical evidence regarding investment in EU data-driven markets following the adoption of the GDPR. Furthermore, the analysis enables us to identify which effects are short-term and which are here to stay. The effects on competition and innovation identified may justify a reevaluation of the balance reached to ensure that overall welfare is increased. The article suggests some means of reducing harmful competitive effects, while still protecting the vital goal of privacy, including reaching a better balance between data protection and competition law, reducing uncertainty in the GDPR, creating certification mechanisms for GDPR compliance, and structuring of mandatory data-sharing obligations under other laws in a way, which is sensitive to the dynamics of data markets.

Tendencies of Telecommunication Companies Development in the Conditions of Ukrainian Society Digitalization

The article elaborates theoretical and methodological provisions and practical recommendations for development of telecommunication companies in conditions of Ukrainian society digitization. It is established that the development of Ukrainian telecommunications companies is cyclical and depends on indus- trial ambitions of global technology corporations, on investments in research and development, consumer requirements and needs for communication. A pilot study was conducted and a method- ology for determining the level of consumer satisfaction with tel- ecommunication services was developed, based on the synthesis of individual assessments according to certain characteristics of services with criteria of importance of this or that characteristic for consumers. The tendency of dependence of demand for telecommunication devices and services on cumulative marketing pressure of technological and telecommunication companies in the conditions of digitalization of Ukrainian society was revealed. Consumers of innovative models of telecommunications devices are putting pressure on operators and providers and demanding the functionality of equipment, density and technological ex- cel-lence of telecommunications networks. These criteria become crucial when Ukrainian households choose certain companies to receive telecommunications services. The scientific novelty of the obtained results is to develop a method for determining the level of consumer satisfaction with telecommunication services based on the synthesis of individual assessments of certain characteristics of services with importance criteria of a particular characteristic for consumers.

CMAR and extent of compliance with IFRS 101 standard among Malaysian ace market companies

Malaysia is on the track to achieve full convergence and adoption of the International
 Financial Reporting Standards (IFRSs) by 2012. This study seeks to find out the extent
 of compliance with IFRS 101 ‘P
 resentation of Financial Statements’ before the effective
 date. Using total disclosure index (TDI), the findings shows that most of Malaysian Ace
 Market companies have complied with IFRS 101. The present study also indicates that
 the Cumulative Market Adju
 sted Return (CMAR) is positive and significant for both
 partial and full compliance of IFRS 101 among the Malaysian Ace Market companies.
 Multivariate regression analysis further provides a lack of significant association
 between CMAR and announcement of e
 arnings (i.e. EPS). Nevertheless, the percentage
 of independent directors on the board (BDIND) is found to be a positive and a significant
 corporate governance variable that associates with CMAR. These findings imply that
 policy makers and regulators shoul
 d encourage Ace Market companies to have the
 most optimal number of independent board of directors for future improvements of
 CMAR

Cumulative Market Impact of Consecutive Orders Over One and Two Days: How Long Does the Market Remember Past Trades?

In this paper, we want to address the question of market impact of consecutive orders over the same day and across two consecutive days. This question is key for traders who need to determine the best way to schedule their executions. This question is answered using a unique database of more than 260,000 trades with an amount of more than EUR250bn. Our main findings are the following: On the same day, the market impact of consecutive orders is not independent. The subsequent market impact for a given trade size is much smaller than the one of the initial order. Trading a larger order continuously or splitting this large order into two subsequent orders will lead to almost the same market impact over the same day. In other words, the market remembers earlier trades on the same day. Over two consecutive days, the market impacts are independent. The market impact on the second day and the market impact on the first day display identical results for different trades. Trading on the same day reduces the overall market impact for overall order sizes below 12% (in Average daily volume). This strong result backs the common market practice of spreading orders over two days only for larger order sizes that cannot be executed over one day. In other words, the market forgets standard trades that took place on the previous day.