Market Selection Research Articles

Market Selection With Differential Financial Constraints

We analyze financial markets in which agents face differential constraints on the set of assets in which they can trade. In particular, the assets available to each agent span a partition of the state space that can be strictly coarser than the partition spanned by the assets available in the market. We first show that the existence of differential constraints has an impact on prices and allocations as compared to a complete financial market with unconstrained agents. We consider the implications for survival, taking the work of Blume and Easley (2006) as a starting point. We show that whenever agents have identical correct beliefs and equal discount factors, and their partitions are nested, all agents survive. When agents have heterogeneous beliefs, differential constraints may allow agents with wrong beliefs to survive. Provided constraints are relevant (in a sense we define more precisely), the condition for an agent to survive is that his survival index is at least as large as that of the agents with finer partitions. We also study the impact of deregulation (an increase in the set of assets available to some agents). Unless the agent can adopt beliefs that are closer to the truth on the newly refined partition than those of less constrained agents, increasing his opportunities for trade might harm his chances for survival.

A Review on Structural Development of Magnetorheological Fluid Damper

Owing to unique advantages, magnetorheological fluid (MRF) dampers have been widely adopted in different fields of vibration control. Significant differences of structures occur in diverse fields due to the respective requirements, thus obtaining a large number of MR dampers. Having a good understanding of types, technical characteristics, comprehensive performance, and developing trend and their dependencies on structures are extremely conducive to innovative developments and a market selection. While the fundamental and partial structures are summarized in an existing review, the classification, latest technologies, and developing trend are not involved clearly. Therefore, the current survey aims at a comprehensive supplement in such aspects. The review begins with an introduction of the development, application, and classification. Then, details of three technical routes are revealed, and the development of each type is roughly analyzed. Finally, reflecting through this review, structures including a novel flow mode and miniature bypass valves have represented the currently structural and technical features. Fully considering the latest technologies and future requirements, the developing trend and a variety of applications will be anticipated.

International Grocery Retailers' Country Environment, Resources and Local Performance. A Cross-classified Multi-level Approach

This study aims to shed light on the often-neglected effects of host country environments on firms’ local performance. We chose this topic, because host country environment is known to affect firms’ internationalization decisions (e. g., market selection or entry mode choice) while it is rarely regarded as an antecedent of local performance after a market entry. Still, country environments are expected to have substantial performance implications by international business scholars, while we know from national research that local performance is attributed to the local environment, especially in the retail industry. We hence aim to contribute to international retailing research by conceptualizing and testing such effects across nations. Because retail firms’ resources may help to overcome environmental dependencies, such resources are conceptualized as moderators of the effects of the host country environment on local performance. We thus make a second contribution by providing novel insights on the context specificity of resources. We chose the grocery retailing industry to analyze these topics for several reasons. First, grocery retailing is an important industry (e. g., market volumes of 770 billion USD in the US, 680 in China, or 280 in Germany) which is highly sensitive to host country environments. Furthermore, in this industry different levels of the environment need to be differentiated: country-level environment specific to all firms and store format-level environment specific to store formats like hypermarkets vs. discounters. We thus consider three levels of analysis: store-formats, countries and firms. We apply cross-classified multi-level modeling, which allows us to treat the complex data structure appropriately and has rarely been used in business literature so far. A Bayesian estimation is used. We thus make a methodological contribution to literature, by showing a way to treat such data structures appropriately. The results show that purchasing power and rule of law (country level) enhance local performance, whereas local intra-format competition (format level) diminishes it. Important resources in retailing (firm level) do not affect local performance directly but the results support a context-specificity of resources, i. e., a moderation role of the environment-local performance links. In particular, country level effects are moderated by retailers’ degree of internationalization, while surprising interactions occur of the format level environment. We provide important insights for managers and applicate the novel cross-classified multi-level approach that accounts for increasing complexities in data structures in international business research.

Suburbanization Effect of Urban outward Expansion in the New-type Urbanization and the Competitive Strategy of Assembled Building Developers

This paper expounds the meaning of urban suburbanization in a narrow sense and broad sense, and probes into the dynamic mechanism of suburbanization. The influence of the suburbanization effect of the urban outward expansion on the assembled building developers is analysed from three aspects: the selection of the target market, the positioning of the market and the assembled building development structure. Based on the Salop Circumferential City Model, two stages of game analysis are carried out for the competition of assembled building developers. The research results show that in the process of suburbanization of most cities in China at present, it still stays at the stage of circular competition. With the continuous agglomeration of large population, industry and commerce in the suburbs of cities, the circular competition pattern of developers will be transformed into plate competition pattern.

A global consumer decision model of intellectual property theft

Purpose Intellectual property theft amounts to billions of dollars per year worldwide. The first step in stemming this loss is to understand the underlying precursors of this behavior. This paper aims to propose and test a model of consumer choice to purchase or pirate intellectual property, specifically music. This paper combines and applies the theory of reasoned action (TRA) and Becker’s theory of crime to develop a more comprehensive model of digital piracy behavior. Culture was tested as an antecedent to the attitudes and the perceptions of risk associated with music piracy. Design/methodology/approach A survey of 4,618 participants was conducted across 23 countries. Construct measures were validated using confirmatory factor analysis in LISREL. A conceptual model was tested using logistic structural equation modeling in MPlus. Respondents were asked about the last music they acquired to test a behavioral model of music piracy. Findings The results indicated that culture, specifically rule orientation and uncertainty avoidance, had a significant impact on attitudes toward the music industry, ethical perceptions of music piracy and risk perceptions. Respondents’ ethical perceptions of downloading had the highest impact on music piracy behavior. The personal/copy risk associated with the illegal downloading of music had a significant impact while the relative channel risk did not. The market value, quality and selection also had a significant impact on downloading behavior, as did the respondent's ability to find and download music. Research limitations/implications While this paper was limited by focusing on the illegal downloading of music, the results can provide guidance in the design of future research concerning the piracy and unlicensed downloading of other types of intellectual properties such as movies/videos, TV, paywall content and e-books. Practical implications In recent years, improved access to music and video through online streaming and online stores has significantly decreased music piracy. This research indicated that further inroads into this behavior could be made through better online purchase access and through consumer education about the ethics and results of digital downloading. Further, efforts are more efficient by targeting cultures with lower levels of rule orientation with ethics education and targeted risk messages in countries with higher uncertainty avoidance. Social implications Yearly losses to the music industry amount to about $5-29bn. Many find music and video downloading and “sharing” as acceptable. The model developed in this research has implications to affect this mass loss of revenue to the music industry and perhaps the societal view of downloading behavior that is illegal but commonly accepted. Originality/value This model is the first to integrate cultural aspects into models of digital piracy. In addition, the model is developed from a strong theoretical base (TRA and Becker’s theory of crime) to integrate multiple antecedents to intellectual property theft research.

Research on the Marketing Strategy of New Energy Vehicles in SL Company

New energy vehicle is a technological revolution in the automotive industry, which has changed the pattern of the original automotive industry to a certain extent. Nowadays, energy consumption and environmental pollution are becoming more and more serious, therefore new energy vehicles are becoming the trend of future industry development. Governments spare no efforts to promote new energy vehicles. In the case of its broad market prospects, the market gives new energy automotive enterprises a cold response. In addition to the heading companies, such as Tesla, small new energy automobile companies are still struggling to increase market share. Based on this, this paper mainly focuses on the marketing strategy of SL New Energy Automobile Company. Firstly, we overview the marketing theory, and introduce the SL new energy automobile company. Then we use PEST (Politics, Economy, Society, Technology) and SWOT (Strengths, Weaknesses, Opportunities, Threats) to analyze the macro and micro environment of SL company. Then we use STP (Segmentation, Targeting, Positioning) to decide the target market selection and positioning. Finally, we put forward the marketing strategy from the four aspects of SL company’s product, price, place and promotion. Through this paper, we hope to have better marketing suggestions for enterprise managers, and hope to help the new energy automobile enterprise to promote market share.

A systematic approach to international market selection: measuring the attractiveness of emerging economies in the case of the timber industry

A systematic approach to international market selection: measuring the attractiveness of emerging economies in the case of the timber industry

A study of the internet financial interest rate risk evaluation index system in cloud computing

Cloud computing is a product of computer technologies combined with network technologies and it has been widely applied in China. Experts and scholars in all fields begin to make many studies of cloud computing infrastructure construction and effective resource utilisation. With ITFIN, people can enjoy financial services in dealing with various problems. However, one person can play many identities in the network. This phenomenon posed a severe challenge to ITFIN network security and has largely intensified the risks, including the operational risk, market selection risk and network and information security risk. ITFIN resolves the risks by establishing a reliable, reasonable and effective risk assessment model. We conducted theoretical and empirical analysis, then constructed an assessment model against China's ITFIN risk. The model integrates rough set and particle swarm optimisation support vector machine (PSO-SVM). Finally, the model was used to assess the ITFIN risk in China. The empirical research results indicate that the model can effectively reduce redundant data information with rough set theory. The theory also guarantees a reliable, reasonable and scientific model, enhance the classification effect of the model. The parameters of SVM model obtained by optimising with PSO can effectively avoid local optimum, improve the effect of the classification model. Overall, the model has good generalisation ability and learning ability.

International Market Selection Model Using Newly Developed Geometric International Market Selection Space

International Market Selection (IMS) is literally a process in identifying and selecting feasible international market opportunities for exporting. It is a methodological process whereby suitable variables are vetted through a model in order to produce output in the form of processed information that would help export marketers in decision-making. The new IMS model, introduced as Geometric International Market Selection Space (GIMSS), rooted from the Trade Intensity Index (TI) Index and Geometric Trade Intensity Space Box (GTISB) is proposed as a complimentary tool to be used by international marketers. The constructed GIMSS model utilises both trade elements (exports and imports) with no filtering and weighting processes, employs changes within changes measurement, embeds quality perspective measurement as alternative game changer in identifying International Export Opportunities (IEO), and able to do future projection of IEO. In addition, even though this GIMSS model does not have weighting scheme, it can still perform trade-off process between volume and quality elements. The GIMSS is capable of identifying and categorising the host country market potential into low, intermediate or high market potential at product level. With that policy maker would be able to employ this information conjointly with competitive index of exporting country and make assessment in the perspective of cross checking between host country market potential levels with exporting country competitive advantage status.

A systematic approach to international market selection: measuring the attractiveness of emerging economies in the case of the timber industry

Managers need to screen and evaluate foreign markets before deciding on market entry and subsequent entry modes. Therefore, international market selection (IMS) has been the topic of much research in the international business domain. However, surprisingly few researchers have empirically studied the IMS process by providing detailed descriptions of how this process is conducted. Reviewing the literature on the subject, this paper aims to look at IMS from a practical point of view. Accordingly, the paper introduces a model, which includes the IMS criteria with their relevant weights needed to assess emerging markets for doing timber business. The Delphi method was used to gain the opinions of the experts in the field to develop a model that can assess the market attractiveness of a country for a firm in the timber industry looking to enter new markets.

A study of the internet financial interest rate risk evaluation index system in cloud computing

Cloud computing is a product of computer technologies combined with network technologies and it has been widely applied in China. Experts and scholars in all fields begin to make many studies of cloud computing infrastructure construction and effective resource utilisation. With ITFIN, people can enjoy financial services in dealing with various problems. However, one person can play many identities in the network. This phenomenon posed a severe challenge to ITFIN network security and has largely intensified the risks, including the operational risk, market selection risk and network and information security risk. ITFIN resolves the risks by establishing a reliable, reasonable and effective risk assessment model. We conducted theoretical and empirical analysis, then constructed an assessment model against China's ITFIN risk. The model integrates rough set and particle swarm optimisation support vector machine (PSO-SVM). Finally, the model was used to assess the ITFIN risk in China. The empirical research results indicate that the model can effectively reduce redundant data information with rough set theory. The theory also guarantees a reliable, reasonable and scientific model, enhance the classification effect of the model. The parameters of SVM model obtained by optimising with PSO can effectively avoid local optimum, improve the effect of the classification model. Overall, the model has good generalisation ability and learning ability.

Выживает сильнейший? Измерение конкурентного отбора на примере Уральского федерального округа

It this article we analyze the strength of market selection for a wide range of industries in the Urals Federal District (UFD) and compare it with the results for several foreign countries. The empirical analysis is based on the Ruslana database provided by Bureau van Dijk (BvD) for the period from 2006 to 2015. For the first stage of the analysis, we resort to the well-dis­cussed method of aggregated labor productivity decomposition at the industry level into two main processes, namely, the growth of productivity within the firm and the redistribution of market shares between firms on the market. The results obtained show that the industrial productivity growth is almost entirely explained by the increase in productivity at the level of the firms, while the role of market selection is negligible. However, due to a number of limitations of this approach, it would be incorrect to deny the significance of the competition as a whole. For this reason, at the second stage we consider the relationship between the growth of firms’ revenues and their productivity directly. Our results show that the role of market selection in explaining firm growth is small in Russia and is lower in comparison with developed countries. This result holds if instead of labour productivity one uses total factor productivity. The revealed weak interrelation indicates the need to improve industrial policy in the direction of increasing the efficiency of competition.

Local Economic Freedom & Creative Destruction in America

Economic freedom facilitates the market selection mechanism that enables the Schumpeterian creative destruction process. I develop a framework depicting how economic freedom, which reduces entry barriers and transactions costs, acts as an external enabler that facilitates the creation of firms and jobs. It also facilitates the market correction device, potentially serving as a disabling force to allow firm and job destruction. Using a novel MSA-level dataset, I investigate empirically the role of local economic freedom on dynamism over the period 1972-2012. My results confirm that economic freedom is positively associated with firm and job creation, but it has no effect on firm and job destruction.

The Structure of the World Pharmaceutical Market: Prioritizing Iran's Target Export Markets.

Iran`s pharmaceutical products market has faced fluctuations over time. Suitable market selection is necessary for stability of pharmaceutical exports. This study aimed to determine the structure of the world pharmaceutical market and to identify the target of Iranian pharmaceutical export. T do so, concentration ratios and Herfindahl index were used to address the world pharmaceutical market from 2001 to 2012. Also, a composite index was used to identify the target markets of Iran's pharmaceutical industry. The results showed that the export side of world pharmaceutical trade has shifted to open oligopoly, thereby decreasing the monopolistic power of exporters. The import side, however, follows monopolistic competition. It has been observed that the structure of Iran's pharmaceutical export is shifting to open oligopoly; though, pharmaceutical importers from Iran have not been stable. Moreover, 27 countries were identified as target markets. Due to significant differences between the current and potential export destinations of Iran's pharmaceutical products, exporters should choose suitable strategies in order to diversify export markets. Such mechanisms as setting preferential tariffs on the basis of bilateral agreements, following effective advertisment, and paying attention to global consumers'preferences can be used to develop Iran's pharmaceutical export to target countries.

Individual and Overall Analysis on Indonesian Stock Funds Market Timing and Selectivity

This study investigates Timing and Selection ability of managers in Indonesia Funds Industry.The one month stock funds net asset value, Indonesian Treasury-Bill (3-Months) and Market rerturn of Indonesia Stock Exchange covering from 2010-2014 is used on this research. We apply Treynor-Mazuy Equation to test the hypothesis. This investigation exhibit the timing the capital market ability as well as selectivity possess by managers both individuall as well as overall point of view. The reult shows that, individual analysis on the funds proves that the almost all of the managers only have slight of ability. Only three of the assets exhibit affirmative and statistically substantial alpha and none of them display confident timing skill. Breakdown of overall funds endorses that managers show a weak selectivity and timing expertise. Keywords: Treynor-Mazuy, |Stock Funds, Timing and Selectivity Skill

The co-evolution of social networks and selection system orientations as core constituents of institutional logics of future entrepreneurs at school

In contexts where a choice between competing institutional logics is possible, the social networks of future entrepreneurs affect their adoption of particular logics. Using a panel data method for studying the co-evolution of social networks and individual actor behavior (SIENA), we study how selection system orientations as core constituents of institutional logics affect, and are affected by, social networks. Our empirical setting is a cohort of film school students, whose social network ties and selection system orientations are measured over a period of three years. We find that students with a strong market selection orientation are less popular among their peers at school, and that the market selection orientation of students is influenced through their social network ties with students from the same cohort.

Application in International Market Selection for the Export of Goods: A Case Study in Vietnam

International market selection for conducting exports is based on various trade and economic factors. It is very important to understand how to efficiently trade with another country and to maintain consistency. However, such a consistency is not possible in the case of economics. Therefore, using an efficiency measure helps us to explore and benchmark a country’s exportation businesses. The main goal of this study is to develop an integrated data envelopment analysis (DEA) model to explore the most productive manner through which Vietnam exports goods to other countries. Exploring the most productive export business will help us achieve another goal of this study, which is the selection of international market efficiencies. The variables used for this analysis include the exports, total exports, import tariff, dollar exchange, and the ease of doing business. Based on the data collected from an international organization, on the 15 leading export markets in Vietnam, this study applied integrated DEA, which combines the super slack-based measure (Super SBM) and Malmquist Productivity Index (MPI) analysis to evaluate the export market efficiency. The findings show that for the selection of the export market, the three countries that were the most consistently efficient during 2014–2017 were Malaysia, Singapore, and the United States. This study indicates that the selection of international markets for developing countries should comply with low tariff rates, low exchange rates, and a higher ease of doing business in order to improve the gross domestic product (GDP) and economy of the country.

Metodología para la Selección de Mercados Internacionales: Un Análisis de Caso para la Exportación de Bebidas Carbonatadas

El propósito de este artículo es ofrecer una metodología cuantitativa para la selección de mercados para pequeñas y medianas empresas (PYMES), de fácil implementación y comprensión que pondera factores de costo, logística, barreras comerciales, y cultura. En dicha metodología se analizan variables que determinan de un modo objetivo la selección de un mercado para la exportación de mercancías. Para validar la metodología propuesta, se estudia la selección de mercados internacionales para bebidas carbonatadas desde Colombia, concluyendo que el Reino Unido es el mercado más apropiado de acuerdo a las ponderaciones asignadas a las variables y factores.

Ancient Tomato (Solanum lycopersicum L.) Varieties of Tuscany Have High Contents of Bioactive Compounds

The Tuscan Region has a vast repertoire of ancient plants that have been recovered across the territory over the years. These plants thrive in an environment characterized by minimal human intervention and are thus the result of the process of adaptation to the territory of origin. In this work, we focused on the quantification of bioactive compounds in ancient tomato varieties. More specifically, we quantified polyphenols, flavonoids, carotenoids, and vitamin C in eight local Tuscan tomato varieties and found higher contents with respect to those in commercial tomatoes Polyphenol and antioxidant compounds in ancient varieties reported a two- and, in some instances, three-fold increase in concentration, compared to the commercial counterparts. Interestingly, the data relative to the carotenoids did not show any significant differences when comparing the ancient varieties with the commercial ones, a finding confirming the market selection criterion based on color. On a longer-term perspective, this study aims at drawing attention to the importance of preserving autochthonous natural plant biodiversity and towards promoting research on local varieties. We believe that this study will pave the way to the valorization of local plant biodiversity and promote an extended use of products in the nutraceutical sector derived from vegetables.

Two-Sided Asymmetric Information and Convertible Securities in Venture Financing

This paper presents a new explanation for the prevalence of convertible bond in venture capital finance. By modeling two-sided asymmetric information between entrepreneurs and venture capitalists, we prove that convertible bond can implement the optimal contract. The optimal conversion ratio increases when it's more difficult to attract a venture capitalist, and it also increases with the extent of adverse selection in the venture capitalist market. Our model also predicts that the optimal conversion ratio is negatively correlated with the competition in VC market and the level of VC's human capital.