Micropayments and e-commerce transactions : Thailand

Online payments in electronic commerce (e-commerce) are usually carried out with credit cards because they are the most convenient to use. Web sites that do not accept credit cards risk losing their customers. Yet potential customers do not include only credit card holders. There are a lot of potential customers who do not have credit cards, some for cultural reasons, others because of trust implications and others because of cost. Even among those who have credit cards, some do not buy online just because they do not feel that the system is secure enough to give away their credit card information over web pages. More importantly perhaps, credit card payments are not suitable for small-value purchases due to their high-incurred overheads to merchants.

Modelling regular and estimable inverse demand systems : a distance function approach

To be useful for policy simulation in the current climate of rapid structural change, inverse demand systems must remain regular over substanstial variations in quantities. The distance function is a convenient vehicle for generating such systems. It also allows convenient imposition of prior ideas about the structure of preferences required for realistic policy work. While the distance function directly yields Hicksian inverse demand functions via the Shepard-Hanoch lemma, they are usually explicit in the unobservable level of utility (u), but lack a closed-form representation in terms of the observable variables. Note however that the unobservability of u need not hinder estimation. A simple one-dimensional numerical inversion allows the estimation of the distance function via the parameters of the implied Marshallian inverse demand functions. This paper develops the formal theory for using distance functions in this context, and reports on initial trials on the operational feasibility of the method.

Full house theory – a new theory for assessing demand for arts centres

Discusses the Full House Theory, a theory for measuring the demand for new arts centers. Information on the Central Place Theory; Implementation of cultural mapping techniques in assessing the demand for arts centers; Marketing research methodologies.

Estimating money demand functions for South Asian countries

In this paper, we estimate a money demand function for a panel of five South Asian countries. We find that the money demand and its determinants, namely real income, real exchange rate and short-term domestic and foreign interest rates are cointegrated both for individual countries as well as for the panel, and panel long-run elasticities provide robust evidence of statistically significant relationships between money demand and its determinants. Our test for panel Granger causality suggests short-run causality running from all variables, except foreign interest rate, to money demand, and we find evidence that except for Nepal money demand functions are stable.

Revisiting the US money demand function: an application of the Lagrange multiplier structural break unit root test and the bounds test for a long-run relationship

In this article, we examine the issue of a levels relationship and stability of the US money demand function over the period 1959:01 to 2004:02. We use the Lagrange multiplier structural break unit root test and the bounds testing approach to a long-run relationship in levels of the variables, namely real money demand, nominal interest rate and real income. We find greater evidence for a long-run relationship in levels and stability of the US money demand function when we use M2 as a proxy for money demand. However, we find little evidence for a long-run relationship between M1 and M2 with their determinants for the recent period, spanning the last decade or so.

Estimating the demand for money in an unstable open economy : the case of the Fiji Islands

In this paper, we estimate Fiji's money demand function for the period 1971-2002 based on the bounds testing approach to cointegration, which is applicable irrespective of whether or not the underlying variables are non-stationary. We estimate models with and without a time trend and for lag lengths ranging from 1-3, but fail to find any evidence for a long-run relationship. Moreover, our structural break analysis suggests that the unstable nature of Fiji's money demand may be due to atypical events, such as coups; the implementation of policies, such as devaluations and value added tax; and the onset of trade liberalisation policies over the last two decades.

Power demand and energy usage of container crane - comparison between AC and DC drives

The electrical data of two quay cranes, one has a DC drive system and the other has an AC drive system, in actual working conditions at a container terminal are measured and presented in this paper. Peak demand, energy usage, power factor and power quality are examined and compared.

The tsunami of independent directors - how to handle the demand

Good governance is recognized as a fundamental indicator of the success of a company. For a small- midsized company, this is particularly so, as such companies must be able to competitively demonstrate their flexibility in the face of market forces. This flexibility is the primary advantage they hold over larger firms (Dalton, Daily, Ellstrand and Johnson, 1998).

Such companies, however, can find it difficult to attract good directors (Daum and Neff, 2003) and this makes developing improved strategies of governance a challenge. Taylor, Chait and Holland suggest top directors are not attracted to small/ medium companies because "the stakes remain low, the meetings process-driven, the outcomes ambiguous, and the deliberations insular" (Taylor, Chait and Holland, 2001). We suggest that the attraction of quality directors is a uniquely impacting situation for small and mid-size firms, as it is there where additional management resources should be needed most urgently.

Directors on the boards of small-medium sized businesses are often lagging behind directors of large companies in that they are less likely to be independent external directors and are less likely to represent a diversity of attributes (Dalton, Daily, Ellstrand and Johnson, 1998). Arthur Levitt, former United States Securities and Exchange Commission Chair, describes the culture of medium sized business directorships as a "kind of a fraternity of CEOs who serve on one another's boards" (Stainburn, 2005). In addition, evidence suggests directors of small- medium businesses are often insufficiently trained for the role. Uncertain directors may, for example, be unwilling to ask crucial questions of managers before making major decisions. "Board members sometimes are made to feel that asking a thorny question or advancing an alternative opinion is disloyal to the administration" (Taylor, Chait and Holland, 2001).

Small and medium businesses, however, are a growing contributor to the national economies of countries internationally. In New Zealand, small and medium-size firms recording large GDP values, ahead of many large businesses, which makes our investigation into good governance practices of SMEs relevant to suggest areas in which these firms can improve their governance policies and practices.

We have reviewed more than 2,000 directors, executives and investors in New Zealand, making this one of the largest non-government surveys in governance. Supported by 16 large corporate organizations, such as KPMG, Business New Zealand, Simpson Grierson, Brook Asset Management, Porter Novelli, Sheffield and 'Management' Magazine, this work suggests that the current processes through which directors are selected and trained to serve on Boards of small and medium businesses needs to be altered. We are also concerned over the lack of director education and the close involvement of the Chief Executives as members of the Boards. There is a general concern over the lack of director independence and whether directors are effective in their roles.

We are recommending an alternative process for SMEs to select directors, which will hopefully expand the available pool of directors in quantity and quality.