Web-Based Information Systems in the Stock Market Financial Information Domain

The information domain is a recognised sphere for the influence, ownership, and control of information and it's specifications, format, exploitation and explanation (Thompson, 1967). The article presents a description of the financial information domain issues related to the organisation and operation of a stock market. We review the strategic, institutional and standards dimensions of the stock market information domain in relation to the current semantic web knowledge and how and whether this could be used in modern web based stock market information systems to provide the quality of information that their stakeholders want. The analysis is based on the FINE model (Blanas, 2003). The analysis leads to a number of research questions for future research.

Az innovációterjedés lehetőségei egy technológiai piacon (Opportunity of the innovation on a technologic market)

Az innovációterjedés vizsgálatának számos módszere ismert a szakirodalomban, a leggyakoribb a szociológiai alapú közelítés, melynek marketingvonatkozásait alapvetően Rogers (1962) dolgozta fel. Rogers elmélete kettős – egyrészt elméleti szegmentációt nyújt az innováció elfogadásához, másrészt bemutatja a sikeres innovációelfogadás tényezőit. Az elmélet további alkalmazása során egy viszonylag egységes, de – mint ahogy a szerzők 2005-ben végzett kutatásából kiderült – nem feltétlen valós kép alakult ki az egyes fogyasztói csoportokról. A legtöbb innovációs kutatás kvantitatív jellegű, amily eleve feltételezi, hogy pontosan ismerjük a probléma szerkezetét. Radikálisan új megoldások esetében azonban nem feltétlenül rendelkezünk ilyen ismeretekkel, s szükséges lehet egy feltáró kutatás elvégzése. A szerzők vizsgálatukban alapvetően kvalitatív kutatási technikákat alkalmaztak: a résztvevők megfigyelését, a strukturálatlan interjút, mélyinterjút egyaránt használták, és a felhasználók, illetve az érdekelt vállalatok széles körét vonták be a kutatásba. _____________ In their paper the authors study the user acceptance of a new innovation, wifi applications in a technologically less developed market with qualitative research techniques. They used Rogers’ framework of aspects of the diffusion of innovation, to explore whether those factors are traceable and have influence in the spreading of hotspot. Their objective was to explore the factors of diffusion of innovation in a less developed market, what the major possible success factors of introducing wifi solutions for operating hotspots. They found that current users show two separate groups: one group is the technology freak, trend follower innovators. The other group is also technologically well-educated more conservative – security sensitive professional users, innovators in the sense of using the new technology at the earliest stage, but hold negative attitudes towards the new application in question. This raises the question whether companies are to approach these innovators with differentiated strategy.

Knowledge representation and evaluation an ontology-based knowledge management approach

Competition between Higher Education Institutions is increasing at an alarming rate, while changes of the surrounding environment and demands of labour market are frequent and substantial. Universities must meet the requirements of both the national and European legislation environment. The Bologna Declaration aims at providing guidelines and solutions for these problems and challenges of European Higher Education. One of its main goals is the introduction of a common framework of transparent and comparable degrees that ensures the recognition of knowledge and qualifications of citizens all across the European Union. This paper will discuss a knowledge management approach that highlights the importance of such knowledge representation tools as ontologies. The discussed ontology-based model supports the creation of transparent curricula content (Educational Ontology) and the promotion of reliable knowledge testing (Adaptive Knowledge Testing System).

Tudáshasználat és sikeresség- tudásteremtés és -használat a magyarországi borvidékeken (Knowledge-use and success – Knowledge-creation and use on the Hungarian wine-districts)

A cikkben a magyarországi borágazatra vonatkozóan vizsgáljuk a tudáshasználat és sikeresség összefüggését. Magyarország az elmúlt évtizedben elmaradt a magasabb tudást megtestesítő prémium- és szuperprémium- borok irányába mutató világpiaci trendtől. Ennek hátterében vizsgálataink szerint a szőlő- és borágazatban elengedhetetlen és állandóan fejlődő tudás nem eléggé intenzív használata is meghúzódhat. Noha a tudás használata és terjedése ugyan jelentős tényező a különféle vállalkozások sokféleségének magyarázatában, de nem egyértelműen szignifikáns a többféle módon mért sikeresség alakításában. Ugyanakkor azt is megállapíthatjuk, hogy a magyar vállalkozások a tudás saját berken belüli gondozásával és adekvát felhasználásával piaci sikereket érhetnek el. _____ The paper examines the relationship between the use of specific knowledge and success among the Hungarian grape growers and wine makers. In the recent decade Hungary has been left behind by the world trends represented increasing share of premium and superpremium wines (which materialise higher knowledge) in export development. According to the authors’ survey there might be in behind the non-appropriate use and management of knowledge and skills which would be ‘condition sine qua non’ for wine making. However the use and spread of skills is a basic component in explaining the differences of variation among the companies, it is not unambiguous in formulating the business success measured in different indicators. At the same time the authors can conclude that the Hungarian wine enterprises – keeping the idea generation as well as its further development, elaboration and adequate use within the frame of the company – can achieve market success.

Implicit rating: A potential new method to alert crisis on the interbank lending market

A new measure called “implicit rating” is introduced which might be a component of an early warning system. The proposed methodology relies on the aggregation of experts’ knowledge hidden in the transactional data of the interbank market of unsecured loans. Banks are simultaneously assessing the creditworthiness of each other which is reflected in the partner limits and in the interest rates. In the Hungarian interbank market the overall trading volume and the average interest rate did not show any negative trends before the crisis of 2008, however the average implicit partner limit started to decrease several months earlier, hence it might serve as a stress indicator.

Using extreme value theory to value stock market returns

Extreme stock price movements are of great concern to both investors and the entire economy. For investors, a single negative return, or a combination of several smaller returns, can possible wipe out so much capital that the firm or portfolio becomes illiquid or insolvent. If enough investors experience this loss, it could shock the entire economy. An example of such a case is the stock market crash of 1987. Furthermore, there has been a lot of recent interest regarding the increasing volatility of stock prices. ^ This study presents an analysis of extreme stock price movements. The data utilized was the daily returns for the Standard and Poor's 500 index from January 3, 1978 to May 31, 2001. Research questions were analyzed using the statistical models provided by extreme value theory. One of the difficulties in examining stock price data is that there is no consensus regarding the correct shape of the distribution function generating the data. An advantage with extreme value theory is that no detailed knowledge of this distribution function is required to apply the asymptotic theory. We focus on the tail of the distribution. ^ Extreme value theory allows us to estimate a tail index, which we use to derive bounds on the returns for very low probabilities on an excess. Such information is useful in evaluating the volatility of stock prices. There are three possible limit laws for the maximum: Gumbel (thick-tailed), Fréchet (thin-tailed) or Weibull (no tail). Results indicated that extreme returns during the time period studied follow a Fréchet distribution. Thus, this study finds that extreme value analysis is a valuable tool for examining stock price movements and can be more efficient than the usual variance in measuring risk. ^

An Analysis of Stock Market Performance:The Dow Jones Industrial Average and the Three Top Performing Lodging Firma: 1982-1988

In their dialogue - An Analysis of Stock Market Performance: The Dow Jones Industrial Average and the Three Top Performing Lodging Firms 1982 – 1988 - by N. H. Ringstrom, Professor and Elisa S. Moncarz, Associate Professor, School of Hospitality Management at Florida International University, Professors Ringstrom and Moncarz state at the outset: “An interesting comparison can be made between the Dow Jones lndustrial Average and the three top performing, publicly held lodging firms which had $100 million or more in annual lodging revenues. The authors provide that analytical comparison with Prime Motor Inns Inc., the Marriott Corporation, and Hilton Hotels Corporation.” “Based on a criterion of size, only those with $100 million in annual lodging revenues or more resulted in the inclusion of the following six major hotel firms: Prime Motor Inns, Inc., Marriott Corporation, Hilton Hotels Corporation, Ramada Inc., Holiday Corporation and La Quinta Motor Inns, Inc.,” say Professors Ringstrom and Moncarz in framing this discussion with its underpinnings in the years 1982 to 1988. The article looks at each company’s fiscal and Dow Jones performance for the years in question, and presents a detailed analysis of said performance. Graphic analysis is included. It helps to have a fairly vigorous knowledge of stock market and fiscal examination criteria to digest this material. The Ringstrom and Moncarz analysis of Prime Motor Inns Incorporated occupies the first 7 pages of this article in and of itself. Marriot Corporation also occupies a prominent position in this discussion. “Marriott, a giant in the hospitality industry, is huge and continuing to grow. Its 1987 sales were more than $6.5 billion, and its employees numbered over 200,000 individuals, which place Marriott among the 10 largest private employers in the country,” Ringstrom and Moncarz parse Marriott’s influence as a significant financial player. “The firm has a fantastic history of growth over the past 60 years, starting in May 1927 with a nine-seat A & W Root Beer stand in Washington, D.C.,” offer the authors in initialing Marriot’s portion of the discussion with a brief history lesson. The Marriot firm was officially incorporated as Hot Shoppes Inc. in 1929. As the thesis statement for the discussion suggests the performance of these huge, hospitality giants is compared and contrasted directly to the Dow Jones Industrial Average performance. Reasons and empirical data are offered by the authors to explain the distinctions. It would be difficult to explain those distinctions without delving deeply into corporate financial history and the authors willingly do so in an effort to help you understand the growth, as well as some of the setbacks of these hospitality based juggernauts. Ringstrom and Moncarz conclude the article with an extensive overview and analysis of the Hilton Hotels Corporation performance for the period outlined. It may well be the most fiscally dynamic of the firms presented for your perusal. “It is interesting to note that Hilton Hotels Corporation maintained a very strong financial position with relatively little debt during the years 1982-1988…the highest among all companies in the study,” the authors paint.

Market-oriented new product development of health promoting foods for the ageing population

Major factors influencing food development and food marketing strategies in global market places at present can be attributable to the changing age structure of the population. The significant shifts in global age structure will inevitably lead to the number of people aged 60 reaching an all-time high of one billion by the year 2020. The rapidly growing population of ageing people globally represents a large, neglected and very much under-developed category within the Food Industry. The primary focus of this study was the integration of knowledge creation techniques at early NPD stages, for the development of market-oriented new health promoting foods for the ageing population. The methodology of this study was centered on an exploratory sequential mixed methods strategy. Stage one of the study involved in-depth semi-structured interviews with 16 Stakeholders to facilitate the need identification stage of the NPD process. The main outputs identified were the need for: the fortification of foods for a preventative nutrition approach, the development of foods that targeted age-related conditions such as cognitive, heart, gut and bone health, the integration of ageing compensatory packaging adaptations and the creation of marketing messages with an active lifestyle message. Stage two consisted of a market-oriented computer assisted NPD technique, a user centered design interaction (UCD) to integrate consumers as co-creators throughout the idea generation stage of the NPD process. The most important product attributes identified in this stage included: products targeted at brain and cognitive health, liquid based beverages, easy to use packaging with environmentally friendly elements, simplistic marketing with a clear focus on health not age and realistic health claims constructed with consumer friendly terminology. Finally, Stage three used an abbreviated means-end chain (MEC) analysis to complete the concept development stage of the NPD process. This stage identified commercial information that could be used by food firms for the development of positioning and communication strategies. Equally, the information generated could be of high strategic importance to governments, policy makers, health professionals and medical professionals. The values and goals listed in this stage included: better overall health, active lifestyle, optimum nutrition and wellbeing feelings. Overall, this research illustrated that knowledge creation techniques can assist firms in the development of market-oriented health promoting foods for the ageing population.

Development of a knowledge sharing framework for improving the testing processes in global product development

As identified by Griffin (1997) and Kahn (2012), manufacturing organisations typically improve their market position by accelerating their product development (PD) cycles. One method for achieving this is to reduce the time taken to design, test and validate new products, so that they can reach the end customer before competition. This paper adds to existing research on PD testing procedures by reporting on an exploratory investigation carried out in a UK-based manufacturing plant. We explore the organisational and managerial factors that contribute to the time spent on testing of new products during development. The investigation consisted of three sections, viz. observations and process modelling, utilisation metrics and a questionnaire-based investigation, from which a proposed framework to improve and reduce the PD time cycle is presented. This research focuses specifically on the improvement of the utilisation of product testing facilities and the links to its main internal stakeholders - PD engineers.

Analysis of the Market Potential of Syrian Organic Fruit and Vegetables for Exports to Germany

Syria has been a major producer and exporter of fresh fruit and vegetables (FFV) in the Arabic region. Prior to 2011, Syrian FFV were mainly exported to the neighbouring countries, the Gulf States and Northern Africa as well as to Eastern European countries. Although the EU is potentially one of the most profitable markets of high quality FFV (such as organic ones) in the world, Syrian exports of FFV to Western European countries like Germany have been small. It could be a lucrative opportunity for Syrian growers and exporters of FFV to export organic products to markets such as Germany, where national production is limited to a few months due to climatic conditions. Yet, the organic sector in Syria is comparatively young and only a very small area of FFV is certified according to EU organic regulations. Up to the author’s knowledge, little was known about Syrian farmers’ attitudes towards organic FFV production. There was also no study so far that explored and analysed the determining factors for organic FFV adoption among Syrian farmers as well as the exports of these products to the EU markets. The overarching aim of the present dissertation focused on exploring and identifying the market potential of Syrian exports of organic FFV to Germany. The dissertation was therefore concerned with three main objectives: (i) to explore if German importers and wholesalers of organic FFV see market opportunities for Syrian organic products and what requirements in terms of quality and quantity they have, (ii) to determine the obstacles Syrian producers and exporters face when exporting agricultural products to Germany, and (iii) to investigate whether Syrian farmers of FFV can imagine converting their farms to organic production as well as the underlying reasons why they do so or not. A twofold methodological approach with expert interviews and a farmer survey were used in this dissertation to address the abovementioned objectives. While expert interviews were conducted with German and Syrian wholesalers of (organic) FFV in 2011 (9 interviews each), the farmer survey was administrated with 266 Syrian farmers of FFV in the main region for the production of FFV (i.e. the coastal region) from November 2012 till May 2013. For modelling farmers’ decisions to adopt organic farming, the Theory of Planned Behaviour as theoretical framework and Partial Least Squares Structural Equation Modelling as the main method for data analysis were used in this study. The findings of this dissertation yield implications for the different stakeholders (governmental institutions and NGOs, farmers, exporters, wholesalers, etc.) who are interested in prompting the Syrian export of organic products. Based on the empirical results and a literature review, an action plan to promote Syrian production and export of organic products was developed which can help in the post-war period in Syria at improving the organic sector.

KNOWLEDGE EXCHANGE BRIEFING PAPER ON JOURNAL BUSINESS MODELS

Over the past few years many studies have been published on the costs and economic benefits of journal business models. Early studies considered only the costs incurred in publishing traditional journals made available for purchase on a subscription or licensing business model. As the open access business model became available, some studies also covered the cost of making research articles available in open access journals. More recent studies have taken a broader perspective, looking at the position of journal publishers in the market and their business models in the context of the economic benefits from research dissemination. This briefing paper also looks at the outcomes of the broadly cited RIN study and various national studies performed by John Houghton. All links provided in footnotes in this Briefing Paper are to studies available in open access.

Public firm sponsorship of open source software: A knowledge-based approach to open innovation

As an emerging innovation paradigm gaining momentum in recent years, the open innovation paradigm is calling for greater theoretical depth and more empirical research. This dissertation proposes that open innovation in the context of open source software sponsorship may be viewed as knowledge strategies of the firm. Hence, this dissertation examines the performance determinants of open innovation through the lens of knowledge-based perspectives. Using event study and regression methodologies, this dissertation found that these open source software sponsorship events can indeed boost the stock market performance of US public firms. In addition, both the knowledge capabilities of the firms and the knowledge profiles of the open source projects they sponsor matter for performance. In terms of firm knowledge capabilities, internet service firms perform better than other firms owing to their advantageous complementary capabilities. Also, strong knowledge exploitation capabilities of the firm are positively associated with performance. In terms of the knowledge profile of sponsored projects, platform projects perform better than component projects. Also, community-originated projects outperform firm-originated projects. Finally, based on these findings, this dissertation discussed the important theoretical implications for the strategic tradeoff between knowledge protection and sharing.

Regulatory governance of ‘training markets’, ‘market failure’, and ‘quasi’ markets: historical dimensions of the post-initial training market in the Netherlands

This article examines regulatory governance of the post-initial training market in The Netherlands. From an historical perspective on policy formation processes, it examines market formation in terms of social, economic, and cultural factors in the development of provision and demand for post-initial training; the roles of stakeholders in the longterm construction of regulatory governance of the market; regulation of and public providers; policy responses to market failure; and tripartite division of responsibilities between the state, social partners, commercial and publicly-funded providers. Historical description and analysis examine policy narratives of key stakeholders with reference to: a) influence of societal stakeholders on regulatory decision-making; b) state regulation of the post-initial training market; c) public intervention regulating the market to prevent market failure; d) market deregulation, competition, employability and individual responsibility; and, e) regulatory governance to prevent ‘allocative failure’ by the market in non-delivery of post-initial training to specific target groups, particularly the low-qualified. Dominant policy narratives have resulted in limited state regulation of the supply-side, a tripartite system of regulatory governance by the state, social partners and commercial providers as regulatory actors. Current policy discourses address interventions on the demand-side to redistribute structures of opportunity throughout the life courses of individuals. Further empirical research from a comparative historical perspective is required to deepen contemporary understandings of regulatory governance of markets and the commodification of adult learning in knowledge societies and information economies. (DIPF/Orig.)

Lighthouses as an overlapping boundary between maritime and terrestrial landscapes : how lighthouses served to connect the growing industries of the Keweenaw Peninsula with the world market

Lighthouses are an important part of the industrial heritage of the Keweenaw Peninsula in Michigan. They functioned as an integrated system that facilitated shipping on Lake Superior and supported the growing industry of the Keweenaw Peninsula. For this reason, lighthouses can be considered as an overlapping boundary between the maritime and terrestrial landscapes. As shipping and industry changed, the lighthouse boundary also changed. Changes to the boundary are reflected in the contractors involved in the construction of lighthouses and the decisions they made with the resources, principally building materials and knowledge, which they had at their disposal. The decline of shipping on the Great Lakes due to the increased use of roads and railroads for commerce and transportation and the decline of industry on the Keweenaw due to the decreasing profitability of the mines are reflected in gradual end of lighthouses functioning as a network.

Development of an innovative non rule-based energy management strategy for a Hybrid Electric Vehicle, structured for predictive driving controls based on external information knowledge

Recently, the interest of the automotive market for hybrid vehicles has increased due to the more restrictive pollutants emissions legislation and to the necessity of decreasing the fossil fuel consumption, since such solution allows a consistent improvement of the vehicle global efficiency. The term hybridization regards the energy flow in the powertrain of a vehicle: a standard vehicle has, usually, only one energy source and one energy tank; instead, a hybrid vehicle has at least two energy sources. In most cases, the prime mover is an internal combustion engine (ICE) while the auxiliary energy source can be mechanical, electrical, pneumatic or hydraulic. It is expected from the control unit of a hybrid vehicle the use of the ICE in high efficiency working zones and to shut it down when it is more convenient, while using the EMG at partial loads and as a fast torque response during transients. However, the battery state of charge may represent a limitation for such a strategy. That’s the reason why, in most cases, energy management strategies are based on the State Of Charge, or SOC, control. Several studies have been conducted on this topic and many different approaches have been illustrated. The purpose of this dissertation is to develop an online (usable on-board) control strategy in which the operating modes are defined using an instantaneous optimization method that minimizes the equivalent fuel consumption of a hybrid electric vehicle. The equivalent fuel consumption is calculated by taking into account the total energy used by the hybrid powertrain during the propulsion phases. The first section presents the hybrid vehicles characteristics. The second chapter describes the global model, with a particular focus on the energy management strategies usable for the supervisory control of such a powertrain. The third chapter shows the performance of the implemented controller on a NEDC cycle compared with the one obtained with the original control strategy.