A study of new product market search and user adoption

The research was carried out in the Aviation Division of Dunlop Limited and was initiated as a search for more diverse uses for carbon/carbon composites. An assumed communication model of adoption was refined by introducing the concept of a two way search after making cross industry comparisons of supplier and consumer behaviour. This research has examined methods of searching for new uses for advanced technology materials. Two broad approaches were adopted. First, a case history approach investigated materials that had been in a similar oosition to carbon/carbon to see how other material producing firms had tackled the problem. Second, a questionnaire survey among industrialists examined: the role and identity of material decision makers in different sized firms; the effectiveness of various information sources and channels; and the material adoption habits of different industries. The effectiveness of selected information channels was further studied by monitoring the response to publicity given to carbon/carbon. A flow chart has been developed from the results of this research which should help any material producing firm that is contemplating the introduction of a new material to the world market. Further benefit to our understanding of the innovation and adoption of new materials would accrue from work in the followino areas: "micro" type case histories; understanding more fully the role of product champions or promoters; investigating the phase difference between incremental and radical type innovations for materials; examining the relationship between the adoption rate of new materials and the advance of technology; studying the development of cost per unit function methods for material selection; and reviewing the benefits that economy of scale studies can have on material developments. These are all suggested areas for further work.

Exporting to Eastern Europe : principles and practice, including a case study of the market for fire fighting equipment

East-West trade has grown rapidly since the sixties, stimulating a parallel expansion in the literature on the subject. An extensive review of this literature shows how: (i) most of the issues involved have at their source the distinctions between East and West in political ideology and/or economic management, and (ii) there has been a tendency to keep theoretical and practical perspectives on the subject too separate. This thesis demonstrates the importance of understanding the fundamental principles implied in the first point, and represents an attempt to bridge the gap identified in the second. A detailed study of the market for fire fighting equipment in Eastern Europe is undertaken in collaboration with a medium-sized company, Angus Fire Armour Limited. Desk research methods are combined with visits to the market to assess the potential for the company's products, and recommendations for future strategy are made. The case demonstrates the scope and limitations of various research methods for the East European market, and a model for market research relevant to all companies is developed. Tne case study highlights three areas largely neglected in the literature: (i) the problems of internal company adaptation to East European conditions; (ii) the division of responsibility between foreign trade organisations; and (iii) bribery and corruption in East-West trade. Further research into the second topic - through a survey of 36 UK exporters - and the third - through analysis of publicised corruption cases - confirms the representativeness of the Angus experience, and reflects on the complexity of the Bast European import process, which does not always function as is commonly supposed. The very complexity of the problems confronting companies reaffirms the need to appreciate the principles underlying the subject, while the detailed analysis into questions of, originally, a marketing nature, reveals wider implications for East-West trade and East-West relations.

Organizational change and development:a case study in the Indian electricity market

Five principles for accommodating cultural nuances

New product marketing and consumer innovative behaviour:a study of the Greek market

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Pre-adoption market reaction to IFRS 9:a cross-country event-study

We are the first to examine the market reaction to 13 announcement dates related to IFRS 9 for over 5400 European listed firms. We find an overall positive reaction to the introduction of IFRS 9. The regulation is particularly beneficial to shareholders of firms in countries with weaker rule of law and a smaller divergence between local GAAP and IAS 39. Bootstrap simulations rule out the possibility that sampling error or data mining are driving our findings. Our main findings are also robust to confounding events and the extent of the media coverage for each event. These results suggest that investors perceive the new regulation as shareholder-wealth enhancing and support the view that stronger comparability across accounting standards of European firms is beneficial to international investors and outweighs the costs of poorer firm-specific information.

Hiánygazdaság - többletgazdaság. Tanulmány a piac elméletéről - I. rész = Shortage economy surplus economy. A study on market theory I

A főáramlat közgazdászai elismerik, hogy a szocialista rendszert a krónikus hiány jellemezte, de úgy vélik, hogy a kapitalista rendszerben - kisebb vagy nagyobb ingadozások közepette - piaci egyensúly uralkodik. Ezzel szemben a tanulmány két piaci állapotot állít egymással szembe. Az egyikben dominálnak a túlkeresleti jelenségek, bár előfordulnak túlkínálati jelenségek is, ezt nevezi a szerző hiánygazdaságnak. A másikban dominálnak a túlkínálati jelenségek, bár előfordulnak túlkeresleti jelenségek is, amit a szerző többletgazdaságnak nevez. A hiánygazdaságot magyarázó tényezőket a szerző korábbi munkái írták le. A jelen tanulmány I. része azokat a mechanizmusokat mutatja be, amelyek a kapitalizmus keretei között létrehozzák a többletgazdaságot: a korlátozott verseny, a schumpeteri "teremtő rombolás", a vállalat törekvése biztonsági tartalékok kiépítésére és a növekvő skálahozadék. Foglalkozik azokkal a jelenségekkel, amelyek fékezik a kereslet és az árak alkalmazkodását. Külön fejezet tárgyalja a többlet mérésének (és ezzel szoros összefüggésben a fogalmak szigorú definícióinak) nehézségeit. ______ Mainstream economists recognize that the socialist system was marked by chronic shortage, but they consider that the capitalist system exhibits market equilibrium, give or take some greater or lesser fluctuations. This study, however, contrasts two market states. One is dominated by phenomena of excess demand, though instances of excess supply appear as well; this the author calls a shortage economy. The other is dominated by phenomena of excess supply, though instances of excess demand appear as well; this the author terms a surplus economy. The author has described in earlier works the factors explaining the shortage economy. Part I of the study presents the mechanisms generating a surplus economy under capitalism: imperfect competition, Schumpeterian "creative destruction" , the efforts of firms to build up safety reserves, and increasing economies of scale. It also covers phenomena that curb accommodation of demand and prices. Discussed in a separate chapter are the difficulties of measuring surplus (and closely tied with this, of strictly defining the concepts).

Hiánygazdaság − többletgazdaság. Tanulmány a piac elméletéről – II. rész = Shortage economy - surplus economy. A study on market theory II

A főáramlat közgazdászai elismerik, hogy a szocialista rendszert a krónikus hiány jellemezte, de úgy vélik, hogy a kapitalista rendszerben - kisebb vagy nagyobb ingadozások közepette - piaci egyensúly uralkodik. Ezzel szemben a tanulmány két piaci állapotot állít egymással szembe. Az egyikben dominálnak a túlkeresleti jelenségek, bár előfordulnak túlkínálati jelenségek is, ezt nevezi a szerző hiánygazdaságnak. A másikban dominálnak a túlkínálati jelenségek, bár előfordulnak túlkeresleti jelenségek is, amit a szerző többletgazdaságnak nevez. A tanulmány II. része összefoglalja a tanulmány fő állításait. Ezek szerint a szocialista rendszer veleszületett immanens tulajdonsága a hiánygazdaság, míg a kapitalista rendszer veleszületett immanens tulajdonsága a többletgazdaság létrehozása és állandó reprodukciója. Állami beavatkozások erősíthetik vagy gyengíthetik ezeket a genetikus tulajdonságokat, de nem szüntethetik meg. A tanulmány áttekinti a többletgazdaság kedvező és kedvezőtlen hatásait. A kedvező hatások között különleges nyomatékkal emeli ki, hogy a többlet (elsősorban többletkapacitások) nélkül nem alakulhat ki a termelők, illetve az eladók rivalizálása, ami az innovációs folyamat legfontosabb hajtóereje. A többletgazdaság általános esetének vizsgálata után különböző speciális esetekkel foglalkozik a tanulmány: a gazdaság konjunkturális hullámzásával, a hadigazdasággal, a modern kapitalizmusban mutatkozó történelmi léptékű változásokkal, valamint a szocialista rendszeren belül megjelent piacorientált reformokkal és a posztszocialista átmenettel. ____ Mainstream economists recognize that the socialist system was marked by chronic shortage, but they consider that the capitalist system exhibits market equilibrium, give or take some greater or lesser fluctuations. This study, however, contrasts two market states. One is dominated by phenomena of excess demand, though instances of excess supply appear as well; this the author calls a shortage economy. The other is dominated by phenomena of excess supply, though instances of excess demand appear as well; this the author terms a surplus economy. Part II of the study starts by summing up its main propositions. Just as the shortage economy is an intrinsic, immanent trait of the socialist system, so the creation and continual reproduction of the surplus economy is an intrinsic, immanent trait of the capitalist system. Such genetic traits may be strengthened or weakened by state intervention, but not eliminated by it. The study reviews the favourable and detrimental effects of the surplus economy. Of the favourable effects, it is emphasized that without surplus there cannot develop among producers or sellers the rivalry that provides the main impetus for the innovation process. Having examined the general case of the surplus economy, the study turns to various special cases: to the trade-cycle fluctuations of the economy, the war economy, the historic changes appearing in modern capitalism, the market-oriented reforms that appear within the socialist system, and the post-socialist transition.

A study of stock market fluctuations and their relation to business conditions

Most research on stock prices is based on the present value model or the more general consumption-based model. When applied to real economic data, both of them are found unable to account for both the stock price level and its volatility. Three essays here attempt to both build a more realistic model, and to check whether there is still room for bubbles in explaining fluctuations in stock prices. In the second chapter, several innovations are simultaneously incorporated into the traditional present value model in order to produce more accurate model-based fundamental prices. These innovations comprise replacing with broad dividends the more narrow traditional dividends that are more commonly used, a nonlinear artificial neural network (ANN) forecasting procedure for these broad dividends instead of the more common linear forecasting models for narrow traditional dividends, and a stochastic discount rate in place of the constant discount rate. Empirical results show that the model described above predicts fundamental prices better, compared with alternative models using linear forecasting process, narrow dividends, or a constant discount factor. Nonetheless, actual prices are still largely detached from fundamental prices. The bubblelike deviations are found to coincide with business cycles. The third chapter examines possible cointegration of stock prices with fundamentals and non-fundamentals. The output gap is introduced to form the nonfundamental part of stock prices. I use a trivariate Vector Autoregression (TVAR) model and a single equation model to run cointegration tests between these three variables. Neither of the cointegration tests shows strong evidence of explosive behavior in the DJIA and S&P 500 data. Then, I applied a sup augmented Dickey-Fuller test to check for the existence of periodically collapsing bubbles in stock prices. Such bubbles are found in S&P data during the late 1990s. Employing econometric tests from the third chapter, I continue in the fourth chapter to examine whether bubbles exist in stock prices of conventional economic sectors on the New York Stock Exchange. The ‘old economy’ as a whole is not found to have bubbles. But, periodically collapsing bubbles are found in Material and Telecommunication Services sectors, and the Real Estate industry group.

A comprehensive study of bankruptcy prediction: Accounting ratios, market variables, and microstructure

Bankruptcy prediction has been a fruitful area of research. Univariate analysis and discriminant analysis were the first methodologies used. While they perform relatively well at correctly classifying bankrupt and nonbankrupt firms, their predictive ability has come into question over time. Univariate analysis lacks the big picture that financial distress entails. Multivariate discriminant analysis requires stringent assumptions that are violated when dealing with accounting ratios and market variables. This has led to the use of more complex models such as neural networks. While the accuracy of the predictions has improved with the use of more technical models, there is still an important point missing. Accounting ratios are the usual discriminating variables used in bankruptcy prediction. However, accounting ratios are backward-looking variables. At best, they are a current snapshot of the firm. Market variables are forward-looking variables. They are determined by discounting future outcomes. Microstructure variables, such as the bid-ask spread, also contain important information. Insiders are privy to more information that the retail investor, so if any financial distress is looming, the insiders should know before the general public. Therefore, any model in bankruptcy prediction should include market and microstructure variables. That is the focus of this dissertation. The traditional models and the newer, more technical models were tested and compared to the previous literature by employing accounting ratios, market variables, and microstructure variables. Our findings suggest that the more technical models are preferable, and that a mix of accounting and market variables are best at correctly classifying and predicting bankrupt firms. Multi-layer perceptron appears to be the most accurate model following the results. The set of best discriminating variables includes price, standard deviation of price, the bid-ask spread, net income to sale, working capital to total assets, and current liabilities to total assets.

A study of stock market linkages between the US and frontier countries

My dissertation investigates the financial linkages and transmission of economic shocks between the US and the smallest emerging markets (frontier markets). The first chapter sets up an empirical model that examines the impact of US market returns and conditional volatility on the returns and conditional volatilities of twenty-one frontier markets. The model is estimated via maximum likelihood; utilizes the GARCH model of errors, and is applied to daily country data from the MSCI Barra. We find limited, but statistically significant exposure of Frontier markets to shocks from the US. Our results suggest that it is not the lagged US market returns that have impact; rather it is the expected US market returns that influence frontier market returns The second chapter sets up an empirical time-varying parameter (TVP) model to explore the time-variation in the impact of mean US returns on mean Frontier market returns. The model utilizes the Kalman filter algorithm as well as the GARCH model of errors and is applied to daily country data from the MSCI Barra. The TVP model detects statistically significant time-variation in the impact of US returns and low, but statistically and quantitatively important impact of US market conditional volatility. The third chapter studies the risk-return relationship in twenty Frontier country stock markets by setting up an international version of the intertemporal capital asset pricing model. The systematic risk in this model comes from covariance of Frontier market stock index returns with world returns. Both the systematic risk and risk premium are time-varying in our model. We also incorporate own country variances as additional determinants of Frontier country returns. Our results suggest statistically significant impact of both world and own country risk in explaining Frontier country returns. Time-variation in the world risk premium is also found to be statistically significant for most Frontier market returns. However, own country risk is found to be quantitatively more important.

A Study of Stock Market Fluctuations and their Relations to Business Conditions

Most research on stock prices is based on the present value model or the more general consumption-based model. When applied to real economic data, both of them are found unable to account for both the stock price level and its volatility. Three essays here attempt to both build a more realistic model, and to check whether there is still room for bubbles in explaining fluctuations in stock prices. In the second chapter, several innovations are simultaneously incorporated into the traditional present value model in order to produce more accurate model-based fundamental prices. These innovations comprise replacing with broad dividends the more narrow traditional dividends that are more commonly used, a nonlinear artificial neural network (ANN) forecasting procedure for these broad dividends instead of the more common linear forecasting models for narrow traditional dividends, and a stochastic discount rate in place of the constant discount rate. Empirical results show that the model described above predicts fundamental prices better, compared with alternative models using linear forecasting process, narrow dividends, or a constant discount factor. Nonetheless, actual prices are still largely detached from fundamental prices. The bubble-like deviations are found to coincide with business cycles. The third chapter examines possible cointegration of stock prices with fundamentals and non-fundamentals. The output gap is introduced to form the non-fundamental part of stock prices. I use a trivariate Vector Autoregression (TVAR) model and a single equation model to run cointegration tests between these three variables. Neither of the cointegration tests shows strong evidence of explosive behavior in the DJIA and S&P 500 data. Then, I applied a sup augmented Dickey-Fuller test to check for the existence of periodically collapsing bubbles in stock prices. Such bubbles are found in S&P data during the late 1990s. Employing econometric tests from the third chapter, I continue in the fourth chapter to examine whether bubbles exist in stock prices of conventional economic sectors on the New York Stock Exchange. The ‘old economy’ as a whole is not found to have bubbles. But, periodically collapsing bubbles are found in Material and Telecommunication Services sectors, and the Real Estate industry group.

A study of the top executive conference centers in the United States and an examination of the corresponding corporate meetings market

Introduction: The United States today has become "meeting-conscious." The complexity of conducting business has led to the need for sophisticated coordination of decision-making processes on all levels of the organization. Company meetings have played an increasingly important role in the success and future of many companies. Strategies and decisions are developed at meetings that can determine future policies of crucial importance. Executive training can mean the difference in whether the company will even survive. Large and growing companies have increased their off-premise meeting budgets annually in spite of the state of the economy. however, the rising costs of travel and lodging have made management monitor these budgets more closely than ever. Thus, the need to use every dollar efficiently has compelled companies to examine newer methods of running meetings and alternatives to the usage of typical off-premise meeting facilities. The importance of off-premise meetings in the United States economy has greatly increased due to the billions of dollars spent annually. These factors make it vital to explore the effectiveness of time and monetary expenditures. Up until the mid-1960's, company meetings were held in facilities of various design and purpose, none of which were specifically designed for the small to medium corporate meeting. Upon gathering information concerning the meetings market and the corporate meeting planner, certain individuals endeavored to change the situation. This study is designed to investigate this new concept, which will hereafter be referred to as "conference center." For the purpose of this study, the following two definitions will be used. 1. Conference center - that meeting facility primarily marketing its facilities for the small to medium-sized corporate meeting. The center is operated by specialists aware of market needs in as much detail as are those people working for the company involved. On-premise sleeping rooms are not mandatory provided such facilities are within easy access. 2. Meeting planner - that person within an organization who has primary responsibility for arranging off-premise meetings and all other related items necessary for meeting effectiveness. This person may spend anywhere from 10 to 100l of his time in this capacity. The conference center has effectively satisfied the need for specialized corporate meeting facilities. This study will show the depth of the corporate meetings market and trace the growth and development of this relatively new conference center concept. Information will also be compiled on the top centers in the country. It is hoped that by presenting this research meeting planners will become more aware of the nature and location of these centers, especially for use by the small to medium-sized company. Such exposure of the centers will hopefully increase existing demand and enable the construction of new, innovative centers.

A study to identify the motivation compelling the business traveler to choose a specific airline in the Miami to Atlanta market and to develop a marketing strategy

The purpose of this study was to determine if the business traveler's behavior is influenced by brand loyalty. This brand loyalty, which became evident through the use of a survey, was then to be thoroughly evaluated. In order for this information to be best understood and utilized as the basis of future marketing strategies, much research was undertaken and its significance explained in relation to the airline industry as it exists at present. The results and conclusions of this study indicate that the airline industry is, for the most part, taking a successful approach in attracting business travelers. These travelers' business is highly valued due to the frequency with which they pay full-fare rates. The airlines view business travelers as a potential for great profit and their actions are in line with these philosophies.

The civilising tension at the heart of market-making: a case study of the stent industry

We are interested in the emergence of new markets. While the literature contains various perspectives on how such new markets come to be, the dynamics of the marketization process are less clear. This paper focuses on the development of stent technology and examines the activities characteristic of its emerging market. We identify four market ‘moments’: a mutable marketing moment prior to the point of disruption; two parallel moments at the point of disruption – internecine marketing between emergent competitors, and subversive marketing between those competitors and established actors; and finally, a civilized marketing moment. We conclude that emergent competitors operate two distinct strategies at the point of disruption. Also, legal activities are central to marketization dynamics during this period. In terms of process, while creative destruction may broadly describe the move from disruption to acceptance, there is a period of creative construction prior to disruption, when the new market is coming into being.