Can future systemic financial risks be quantified?: ergodic vs nonergodic stochastic processes

Different axioms underlie efficient market theory and Keynes's liquidity preference theory. Efficient market theory assumes the ergodic axiom. Consequently, today's decision makers can calculate with actuarial precision the future value of all possible outcomes resulting from today's decisions. Since in an efficient market world decision makers "know" their intertemporal budget constraints, decision makers never default on a loan, i.e., systemic defaults, insolvencies, and bankruptcies are impossible. Keynes liquidity preference theory rejects the ergodic axiom. The future is ontologically uncertain. Accordingly systemic defaults and insolvencies can occur but can never be predicted in advance.

Catching up with competitiveness in emerging markets – An analysis of the role of the firm’s technology management strategies

Emerging markets have experienced rapid economic growth, and manufacturing firms have had to face the effects of globalisation. Some of the major emerging economies have been able to create a supportive business environment that fosters innovation, and China is a good example of a country that has been able to increase value-added investments. Conversely, when we look at Russia, another big emerging market, we witness a situation in which domestic firms struggle more with global competitiveness. Innovation has proven to be one of the most essential ingredients for firms aiming to grow and become more competitive. In emerging markets, the business environment sets many constraints for innovation. However, open strategic choices in new product development enable companies in emerging markets to expand their resource base and capability building. Networking and close inter-firm cooperation are essential in this regard. In this dissertation, I argue that technology transfer is one of the key tools for these companies to become internationally networked and to improve their competitiveness. It forces companies to reach outside the company and national borders, which in many cases, is a major challenge for firms in emerging markets. This dissertation focuses on how companies can catch up with competitiveness in emerging markets. The empirical studies included in the dissertation are based on analyses of survey data mainly of firms and their strategies in the Russian manufacturing industry. The dissertation contributes to the current strategic management literature by further investigating technology management strategies in manufacturing firms in emerging markets and the benefits of more open approaches to new product development and innovation.

Solutions to water problems in the bottom of the pyramid market

Solving the water crisis in the developing world is a critical issue. Four billion people in the globe, so called the Base of the Pyramid (BoP) population suffer from inadequate access to safe drinking water, while millions die daily from waterborne diseases and lack of clean water. The BoP people desperately need to obtain a satisfactory access to safe water sources. In order to address the issue, this research has been carried out. To provide holistic consideration to the matter, comprehensive exploration of various causes of the water crisis and its impacts in developing countries were discussed. Then, various viable and relevant solutions to the problem have been thoroughly scrutinized, including scientific, rational, practical and speculative approaches, examination of existing methods, technologies and products at the BoP water market. The role of clean water to the sustainable development was specifically featured. The paper also has studied social and economic factors, actors and circumstances which affect the market development of clean water technologies in the BoP. Possibilities and potentials of successful business between foreign water enterprises and BoP consumers were considered, while primary obstacles are deliberated on, with suggestion of the ways to tackle them. Technologies and products which are needed by the poor must be affordable, sustainable and of an appropriate quality. The crucial question of technology transfer was soundly discussed with pointing out main hindrances on the way of its implementation between the developed and developing world. The means to overcome these barriers were properly observed as well. To explore to some extent the possibility and feasibility of technology transfer from Finland to the BoP sector, 3 case study analyses have been implemented. Personal discussions in form of interviews were conducted at Kemira, Outotec and Fenno Water, Finnish water treatment and supply enterprises. The results of the interviews shed light on the specific practical matters, actual obstacles and potential solutions of the technology transfer from Finland to low-income countries.

Self concept, acculturation, and fashion orientation

The research begins with a discussion of the worldwide and the Canadian market. The research profiles the examination of the relationship between a person's self concept (as defined by Malhotra) and fashion orientation (as defined by Gutman and Mills), and to understand how these factors are influenced by acculturation, focusing in-depth on their managerial implications. To study these relationships; a random sample of 196 ChineseCanadian female university students living in Canada was given a survey based on Malhotra's self-concept scale, and the SLASIA acculturation scale. Based on multiple regression analysis, findings suggest that the adoption of language and social interaction dimensions of acculturation constructs have significant effects on the relationship between self concept and fashion orientation. This research contributes significantly to both marketing theory and practice. Theoretically, this research develops new insights on the dimensionality of fashion orientation, identifies various moderating effects of acculturation on the relationship of self concept and fashion orientation dimensions, and provides a framework to examine these effects, where results can be generalized across different culture. Practically, marketers can use available findings to improve their understanding of the fashion needs of Chinese-Canadian consumers, and target them based on these findings. The findings provide valuable implications for companies to formulate their fashion marketing strategies for enhance fashion orientation in terms of different dimensions, based on different levels of acculturation.

CEO Compensation, Compensation Risk, and Corporate Governance: Evidence from Technology Firms

Literature suggests that CEOs of technology firms earn higher pay than CEOs of non-technology firms. I investigate whether compensation risk explains the difference in compensation between technology firms and non-technology firms. Controlling for firm size and performance, I find that CEOs in technology firms have higher pay, but also have much higher compensation risk compared to non-technology firms. Compensation risk explains the major part of the difference in CEO pay. My study is consistent with the labor market economics view that CEOs earn competitive risk-adjusted total compensation.

The accuracy and reliability of plaster vs digital study models : a comparison of three different impression materials

Introduction: Le but de l’étude était d’examiner l’effet des matériaux à empreintes sur la précision et la fiabilité des modèles d’études numériques. Méthodes: Vingt-cinq paires de modèles en plâtre ont été choisies au hasard parmi les dossiers de la clinique d’orthodontie de l’Université de Montréal. Une empreinte en alginate (Kromopan 100), une empreinte en substitut d’alginate (Alginot), et une empreinte en PVS (Aquasil) ont été prises de chaque arcade pour tous les patients. Les empreintes ont été envoyées chez Orthobyte pour la coulée des modèles en plâtre et la numérisation des modèles numériques. Les analyses de Bolton 6 et 12, leurs mesures constituantes, le surplomb vertical (overbite), le surplomb horizontal (overjet) et la longueur d’arcade ont été utilisés pour comparaisons. Résultats : La corrélation entre mesures répétées était de bonne à excellente pour les modèles en plâtre et pour les modèles numériques. La tendance voulait que les mesures répétées sur les modèles en plâtre furent plus fiables. Il existait des différences statistiquement significatives pour l’analyse de Bolton 12, pour la longueur d’arcade mandibulaire, et pour le chevauchement mandibulaire, ce pour tous les matériaux à empreintes. La tendance observée fut que les mesures sur les modèles en plâtre étaient plus petites pour l’analyse de Bolton 12 mais plus grandes pour la longueur d’arcade et pour le chevauchement mandibulaire. Malgré les différences statistiquement significatives trouvées, ces différences n’avaient aucune signification clinique. Conclusions : La précision et la fiabilité du logiciel pour l’analyse complète des modèles numériques sont cliniquement acceptables quand on les compare avec les résultats de l’analyse traditionnelle sur modèles en plâtre.

Intellectual Property Protection For Plant Derived Vaccine Technology: Here They Come Are We Ready or Not ?

Il existe une nouvelle catégorie de technologie, les vaccins dérivés de plantes («VDPs»), qui englobe des produits qui ont un grand potentiel pour l’amélioration de la santé à l’échelle globale. Bien qu’ils ne soient pas encore disponibles pour le public, le développement des VDPs a progressé de façon telle qu’ils devraient être prêts à être mis en marché et distribués sous peu. Ainsi, c’est le moment idéal pour lancer un débat sur la meilleure façon de protéger cette nouvelle catégorie de technologie. Vu leur nature, les VDPs ne se qualifient pas parfaitement pour aucune forme de protection de propriété intellectuelle. En effet, un VDP est à la fois une variété de plante, une biotechnologie, un médicament et un produit qui vise spécifiquement les besoins de pays en voie de développement. Chacune de ces caractéristiques soulève ses propres problématiques en ce qui a trait à la propriété intellectuelle. C’est pourquoi il appert difficile d’identifier la forme de protection la plus adéquate et appropriée pour les VDPs. Cet article traite de la nature d’un VDP, des différentes catégories dans lesquelles il pourrait être classé, des différents types de systèmes de protection de propriété intellectuelle auxquels il pourrait être éligible ainsi que des problèmes qui pourraient être soulevés par tous ces éléments. Ces discussions visent à mettre l’accent sur le fait que nous avons affaire à une toute nouvelle catégorie d’innovation technologique. L’auteure est donc d’avis qu’une approche proactive est nécessaire pour discuter d’un système de protection de propriété intellectuelle en relation avec les VDPs. En ce moment, c’est l’inventeur qui choisi comment il protègera son invention. Les moyens employés par ce dernier pourraient être subséquemment modifiés ou annulés par une décision judiciaire mais comme plusieurs autres inventeurs d’une même catégorie de technologie auront probablement déjà adopté une stratégie de protection similaire, ce type de mesures judiciaire, très tard dans le processus, pourra avoir des résultats néfastes sur les détenteurs de droits. Le développement de lignes directrices d’entrée de jeu, avec l’aide d’un panel d’experts de préférence, peut contribuer à éviter les situations de confusion qui ont déjà été vécues avec l’application d’autres nouvelles technologies et qui devraient servir de leçon pour l’encadrement des VDPs.

Market Segmentation by Financial lnstitution

The research problem selected for this study is one of the important issues in the field of financial market and its marketing dimensions on which researchers and academicians encourage more research studies. This research study may be relevant considering its significance in terms of some possible findings which may be useful to Fls in framing successful market segmentation approach to turn their dissatisfied and ‘merely' satisfied customers into ‘delighted’ customers, which in turn can result in better savings mobilisation. The household segments may also be benefited from the research findings if they bring about an attitudinal change in their savings behaviour. The importance of the study may be briefly highlighted in the following points. The research study examines existing theories on market segmentation by Fls and the findings might supplement the existing theories on this topic. The study brings to light certain clues to strengthen market segmentation approach of Fls.The study throws light on the existing beliefs and perceptions on customer behaviour which may be useful in effecting some positive changes in market segmentation approach by Fls. The study suggests certain relationship between market segmentation variables and customer behaviour in the context of marketing of financial products by Fls. The study supplements the existing knowledge on different dimension of market segmentation in the financial market which might encourage future research in the field.

Value orientation of professional students in kerala

The present study is on value orientation of professional students•and as such the theoretical value is inherent and implied. Variation on this value is likely to be limited among the subjects. The relevance of the present study is with particular reference, to management as a profession. In organisational settings motivation plays an important role. According to McClelland's theory of needs, achievement, power, and affiliation are the three important needs that help in understanding motivation. Achieve~ent need may be defined as the drive to excel, to achieve in relation to a set of standards, and to strive to succeed. Some people have a compelling drive to succeed. They have a desire to do something better or more efficiently than it has been done before. McClelland found that high achievers differentiate themselves from others by their desire to do things . better. Considering this fact, 'achievement' is included as one of the values for the study

Prevalence of Aeromonas hydrophila in fish and prawns from the seafood market of Coimbatore, South India

Five hundred and thirty six samples offishes and 278 prawn samples from the major fish market ofCoimbatore, South India, were analysed for the prevalence of Aeromonas hydrophila over a period of2 years (June 1997–May 1999). The prevalence level of A. hydrophila varied from 17.62% in prawns to 33.58% in fishes. More than 30% of the popular table fishes such as Sardinella longiceps, Rastrelliger kanagurta, Mugil cephalus and Caranx sexfasciatus were tested positive for this organism. Among the different species of the prawns analysed, Penaeus semisulcatus showed higher incidence (23.52%). Seasonal variation in the prevalence levels of A. hydrophila in fish and prawns revealed a higher prevalence during the monsoon season during 1997–98 and 1998–99. Of the different body parts of the fishes analysed for A. hydrophila, the intestinal samples showed higher prevalence (38.43%), followed by body surface (32.46%) and gill (29.10%). Considering the psychrotrophic nature and role of A. hydrophila as a pathogen ofemerging importance, the considerably high levels ofthis organism in a popular food item such as fish and prawn raises serious concern

Arbitrage Pricing Theory and Return Generating Process: A Macroeconomic Approach to Indian Stock Market

A study focusing on the identification of return generating factors and to the extent of their influence on share prices the outcome will be a tool for investment analysis in the hands of investors portfolio managers and mutual funds who are mostly concerned with changing share prices. Since the study takes into account the influence of macroeconomic variables on variations in share returns by using the outcome the government can frame out suitable policies on long term basis and that will help in nurturing a healthy economy and resultant stock market. As every company management tries to maximize the wealth of the share holders a clear idea about the return generating variables and their influence will help the management to frame various policies to maximize the wealth of the shareholders.

Establishment of Shrimp Cell Lines: Perception and Orientation

Development of continuous shrimp cell lines for effective investigation on shrimp viruses remains elusive with an arduous history of over 25 years. Despite presenting challenges to researchers in developing a cell line, the billion dollar aquaculture industry is under viral threat. Advances in molecular biology and various gene transfer technologies for immortalization of cells have resulted in the development of hundreds of cell lines from insects and mammals, but yet not a single cell line has been developed from shrimp and other marine invertebrates. Though improved growth and longevity of shrimp cells in vitro could be achieved by using modified growth media this did not make any leap to spontaneous transformation; probably due to the fact that shrimp cells inhibited neoplastic transformations. Oncogenic induction and immortalization are considered as the possible ways, and an exclusive medium for shrimp cell culture and an appropriate mode of transformation are crucial. In this review status of shrimp cell line development and its future orientation are discussed

Organized Retail Market Boom and the Indian Society

IT and related services played a major role for India’s current 9.2. GDP growth. Organized retailing in India is one more example for its open economy. The IT industries where able develop a demand for Indian talents all over the world and improved their living standards. It directly impacts only a small minority of Indian population while organized retail affects every single Indian and every sector of Indian society. The paper gives a glimpse of the slow evolution of retail market over the years in India and its contribution for economic growth. The likely positive impact of this revolution in different sectors is enumerated. Paper addresses its ability to manipulate consumption pattern of society, increased customer satisfaction and likely change in the market shares of the different types of sellers. Paper discusses its flip sides like increasing social tension among families below poverty line and greater loss of self employment opportunities by this revolution. The main theme of enquiry of this paper is what it all means for the Indian society.