The us subprime crisis and stock market integration: evidence from the BRICS

The aim of this study is to examine the level of stock market co-movement in the BRICS countries and three major industrialized countries (Japan, UK and USA). While analyzing the interdependence and integration of markets, two subsets are examined: before (2000 – 2007) and during the global financial crisis (2007-2011). Generally, interdependence across markets is likely to increase during a highly volatile period. This is problematic because if it were true, the main benefit of international diversification would be reduced at times when it is most needed. The results reveal the dominant role of the US financial markets over the examined time period. Empirical studies of this research paper indicate that cross-market linkages have become slightly stronger during the ongoing subprime crisis than before crisis. However, results also show that an investor may obtain some international diversification benefits by investing especially in the BRICS countries despite the fact of unstable economic condition and growing globalization.

Market integration, return and volatility dynamics; empirical evidence from African stock markets

Frontier and Emerging economies have implemented policies with the objective of liberalizing their equity markets. Equity market liberalization opens the domestic equity market to foreign investors and as well paves the way for domestic investors to invest in foreign equity securities. Among other things, equity market liberalization results in diversification benefits. Moreover, equity market liberalization leads to low cost of equity capital resulting from the lower rate of return by investors. Additionally, foreign and local investors share any potential risks. Liberalized equity markets also become liquid considering that there are more investors to trade. Equity market liberalization results in financial integration which explains the movement of two markets. In crisis period, increased volatility and co-movement between two markets may result in what is termed contagion effects. In Africa, major moves toward financial liberalization generally started in the late 1980s with South Africa as the pioneer. Over the years, researchers have studied the impact of financial liberalization on Africa’s economic development with diverse results; some being positive, others negative and still others being mixed. The objective of this study is to establish whether African stock-markets are integrated into the United States (US) and World market. Furthermore, the study helps to see if there are international linkages between the Africa, US and the world markets. A Bivariate- VAR- GARCH- BEKK model is employed in the study. In the study, the effect of thin trading is removed through series of econometric data purification. This is because thin trading, also known as non-trading or inconsistency of trading, is a main feature of African markets and may trigger inconsistency and biased results. The study confirmed the widely established results that the South Africa and Egypt stock markets are highly integrated with the US and World market. Interestingly, the study adds to knowledge in this research area by establishing the fact that Kenya is very integrated with the US and World markets and that it receives and exports past innovations as well as shocks to and from the US and World market.

Co-creating value with customers as a new approach of entering new market

Global trends associated with development of information technology, globalization, industrial and economic changes are influencing on company and customer domains and thus transforming company-customer relationship. The company centric paradigm with a strong product focus shifts to a customer oriented one with a strong emphasis on customer collaboration. As a result, the customer role changes from a passive observer to an active player. Moreover, global trends contribute to transformation of competitive environment making it tougher and simplifying an access to resources previously considered as unique. All that factors push the companies towards cooperation with customers in order to identify unarticulated needs and finding the best possible solution to existing customer problems. The Master’s Thesis is done for Outotec (Lappeenranta) which considers extension of dewatering business in Russian coal market. Research aims to identify key features of coal preparation and dewatering of fine coal and tailings in Russian preparation plants; analyze the state of Russian coal market and evaluate market potential for Outotec dewatering solutions. The study has a qualitative nature and implements an action research methodology that involves both creation of knowledge and introduction of changes into the system. The base for taking actions is formed by theoretical framework that targets on describing company - customer interaction and has selected co-creation as the most appropriate method of customer involvement. The integration of co-creation approach into an action research cycle allows not only fulfilling the research objectives but also facilitates organizational learning and intraorganizational collaboration, assists in establishing customer contacts and making the first steps into the market, bringing new joint projects to the company and opening real business opportunities.

Forecasting financial weather - can we foresee market sentiment? Spectrum of stock price behavior - NYSE case study

The desire to create a statistical or mathematical model, which would allow predicting the future changes in stock prices, was born many years ago. Economists and mathematicians are trying to solve this task by applying statistical analysis and physical laws, but there are still no satisfactory results. The main reason for this is that a stock exchange is a non-stationary, unstable and complex system, which is influenced by many factors. In this thesis the New York Stock Exchange was considered as the system to be explored. A topological analysis, basic statistical tools and singular value decomposition were conducted for understanding the behavior of the market. Two methods for normalization of initial daily closure prices by Dow Jones and S&P500 were introduced and applied for further analysis. As a result, some unexpected features were identified, such as a shape of distribution of correlation matrix, a bulk of which is shifted to the right hand side with respect to zero. Also non-ergodicity of NYSE was confirmed graphically. It was shown, that singular vectors differ from each other by a constant factor. There are for certain results no clear conclusions from this work, but it creates a good basis for the further analysis of market topology.

Dynamic linkages of real estate and stock markets in Finland

Traditionally real estate has been seen as a good diversification tool for a stock portfolio due to the lower return and volatility characteristics of real estate investments. However, the diversification benefits of a multi-asset portfolio depend on how the different asset classes co-move in the short- and long-run. As the asset classes are affected by the same macroeconomic factors, interrelationships limiting the diversification benefits could exist. This master’s thesis aims to identify such dynamic linkages in the Finnish real estate and stock markets. The results are beneficial for portfolio optimization tasks as well as for policy-making. The real estate industry can be divided into direct and securitized markets. In this thesis the direct market is depicted by the Finnish housing market index. The securitized market is proxied by the Finnish all-sectors securitized real estate index and by a European residential Real Estate Investment Trust index. The stock market is depicted by OMX Helsinki Cap index. Several macroeconomic variables are incorporated as well. The methodology of this thesis is based on the Vector Autoregressive (VAR) models. The long-run dynamic linkages are studied with Johansen’s cointegration tests and the short-run interrelationships are examined with Granger-causality tests. In addition, impulse response functions and forecast error variance decomposition analyses are used for robustness checks. The results show that long-run co-movement, or cointegration, did not exist between the housing and stock markets during the sample period. This indicates diversification benefits in the long-run. However, cointegration between the stock and securitized real estate markets was identified. This indicates limited diversification benefits and shows that the listed real estate market in Finland is not matured enough to be considered a separate market from the general stock market. Moreover, while securitized real estate was shown to cointegrate with the housing market in the long-run, the two markets are still too different in their characteristics to be used as substitutes in a multi-asset portfolio. This implies that the capital intensiveness of housing investments cannot be circumvented by investing in securitized real estate.

Pairs trading profitability in the Finnish stock market: A comparison between three methods

Pairs trading is an algorithmic trading strategy that is based on the historical co-movement of two separate assets and trades are executed on the basis of degree of relative mispricing. The purpose of this study is to explore one new and alternative copula-based method for pairs trading. The objective is to find out whether the copula method generates more trading opportunities and higher profits than the more traditional distance and cointegration methods applied extensively in previous empirical studies. Methods are compared by selecting top five pairs from stocks of the large and medium-sized companies in the Finnish stock market. The research period includes years 2006-2015. All the methods are proven to be profitable and the Finnish stock market suitable for pairs trading. However, copula method doesn’t generate more trading opportunities or higher profits than the other methods. It seems that the limitations of the more traditional methods are not too restrictive for this particular sample data.

The diffusion of Co⠶溩 Zrâ â Tiâ â alloy /|nS. Kumar. -- 260 St Catharines [Ont.] : Dept. of Physics, Brock University,

The diffusion of Co60 in the body centered cubic beta phase of a ZrSOTi SO alloy has been studied at 900°, 1200°, and 1440°C. The results confirm earlier unpublished data obtained by Kidson17 • The temperature dependence of the diffusion coefficient is unusual and suggests that at least two and possibly three mechanisms may be operative Annealing of the specimen in the high B.C.C. region prior to the deposition of the tracer results in a large reduction in the diffusion coefficient. The possible significance of this effect is discussed in terms of rapid transport along dislocation network.

O.S. Rixford Manufacturing Company corporate stock book, 1883-1898.

Around 1837, Luther Rixford founded a tool manufacturing business (originally known as the Luther Rixford Manufacturing Co.) in East Highgate, Vermont, that specialized in manufacturing scythes and other agricultural tools. A branch of this business was established in Upper Bedford, Quebec, around the late 1840's. Subsequent generations of the Rixford family took over the operations of both facilities, and in 1857 Oscar S. Rixford renamed the company the O.S. Rixford Manufacturing Co. The company was incorporated in 1883. Around 1920, the O.S. Rixford Manufacturing Company (of Canada) was acquired by Welland Vale Manufacturing, in St. Catharines, Ontario. The Rixford Company in Vermont continued operations until 1956, when decreasing demand for the tools they manufactured caused them to close their doors.

Letter to S.D. Woodruff from A.C. Leslie and Co., of Montreal

Letter to S.D. Woodruff from A.C. Leslie and Co., of Montreal saying that the glass that he wants is not usually kept in stock, June 5, 1875.

Developmental trajectories of marijuana use and psychological distress : exploring the co-occurrence of these phenomena in early adolescence

Le début de l’adolescence est une période de changements rapides où la détresse psychologique et l’expérimentation de la marijuana sont choses fréquentes. Certaines études longitudinales ont démontré que ces deux phénomènes ont tendance à se manifester conjointement tandis que d’autres n’ont pu observer de tel lien. Ces résultats divergents suggèrent que plusieurs questions persistent concernant la nature de cette relation. Cette thèse a pour objectif d’explorer la consommation de marijuana et la détresse psychologique en début d’adolescence afin de mieux saisir les changements à travers le temps, ainsi que d’examiner si ces deux problématiques évoluent conjointement et s’influencent réciproquement. Un échantillon de 448 adolescents garçons et filles fréquentant deux écoles secondaires de Montréal, ont été suivi de secondaire I à secondaire III. De 1999 à 2001, les participants ont complété un questionnaire à chaque année de l’étude incluant des mesures portant sur la consommation de marijuana et la détresse psychologique (IDPESQ-14). Un modèle de mixture semi-paramétrique (Nagin, 2005) a été utilisé afin d’identifier les trajectoires développementales de la consommation de marijuana et de détresse psychologique. Des analyses ont également été effectuées afin d’établir les liens d’appartenance entre chacune des trajectoires de consommation identifiées et la détresse psychologique lors de la première année de l`étude, ainsi qu’entre chacune des trajectoires de détresse psychologique et la consommation de marijuana en première année du secondaire. Finalement, des analyses de trajectoires jointes ont été effectuées afin de déterminer l’interrelation entre la consommation de marijuana et la détresse psychologique. Les résultats de notre étude suggèrent qu’il existe une grande hétérogénéité au niveau de la consommation de marijuana et la détresse psychologique. Trois trajectoires développementales ont été identifiées pour la consommation de marijuana: consommation légère, consommation grandissante et consommation élevée et stable. Trois trajectoires ont également été observées pour la détresse psychologique : basse, moyenne et élevée. Nos résultats démontrent la présence d’un lien entre la détresse psychologique rapportée lors de la première année de l’étude et les trajectoires de consommation problématiques. Ce lien a également été observé entre la consommation de marijuana rapportée lors de première année de l’étude et les trajectoires problématiques de détresse psychologique. Les analyses de trajectoires jointes démontrent la présence d’une concordance entre la consommation de marijuana et la détresse psychologique. Cette interrelation est toutefois complexe puisque les trajectoires de détresse psychologique élevée sont associées à un niveau de consommation de marijuana plus problématique mais l’inverse de cette association est moins probable. Notre étude met en lumière la nature asymétrique de la concordance entre la consommation de marijuana et la détresse psychologique.

Statistical Models for Co-occurrence Data

Modeling and predicting co-occurrences of events is a fundamental problem of unsupervised learning. In this contribution we develop a statistical framework for analyzing co-occurrence data in a general setting where elementary observations are joint occurrences of pairs of abstract objects from two finite sets. The main challenge for statistical models in this context is to overcome the inherent data sparseness and to estimate the probabilities for pairs which were rarely observed or even unobserved in a given sample set. Moreover, it is often of considerable interest to extract grouping structure or to find a hierarchical data organization. A novel family of mixture models is proposed which explain the observed data by a finite number of shared aspects or clusters. This provides a common framework for statistical inference and structure discovery and also includes several recently proposed models as special cases. Adopting the maximum likelihood principle, EM algorithms are derived to fit the model parameters. We develop improved versions of EM which largely avoid overfitting problems and overcome the inherent locality of EM--based optimization. Among the broad variety of possible applications, e.g., in information retrieval, natural language processing, data mining, and computer vision, we have chosen document retrieval, the statistical analysis of noun/adjective co-occurrence and the unsupervised segmentation of textured images to test and evaluate the proposed algorithms.

La adopción de un enfoque de trabajo en red: implicaciones en torno al proceso estratégico de las organizaciones

En el mundo actual el enfoque del proceso estratégico es una variable que cada vez va tomando un mayor peso e incidencia en las decisiones de los directores de empresa, sin embargo, poco se ha estudiado sobre esta variable al ser adoptado por los nuevos modelos de cooperación empresarial en las organizaciones. Es por esta razón que esta investigación busca esclarecer la aplicabilidad de las metodologías y herramientas utilizadas en la planeación estratégica de una empresa en una red, además de servir como un primer acercamiento a los aspectos más importantes en la planeación estratégica de una red.

Comparación entre analgesia epidural continua vs bloqueo nervio periférico en niños llevados a cirugía múltiple de miembros inferiores

Las cirugías reconstructivas múltiples de miembros inferiores son intervenciones quirúrgicas que implican un difícil manejo analgésico en el postoperatorio, actualmente la técnica analgésica usada es la analgesia peridural; sin embargo los efectos adversos asociados a esta no la hacen una técnica ideal para manejo de dolor. Los bloqueos de nervio periférico han aparecido como una alternativa para el manejo del dolor; pero no se ha difundido ampliamente su uso. Se pretende evaluar la disminución de efectos adversos con el uso de bloqueos de nervio periférico sobre la analgesia epidural. Este estudio piloto inicial se realizo para verificar efectividad técnicas a usar y problemas que se pudieran presentar. Se aplico el protocolo en 23 pacientes que fueron llevados a cirugía de miembros inferiores, se dividieron en 2 grupos 11 recibieron bloqueos de nervio periférico y 12 analgesia epidural. Se les realizo seguimiento por 48 horas y se evaluó el control del dolor, consumo de opioides y efectos adversos. El tiempo de colocación del bloqueo fue similar en ambos grupos, el grupo de bloqueos presento menos episodios de dolor y menos episodios de dolor severo. No se presento retención urinaria en ningún paciente pero en el grupo de epidural se presento mayor incidencia de nausea y vomito (60% vs 45%). Se encontró que los bloqueos de nervio periférico son una adecuada opción para el manejo del dolor en este tipo de cirugías; y al parecer disminuye la incidencia de eventos adversos asociados a la analgesia epidural.

Modelo de gestión de la red de distribución tercerizada segmento tiendas región central, en productos de consumo masivo, mediante datos de panel y simulación de Monte Carlo.

El proyecto de investigación parte de la dinámica del modelo de distribución tercerizada para una compañía de consumo masivo en Colombia, especializada en lácteos, que para este estudio se ha denominado “Lactosa”. Mediante datos de panel con estudio de caso, se construyen dos modelos de demanda por categoría de producto y distribuidor y mediante simulación estocástica, se identifican las variables relevantes que inciden sus estructuras de costos. El problema se modela a partir del estado de resultados por cada uno de los cuatro distribuidores analizados en la región central del país. Se analiza la estructura de costos y el comportamiento de ventas dado un margen (%) de distribución logístico, en función de las variables independientes relevantes, y referidas al negocio, al mercado y al entorno macroeconómico, descritas en el objeto de estudio. Entre otros hallazgos, se destacan brechas notorias en los costos de distribución y costos en la fuerza de ventas, pese a la homogeneidad de segmentos. Identifica generadores de valor y costos de mayor dispersión individual y sugiere uniones estratégicas de algunos grupos de distribuidores. La modelación con datos de panel, identifica las variables relevantes de gestión que inciden sobre el volumen de ventas por categoría y distribuidor, que focaliza los esfuerzos de la dirección. Se recomienda disminuir brechas y promover desde el productor estrategias focalizadas a la estandarización de procesos internos de los distribuidores; promover y replicar los modelos de análisis, sin pretender remplazar conocimiento de expertos. La construcción de escenarios fortalece de manera conjunta y segura la posición competitiva de la compañía y sus distribuidores.

Caracterización y ajuste del factor de magnificación para radiología digital de cadera

Introducción. Las imágenes obtenidas mediante rayos X, determinan una conducta clínica en ortopedia y son analizadas por parte del cirujano en el momento previo a realizar un acto quirúrgico. El planeamiento pre quirúrgico basado en radiografías de cadera, permite predecir el tamaño de los componentes protésicos a utilizar en un reemplazo de cadera. Con el advenimiento de las radiografías digitales, existe la falsa percepción de que estas tienen corregido el factor de magnificación. La corrección de dicho factor requiere un protocolo de calibración de imágenes, aún no implementado en la Fundación Santa Fe de Bogotá (FSFB). Como consecuencia, las radiografías de cadera actualmente resultan magnificadas. Materiales y métodos. Fueron seleccionados 73 pacientes con reemplazo articular total de la cadera intervenidos en la FSFB. Para cada paciente, se estableció la dimensión de la cabeza protésica en la radiografía de cadera obtenida mediante el sistema de radiología digital (PACS-IMPAX) y su tamaño fue comparado con el de la cabeza femoral implantada. Resultados. La concordancia entre los dos observadores al medir la dimensión radiológica de los componentes protésicos fue excelente y el coeficiente de magnificación promedio de 1.2 (20%). Este será introducido al PACS-IMPAX para ajustar el tamaño definitivo de la radiografía. Conclusión. El ajuste del PACS-IMPAX permite obtener radiografías en las cuales se refleja con mayor precisión el tamaño de los segmentos anatómicos y de los componentes protésicos.