International market selection of Carrefour

Carrefour has been internationalizing into many countries and would like to continue growing. This study focuses on the potential future international market selection of Car-refour, comparing countries from the EU and South America, in a quantitative and qual-itative analysis. The purpose of the project is to help Carrefour to find the right market and the right mode to entry. Through semi-structured interviews and a literature research we found out that Sweden has the highest potential to entry with a Venture (Marketing), followed by Austria

Value creation in the nursing home real estate investment market - A case study

The underlying thesis examines the value drivers of direct investments in nursing home real estate in Germany. A survey among investors and operators is conducted in order to identify significant value drivers. Moreover, based on survey results, a framework for assessing German nursing home real estate is developed. This is applied in a case-study about the set-up of a nursing home value-add fund which will demonstrate the value creation process of redeveloping an existing nursing home real estate portfolio. Through a concluding analysis the sources of value creation, sensitivities and future prospects of direct investing into German nursing home real estate are concluded.

What do broadband consumers want? Design and execution of a questionnaire on demand for bundled services on the Portuguese telecomunications market

The report addresses the question of what are the preferences of broadband consumers on the Portuguese telecommunication market. A triple play bundle is being investigated. The discrete choice analysis, adopted in the study, base on 110 responses, mainly from NOVA students. The data for the analysis was collected via manually designed on-line survey. The results show that the price attribute is relatively the most important one while the television attribute is being overlooked in the decision making process. Main effects examined in the research are robust. In addition, "extras" components are being tested in terms of users' preferences.

Assessing the role of social networks on migrant labor market outcomes: Evidence from a representative immigrant survey

What role do social networks play in determining migrant labor market outcomes? We examine this question using data from a random sample of 1500 immigrants living in Ireland. We propose a theoretical model formally predicting that immigrants with more contacts have additional access to job offers, and are therefore better able to become employed and choose higher paid jobs. Our empirical analysis confirms these findings, while focusing more generally on the relationship between migrants’ social networks and a variety of labor market outcomes (namely wages, employment, occupational choice and job security), contrary to the literature. We find evidence that having one more contact in the network is associated with an increase of 11pp in the probability of being employed and with an increase of about 100 euros in the average salary. However, our data is not suggestive of a network size effect on occupational choice and job security. Our findings are robust to sample selection and other endogeneity concerns.

Land of the rising soy an internationalization plan for nutre to the Japanese Soy milk market

The present work project studies the next step in the internationalization process of Shoyce, the soy milk products brand of Nutre. In order to select the best target market in the Asia-Pacific for Nutre to export, a sequential screening process was developed using two complementary approaches: preliminary country screening and country ranking, followed by an in-depth analysis of the country ranking first. The analysis revealed Japan as the most attractive country for Shoyce’s international expansion. Potential entry modes in the Japanese soy milk market were then evaluated, whereby direct exporting via a local distributor was found to be the most appropriate.

Proving a market for a startup befor scaling using the hypothesis-driven entrepreneurship process

The year is 2015 and the startup and tech business ecosphere has never seen more activity. In New York City alone, the tech startup industry is on track to amass $8 billion dollars in total funding – the highest in 7 years (CB Insights, 2015). According to the Kauffman Index of Entrepreneurship (2015), this figure represents just 20% of the total funding in the United States. Thanks to platforms that link entrepreneurs with investors, there are simply more funding opportunities than ever, and funding can be initiated in a variety of ways (angel investors, venture capital firms, crowdfunding). And yet, in spite of all this, according to Forbes Magazine (2015), nine of ten startups will fail. Because of the unpredictable nature of the modern tech industry, it is difficult to pinpoint exactly why 90% of startups fail – but the general consensus amongst top tech executives is that “startups make products that no one wants” (Fortune, 2014). In 2011, author Eric Ries wrote a book called The Lean Startup in attempts to solve this all-too-familiar problem. It was in this book where he developed the framework for The Hypothesis-Driven Entrepreneurship Process, an iterative process that aims at proving a market before actually launching a product. Ries discusses concepts such as the Minimum Variable Product, the smallest set of activities necessary to disprove a hypothesis (or business model characteristic). Ries encourages acting briefly and often: if you are to fail, then fail fast. In today’s fast-moving economy, an entrepreneur cannot afford to waste his own time, nor his customer’s time. The purpose of this thesis is to conduct an in-depth of analysis of Hypothesis-Driven Entrepreneurship Process, in order to test market viability of a reallife startup idea, ShowMeAround. This analysis will follow the scientific Lean Startup approach; for the purpose of developing a functional business model and business plan. The objective is to conclude with an investment-ready startup idea, backed by rigorous entrepreneurial study.

International partner selection Indian technical textile market

Due to a combination of a vast agricultural industry and a tremendously growing technical textile industry, Ludvig Svensson identified India as target market for possible expansion through domestic production and supply. However, Svensson needed additional information about the industry structure and key players. Therefore, this project focused on a detailed analysis of the technical textile market and its players by following the international partner selection process. Thereby, five key players were identified as potential partners, as well as the need for additional research to determine alternative entry modes, as the market does not currently seem to be receptive for Svensson products.

Anatomy of the portuguese stock market risk and return in the 1977-2012 period

This paper analyses the Portuguese stock market since it reopened in 1977, with a special focus on the evolution of the statistic and stochastic characteristics of the market return throughout this 36 year period. The market return for the period of time between 1977 and 2012 (September 28th) is estimated and then compared with the return that would have been achieved with Government bonds and treasury bills, which allows us to confirm that the hierarchy of return / risk across the different financial instruments is verified. The market risk premium for this 36 year period is also estimated and a comparison with other markets is performed, suggesting that the Portuguese market’s risk has not been compensated by an adequate return. The study also examines the evolution of the Portuguese market’s volatility in the 1977-2012 period and compares it with other markets, showing the existence of extremely high peaks during the first 11 years, but indicating a downwards trend throughout the whole period under analysis. Finally, the correlation between market returns for Portugal and for other countries and the degree of integration are estimated and their evolution throughout time is assessed, leading to the conclusion that the performance of the Portuguese stock market has become increasingly correlated with major European markets – correlation with some markets close to 0.70 from 2000 onwards-, but that country-specific risk factors are still relevant.

Return on assets in the Tobacco Industry analysis of the four main Tobacco Manufacturers

This paper studies operating profitability drivers in the Four Main Tobacco Manufacturers for the period 2004-2014. The operating profitability is analyzed as return on assets (ROA) based on the DuPont Extended Model breakdown in degree of operational risk, gross sales margin and assets turnover. The sources of ROA are market share and price strategies appraised through the drivers: firm-size, global value and strategic choices. Using consolidated data, results suggest that firm-size and global value holds a positive relationship with ROA. Also innovation through less harmful tobacco products can lead to better ROA despite no correlation between R&D and ROA.

The enchained potential of the local food market

There is a rising demand for local food which traveled only short distances and is marketed directly by the producer. With growing importance of local food also the amount of literature in this field increased. Yet, literature is lacking to examine the challenges and burdens consumers face while trying to purchase local food. Evidence is shown that a gap exists between the intention of consumers who would like to purchase local food and their actual behavior. However, reasons for this gap are only discovered as byproducts of other research objectives. Consequently, this study investigates the specific reasons for the intention-behavior gap of consumers in the local food market. The study makes use of semi-structured face-to-face interviews with rural and urban respondents. The interviews are analyzed by qualitative content analysis based on Elo and Kyngäs (2008). Revealed key drivers for the intention-behavior gap are (1) the lack of awareness where to purchase local food products, (2) the limited reachability of local food producers, (3) the assortment of the local producer in regard to size and composition and (4) the lack in transparency of the prices of local food. Consequently, it is the producers turn to eliminate the revealed barriers by proactively bringing their products closer to the consumer.

Market Potential and Demand Drivers for a Special Laminating Paper: Implementation of Market Research

Tutkimuksen tavoitteena oli selvittää raaka-aineena käytettävän paloa hidastavan laminaattipaperin markkinapotentiaali sekä kysyntä Euroopassa. Näiden kehitystä arvioitiin analysoimalla kysyntään vaikuttavia tekijöitä. Tutkimusmetodologiassa yhdistyivät useat lähestymistavat, pääasiassa käytettiin kuvailevaa ja ennustavaa tutkimusotetta. Tutkimus perustui sekä primaari että sekundaaritietoon. Primaaritietoa hankittiin tuotteen käyttäjiltä, myyntiedustajilta sekä haastattelemalla tuottajayrityksen henkilökuntaa. Sekundaaritietoa kerättiin myös, mutta tutkimuksen tavoitteisiin liittyviä lähteitä ei ollut runsaasti saatavilla. Tästä syystä primaaritiedolla oli tutkimuksessa hieman tärkeämpi rooli kuin sekundaaritiedolla, mikä on yleistä teollisessa markkinatutkimuksessa. Tuotteen tulevaisuuden näkymät vaikuttavat melko hyviltä. Teoreettinen markkinapotentiaali on suuri verrattuna nykyiseen myyntimäärään, myyntimäärän kasvattaminen vaatii kuitenkin tiettyjä toimenpiteitä. Tulevaisuudessa huomiota tulisi kiinnittää tuotekuvaan, hinnoitteluun ja laadun kokonaisvaltaiseen maksimointiin. Tutkimuksessa havaittiin suuntauksia kysynnän kasvusta tulevien parin vuoden aikana. Myös teoreettinen markkinapotentiaali voisi kasvaa, koska paloa hidastavien laminaattien kysyntä vaikuttaa kasvavan Euroopassa erityisesti rakennusalalla.

An analysis of students' travel motivations and images of China as a tourist destination

Despite China's rapid growth in inbound tourism, the nature of its Canadian tourist market has been insufficiently studied. In response to this need, the objectives of this study are to identify China's destination image in Canadian students' minds, their possible internal motivations for visiting China as well as examining demographic influences on people's destination image formation. The study reviews image formation process and travel motivation categorisation, discusses their relationship, and implements Baloglu and McCleary's (1999) perceptual and affective image formation model and "push and pull factors" theory as its framework. A self-administered survey was applied to 424 undergraduate students in a Canadian university in early 2004. Exploratory factor analyses were conducted to identify perceived images and travel motivation. Summated means were calculated to illustrate the affective attitudes. A series of f-test and ANOVA tests were employed to examine the influence of demographics. An open-ended question format was adopted to analyse other images, motivations and visitation barriers that students may have. Findings demonstrate that cultural and natural attractions are the predominant image which the Canadian students have of China'; some stereotypes and negative images still influence the students' perception; travel service quality is largely unknown; increasing knowledge and seeking excitement and fun are the significant motivators in the likelihood of the Canadian students choosing to visit China; and personal interests may be a factor that significantly influences an individual's destination image and travel motivation. Raising awareness and increasing familiarity through promotion are suggested as methods to create a positive destination image of China.

Search engine advertising in web retailing : an efficiency analysis

This study examines the efficiency of search engine advertising strategies employed by firms. The research setting is the online retailing industry, which is characterized by extensive use of Web technologies and high competition for market share and profitability. For Internet retailers, search engines are increasingly serving as an information gateway for many decision-making tasks. In particular, Search engine advertising (SEA) has opened a new marketing channel for retailers to attract new customers and improve their performance. In addition to natural (organic) search marketing strategies, search engine advertisers compete for top advertisement slots provided by search brokers such as Google and Yahoo! through keyword auctions. The rationale being that greater visibility on a search engine during a keyword search will capture customers' interest in a business and its product or service offerings. Search engines account for most online activities today. Compared with the slow growth of traditional marketing channels, online search volumes continue to grow at a steady rate. According to the Search Engine Marketing Professional Organization, spending on search engine marketing by North American firms in 2008 was estimated at $13.5 billion. Despite the significant role SEA plays in Web retailing, scholarly research on the topic is limited. Prior studies in SEA have focused on search engine auction mechanism design. In contrast, research on the business value of SEA has been limited by the lack of empirical data on search advertising practices. Recent advances in search and retail technologies have created datarich environments that enable new research opportunities at the interface of marketing and information technology. This research uses extensive data from Web retailing and Google-based search advertising and evaluates Web retailers' use of resources, search advertising techniques, and other relevant factors that contribute to business performance across different metrics. The methods used include Data Envelopment Analysis (DEA), data mining, and multivariate statistics. This research contributes to empirical research by analyzing several Web retail firms in different industry sectors and product categories. One of the key findings is that the dynamics of sponsored search advertising vary between multi-channel and Web-only retailers. While the key performance metrics for multi-channel retailers include measures such as online sales, conversion rate (CR), c1ick-through-rate (CTR), and impressions, the key performance metrics for Web-only retailers focus on organic and sponsored ad ranks. These results provide a useful contribution to our organizational level understanding of search engine advertising strategies, both for multi-channel and Web-only retailers. These results also contribute to current knowledge in technology-driven marketing strategies and provide managers with a better understanding of sponsored search advertising and its impact on various performance metrics in Web retailing.

The carbon disclosure project, an evolution in international environmental corporate governance : motivations and determinants of market response to voluntary disclosures

This paper examines the factors associated with Canadian firms voluntarily disclosing climate change information through the Carbon Disclosure Project. Five hypotheses are presented to explain the factors influencing management's decision to disclose this information. These hypotheses include a response to shareholder activism, domestic institutional investor shareholder activism, signalling, litigation risk, and low cost publicity. Both binary logistic regressions as well as a cross-sectional analysis of the equity market's response to the environmental disclosures being made were used to test these hypotheses. Support was found for shareholder activism, low cost publicity, and litigation risk. However, the equity market's response was not found to be statistically significant.

Volume-Synchronized Probability of Informed Trading (VPIN), Market Volatility, and High-Frequency Liquidity

We assess the predictive ability of three VPIN metrics on the basis of two highly volatile market events of China, and examine the association between VPIN and toxic-induced volatility through conditional probability analysis and multiple regression. We examine the dynamic relationship on VPIN and high-frequency liquidity using Vector Auto-Regression models, Granger Causality tests, and impulse response analysis. Our results suggest that Bulk Volume VPIN has the best risk-warning effect among major VPIN metrics. VPIN has a positive association with market volatility induced by toxic information flow. Most importantly, we document a positive feedback effect between VPIN and high-frequency liquidity, where a negative liquidity shock boosts up VPIN, which, in turn, leads to further liquidity drain. Our study provides empirical evidence that reflects an intrinsic game between informed traders and market makers when facing toxic information in the high-frequency trading world.