Az exportpiac-orientáció előzményei és annak exportteljesítményre gyakorolt hatása a magyar felsőoktatási intézményekben (Antecedents to the export market orientation of Hungarian higher education institutions, and their export performance consequences)

A felsőoktatás nemzetközi versenyképességének vizsgálata azt mutatja, hogy egyre szélesebb körben alkalmazzák a sikeres egyetemek azokat a megközelítéseket, amelyeket az elmúlt fél évszázadban a menedzsmentirodalom az üzleti szférában meghonosított. A szerzők a felsőoktatási ágazatra terjesztik ki az exportpiac- orientáció elméletét, és azt vizsgálják, hogy milyen előzmények vezetnek annak kialakulásához. Elemzik továbbá, hogy az exportpiac-orientáció milyen hatással van a felsőoktatási intézmények exportteljesítményére. A tanulmány továbbá kitér az exportpiac-orientáció és az exportteljesítmény kapcsolatát befolyásoló környezeti tényezők hatásának vizsgálatára is. A szerzők az említett összefüggéseket két almintán vizsgálják (a nemzetköziesedésben és a tudományos kutatásban vezető egyetemek vs. az előbbi dimenziókban gyengébben teljesítő felsőoktatási intézmények). Az eredmények alapján megállapítják, hogy az exporttapasztalat mindkét egyetemi csoportnál az exportteljesítmény szignifikáns előrejelzője, míg az exportkoordináció csupán a nemzetköziesedésben gyengébben teljesítő egyetemek csoportjánál magyarázza az exportpiac-orientáció változását. Megfigyelhető továbbá, hogy az exportpiac-orientáció exportteljesítményre gyakorolt hatása erősebb a nemzetköziesedésben vezető magyar egyetemeknél, míg a nemzetközi piacokon tapasztalható verseny intenzitása fokozza a nemzetközi irányultság kialakulását ugyanezen csoportnál. ______ The authors extend the theory of export market orientation to the higher education sector, and explore the association between export coordination, export experience, export market orientation, export performance and the competitive environment in the context of Hungarian higher education sector. The aforementioned relations are analyzed on two subsamples (universities with a top performance vs. universities with a lower performance in regard of internationalization and scientific research). Based on the results, the authors conclude that export experience is a significant predictor of export performance in both groups of institutions, while export coordination can only explain changes in export market orientation for the group comprising the universities that lag behind in terms of internationalization. They observe, moreover, that export market orientation becomes stronger as competitive forces in the environment intensify.

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).

Vezetőkkel szemben támasztott munkaerő-piaci kompetenciaelvárások a Heti Világgazdaság és a The Economist álláshirdetéseinek elemzése alapján (Job market competency requirements for managers on the basis of the analysis of job advertisements in the Heti Világgazdaság and The Economist)

A szervezet dolgozói között kiemelt fontosságúak a vezetők, hiszen döntéseikkel, működésükkel a szervezet életét közvetlenül, és sokszor hosszú távra befolyásolják. Annak a vállalatnak, mely megtartani, növelni szeretné piaci pozícióját, különös hangsúlyt kell fektetnie vezetőinek kiválasztására, a későbbiekben pedig fejlesztésére. A szerző cikkében azt mutatja be, hogy a közgazdászképzettséggel rendelkező vezetők iránti munkaerő-piaci kereslet (a HVG-hirdetések elemzése alapján) milyen minőségi jellemzőket mutatott 2000–2009 között. A szerző részletesen ismerteti az eredményeket, melyek értelmezéséhez a Spencer és munkatársai által kidolgozott kompetenciamodell saját továbbfejlesztett változatát használja fel. Kitekintés céljával a magyar eredmények mellett bemutatja, hogy egy más gazdasági struktúrával, kultúrával rendelkező országban hogyan alakultak a vezetőkkel szemben támasztott kompetencia-elvárások. Az eredmények – melyeket más hazai felmérések is alátámasztanak – azt tükrözik, hogy a magyar vezetőkkel szemben támasztott munkaerő-piaci kompetencia-elvárások eltérnek a szakmai várakozásoktól és élesen eltérő képet mutatnak a The Economist hirdetéselemzésének eredményétől. _________ The thesis that the most important factor which determines the competitiveness of future companies is the quality of human resources has received increasingly more emphasis in the literature on management. The managers of organizations have a key role since they can directly influence the life of the organization by their decisions and work, often for a long term. Therefore, a company which intends to maintain or improve its market position should place special emphasis on the selection, and later on the development of its managers. In the present paper the author presents the characteristic features of job market demand for managers with qualifications in economics between 2000 and 2009 (on the basis of the analysis of job advertisements published in the economic weekly paper Heti Világgazdaság). The author gives a detailed analysis of the results using the competence model developed by Spencer et al. and further developed by the author. In addition to the Hungarian results, the paper also provides an overview of how managers are selected in a country with a different economic structure and culture. The results – also supported by other surveys conducted in Hungary – demonstrate that the competence expectations of the job market for Hungarian managers fail to meet professional expectations; the picture is sharply different from what the analysis of job advertisements published in The Economist show, and the competence expectation changed very little, though quite strikingly, over the period under discussion.

The role of market knowledge in recognizing and exploiting entrepreneurial opportunities in technology intensive firms

Entrepreneurial opportunity recognition is an increasingly prevalent phenomenon. Of particular interest is the ability of promising technology based ventures to recognize and exploit opportunities. Recent research drawing on the Austrian economic theory emphasizes the importance of knowledge, particularly market knowledge, behind opportunity recognition. While insightful, this research has tended to overlook those interrelationships that exist between different types of knowledge (technology and market knowledge) as well as between a firm’s knowledge base and its entrepreneurial orientation. Additional shortfalls of prior research include the ambiguous definitions provided for entrepreneurial opportunities, oversight of opportunity exploitation with an extensive focus on opportunity recognition only, and the lack of quantitative, empirical evidence on entrepreneurial opportunity recognition. ^ In this dissertation, these research gaps are addressed by integrating Schumpeterian opportunity development view with a Kirznerian opportunity discovery theory as well as insights from literature on entrepreneurial orientation. A sample of 85 new biotechnology ventures from the United States, Finland, and Sweden was analyzed. While leaders in all 85 companies were interviewed for the research in 2003-2004, 42 firms provided data in 2007. Data was analyzed using regression analysis. ^ The results show the value and importance of early market knowledge and technology knowledge as well as an entrepreneurial company posture for subsequent opportunity recognition. The highest numbers of new opportunities are recognized in firms where high levels of market knowledge are combined with high levels of technology knowledge (measured with a number of patents). A firm’s entrepreneurial orientation also enhances its opportunity recognition. Furthermore, the results show that new ventures with more market knowledge are able to gather more equity investments, license out more technologies, and achieve higher sales than new ventures with lower levels of market knowledge. Overall, the findings of this dissertation help further our understanding of the sources of entrepreneurial opportunities, and should encourage further research in this area. ^

The Mature Market: Underlying Dimensions and Group Differences of a Potential Market for the Hotel Industry

The mature market, defined as age 55 and up and consisting of approximately 64 million Americans, is expected to increase. Studies show that this group travels more frequently, travels greater distances, and stays longer. The authors seek to determine if underlying dimensions exist for the mature individual with regard to the selection criteria for lodging when traveling for pleasure, and to determine if differences exist between various demographic subsegments of this market with regard to these underlying dimensions.

The role of market knowledge in recognizing and exploiting entrepreneurial opportunities in technology intensive firms

Entrepreneurial opportunity recognition is an increasingly prevalent phenomenon. Of particular interest is the ability of promising technology based ventures to recognize and exploit opportunities. Recent research drawing on the Austrian economic theory emphasizes the importance of knowledge, particularly market knowledge, behind opportunity recognition. While insightful, this research has tended to overlook those interrelationships that exist between different types of knowledge (technology and market knowledge) as well as between a firm’s knowledge base and its entrepreneurial orientation. Additional shortfalls of prior research include the ambiguous definitions provided for entrepreneurial opportunities, oversight of opportunity exploitation with an extensive focus on opportunity recognition only, and the lack of quantitative, empirical evidence on entrepreneurial opportunity recognition. In this dissertation, these research gaps are addressed by integrating Schumpeterian opportunity development view with a Kirznerian opportunity discovery theory as well as insights from literature on entrepreneurial orientation. A sample of 85 new biotechnology ventures from the United States, Finland, and Sweden was analyzed. While leaders in all 85 companies were interviewed for the research in 2003-2004, 42 firms provided data in 2007. Data was analyzed using regression analysis. The results show the value and importance of early market knowledge and technology knowledge as well as an entrepreneurial company posture for subsequent opportunity recognition. The highest numbers of new opportunities are recognized in firms where high levels of market knowledge are combined with high levels of technology knowledge (measured with a number of patents). A firm’s entrepreneurial orientation also enhances its opportunity recognition. Furthermore, the results show that new ventures with more market knowledge are able to gather more equity investments, license out more technologies, and achieve higher sales than new ventures with lower levels of market knowledge. Overall, the findings of this dissertation help further our understanding of the sources of entrepreneurial opportunities, and should encourage further research in this area.

Fast pyrolysis of biomass for energy and fuels

Bioenergy is now accepted as having the potential to provide the major part of the projected renewable energy provisions of the future as biofuels in the form of gas, liquid or solid fuels or electricity and heat. There are three main routes to providing these biofuels — thermal conversion, biological conversion and physical conversion — all of which employ a range of chemical reactor configurations and process designs. This paper focuses on fast pyrolysis from which the liquid, often referred to as bio-oil, can be used on-site or stored or transported to centralised and/or remote user facilities for utilisation for example as a fuel, or further processing to biofuels and/or chemicals. This offers the potential for system optimisation, much greater economies of scale and exploitation of the concepts of biorefineries. The technology of fast pyrolysis is described, particularly the reactors that have been developed to provide the necessary conditions to optimise performance. The primary liquid product is characterised, as well as the secondary products of electricity and/or heat, liquid fuels and a considerable number of chemicals. The main technical and non-technical barriers to the market deployment of the various technologies are identified and briefly discussed.

Small-scale Fisheries and the Global Economy: Understanding Common-pool Resource Governance in the Context of Market Pressures, Neoliberal Policies, and Transnational Institutions

The purpose of this dissertation is to contribute to a better understanding of how global seafood trade interacts with the governance of small-scale fisheries (SSFs). As global seafood trade expands, SSFs have the potential to experience significant economic, social, and political benefits from participation in export markets. At the same time, market connections that place increasing pressures on resources pose risks to both the ecological and social integrity of SSFs. This dissertation seeks to explore the factors that mediate between the potential benefits and risks of global seafood markets for SSFs, with the goal of developing hypotheses regarding these relationships.

The empirical investigation consists of a series of case studies from the Yucatan Peninsula, Mexico. This is a particularly rich context in which to study global market connections with SSFs because the SSFs in this region engage in a variety of market-oriented harvests, most notably for octopus, groupers and snappers, lobster, and sea cucumber. Variation in market forms and the institutional diversity of local-level governance arrangements allows the dissertation to explore a number of examples.

The analysis is guided primarily by common-pool resource (CPR) theory because of the insights it provides regarding the conditions that facilitate collective action and the factors that promote long-lasting resource governance arrangements. Theory from institutional economics and political ecology contribute to the elaboration of a multi-faceted conceptualization of markets for CPR theory, with the aim of facilitating the identification of mechanisms through which markets and CPR governance actually interact. This dissertation conceptualizes markets as sets of institutions that structure the exchange of property rights over fisheries resources, affect the material incentives to harvest resources, and transmit ideas and values about fisheries resources and governance.

The case studies explore four different mechanisms through which markets potentially influence resource governance: 1) Markets can contribute to costly resource governance activities by offsetting costs through profits, 2) markets can undermine resource governance by generating incentives for noncompliance and lead to overharvesting resources, 3) markets can increase the costs of resource governance, for example by augmenting monitoring and enforcement burdens, and 4) markets can alter values and norms underpinning resource governance by transmitting ideas between local resource users and a variety of market actors.

Data collected using participant observation, survey, informal and structured interviews contributed to the elaboration of the following hypotheses relevant to interactions between global seafood trade and SSFs governance. 1) Roll-back neoliberalization of fisheries policies has undermined cooperatives’ ability to achieve financial success through engagement with markets and thus their potential role as key actors in resource governance (chapter two). 2) Different relations of production influence whether local governance institutions will erode or strengthen when faced with market pressures. In particular, relations of production in which fishers own their own means of production and share the collective costs of governance are more likely to strengthen resource governance while relations of production in which a single entrepreneur controls capital and access to the fishery are more likely to contribute to the erosion of resource governance institutions in the face of market pressures (chapter three). 3) By serving as a new discursive framework within which to conceive of and talk about fisheries resources, markets can influence norms and values that shape and constitute governance arrangements.

In sum, the dissertation demonstrates that global seafood trade manifests in a diversity of local forms and effects. Whether SSFs moderate risks and take advantage of benefits depends on a variety of factors, and resource users themselves have the potential to influence the outcomes of seafood market connections through local forms of collective action.

Investigation of factors driving the costs of operating the 2020 Irish power system with large-scale wind generation

The main goal of this work is to determine the true cost incurred by the Republic of Ireland and Northern Ireland in order to meet their EU renewable electricity targets. The primary all-island of Ireland policy goal is that 40% of electricity will come from renewable sources in 2020. From this it is expected that wind generation on the Irish electricity system will be in the region of 32-37% of total generation. This leads to issues resulting from wind energy being a non-synchronous, unpredictable and variable source of energy use on a scale never seen before for a single synchronous system. If changes are not made to traditional operational practices, the efficient running of the electricity system will be directly affected by these issues in the coming years. Using models of the electricity system for the all-island grid of Ireland, the effects of high wind energy penetration expected to be present in 2020 are examined. These models were developed using a unit commitment, economic dispatch tool called PLEXOS which allows for a detailed representation of the electricity system to be achieved down to individual generator level. These models replicate the true running of the electricity system through use of day-ahead scheduling and semi-relaxed use of these schedules that reflects the Transmission System Operator's of real time decision making on dispatch. In addition, it carefully considers other non-wind priority dispatch generation technologies that have an effect on the overall system. In the models developed, three main issues associated with wind energy integration were selected to be examined in detail to determine the sensitivity of assumptions presented in other studies. These three issues include wind energy's non-synchronous nature, its variability and spatial correlation, and its unpredictability. This leads to an examination of the effects in three areas: the need for system operation constraints required for system security; different onshore to offshore ratios of installed wind energy; and the degrees of accuracy in wind energy forecasting. Each of these areas directly impact the way in which the electricity system is run as they address each of the three issues associated with wind energy stated above, respectively. It is shown that assumptions in these three areas have a large effect on the results in terms of total generation costs, wind curtailment and generator technology type dispatch. In particular accounting for these issues has resulted in wind curtailment being predicted in much larger quantities than had been previously reported. This would have a large effect on wind energy companies because it is already a very low profit margin industry. Results from this work have shown that the relaxation of system operation constraints is crucial to the economic running of the electricity system with large improvements shown in the reduction of wind curtailment and system generation costs. There are clear benefits in having a proportion of the wind installed offshore in Ireland which would help to reduce variability of wind energy generation on the system and therefore reduce wind curtailment. With envisaged future improvements in day-ahead wind forecasting from 8% to 4% mean absolute error, there are potential reductions in wind curtailment system costs and open cycle gas turbine usage. This work illustrates the consequences of assumptions in the areas of system operation constraints, onshore/offshore installed wind capacities and accuracy in wind forecasting to better inform the true costs associated with running Ireland's changing electricity system as it continues to decarbonise into the near future. This work also proposes to illustrate, through the use of Ireland as a case study, the effects that will become ever more prevalent in other synchronous systems as they pursue a path of increasing renewable energy generation.

Efficient Prices at Any Cost: Does Algorithmic Trading Deter Information Acquisition?

I demonstrate a powerful tension between acquiring information and incorporating it into asset prices, the two core elements of price discovery. As a salient case, I focus on the transformative rise of algorithmic trading (AT) typically associated with improved price efficiency. Using a measure of the relative information content of prices and a comprehensive panel of 37,325 stock-quarters of SEC market data, I establish instead that algorithmic trading strongly decreases the net amount of information in prices. The increase in price distortions associated with the AT “information gap” is roughly $42.6 billion/year for U.S. common stocks around earnings announcement events alone. Information losses are concentrated among stocks with high shares of algorithmic liquidity takers relative to algorithmic liquidity makers, suggesting that aggressive AT powerfully deters fundamental information acquisition despite its importance for translating available information into prices.

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.

A Comprehensive Portfolio Construction Under Stochastic Environment

Prior research has established that idiosyncratic volatility of the securities prices exhibits a positive trend. This trend and other factors have made the merits of investment diversification and portfolio construction more compelling. A new optimization technique, a greedy algorithm, is proposed to optimize the weights of assets in a portfolio. The main benefits of using this algorithm are to: a) increase the efficiency of the portfolio optimization process, b) implement large-scale optimizations, and c) improve the resulting optimal weights. In addition, the technique utilizes a novel approach in the construction of a time-varying covariance matrix. This involves the application of a modified integrated dynamic conditional correlation GARCH (IDCC - GARCH) model to account for the dynamics of the conditional covariance matrices that are employed. The stochastic aspects of the expected return of the securities are integrated into the technique through Monte Carlo simulations. Instead of representing the expected returns as deterministic values, they are assigned simulated values based on their historical measures. The time-series of the securities are fitted into a probability distribution that matches the time-series characteristics using the Anderson-Darling goodness-of-fit criterion. Simulated and actual data sets are used to further generalize the results. Employing the S&P500 securities as the base, 2000 simulated data sets are created using Monte Carlo simulation. In addition, the Russell 1000 securities are used to generate 50 sample data sets. The results indicate an increase in risk-return performance. Choosing the Value-at-Risk (VaR) as the criterion and the Crystal Ball portfolio optimizer, a commercial product currently available on the market, as the comparison for benchmarking, the new greedy technique clearly outperforms others using a sample of the S&P500 and the Russell 1000 securities. The resulting improvements in performance are consistent among five securities selection methods (maximum, minimum, random, absolute minimum, and absolute maximum) and three covariance structures (unconditional, orthogonal GARCH, and integrated dynamic conditional GARCH).

Comparative analysis of the US and the EU Regulatory Models for Money Market Funds

This chapter sets out a comprehensive analysis of the regulation of money market funds in the EU and US. The theoretical framework has unique cases and examples and includes checklists to assist with the practice of fund management and legal risk analysis.

Application of Volterra Equations to Solve Unit Commitment Problem of Optimised Energy Storage and Generation

Development of reliable methods for optimised energy storage and generation is one of the most imminent challenges in modern power systems. In this paper an adaptive approach to load leveling problem using novel dynamic models based on the Volterra integral equations of the first kind with piecewise continuous kernels. These integral equations efficiently solve such inverse problem taking into account both the time dependent efficiencies and the availability of generation/storage of each energy storage technology. In this analysis a direct numerical method is employed to find the least-cost dispatch of available storages. The proposed collocation type numerical method has second order accuracy and enjoys self-regularization properties, which is associated with confidence levels of system demand. This adaptive approach is suitable for energy storage optimisation in real time. The efficiency of the proposed methodology is demonstrated on the Single Electricity Market of Republic of Ireland and Northern Ireland.

An analysis of wind curtailment and constraint at a nodal level

Many countries have set challenging wind power targets to achieve by 2020. This paper implements a realistic analysis of curtailment and constraint of wind energy at a nodal level using a unit commitment and economic dispatch model of the Irish Single Electricity Market in 2020. The key findings show that significant reduction in curtailment can be achieved when the system non-synchronous penetration limit increases from 65% to 75%. For the period analyzed, this results in a decreased total generation cost and a reduction in the dispatch-down of wind. However, some nodes experience significant dispatch-down of wind, which can be in the order of 40%. This work illustrates the importance of implementing analysis at a nodal level for the purpose of power system planning.