The relationship between b2b branding and industrial buying in the digital era: evidence from Finnish gas industry

The aim of this study is to understand the importance of b2b brands in different phases of the industrial buying process in the digital era. The research problem is approached by examining a b2b supplier brand in the context of gas supplier selection. The data was collected by interviewing individuals from ten different companies. The findings contribute to previous theory by showing that as industrial buying behaviour is eventually individual behaviour, brands can influence decision making. The relevance of a brand depends on individual’s personality and preferences. Digital media cannot be ignored in managing brand image as buyers are present in the online environment. The results reveal that traditional personal selling is, nevertheless, in a key role in brand image building and is a source of added value. The salesperson influences buyers’ perceived associations of a brand and gives the brand a face.

The role of import intermediary companies in the Russian imports from the EU A case study of a Russian industrial company’s point of view on import intermediaries

The literature on agency suggests different implications for the use of export intermediaries. However, only few studies provide a view on import intermediaries. This thesis tries for its part to fill this research gap by studying the import intermediaries in the EU–Russia trade from a Russian industrial company’s point of view. The aim is to describe import intermediation and explain the need for import intermediary companies in the EU–Russia trade. The theoretical framework of this thesis originates from an article by Peng and York (2001), in which they study the performance of export intermediaries. This thesis applies resource-based theory, transaction cost theory and agency cost theory, following the idea of Peng and York. The resource-based theory approach is utilised for describing an ideal import intermediary company, and transaction cost theory provides a basis for understanding the benefits of using the services of import intermediary companies, while agency cost theory is applied in order to understand the risks the Russian industrial company faces when it decides to use the services of import intermediaries. The study is performed in the form of a case interview with a representative of a major Russian metallurgy company. The results of the study suggest that an ideal intermediary has the skills required specifically for the imports process, in order to save time and money of the principal company. The intermediary company helps reducing the amount of time the managers and the staff of the principal company use to make imports possible, thus reducing the salary costs and providing the possibility to concentrate on the company’s core competencies. The benefits of using the services of import intermediary companies are the reduced transaction costs, especially salary costs that are minimised because of the effectiveness and specialisation of import intermediaries. Intermediaries are specialised in the imports process and thus need less time and resources to organise the imports. They also help to reduce the fixed salary costs, because their services can be used only when needed. The risks of being misled by intermediaries are minimised by the competition on the import intermediary market. In case an intermediary attempts fraud, it gets replaced by its rival.

How CSR and stakeholder engagement encourage the development of Industrial symbiosis from the management viewpoint?

The thesis aims to understand how CSR and stakeholder engagement can contribute to the development of industrial symbiosis. Theory suggests that corporate social responsibility and stakeholder engagement theories have many similar aspects that correlate with the development of industrial symbiosis. This study is qualitative and empirical suggestions are derived from integrative analysis of literature, secondary data and case study analysis. The empirical findings from the interviews support the framework that is created from the findings of the literature review. The results discovered throughout the thesis research suggest that CSR functions as a theoretical background for industrial symbiosis and stakeholder engagement helps develop more thorough understandings of it from the management viewpoint. Empirical findings and literature review also suggest that in the developing of industrial symbiosis the key aspect are the social characteristics such as a robust management structure, trust between partners and long-term commitment to the common goals that support the development of these symbioses. Also, communication and transparency supports the development of industrial symbiosis. For managerial contribution, this thesis presents organizational practices that can help managers to understand how they can engage in effective engagement with stakeholders in the development of industrial symbiosis.

Carbon pricing and its effect on company profitability

In order to reach the 2°C climate target, the carbon price should rise significantly in order for it to be financially rewarding for companies to reduce their emissions. This research aims to find how a significant increase in the carbon price would affect the profitability of companies. Prior research has not found consensus on how regulatory policies affect companies. This research looks at profitability factors of carbon pricing through a mix of related issues such as the carbon risk, carbon pricing mechanisms and cost pass-through of additional costs. The research is quantitative and examines financial data and emissions data regarding scope 1 and scope 2 emissions on 328 European companies. The data analysis method utilised is a sensitivity analysis conducted as a scenario analysis. Different price increases and cost pass-through rates are tested to see how company profitability is affected. As the companies are distributed between 9 sectors and 53 industries, the results vary. The industries that are found to be affected by an increase in carbon pricing show drastic negative changes in profitability. The results complement prior research identifying the most carbon-intensive industries, but also provide some new insights on industries that may be affected by carbon pricing. Industries related to manufacturing, electricity and energy are partly significantly impacted, but also industries related to tourism and food show potential signs of impact when an increased carbon price is introduced.

Pricing of Liquidity Risks in London Stock Exchange

This thesis aims to investigate pricing of liquidity risks in London Stock Exchange. Liquidity Adjusted Capital Asset Pricing Model i.e. LCAPM developed by Acharya and Pedersen (2005) is being applied to test the influence of various liquidity risks on stock returns in London Stock Exchange. The Liquidity Adjusted Capital Asset Pricing model provides a unified framework for the testing of liquidity risks. All the common stocks listed and delisted for the period of 2000 to 2014 are included in the data sample. The study has incorporated three different measures of liquidity – Percent Quoted Spread, Amihud (2002) and Turnover. The reason behind the application of three different liquidity measures is the multi-dimensional nature of liquidity. Firm fixed effects panel regression is applied for the estimation of LCAPM. However, the results are robust according to Fama-Macbeth regressions. The results of the study indicates that liquidity risks in the form of (i) level of liquidity, (ii) commonality in liquidity (iii) flight to liquidity, (iv) depressed wealth effect and market return as well as aggregate liquidity risk are priced at London Stock Exchange. However, the results are sensitive to the choice of liquidity measures.

From Fordism to neoconservatism : free trade and Canadian industrial policy in an era of globalism /

Nothing today affects the lives of people in countries throughout the industrialized and developing world as much as international trade. Nowhere is this more true than in Canada. Canada's involvement in international trade has a long history dating back to 1854 when it was a British colony. As a major trading country, Canada has always adopted a proactive industrial policy which has been largely responsible for its relative economic prosperi ty. But, wi th businesses now free to invest and divest under the terms of the CUFTA and the NAFTA, the most fundamental concerns for Canadians, in a borderless world, are what powers will the Canadian government have to shape industrial policy, and to what extent can Canada continue as a viable nationstate if it can no longer control its national economy? These are important concerns because, in world without borders, the adjustment process becomes more volatile and more difficult to manage. The CUFTA and the NAFTA not only create the rules for conducting trade, but they also establish a set of new rules for the Canadian government that will diminish its power. As a member of a new North American trading bloc, Canada will find itself subject to a set of forces requiring analysis beyond participation in a conventional free trade area. Because many of the traditional levers of government will now be subject to external control imposed by these agreements, Canada will not be able to mount certain policies in the future that it has relied on in the past. This reality limits the pro-active role of the Canadian state to use policies and programmes for the country's immediate national development. What this thesis attempts is an examination of the evolution of Canadian industrial policy, in effect, the transi tion from Fordism to Neoconservatism, and an assessment of Canada's future as a nation-state as it tries to find security and improved access in a free trade arrangement. Unless Canada takes steps to neutralize the asymmetry of power between itself and the United States through adjustment programmes, it is the contention of this thesis that its economic future is anything but stable.

A stochastic dynamic programming approach for pricing options on stock-index futures

The aim of this thesis is to price options on equity index futures with an application to standard options on S&P 500 futures traded on the Chicago Mercantile Exchange. Our methodology is based on stochastic dynamic programming, which can accommodate European as well as American options. The model accommodates dividends from the underlying asset. It also captures the optimal exercise strategy and the fair value of the option. This approach is an alternative to available numerical pricing methods such as binomial trees, finite differences, and ad-hoc numerical approximation techniques. Our numerical and empirical investigations demonstrate convergence, robustness, and efficiency. We use this methodology to value exchange-listed options. The European option premiums thus obtained are compared to Black's closed-form formula. They are accurate to four digits. The American option premiums also have a similar level of accuracy compared to premiums obtained using finite differences and binomial trees with a large number of time steps. The proposed model accounts for deterministic, seasonally varying dividend yield. In pricing futures options, we discover that what matters is the sum of the dividend yields over the life of the futures contract and not their distribution.

Industrial Alcohol: Synopsis of Rules & Regulations of the Dominion & Provincial Governments of Canada

A booklet of rules and regulations for industrial alcohol. A portion of the preparatory note reads: "We endeavoured to bring together in this booklet as much information as possible regarding the Dominion and Provincial rules and regulations at present in force controlling the sale and use of Alcohol for manufacturing, etc."