A Relationship Mediated Theory of Internal Marketing (summary section only)

This report presents a new theory of internal marketing. The thesis has developed as a case study in retrospective action research. This began with the personal involvement of the author in an action research project for customer service improvement at a large Australian retail bank. In other words, much of the theory generating ‘research’ took place after the original project ‘action’ had wound down. The key theoretical proposition is that internal marketing is a relationship development strategy for the purpose of knowledge renewal. In the banking case, exchanges of value between employee participants emerged as the basis for relationship development, with synergistic benefits for customers, employees and the bank. Relationship development turned out to be the mediating variable between the learning activity of employee participants at the project level and success in knowledge renewal at the organisational level. Relationship development was also a pivotal factor in the motivation and customer consciousness of employees. The conclusion reached is that the strength of relationship-mediated internal marketing is in combining a market focused commitment and employee freedom in project work to achieve knowledge renewal. The forgotten truth is that organisational knowledge can be renewed through dialogue and learning, through being trustworthy, and by gaining the trust of employees in return.

Screening Cycles

We demonstrate how endogenous information acquisition in credit markets creates lending cycles when competing banks undertake their screening decisions in an uncoordinated way, thereby highlighting the role of intertemporal screening externalities induced by lending market competition as a structural source of instability. We show that uncoordinated screening behavior of competing banks may be not only the source of an important financial multiplier, but also an independent source of fluctuations inducing business cycles. The screening cycle mechanism is robust to generalizations along many dimensions such as the lending market structure, the lending rate determination and the imperfections in the screening technology.

Development of foreign direct investment in Finland

During 1990 to 2009, Foreign Direct Investment (FDI henceforth) in Finland has fluctuated greatly. This paper focused on analyzing the overall development and basic characteristics of Foreign Direct Investment in Finland, covering the period from 1990 to present. By comparing FDI in Finland with FDI in other countries, the picture of Finland’s FDI position in the world market is clearer. A lot of statistical data, tables and figures are used to describe the trend of Foreign Direct Investment in Finland. All the data used in this study were obtained from Statistics Finland, UNCTAD, OECD, World Bank and International Labor Office, Investment map website and etc. It is also found that there is a big, long-lasting and increasing imbalance of the inward FDI and outward FDI in Finland, the performance of outward FDI is stronger than the inward FDI in Finland. Finland’s position of FDI in the world is rather modest. And based on existing theories, I tried to analyze the factors that might determine the size of the inflows of FDI in Finland. The econometric model of my thesis is based on time series data ranging from 1990 to 2007. A Log linear regression model is adopted to analyze the impact of each variable. The regression results showed that Labor Cost and Investment in Education have a negative influence on the FDI inflows into Finland. Too high labor cost is the main impediment of FDI in Finland, explaining the relative small size of FDI inflows into Finland. GDP and Economy openness have a significant positive impact on the inflows of FDI into Finland; other variables do not emerge as significant factor in affecting the size of FDI inflows in Finland as expected. Meanwhile, the impacts of the most recent financial and economic crisis on FDI in the world and in Finland are discussed as well. FDI inflows worldwide and in Finland have suffered from a big setback from the 2008 global crisis. The economic crisis has undoubtedly significant negative influence on the FDI flows in the world and in Finland. Nevertheless, apart from the negative impact, the crisis itself also brings in chances for policymakers to implement more efficient policies in order to create a pro-business and pro-investment climate for the recovery of FDI inflows. . The correspondent policies and measures aiming to accelerate the recovery of the falling FDI were discussed correspondently.

Credit Default Swaps and Insurance: Against the Potts Opinion

Little attention has been given to the possibility that CDS transactions might be construed as insurance contracts in English law. This article challenges the widespread “Potts opinion”, which states that CDSs are not insurance, because they do not require the protection buyer to sustain a loss or to have an insurable interest in the subject matter. CDSs often do provide protection against loss that the buyer is exposed to; loss indemnity is not a necessary characterisation of an insurance contract; insurable interest does not form part of the definition of insurance, but is an additional requirement of valid insurance; and what matters is the substance not the form of the contract. The situation in the US and Australia is also briefly considered.

Tietokone ikäihmisen arjessa

The aged people in the target group of my study belong to generation, which has experienced the shift from agricultural society via industrial society up to the society which has been described as information society. They have grown up concurrently with the technological development, but during the recent years the technological development has accelerated. One can say that the older the target study group has come the more information technological skills they need to possess to be equal actors in our society. However, especially in case of aged people the learning and maintaining of skills in information technology has mainly been left dependent on their personal motivation. The purpose of this report is to study the use of computers in the life of the aged people. The report studies the will and ability of the aged people to learn the skill of using computers, and the new possibilities which this brings into their lives. The study questions are the following: 1) Why the aged people start to use computers? 2) How the aged people benefit information technology in their own life? 3) How computers have extended the environment of the aged people? 4) What kind of problems the aged people have experienced in use of computers? The research material consists of group interviews and individual interviews (total of 23 people). The interview material has been collected among the participants on information technology courses of the Senior University of Helsinki University during years 2004-2005. The research method used is theme interviewing. In addition, the material of opinions about information technology of people born in decades of 1920 and 1930, gathered as part of the Ikihyvä Päijät-Häme 2002 -research has been used. On basis of this research one can say that the aged people do have motivation to study the use of computers, although many interviewees commented that they also have met problems in use of computers. The motivation has grown also because the fear that without the skills to use computers they could drift into outsiders of the society, whereas instead as skilled computer users they felt to be equal citizens compared with the younger age groups, and that they can maintain their independence and autonomy. Especially, the independent use of banking routines over the Internet and use of emails seem to give them a position as modern actors. Many interview statements also underline that computers will bring both joy and benefit to the users. Studying the use of computers is a new and interesting hobby, which can fill the hole left in the life after leaving the working life. Using skills of text processing and processing of pictures one can, for example, record the traditional knowledge of the family and ancestry to the younger generations, and write articles or even books on the professional area of ones own. Single people emphasize that computers can even act as companionship substitutes. One can use Internet for virtual traveling, which provides a new dimension in use of computers. Internet can also be used to maintain family relationships, especially between grandparents and remote grandchildren. Typical problems in use of computers appeared to be that reaching the right professional helpdesk advisers of the service providers is difficult and requires lots of time and patience. However, the interviewees were not willing to give up their computers, because they had already used to these. Keywords: digital divide, aging, Internet, usability, motivation, information technology, information society.

Fuzzy Approach to Rank Global Climate Models

Eleven coupled model intercomparison project 3 based global climate models are evaluated for the case study of Upper Malaprabha catchment, India for precipitation rate. Correlation coefficient, normalised root mean square deviation, and skill score are considered as performance indicators for evaluation in fuzzy environment and assumed to have equal impact on the global climate models. Fuzzy technique for order preference by similarity to an ideal solution is used to rank global climate models. Top three positions are occupied by MIROC3, GFDL2.1 and GISS with relative closeness of 0.7867, 0.7070, and 0.7068. IPSL-CM4, NCAR-PCMI occupied the tenth and eleventh positions with relative closeness of 0.4959 and 0.4562.

Lowndes and Locke on the value of money

This paper was presented at the 11th Annual Conference of the European Society for the History of Economic Thought (ESHET).

A atuação organizada do setor bancário e a regulamentação das tarifas bancárias

Analisa a questão do pressuposto da necessidade de regulação do sistema bancário e o lobby, como parte legítima do processo decisório político. Estas variáveis são fundamentais para a compreensão do estudo da atuação dos grupos de interesse envolvidos no processo de aprovação, pelo Conselho Monetário Nacional, da Resolução 3.518, de 06/12/07, que trata da tarifa bancária. A análise da regulamentação do setor bancário procura evidenciar os fatores que influenciam a escolha, por parte do órgão regulador, do grau de controle a ser exercido sobre as instituições financeiras, podendo ser enfatizado o caráter prudencial, fiscalizador ou liberal das normas bancárias, conforme política posta em prática pelo Banco Central. A abordagem acerca do lobbying evidencia a legitimidade de sua prática junto aos órgãos públicos, como também a possibilidade de sua regulamentação no Brasil. Em seguida, é analisado o comportamento da tarifa bancária antes, durante e depois da publicação da Resolução em questão, assim como as audiências públicas que a antecederam, a fim de investigar seus possíveis resultados, pois a partir deles, como também por intermédio das entrevistas concedidas, pode-se depreender a atuação dos grupos de influência na consecução de seus interesses.

La orientación al mercado y el rendimiento empresarial: el caso de la banca comercial española

[ES] En este trabajo se pretende estudiar las consecuencias de la orientación al mercado sobre el rendimiento empresarial. En concreto se propone un modelo donde los efectos de la OM sobre la rentabilidad se manifiestan a través de otras variables mediadoras de resultados. La investigación empírica se realiza en el sector de la banca comercial española y se utiliza los modelos de ecuaciones estructurales para la contrastación de las hipótesis propuestas.

Hago click y opero a tu lado: Estrategia de la banca online en España

[ES] La estrategia de la Banca española con respecto a Internet se ha enmarcado entre la modernización del sector y el miedo a la competencia de terceras partes. En el artículo mostramos como, desde la efervescencia inicial, las entidades se han centrado en construir un negocio rentable parte de una estrategia multicanal. Sin embargo todavía las instituciones españolas no han conseguido aprovechar todas las ventajas que presenta Internet a la hora de facilitar la comercialización de productos financieros.

Las Tecnologías de la Información y la Comunicación en la gestión de tesorería: modelo explicativo

[ES] En el presente trabajo se analiza el uso de las TIC (Tecnologías de la Información y la Comunicación) en las responsabilidades de la gestión de la tesorería, tomando como referencia para su estudio las empresas de la CAPV (Comunidad Autónoma del País Vasco). Los resultados indican que las TIC más utilizadas por las empresas en operaciones financieras son el software financiero, Internet y la banca electrónica. Además, estos resultados han permitido desarrollar un modelo explicativo del uso de las TIC en las principales funciones del tesorero, como son la gestión de cobros y pagos, gestión de la liquidez, previsiones de tesorería a corto plazo, gestión de saldos bancarios en fecha valor, negociación con entidades financieras, gestión de la financiación del déficit de tesorería, gestión de la colocación de puntas de tesorería y gestión de riesgos de tipo de interés y tipo de cambio.

¿Bancos con Problemas? Un Sistema de Alerta Temprana para la Prevención de Crisis Bancarias

[ES] Las autoridades reguladoras y supervisoras de los sistemas financieros han probado diversos métodos para intentar encontrar un procedimiento eficaz en la elaboración de un sistema de alerta temprana de las crisis bancarias. Los Modelos de Regresión Logística han sido usados aunque han mostrado algunas debilidades, por lo que se necesitan nuevos y mejores métodos. La crisis bancaria ocurrida en la República Dominicana entre los años 2002 y 2004 se ha usado para comparar la eficacia de la Regresión Logística frente al uso del método Support Vector Machines (SVM) para la detección de crisis bancarias.

RFID: The concept and the impact

Introduction Radio frequency identification, or RFID, has sprung into prominence in the last five years with the promise of providing a relatively low-cost means for connecting nonelectronic objects to an information network. In particular, the retail supply chain has been established as a key sector for a major deployment of RFID technology. This chapter provides a background to the technology and its position with regard to competing technologies. A range of applications is reviewed and the chapter concludes with some comments on the likely societal impact of RFID and potential barriers to deployment. The report is aimed at a nontechnical audience - namely, senior staff from a spectrum of areas including insurance, banking, telecommunications, government institutions and academia. It does not cover any technologies other than RFID, and in particular does not address technologies that may be candidates for tracking people.

Explorando la relación entre políticas crediticias y resultados de la banca española ex-post

© Este trabajo está licenciado bajo la licencia Creative Commons Attribution 3.0.

Investigation of Vaporized Kerosene Injection in a Supersonic Model Combustor

Characteristics of vaporized aviation kerosene injection in a supersonic model combustor were preliminarily investigated. The electrically storage type heater has a volume capacity of heating kerosene of 0.8 kg up to 670 K at a pressure of 5.5 Mpa. The temperature to cause pressurized kerosene jet being fully vaporized in Quiescent atmosphere was found to be 550 K at 4 Mpa however the pressurized hot kerosene remains in liquid state within the tube. The correspondent jet spray in Mach 2.5 vitiated air cross-flow were visualized by using stop schlieren photograph.It was found the penetration depth of the hot pressurized kerosene jet is approximately same with the temperature varied from 290 K to 550 k. at pressure of 4 Mpa. This results showed that the atomization process of hot kerosene jet spray in supersonic combustor could be bypassed and directly transferred to be gas state at temperature 550 K and pressure of 4 Mpa.