Is exchange rate trading profitable?

We Test whether exchange rate trading is profitable in the emerging markets of Brazil, China, India, And South Africa. Using Momentum trading strategies applied to high frequency data, we discover that: (a) momentum-based trading strategies lead to statistically significant profits from the currencies of all four emerging markets; (b) The South African Rand Is generally the most profitable, followed by the Brazilian Real And the Indian Rupee; (c) Profits are persistent during the day and are trading frequency dependent; and (d) During the period of the global financial crisis currency profits were maximised.

Cross-border travellers and parallel trade: implications for Asian economies

This paper explores the impact of parallel trade in an export market by cross-border travellers on welfare of the home country in a model with heterogeneous consumers' perceptions. We show that such parallel trade when it is organised trading always hurts the home-country welfare. However, when parallel trade is unorganised trading, it might benefit the home-country welfare provided that the size of the export market is relatively small. Along these lines, we suggest optimal policy responses in the home country to parallel trade by cross-border travellers. The results of the paper yield insightful policy implications for Asian economies.

Australian real estate management and development companies and women directors

Purpose – There is a large literature advocating the importance of a greater proportion of women directors on boards of publicly listed firms. The purpose of this paper is to examine the numbers and proportions of women directors, including women executive directors, on listed Australian Real Estate Management and Development (REMD) companies to identify how prevalent women directors are on such boards.
Design/methodology/approach – The study examines the numbers and proportions of women directors for 35 REMDs in 2011 and compares this to the broad board composition data on 1,715 Australian Stock Exchange listed entities. Statistically significant findings are evident due to the identified low proportions.
Findings – The study finds that of all the Financials Sub Industry sector groups, REMDs have the lowest proportion of female directors on theirs boards – eight women on each of 35 company boards compared to 159 men on these 35 boards at 2011. Of the eight, there were only two women executive directors on boards compared to 50 men. Statistically, it appears that having women directors on REMD boards is not considered important. Even at December 2014, there are only ten women on seven company boards and only one remaining executive director of an REMD company.
Practical implications – Given that female board representation is positively related to accounting returns and that there is a growing voice for legislation to impose mandatory proportions of women directors on boards around the world, it may be in the interests of REMD boards to consider appointing more women more quickly.
Originality/value – The study is the first to examine the numbers and proportions of women directors amongst REMD companies to identify the paucity of such women directors.

Benefícios fiscais nas importações executadas pelas Trading Company e as Comerciais Exportadoras pelos estados do Espírito Santo e Santa Catarina versus o fomento à exportação brasileira

Dissertação apresentada ao Programa de Pós – Graduação em Administração da Universidade Municipal de São Caetano do Sul como requisito parcial para obtenção do titulo de Mestre em Administração.

Modelo de precificação do seguro de crédito à exportação para o mercado brasileiro

O trabalho visa abordar os recentes conceitos da teoria econômica de seguro, aplicando-os especificamente ao seguro de crédito à exportação. O intuito é a construção de um modelo pioneiro de precificação do risco de crédito, ajustado ao contexto do mercado exportador brasileiro.

Um estudo dos supermercados no Brasil: uma investigação sobre a demanda de mercado, a fatia de mercado e a área de influência

Esse trabalho dá continuidade a estudos anteriores e visa contribuir para o avanço da ainda embrionária teoria varejista. Conseguimos desenvolver e operacionalizar os conceitos de área de influência, demanda de mercado e fatia de mercado, e analisar os resultados desses indicadores para os 27 supermercados de São Paulo, que participaram de nossa extensa pesquisa empírica. Um processo de modelagem econométrica foi conduzido, resultando em um modelo de regressão múltipla que satisfatoriamente explica e prevê área de influência como função de três variáveis: tamanho da loja, densidade populacional e disponibilidade de transporte coletivo. Apoiado em rigorosa metodologia de previsão de mercado, o estudo também revela estimativas de mercado que substancialmente diferem dos valores que vem sendo publicados na mídia especializada do setor. Nossa estimativa da demanda de mercado para o setor 'supermercados' no Brasil, em 2002, chega a superar R$ 100 bilhões, enquanto que nossa projeção da concentração das 5 maiores empresas no setor é de apenas 25%.

Uso da web nos serviços financeiros

As empresas do setor financeiro têm, desde há muito, estado entre as que mais investem em tecnologia de informação para apoiar os seus processos de negócio, buscar a eficiência empresarial e melhorar a qualidade dos seus serviços. Investimentos na Web estão contribuindo para a evolução dos serviços financeiros on-line, os quais podem ser classificados em três categorias: divulgação de informações, transações e relacionamento com os clientes. Este trabalho descreve pesquisa sobre a difusão do uso da Internet nos serviços bancários e entre as corretoras on-line no Brasil, comparando os dados recém obtidos com estudos desenvolvidos desde 1997 pelo autor.

A influência da exportação no desenvolvimento de arranjos produtivos locais de moda no estado do Rio de Janeiro

In recent years, clusters have become a central part in discussions about local and regional economic development, as well as in the elaboration of public policies for generating jobs and income. Concurrent with the discussions about clusters, the subject globalization has also received growing attention from the media in the academic and government fields. Different aspects are considered in the discussions regarding globalization and one of the subjects is the insertion of local economies into international commerce. One of these ways of insertion is by global value chains. This term began to be used at the end of 90s, and refers to the productive value chains dispersed throughout the world, but with integrated production and commercialization. The aim of this thesis is to understand how the exportation process influences the development of fashion clusters, this being done by the insertion of these clusters into the global value chains. Each year, the Brazilian fashion sector seeks to broaden their participation in the global economy by means of insertion into the global value chains. This insertion, however, has caused impacts in specialized clusters of garment manufacturers, such as beach fashion, jeans and women¿s clothing. As a way of identifying these impacts, three cluster manufacturers were studied in the state of Rio de Janeiro, namely Cabo Frio, São Gonçalo and Niterói. The impacts of internationalization on the companies integrated into these three clusters were explored by means of a six-month field study, including semistructured interviews. This internationalization occurs either by direct exportation or by means of inserting these companies into the global value chains. The results of the study points out the opportunities and threats to these companies, as well as shows the importance of more adequate public policies for the development of Brazilian fashion clusters. Among these threats, the possibility of inserting these cluster companies into the global value chains in a captive manner (Gereffi, Humphrey, Sturgeon, 2005) was singled out, placing them ¿under control¿ of the exporting companies. As for opportunities, the participation of government support agencies and improvements in fashion show good alternatives for inserting these companies into the global value chains, making possible autonomous and competitive performance.

Diagnóstico das micro e pequenas empresas da cadeia produtiva moveleira da serra gaúcha : importância para o desenvolvimento setorial

The increasing of afluence demands the companies to be competitive and have a deep knowledge about the area wich they are participating. Through the search of management and produtive information, and the analisys of internal and external information, the company could identify strong and weak points , threats and oportunities, alowing the obtaince of competitive advantages. This research shows the result of a close search study about the usage of strategic planning and management technics, setting in evidence the necessity of micro and small furniture companies and furniture supply chain, represented in this case by sub-contract companies. Still looking to accentuate the importance that this study will represent to the setorial development, specially to the furniture companies wich have a big importance due to the report of small utilization of management technics in the sub-contract companies. Through analisys, it was possible to find out some common caracteristics in all 171 conmpanies evaluated, wich are showing likely 'sinalization', such as: - lower level os scholarship (96,5% elementary school, 3% until high school, 0,5% university/college graduration); - external market from Brazilian MPE¿s (5% export products to Mercosul and just 1% export products to Latin America, absenting exportations to other markets); - carefree with modern technics of management, certificates ISO 9000, 14000, MRP, CQT, among others; - carefree with strategic planning; - lower utilization of operacionl procedures, rules and function description; - ignoring the participating of market; - lower utilization of human resources index as a management form; - Small utilization of costs tabs (31%), with a small informatization level (8%) and apllying with non-management form; - low utilization of quality statistics (4%), re-working index (9%), among others. In syntesis, the basis expose that the great marjority of companies don¿t have knowledge about planning and the modern technics of management.