On the individual optimality of economic integration

Ce document est une version mise-à-jour du document "On the individual optimality of economic integration", mars 2011 : http://hdl.handle.net/1866/4829

Sarbanes-Oxley and All That: Impact Beyond America's Shores

Speech delivered to the Federation of European Securities Exchanges' 7th European Financial Markets Convention in London in June 2003.

Women Industrial Cooperatives- An Analysis of Its Structure, Performance and Growth in Kannur District

In the present study made an attempt to analyse the structure, performance and growth of women industrial cooperatives in kannur district, Kerala. The study encompasses all women industrial cooperatives registered at the district industries center, kannur and that currently exist. The women industrial cooperatives are classified into two ie; group with network and another group without network. In Kannur there are 54 units working as women industrial cooperatives. One of the main problems the women cooperatives face is the lack of working capital followed marketing problem. The competition between cooperatives and private traders is very high. The variables examined to analyse the performance of women industrial cooperatives in Kannur showed that there exists inter unit differences in almost all the variables. The financial structure structure shows that the short term liquidity of women cooperatives in Kannur favour more the units which have political networks; but the long term financial coverage is seen to be highly geared in this group, not because of a decline is net worth but due to highly proportionate increase in financial liabilities in the form of borrowings. The encouragement given by the government through financial stake and other incentives has been the major factor in the formation and growth of women cooperatives. As a result both productivity and efficiency improves in the cooperatives. In short the present study helped to capture the impact, role and dynamics of networking in general and socio political network in particular in relation to intra and inter unit differences on the structure, growth and performance of women industrial cooperatives societies in Kannur district

Thermal Processing of Smoked Yellowfin Tuna (Thunnus albacares) in Flexible Pouches

This study is the first of its kind in India, where in smoked and thermal processed products have been developed using locally available wood as the source of wood smoke and flavoring and a shelf life of one year has been achieved. Retortable pouches of three layers, both imported and indigenous were found suitable to store thermal processed products. Heat penetration rate is quicker in retort pouches due to their thin profile in comparison to cans and hence the total process time is lesser. The nutritional and sensory attributes of the pouch products are better retained during processing. Hence these products are more acceptable than canned products. lndian vegetarian food products and fish curry products are available in the ready to eat form in the markets. Smoked and thermal processed products have not gained an entry to the market and hence this study will pave an opening for such products. Currently trade in tuna products from India is meager compared to the global trade. ln India proper utilization of tuna resources is yet to be achieved due to the lack of infrastructure for handling and knowledge of value addition. The raw material cost is also less due to the poor quality of the fish when landed. Hence, the availability of such products will help in the trade of tuna products, improving the quality of raw material landing and ultimately realizing a better value to the fishermen and processors.

Development of Total Quality Management System in Seafood (Freezing) Industry in Kerala

Quality related problems have become dominant in the seafood processing industry in Kerala. This has resulted in the rejection of seafood sent from India to many destinations. The latest being the total block listing of seafood companies from India from being exported to Europe and partial block listing by the US. The quality systems prevailed in the seafood industry in India were outdated and no longer in use in the developed world. According to EC Directive discussed above all the seafood factories exporting to European countries have to adopt HACCP. Based on this, EIA has now made HACCP system mandatory in all the seafood processing factories in India. This transformation from a traditional product based inspection system to a process control system requires thorough changes in the various stages of production and quality management. This study is conducted by the author with to study the status of the existing infrastructure and quality control system in the seafood industry in Kerala with reference to the recent developments in the quality concepts in international markets and study the drawbacks, if any, of the existing quality management systems in force in the seafood factories in Kerala for introducing the mandatory HACCP concept. To assess the possibilities of introducing Total Quality Management system in the seafood industry in Kerala in order to effectively adopt the HACCP concept. This is also aimed at improving the quality of the products and productivity of the industry by sustaining the world markets in the long run.

Studies on coagulase-positive staphylococci and Vibrio parahaemollticus in selected items of fish, crustaceans and fishery products

In India much work has been done on different aspects of quality of processed fish and fishery products (Pillai et al., 1965; Iyer and Chaudhuri, 1966; Iyer et al., 1966; Sreenivasan and Joseph, 1966; Pillai and Rao, 1969; Mathen et al., 1975; Valsan et al., 1985) and standards have been formulated for almost all the fishery products. Quality standards for fresh fish cover only a few fish species available in the markets. For the formulation and recommendation of quality standards for fish and fishery products for domestic trade detailed background informations are necessary. Khot et al., (1982), Valsan et al. J (1985) and Iyer et al. (1986) have reported on the bacterial flora of sea foods at retail level in Bombay. Cochin is a major fish landing centre of the south west coast of India, and an average of 25,000. tonnes of fish/shell fish are landed annually at this harbour which is about 10 percent of the total catch of fish in Kerala (Lakshmanan -et -al., 1984). All the varieties of marine, brackish water and fresh water fishes are available in Cochln throughout the year for catering to Its cosmopolitan. population and informations regarding their bacteriological quality are scanty. Hence the present study was undertaken to investigate the bacteriological quality of fish and fishery products available in the markets and cold storages situated in and around Cochin meant for internal consumption.

Predictability Of Share Prices In India: A Study Of The Applicability Of Technical Analysis

In spite of the far longed practices of technical analysis by many participants in Indian stock market, none have arrived at the exact position of technical analysis as a tool for foretelling share prices. There is no evidence supporting that one has established its definite role in predicting the behaviour of share price and also to see the extent of validity (how far reliable) of technical tools in Indian stock market. The problem is the vacuum in the arena of securities market analysis where an unrecognised tool is practised, i.e., whether to hold on to technical analysis or to drop it. Again, as already stated in this chapter, its validity need not continue forever. It may become futile as happened in developed markets. Continuous practice of a tool, which is valid only during discontinuous times is also an error. The efficacy of different market phenomena in terms of their ability to foretell the extent and direction of the price movements and reliability thereof remain as not yet proved in. This requires further study in this area so that this controversy may be settled. A solution to the problem requires enquiring and establishing the applicability of technical analysis, if any, there is in the Indian stock market. The study has the following two broad objectives for the purpose of confirming the applicability, if any, of technical analysis in the Indian stock market. The first objective is to ascertain the current validity of ‘traditional holding with respect to patterns’ and the second objective is to ascertain the ‘consistent superiority’, if any, of technical indicators over non-signal strategies in return generation. The study analyses the five patterns, which are widely known and commonly found in publications. They are: (1) Symmetrical Triangles, (2) Rising Wedges, (3) Falling Wedges, (4) Head and Shoulders Top and (5) Head and Shoulders Bottom.

Marine Product Exports of Kerala in the ASEAN India Free Trade Area: Possibilities and Challenges

In the backdrop of issues encountered by the marine product exports from Kerala in the traditional strongholds of the European Union and the United States, there is a need to target newer markets. The ASEAN India Trade in Goods Agreement (TIGA) though proposes to liberalize trade between India and the ASEAN member nations, fails to deliver greater market access for our marine products in the markets of the ASEAN nations. This can be attributed to factors such as the lower prevailing MFN base rate in the ASEAN nations, tariff reduction commitments reciprocated by them being lesser than India’s offers, inclusion of our prominent items of export in the restrictive lists of most of the ASEAN nations etc. Export forecast suggests that this is a market to be reckoned, which in turn stipulates the need to secure greater concessions and preferential treatment for our marine product exports in the ASEAN nations to capitalize on the gains that have been made

SHGs and Cooperatives in the Fishing Sector: An Inclusive Development Option for the Fisher folk of Kerala

The Kerala model of development mostly bypassed the fishing community, as the fishers form the main miserable groups with respect to many of the socio-economic and quality of life indicators. Modernization drive in the fishing sector paradoxically turns to marginalization drives as far as the traditional fishers in Kerala are concerned. Subsequent management and resource recuperation drives too seemed to be detrimental to the local fishing community. Though SHGs and cooperatives had helped in overcoming many of the maladies in most of the sectors in Kerala in terms of livelihood and employment in the 1980s, the fishing sector by that time had been moving ahead with mechanization and export euphoria and hence it bypassed the fishing sector. Though it has not helped the fishing sector in the initial stages, but because of necessity, it soon has become a vibrant livelihood and employment force in the coastal economy of Kerala. Initial success made it to link this with the governmental cooperative set up and soon SHGs and Cooperatives become reinforcing forces for the inclusive development of the real fishers.The fisheries sector in Kerala has undergone drastic changes with the advent of globalised economy. The traditional fisher folk are one of the most marginalized communities in the state and are left out of the overall development process mainly due to the marginalization of this community both in the sea and in the market due to modernization and mechanization of the sector. Mechanization opened up the sector a great deal as it began to attract people belonging to non-fishing community as moneylenders, boat owners, employers and middle men which often resulted in conflicts between traditional and mechanized fishermen. These factors, together with resource depletion resulted in the backwardness experienced by the traditional fishermen compared to other communities who were reaping the benefits of the overall development scenario.The studies detailing the activities and achievements of fisher folks via Self Help Groups (SHGs) and the cooperative movement in coastal Kerala are scant. The SHGs through cooperatives have been effective in livelihood security, poverty alleviation and inclusive development of the fisher folk (Rajasenan and Rajeev, 2012). The SHGs have a greater role to play as estimated fall in demand for marine products in international markets, which may result in reduction of employment opportunities in fish processing, peeling, etc. Also, technological advancement has made them unskilled to work in this sector making them outliers in the overall development process resulting in poor quality of physical and social infrastructure. Hence, it is all the more important to derive a strategy and best practice methods for the effective functioning of these SHGs so that the

Plan exportador de la empresa Quesos El Nevado Ltda.

Dado el clima de incertidumbre y los constantes cambios en el entorno económico, es inminente la necesidad de buscar nuevas alternativas que le permitan a la empresa diversificar su mercado y ganar un mayor posicionamiento. En este sentido, la presente investigación se realizó, con el propósito de analizar la estructura organizacional de la empresa, generando un diagnóstico de la situación de la gestión empresarial y su estructura financiera, para posteriormente identificar las amenazas y oportunidades que tiene la Fábrica Quesos El Nevado Ltda., para la exportación de quesos madurados, y asimismo diseñar un plan exportador que permita dirigirse hacia nuevos mercados. Es una investigación de tipo evaluativo, que pretende hacer un análisis estratégico para establecer el país con mayor probabilidad dentro de los países que ofrecen una mayor oportunidad de exportar esta clase de productos; de tal manera que este documento busca brindarle a la empresa las herramientas necesarias para poder ingresar al mercado de Chile, de una manera eficaz, cumpliendo con los requisitos de acceso al mercado y dando a conocer las variables claves de éxito para llegar a ser competitivo en el sector y en el mercado chileno. Además busca incentivar al empresario colombiano a conquistar nuevos mercados que le permita obtener estabilidad económica y crecimiento.

Coopetencia y modelos de asociatividad en colombia

El concepto de coopetencia surgen los planteamientos relacionados con los clústers y las redes empresariales, en donde empresas con características similares fortalecen sus relaciones para desarrollar mayores niveles de eficiencia o alcanzar objetivos que individualmente serian difíciles de lograr, especialmente en el caso de las pymes. Es fundamental que el estado desarrolle las relaciones y la conformación de iniciativas de asociatividad que permitan que la fluidez y los vínculos entre empresas, instituciones gubernamentales, financieras, universidades, centros de investigación, entre otros; para promover la integración de esfuerzos, la fluidez de información y el acceso a tecnologías, mejores posiciones competitivas. En Colombia desde hace aproximadamente 20 años, dentro de la política de competitividad del gobierno nacional (a partir del informe monitor), se ha identificado la importancia de las relaciones entre empresas e instituciones conexas para mejorar los estándares y la eficiencia que se pueda lograr para mantener una posición competitiva en los mercados internacionales.

Determinantes de la cartera del sector financiero en Colombia: un análisis basado en un modelo de corrección de errores vectorial

En este trabajo se analiza el impacto en la cartera bruta del sector nanciero colombiano ante un choque en las variables macroeconómicas ó viceversa. Lo anterior se realizó a través de un modelo de correción de errores vectorial (VECM). Inicialmente, los resultados señalan que existe una relación de causalidad y de largo plazo entre la cartera neta real del sector nanciero, el Producto Interno Bruto, la DTF Real y el Índice de la Tasa de Cambio Real. Finalmente, se encontró que los impulsos respuesta de las variables mencionadas están acordes con la teoría económica y los hechos estilizados.

Análisis de los procesos de internacionalización en el sector petrolero : Ecopetrol, Petrobras Y Exxonmobil

El presente trabajo se centra en el fenómeno de la internacionalización dentro del sector petrolero. Para esto, se escogió a tres empresas: Ecopetrol, por ser la empresa colombiana más grande; Petrobras, el mayor representante de Latinoamérica; y Exxon Mobil, un gigante del petróleo a nivel mundial. Estas empresas, que se encuentran en diferentes etapas dentro de su proceso de la internacionalización, muestran comportamientos estratégicos similares. Son precisamente estas similitudes las que permitieron proponer un modelo de internacionalización generalizado para las diferentes empresas que componen dicho sector económico. Para alcanzar dicho modelo, se recurrió a diferentes teorías de internacionalización desarrolladas por varias escuelas de negocios en el mundo, tales como el Modelo Ecléctico, el de Uppsala o la Teoría de Redes. Cabe destacar que dicho modelo propuesto es una aproximación teórica a la realidad empresarial de las compañías petroleras, usando como marco de referencia una muestra pequeña de este tipo de organizaciones. Dentro de este modelo, los altos matices de complejidad propios del fenómeno de la internacionalización se ven reducidos de manera considerable, como parte del ejercicio académico propuesto en el presente estudio.

En busca de algunos hechos estilizados del mercado financiero colombiano

El reciente desarrollo de los mercados financieros en Colombia hace evidente la importancia de la mayor o menor integración con el entorno internacional. De acuerdo con la teoría de portafolio, para la conformación de un portafolio eficiente se deben combinar activos de diferente riesgo para obtener el mayor retorno esperado posible, teniendo en cuenta que puede existir correlación entre los activos. En ese sentido, se busca evidencia del grado de correlación que existe entre los principales activos del mercado local y del mercado internacional. En particular, los activos del mercado local (dólar, bonos de la Tesorería y acciones) y el mercado extranjero (en particular bonos del Tesoro de Estados Unidos) deberían presentar una correlación alta para considerarse sustitutos en una eventual construcción de un portafolio eficiente. En busca de estos hechos estilizados, se utilizan dos metodologías (Filtro de Hodrick y Prescott, 1997 y primeras diferencias de las variables) para la estimación de correlaciones contemporáneas y no contemporáneas entre los diferentes activos. Sin embargo, la evidencia muestra que la relación que existe entre los activos locales y los extranjeros no permite ser concluyente sobre el tema.

Los conceptos de salud financiera, riesgo y epidemiología en los estados financieros de las compañías del sector de extracción de petróleo crudo y gas natural en Colombia

El presente proyecto tiene como objeto identificar cuáles son los conceptos de salud, enfermedad, epidemiología y riesgo aplicables a las empresas del sector de extracción de petróleo y gas natural en Colombia. Dado, el bajo nivel de predicción de los análisis financieros tradicionales y su insuficiencia, en términos de inversión y toma de decisiones a largo plazo, además de no considerar variables como el riesgo y las expectativas de futuro, surge la necesidad de abordar diferentes perspectivas y modelos integradores. Esta apreciación es pertinente dentro del sector de extracción de petróleo y gas natural, debido a la creciente inversión extranjera que ha reportado, US$2.862 millones en el 2010, cifra mayor a diez veces su valor en el año 2003. Así pues, se podrían desarrollar modelos multi-dimensional, con base en los conceptos de salud financiera, epidemiológicos y estadísticos. El termino de salud y su adopción en el sector empresarial, resulta útil y mantiene una coherencia conceptual, evidenciando una presencia de diferentes subsistemas o factores interactuantes e interconectados. Es necesario mencionar también, que un modelo multidimensional (multi-stage) debe tener en cuenta el riesgo y el análisis epidemiológico ha demostrado ser útil al momento de determinarlo e integrarlo en el sistema junto a otros conceptos, como la razón de riesgo y riesgo relativo. Esto se analizará mediante un estudio teórico-conceptual, que complementa un estudio previo, para contribuir al proyecto de finanzas corporativas de la línea de investigación en Gerencia.