The growth for SMEs is central point for their success and survival. Review of SME growth suggests that there are different factors which inculcate enterprise to grow. This study addresses the literature gap on the internal factors of an enterprise that contributes in SME’s business growth. A framework is developed to measure the growth of SMEs on three internal factors as reward system, decentralization of organization and owners’ attitude with a mediating effect of market orientation. Data is collected using survey method from SMEs located in Pakistan at different geographic locations of Pakistan. A deductive approach with mono method using Sobel test for multiple regression is adopted for this empirical study which argues that a significant potential lies in an enterprise to grow by adopting these factors.
{"title":"SMEs Business Growth Model and Mediating Role of Market Orientation","authors":"Irfan Siddique, Dr Irfan Saleem, S. Abbas","doi":"10.22555/PBR.V17I4.554","DOIUrl":"https://doi.org/10.22555/PBR.V17I4.554","url":null,"abstract":"The growth for SMEs is central point for their success and survival. Review of SME growth suggests that there are different factors which inculcate enterprise to grow. This study addresses the literature gap on the internal factors of an enterprise that contributes in SME’s business growth. A framework is developed to measure the growth of SMEs on three internal factors as reward system, decentralization of organization and owners’ attitude with a mediating effect of market orientation. Data is collected using survey method from SMEs located in Pakistan at different geographic locations of Pakistan. A deductive approach with mono method using Sobel test for multiple regression is adopted for this empirical study which argues that a significant potential lies in an enterprise to grow by adopting these factors.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"296 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124296582","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
110 years ago, Einstein published his Theory of Special Relativity. In this thought experiment, we introduce Einstein’s idea of time dilation to option valuation. We analyse the effect of time dilation on the time decay of an European long call option.
{"title":"Option Valuation Under the Effect of Time Dilation","authors":"M. Bloss, Manuel Kleinknecht","doi":"10.2139/ssrn.2716997","DOIUrl":"https://doi.org/10.2139/ssrn.2716997","url":null,"abstract":"110 years ago, Einstein published his Theory of Special Relativity. In this thought experiment, we introduce Einstein’s idea of time dilation to option valuation. We analyse the effect of time dilation on the time decay of an European long call option.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133125670","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Iris Ramme, Neil A. Granitz, S. Thomas, Sung-Ho Choi, Violeta Corona Cabrera
Eco-friendly behavior like recycling, choosing modes of transportation, or saving resources differs among countries: In some countries walking instead of driving a car is perceived as being out of the question and in other countries getting to work by walking in combination with public transportation is part of the daily routine. If there is no infrastructure for either recycling or for alternative mobility options like public transportation or bike lanes in a country, people will not be able to engage in recycling activities or use their car to a lesser extent. A comparison of eco-friendly or green behavior in five countries will show the differences. Whether it is a matter of age, gender, education or income or whether regulations or infrastructure might have an influence will be shown in this article.
{"title":"Eco-Friendly Behavior – A Comparison of Five Countries","authors":"Iris Ramme, Neil A. Granitz, S. Thomas, Sung-Ho Choi, Violeta Corona Cabrera","doi":"10.2139/ssrn.2717004","DOIUrl":"https://doi.org/10.2139/ssrn.2717004","url":null,"abstract":"Eco-friendly behavior like recycling, choosing modes of transportation, or saving resources differs among countries: In some countries walking instead of driving a car is perceived as being out of the question and in other countries getting to work by walking in combination with public transportation is part of the daily routine. If there is no infrastructure for either recycling or for alternative mobility options like public transportation or bike lanes in a country, people will not be able to engage in recycling activities or use their car to a lesser extent. A comparison of eco-friendly or green behavior in five countries will show the differences. Whether it is a matter of age, gender, education or income or whether regulations or infrastructure might have an influence will be shown in this article.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127558448","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The aim of this study is to evaluate the impact of a legitimate EU-ACP trade relation on global economy. The incentive for ACP countries in such an agreement will be given attention along with this. Furthermore, the extent to which ACP countries can get integrated into GVCs and the benefits they can accrue will be explored. The paper will also consider whether ACP countries can take measures necessary to ensure successful integration.
{"title":"EU-ACP EPA and the Impact on Trade Dynamics and Global Economy: A Push for Legitimate ACP Inclusion in High Level Trade Relations to Sustain Growth","authors":"Wilberforce Adjei","doi":"10.2139/ssrn.2717039","DOIUrl":"https://doi.org/10.2139/ssrn.2717039","url":null,"abstract":"The aim of this study is to evaluate the impact of a legitimate EU-ACP trade relation on global economy. The incentive for ACP countries in such an agreement will be given attention along with this. Furthermore, the extent to which ACP countries can get integrated into GVCs and the benefits they can accrue will be explored. The paper will also consider whether ACP countries can take measures necessary to ensure successful integration.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124833901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
By allowing carriers to route telephone calls over low-cost private lines, international simple resale (ISR) makes it possible for carriers to provide international telephone service without owning an international circuit. When approved, ISR reduces entry barriers and can increase competition. Using data from US markets from 1995 to 2004, we estimate the effects of ISR on entry and retail prices. Results show that ISR has a limited (and imprecisely estimated) impact on entry and actual competition. However, controlling for actual competition, ISR authorization causes an average reduction in prices of 32.7%. Markets with relatively high carrier surplus experience an additional reduction in the price by 0.4 percentage points, and prices are 3.4 percentage points lower in markets with relatively high private line capacity. Our findings suggest that ISR promotes potential competition and lower prices in markets where the threat of hit-and-run entry is more credible.
{"title":"Actual and Potential Competition in International Telecommunications","authors":"J. Pearcy, Scott J. Savage","doi":"10.2139/ssrn.2435014","DOIUrl":"https://doi.org/10.2139/ssrn.2435014","url":null,"abstract":"By allowing carriers to route telephone calls over low-cost private lines, international simple resale (ISR) makes it possible for carriers to provide international telephone service without owning an international circuit. When approved, ISR reduces entry barriers and can increase competition. Using data from US markets from 1995 to 2004, we estimate the effects of ISR on entry and retail prices. Results show that ISR has a limited (and imprecisely estimated) impact on entry and actual competition. However, controlling for actual competition, ISR authorization causes an average reduction in prices of 32.7%. Markets with relatively high carrier surplus experience an additional reduction in the price by 0.4 percentage points, and prices are 3.4 percentage points lower in markets with relatively high private line capacity. Our findings suggest that ISR promotes potential competition and lower prices in markets where the threat of hit-and-run entry is more credible.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114673286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This chapter explores the strategies used by transnational pharmaceutical companies and their industry associations to advance their economic interests through international trade and investment agreements. We begin by characterizing the research-based pharmaceutical industry as a transnational industry with a concerted global agenda to expand and extend monopolies over its products, thereby increasing returns for its shareholders. We describe the broad set of strategies employed to meet these objectives. We then give an historical overview of attempts by the industry to use international trade agreements to expand intellectual property rights and constrain the operation of pharmaceutical coverage programs. Focusing specifically on the Trans Pacific Partnership Agreement, we explore the ways in which pharmaceutical industry bodies in the US and other TPP countries have sought to influence the negotiations to further their agenda and protect and promote the industry’s interests.
{"title":"How the Transnational Pharmaceutical Industry Pursues its Interests Through International Trade and Investment Agreements: A Case Study of the Trans Pacific Partnership","authors":"D. Gleeson, P. Neuwelt, E. Monasterio, R. Lopert","doi":"10.2139/SSRN.2668576","DOIUrl":"https://doi.org/10.2139/SSRN.2668576","url":null,"abstract":"This chapter explores the strategies used by transnational pharmaceutical companies and their industry associations to advance their economic interests through international trade and investment agreements. We begin by characterizing the research-based pharmaceutical industry as a transnational industry with a concerted global agenda to expand and extend monopolies over its products, thereby increasing returns for its shareholders. We describe the broad set of strategies employed to meet these objectives. We then give an historical overview of attempts by the industry to use international trade agreements to expand intellectual property rights and constrain the operation of pharmaceutical coverage programs. Focusing specifically on the Trans Pacific Partnership Agreement, we explore the ways in which pharmaceutical industry bodies in the US and other TPP countries have sought to influence the negotiations to further their agenda and protect and promote the industry’s interests.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122388610","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Did the August 2011 European short sale bans on financial stocks accomplish their goals? In order to answer this question, we use stock options' implied volatility skews to proxy for investors' risk aversion. We find that on ban announcement day, risk aversion levels rose for all stocks but more so for the banned financial stocks. The banned stocks' volatility skews remained elevated during the ban but dropped for the other unbanned stocks. We show that it is the imposition of the ban itself that led to the increase in risk aversion rather than other causes such as information flow, options trading volumes, or stock specific factors. Substitution effects were minimal, as banned stocks' put trading volumes and put-call ratios declined during the ban. We argue that although the ban succeeded in curbing further selling pressure on financial stocks by redirecting trading activity towards index options, this result came at the cost of increased risk aversion and some degree of market failure.
{"title":"The 2011 European Short Sale Ban: A Cure or a Curse?","authors":"L. Félix, R. Kräussl, Philip A. Stork","doi":"10.2139/ssrn.2213509","DOIUrl":"https://doi.org/10.2139/ssrn.2213509","url":null,"abstract":"Did the August 2011 European short sale bans on financial stocks accomplish their goals? In order to answer this question, we use stock options' implied volatility skews to proxy for investors' risk aversion. We find that on ban announcement day, risk aversion levels rose for all stocks but more so for the banned financial stocks. The banned stocks' volatility skews remained elevated during the ban but dropped for the other unbanned stocks. We show that it is the imposition of the ban itself that led to the increase in risk aversion rather than other causes such as information flow, options trading volumes, or stock specific factors. Substitution effects were minimal, as banned stocks' put trading volumes and put-call ratios declined during the ban. We argue that although the ban succeeded in curbing further selling pressure on financial stocks by redirecting trading activity towards index options, this result came at the cost of increased risk aversion and some degree of market failure.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127633484","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sorting countries by their dollar currency betas produces a novel cross section of average currency excess returns. A slope factor (long in high beta currencies and short in low beta currencies) accounts for this cross section of currency risk premia. This slope factor is orthogonal to the high†minus†low carry trade factor built from portfolios of countries sorted by their interest rates. The two high†minus†low risk factors account for 18% to 80% of the monthly exchange rate movements. The two risk factors suggest that stochastic discount factors in complete markets' models should feature at least two global shocks to describe exchange rates.
{"title":"The Share of Systematic Variation in Bilateral Exchange Rates","authors":"Adrien Verdelhan","doi":"10.2139/ssrn.1930516","DOIUrl":"https://doi.org/10.2139/ssrn.1930516","url":null,"abstract":"Sorting countries by their dollar currency betas produces a novel cross section of average currency excess returns. A slope factor (long in high beta currencies and short in low beta currencies) accounts for this cross section of currency risk premia. This slope factor is orthogonal to the high†minus†low carry trade factor built from portfolios of countries sorted by their interest rates. The two high†minus†low risk factors account for 18% to 80% of the monthly exchange rate movements. The two risk factors suggest that stochastic discount factors in complete markets' models should feature at least two global shocks to describe exchange rates.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129504720","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper, we highlight three characteristics of China-Latin American economic relations.
本文着重分析了中拉经济关系的三个特点。
{"title":"Beyond Minerals: China-Latin American Trans-Pacific Supply Chain","authors":"A. Garcia-Herrero, K. Fung, Jesús Seade","doi":"10.2139/ssrn.3160565","DOIUrl":"https://doi.org/10.2139/ssrn.3160565","url":null,"abstract":"In this paper, we highlight three characteristics of China-Latin American economic relations.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130652079","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Peter Schwendner, M. Schuele, T. Ott, M. Hillebrand
From 2004 to 2015, the market perception of the sovereign risks of the euro area government bonds experienced several different phases, reflected in a clear time structure of the correlation matrix between the yield changes. “Core” and “peripheral” bonds cluster in a bloc-like structure, but the correlations between the blocs are time-dependent and even become negative in periods of stress. Using noise-filtered partial correlation influences, this time dependency can be evaluated and visualized using network graphs. Our results support the view that market-implied spillover risks have decreased since the European rescue and stability mechanisms came into force in 2011. EFSF bond issues have been trading as part of the “core” bloc since 2011. In 2015, spillover risks reappeared during the Eurogroup’s negotiations with Greece, although the periphery yields did not show risk spreads that were as large as those in 2012.
{"title":"European Government Bond Dynamics and Stability Policies: Taming Contagion Risks","authors":"Peter Schwendner, M. Schuele, T. Ott, M. Hillebrand","doi":"10.2139/ssrn.3144053","DOIUrl":"https://doi.org/10.2139/ssrn.3144053","url":null,"abstract":"From 2004 to 2015, the market perception of the sovereign risks of the euro area government bonds experienced several different phases, reflected in a clear time structure of the correlation matrix between the yield changes. “Core” and “peripheral” bonds cluster in a bloc-like structure, but the correlations between the blocs are time-dependent and even become negative in periods of stress. Using noise-filtered partial correlation influences, this time dependency can be evaluated and visualized using network graphs. Our results support the view that market-implied spillover risks have decreased since the European rescue and stability mechanisms came into force in 2011. EFSF bond issues have been trading as part of the “core” bloc since 2011. In 2015, spillover risks reappeared during the Eurogroup’s negotiations with Greece, although the periphery yields did not show risk spreads that were as large as those in 2012.","PeriodicalId":114907,"journal":{"name":"Global Business Issues eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130687746","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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