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Article
Publication date: 1 May 2015

Umit Akinc and Jack R. Meredith

The purpose of this paper is to attempt to achieve customization while maintaining quick delivery to customers by use of a hybrid of make-to-order (MTO) and make-to-stock…

Abstract

Purpose

The purpose of this paper is to attempt to achieve customization while maintaining quick delivery to customers by use of a hybrid of make-to-order (MTO) and make-to-stock (MTS) strategies.

Design/methodology/approach

The paper reports on various studies based on simulation, optimization, and Markov analysis to respond to some of the unique challenges of the hybrid strategy.

Findings

Implementation of the make-to-forecast (MTF) hybrid strategy provides considerable competitive advantage in certain manufacturing situations by achieving as much as 50 percent shorter delivery times for highly customized products than would be possible with a pure MTO strategy. It also has potential to offer competitive advantages to pure MTS and MTO operations.

Research limitations/implications

The manufacturing situations, appropriate for MTF paradigm, are fairly complex. The paper reviews only several of the many managerial challenges. For instance, it assumes a given product variety but does not dwell on what the optimum product variety offering should be. Additional research to this and other aspects of the situation is warranted.

Practical implications

The paper reports on a real managerial problem. The suggested approaches can be easily implemented by certain manufacturing companies striving to achieve competitive advantage by offering shorter delivery time and substantial customization to their customers.

Originality/value

Managing the trade-off between delivery time and degree of customization is not new. Assemble-to-order, mass customization, and postponement strategies have been suggested to soften the trade-off. This paper provides a new paradigm for the same challenge based on pre-release of units into the manufacturing system in anticipation of customer orders.

Details

International Journal of Operations & Production Management, vol. 35 no. 5
Type: Research Article
ISSN: 0144-3577

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Article
Publication date: 17 December 2019

Meng Lu, Yang Qiang, Du Jiangang and Dong Zerui

The purpose of this paper is to examine the interaction effect of innovative product category and presentation order on consumer consumer’s purchasing intention and the…

Abstract

Purpose

The purpose of this paper is to examine the interaction effect of innovative product category and presentation order on consumer consumer’s purchasing intention and the mediating role of perceived novelty and risk perception.

Design/methodology/approach

The authors examined the hypotheses in three experiment studies. In Study 1, the authors primed innovative product category and presentation order on consumer consumer’s purchasing intention. In Study 2, the authors measured the mediating role of perceived novelty and risk perception. In Study 3, they validated the moderating effect of picture and text consistency on the improvement of purchase preference.

Findings

The results reveal that RNP/INP and presentation order (from whole to part/from part to whole) could enhance consumers’ purchase intention and verify the mediating role of perceived novelty and risk perception, based on which a complete internal mechanism model is constructed. The third experiment shows the moderating effect of picture and text consistency on the improvement of purchase preference by matching the category and presentation order of innovative products.

Originality/value

Prior literature on the thinking mode of holistic and partial processing has been mostly applied to the cognitive field of reading and text labeling. In this study, using the holistic (local) processing thinking model and anchoring theory, eye movement experiments and situational experiments, the audience’s analysis framework of information processing mechanism is constructed. The unique phenomenon of product category and overall (local) presentation order coexisting in innovative product advertisement is considered comprehensively.

Details

Journal of Contemporary Marketing Science, vol. 2 no. 3
Type: Research Article
ISSN: 2516-7480

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Logistics Systems for Sustainable Cities
Type: Book
ISBN: 978-0-08-044260-0

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Article
Publication date: 1 January 1991

E. MICHAEL KEEN

Term position information, as provided in some Boolean systems in the form of field restriction and term proximity, is reviewed and its value assessed. Non‐Boolean…

Abstract

Term position information, as provided in some Boolean systems in the form of field restriction and term proximity, is reviewed and its value assessed. Non‐Boolean retrieval in the form of the ranked output experiment has not so far used term position information but has concentrated on schemes of term weighting. The use of term proximity devices is proposed here by analogy with Boolean techniques and seven algorithms are devised to incorporate the ideas of sentence matching, proximate terms, term order specification and term distance computations. It is hypothesised that term position will act as a precision device. A new search experiment is then described in which a test collection is processed into sentences and then output ranking using term position is obtained. Results are given for five algorithms compared against quorum searching as the benchmark. The best result increased the precision ratio by 18% and used proximate matching term pairs in sentences plus a distance component.

Details

Journal of Documentation, vol. 47 no. 1
Type: Research Article
ISSN: 0022-0418

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Book part
Publication date: 13 December 2013

Jiawei Chen

This article estimates the loan spread equation taking into account the endogenous matching between banks and firms in the loan market. To overcome the endogeneity…

Abstract

This article estimates the loan spread equation taking into account the endogenous matching between banks and firms in the loan market. To overcome the endogeneity problem, I supplement the loan spread equation with a two-sided matching model and estimate them jointly. Bayesian inference is feasible using a Gibbs sampling algorithm that performs Markov chain Monte Carlo (MCMC) simulations. I find that medium-sized banks and firms tend to be the most attractive partners, and that liquidity is also a consideration in choosing partners. Furthermore, banks with higher monitoring ability charge higher spreads, and firms that are more leveraged or less liquid are charged higher spreads.

Details

Structural Econometric Models
Type: Book
ISBN: 978-1-78350-052-9

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Article
Publication date: 15 February 2013

Diego Valiante

The purpose of this paper is to provide a theoretical framework for the legal classification of trading venues in financial markets. Currently, there is no clear…

Abstract

Purpose

The purpose of this paper is to provide a theoretical framework for the legal classification of trading venues in financial markets. Currently, there is no clear definition of when a trading platform should be classified as multilateral or bilateral. This paper builds a theoretical framework that will allow regulators to define the border (with its regulatory implications) between multilateral and bilateral trading venues.

Design/methodology/approach

The approach used for this paper focuses on looking at the different trading models available in financial markets and analyzing their key features in order to bring up recurrent aspects that have helped to build the theoretical framework.

Findings

Multilateral trading facilities would not only be systems bringing together multiple interests from third parties, but those systems bringing together multiple interests with “no discretion” (ex ante rules) vis‐à‐vis membership, admission of products to trading, and matching of interests. All trading venues that do not meet these three key requirements will be falling under the bilateral trading classification, which implies the application of fiduciary duties, such as conflicts of interest rules and best execution. The paper then advances a proposal to solve the legal classification issue in the revision of the Markets in Financial Instruments Directive in Europe (MiFID). In effect, despite the claim that the Organised Trading Facility (EU) and the Swap Execution Facility (USA) would be equivalent categories, EU and US regulators, respectively, have taken divergent paths on how these venues will ultimately look.

Originality/value

The value of the paper is in its ability to provide a theoretical framework to something that has not been assessed in these terms previously. Today, only the SEC is trying, for the first time, to have a definition of when a RFQ model can be defined “multilateral”. This topic has been rarely discussed before in financial regulation, while it is extensively discussed in market microstructure (but on the market structure implications, rather than its regulatory and policy implications).

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Article
Publication date: 20 June 2008

Rodolfo Stecher, Claudia Niederée, Wolfgang Nejdl and Paolo Bouquet

The discovery of the “right” ontology or ontology part is a central ingredient for effective ontology re‐use. The purpose of this paper is to present an approach for…

Abstract

Purpose

The discovery of the “right” ontology or ontology part is a central ingredient for effective ontology re‐use. The purpose of this paper is to present an approach for supporting a form of adaptive re‐use of sub‐ontologies, where the ontologies are deeply integrated beyond pure referencing.

Design/methodology/approach

Starting from an ontology draft which reflects the intended modeling perspective, the ontology engineer can be supported by suggesting similar already existing sub‐ontologies and ways for integrating them with the existing draft ontology. This paper's approach combines syntactic, linguistic, structural and logical methods into an innovative modeling‐perspective aware solution for detecting matchings between concepts from different ontologies. This paper focuses on the discovery and matching phase of this re‐use process.

Findings

Owing to the combination of techniques presented in this general approach, the work described performs in the general case as well as approaches tailored for a specific usage scenario.

Research limitations/implications

The methods used rely on lexical information obtained from the labels of the concepts and properties in the ontologies, which makes this approach appropriate in cases where this information is available. Also, this approach can handle some missing label information.

Practical implications

Ontology engineering tasks can take advantage from the proposed adaptive re‐use approach in order to re‐use existing ontologies or parts of them without introducing inconsistencies in the resulting ontology.

Originality/value

The adaptive re‐use of ontologies by finding and partially re‐using parts of existing ontological resources for building new ontologies is a new idea in the field, and the inclusion of the modeling perspective in the computation of the matches adds a new perspective that could also be exploited by other matching approaches.

Details

International Journal of Web Information Systems, vol. 4 no. 2
Type: Research Article
ISSN: 1744-0084

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An Introduction to Algorithmic Finance, Algorithmic Trading and Blockchain
Type: Book
ISBN: 978-1-78973-894-0

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Article
Publication date: 3 November 2014

Diego A. Agudelo, Ángelo Gutiérrez Daza and Nazly J. Múnera Montoya

The purpose of this paper is to study the effect of X‐Stream, the new trading platform of the Colombian Stock Exchange since February 2009, on the market quality.

Abstract

Purpose

The purpose of this paper is to study the effect of X‐Stream, the new trading platform of the Colombian Stock Exchange since February 2009, on the market quality.

Design/methodology/approach

The authors test the effect of X‐Stream on market quality variables, such as liquidity (bid‐ask spread and price impact), daily and intraday volatility and trading activity, using mean tests, panel data and conditional variance models. The authors use a proprietary database of transactions and orders from the exchange.

Findings

The evidence suggests that X‐Stream improved the liquidity and trading activity and reduced the volatility of the overall market, especially of the most liquid stocks.

Practical implications

These results support the investment on more sophisticated trading systems in emerging markets.

Originality/value

Contributing to the literature on market quality, this paper provides novel evidence of the effect of reforms on market design, trading rules and operational capabilities on a small and low‐liquidity emerging stock market.

Resumen

Se investiga el efecto de la plataforma de transacción de acciones de BVC, X‐Stream, en la calidad del mercado accionario a partir de su lanzamiento en Febrero del 2009. Partiendo de una base de datos transaccional de BVC, se emplean varios modelos econométricos para medir el efecto de la nueva plataforma en las volatilidades diaria e intradiaria, la liquidez (margen proporcional de oferta y demanda e impacto en el precio) y la actividad bursátil. La evidencia demuestra que X‐Stream mejoró la liquidez y redujo la volatilidad del mercado accionario como un todo, pero especialmente en las acciones más líquidas. Esta investigación contribuye a la literatura en calidad de mercado al aportar nueva evidencia sobre el efecto de los cambios de diseño, reglas de transacción y capacidades operacionales en un mercado accionario de reducidos tamaño y liquidez. De esta manera, sirve como argumento para justificar inversiones en sistemas avanzados de transacción en mercados emergentes.

Details

Academia Revista Latinoamericana de Administración, vol. 27 no. 3
Type: Research Article
ISSN: 1012-8255

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Article
Publication date: 4 September 2017

Tianyuan Luo and Cesar Escalante

The purpose of this paper is to investigate the impact of employer-provided health benefits (EPHBs) on labor supply decisions of documented and undocumented farm workers…

Abstract

Purpose

The purpose of this paper is to investigate the impact of employer-provided health benefits (EPHBs) on labor supply decisions of documented and undocumented farm workers. By establishing a significant linkage between EPHB and farm work decisions, this study provides important implications for farm employment retention and the financial sustainability of farm businesses.

Design/methodology/approach

Using data from the National Agricultural Workers Survey, objective (actual) and subjective (expected) employment data are used as outcome variables analyzed under an ordered probit model, with the data pre-processed using the coarsened exact matching method to reduce endogeneity issues within the estimation.

Findings

Results confirm the influence of EPHB on farm workers’ decisions to remain employed on the farm as well as on the duration of their farm employment. Comparatively, EPHB significantly influences undocumented farm workers’ decisions on actual employment duration and subjective working expectations while documented workers seem to ascribe less importance to EPHB in their farm employment decisions.

Practical implications

This study provides important financial and business viability implications as the value of farm labor services retained through EPHB can translate to high opportunity losses, if ineffective. Alternative labor-saving strategies, such as mechanization, can only potentially lead to serious financial challenges for agribusiness firms, especially small-scale farm operations. This study emphasizes the need for more effective employment retention incentives for the sake of sustaining farm business viability.

Originality/value

This study presents empirical evidence on the important influence of EPHB on farm employment decisions, especially those made by undocumented farm workers, that have not been extensively explored in literature.

Details

Agricultural Finance Review, vol. 77 no. 3
Type: Research Article
ISSN: 0002-1466

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