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Single-listed American depositary receipts (ADRs) are traded in US markets, while their underlying share is not listed in the firm’s home market. The purpose of this paper…
Single-listed American depositary receipts (ADRs) are traded in US markets, while their underlying share is not listed in the firm’s home market. The purpose of this paper is to empirically examine the factors affecting the returns and volatility of a sample of Chinese single-listed ADRs, in comparison with traditional Chinese ADRs.
The methods used in this paper are similar to those used in the examination of traditional or dual-listed Chinese ADRs. However, motivated by the very nature of single-listed ADRs, the authors estimate a base model which includes factors from the two presumably most important markets for single-listed Chinese ADRs (i.e. the Chinese and US markets). In all of the estimations, the authors follow a two-step procedure. First, the authors estimate a GARCH(1,1) model with the mean equation modeled as an AR(p) process and from those models estimate GARCH (conditional) variances.
In line with the evidence on traditional Chinese ADRs, the authors find that both the Chinese and the US markets are important predictors of single-listed ADR returns. The results are robust to variations in the model specifications.
Single-listed ADR return behavior is still an under-researched topic. In this paper, the authors contribute to the literature on Chinese single-listed ADRs by empirically examining the determinants of their mean return and volatility.
The purpose of this paper is to contrast market risk exposure and diversification of single-listed American depository receipts (“ADRs”) with those of dual-listed ADRs…
The purpose of this paper is to contrast market risk exposure and diversification of single-listed American depository receipts (“ADRs”) with those of dual-listed ADRs from the same geographical region during 2004-2012.
The study uses orthogonal returns in two-factor models to infer exposure to the US and ADRs’ home markets.
The authors found that both ADR types provide no diversification and are significantly exposed to US market risk. The authors also found that portfolios of both single- and dual-listed ADRs behave significantly differently than their home markets.
Only several academic papers discuss single-listed ADRs, and to the best of the knowledge, this study is the first to assess their diversification value.
While bank management has become aware of the need to identify and assess potential market segments carefully, single persons remain a segment overlooked. This study addresses the need to view singles as heterogeneous in composition and behaviour. Three categories of singles (divorced, widowed, never married) and a sample of married individuals were compared in respect to a number of bank‐related variables. The findings support the need to distinguish between the types of singleness. Theoretical and pragmatic implications are discussed.
This article examines single baby boom consumers on demographic and psychographic dimensions tested in a survey of 267 respondents. We found differences between singles…
This article examines single baby boom consumers on demographic and psychographic dimensions tested in a survey of 267 respondents. We found differences between singles and marrieds in social self‐image, age identification, nature and frequency of leisure activities, and shopping habits. Singles are characterized as “Social Seekers” because they socialize more and show more concern with their social image than marrieds. Marketing implications exist for a variety of products related to gender and marital status.
The Single Market in financial services (investment funds, banking, insurance and investment services) has had a long gestation and has been a mixed success. It is now…
The Single Market in financial services (investment funds, banking, insurance and investment services) has had a long gestation and has been a mixed success. It is now faced with a new challenge, the adaptation of the Community regulatory framework to an electronic environment. This paper reviews progress in creating a Single Market in financial services, in particular the application of freedoms to provide services and of establishment and the principles of mutual recognition, home country control and the single licence. It also identifies issues in relation to electronic advertising, marketing and provision of financial services on a cross‐border basis. The paper seeks to show that existing and proposed Community legislation provides a framework for future development of this new medium:
Examines the combinations available to purchasers regarding theselection of suppliers (sources), e.g. the use of a single or two ormore (multiple) sources. Considers the…
Examines the combinations available to purchasers regarding the selection of suppliers (sources), e.g. the use of a single or two or more (multiple) sources. Considers the justification of either method in the context of reducing the uncertainty (risk) of a particular purchase. Illustrates the marketers view of sourcing and the differing sales tactics employed according to the suppliers′ preferences. Concludes that purchasers should examine uncertainty buying‐selling situations (UBSS) objectively with regard to their own organizations′ need criteria, e.g. cost and timeliness, this determining the relevant sourcing policy.
This study aims to research the effects of unemployment wages current account and consumer price index (CPI) on the real gross domestic product (RGDP), which, in the…
This study aims to research the effects of unemployment wages current account and consumer price index (CPI) on the real gross domestic product (RGDP), which, in the optimum currency area (OCA) theory, supposes that countries with higher factor mobility can significantly profit from the currency area. However, in this study, it is shown that the considered optimum currency crisis (OCC) model is affected by mobility factors, as the defined theory has not been perfectly realised in the Eurozone.
In this study, Breusch–Pagan–Godfrey and Lagrange multiplier (LM) tests are used for supporting the survey for better estimation of the panel cointegration tests, where Pedroni's (1995, 1997) technique is used. The unit root tests are employed, of which the Phillip–Perron and augmented Dickey–Fuller tests (unit root test, Dickey, D. and W. Fuller, 1979) are considered.
It can be concluded that demand shocks will tend to be more asymmetric instead of being symmetric, even though they are in the customs union (CU). However, Polish workers in a given scenario may move to Germany, but because of the rigidity of the labour market and qualification differences between workers, the interregional integration of member countries is reduced, and this reduces the absorption of asymmetric shocks. In Germany, where strong employment protection and rigidity are observed in comparison to Poland, although there has been historical migration and economical collaboration, unfortunately, the integration of the two countries’ economies has not been realised.
Quantitative research on fiscal union and the estimation of its effects is not possible because there is no practical experience of fiscal union throughout the European Union (EU). However, quantitative research is used for estimating the effects of OCA in the Eurozone. Quantitative investigation is particularly focused on the monetary union and single currency and its impact on growth rate. In this study, the ordinary least squares (OLS) method and panel cointegration test are employed for estimating the effects of the considered variables.
The Eurozone and the application of a single currency throughout the EU was a considerably difficult task. In addition, the adoption of a single currency was not easy for those member countries that fulfilled the “convergence criteria” (or “Maastricht criteria”) and who joined the Eurozone, because only adoption is not enough; maintenance of those criteria is also required. This study analysed the application of the Eurozone in the light of the OCA of Mundel's theory.
The OCA is important for member countries’ economic relations. However, the application of a single currency is not easy and needs to be controlled and regulated to ensure best practises throughout the Eurozone. Monetary integration is not a simple process, and Eurozone countries’ financial difficulties affect each other’s markets’ indifferent aspects. Particularly in any market recession, demand shocks tend to have different effects. Furthermore, in comparison to the monetary union, the CU has a considerable impact on trade enlargement.
In this study, the effects of the independent variables “wages, unemployment, CPI and capital flow” on the dependent variable “RGDP” is considered, which, in the OCA theory, supposes that countries with higher factor mobility can significantly profit from the currency area. In application, it was turned into crisis because of inadequate monetary and fiscal application. In this paper OCA is questioned in the light of the Eurozone for bringing better understanding to these difficulties. The considered model and estimations are used for evaluating to create sustainable monetary integration for economic growth.
Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination…
Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.
Reports on the findings of research undertaken at the University ofNottingham into Computing Services firms in the UK. The studyparticularly focuses on firms who are…
Reports on the findings of research undertaken at the University of Nottingham into Computing Services firms in the UK. The study particularly focuses on firms who are currently exporting to Germany. The implications of the European Single Market and the changes which will affect the Computing Services (CS) sector are discussed along with a full examination of the current state of the German market. Information from the research of successful entrants and results of interviews with the Department of Trade and Industry (DTI) have also been included. The development of the European Community′s policy, together with the views of successful organizations operating in the CS market, provide an insight into some of the factors influencing planning for 1992 and act as a useful starting point for new entrants. Finally, proposes guidelines for computing services firms intending to enter the German market.
The signing of the Single European Market Actin 1987 committed EC member states to theprinciples of establishing a single internal marketwithin which all barriers to trade…
The signing of the Single European Market Act in 1987 committed EC member states to the principles of establishing a single internal market within which all barriers to trade in services and manufacturing and obstacles to the movement of factors of production will be removed. In this context, the liberalisation of financial markets is assessed. Aspects of the present regulatory frameworking affecting suppliers of financial services are examined and the Commission′s proposals for the removal of technical barriers discussed. Some of the positive implications of these proposals for marketing strategies in the banking sector are considered.