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A Longitudinal Categorization of US Airline Industry via Dynamic Stock Return Method
Issue:
Volume 6, Issue 2, April 2018
Pages:
35-42
Received:
20 February 2018
Accepted:
11 March 2018
Published:
2 April 2018
Abstract: In this exploratory paper, the dynamic stock return method (DSRM) initially proposed as an effective and replicable method by [14], [4], [5], [6] is deliberately applied to the US airline industry over the period from 1979 to 1992 (14 years). The longitudinal categorization or strategic group (SG) results from the DSRM show good face validity. They are consistent with the industry’s fact-based historical progress. We also observe that the operational measures such as market share or productivity tend to support the grouping results. Furthermore, the results of 15- and 7-year analysis of relative closeness of stock responsive movements between two representative airline firms (American and Hawaiian airlines, respectively) could be inferred that the SGs derived from the DSRM are valid and robust over a longer time span. We conclude that the DSRM could be a good alternative instrument for the longitudinal study of industry substructure.
Abstract: In this exploratory paper, the dynamic stock return method (DSRM) initially proposed as an effective and replicable method by [14], [4], [5], [6] is deliberately applied to the US airline industry over the period from 1979 to 1992 (14 years). The longitudinal categorization or strategic group (SG) results from the DSRM show good face validity. They...
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Analysis of the Influence of Local Government’s Behavior and Preference on Industrial Agglomeration Under Chinese Promotion Game
Issue:
Volume 6, Issue 2, April 2018
Pages:
43-53
Received:
7 March 2018
Accepted:
21 March 2018
Published:
13 April 2018
Abstract: Research content: Based on the framework of Chinese-style promotion game, a theoretical model to describe how local government behavior and preference affect agglomeration is made up, and empirical evidence is provided based on the samples from 282 cities in China. Innovation: Taking industrial connections as the grasp of the hand, different effects of local government behavior and preference on the agglomeration of manufacturing industry and production service industry are identified, which provides a new perspective for the explanation of the causes of agglomeration economy in China. Main conclusions: (1) In the Chinese promotion game, local government officials will promote local manufacturing industry agglomeration and producer services industry agglomeration for the maximization of their promotion profits, but prefer to promote manufacturing industry agglomeration. (2) The connection between producer services industry and manufacturing industry, and the connection within manufacturing industries will affect local governments’ industry selection preference, the former can induce local governments to tend to pull up the agglomeration of producer services industry, the latter can induce local governments to tend to pull up the manufacturing industry agglomeration.
Abstract: Research content: Based on the framework of Chinese-style promotion game, a theoretical model to describe how local government behavior and preference affect agglomeration is made up, and empirical evidence is provided based on the samples from 282 cities in China. Innovation: Taking industrial connections as the grasp of the hand, different effect...
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An Artificial Stock Market Based on Soft Control Theory
Issue:
Volume 6, Issue 2, April 2018
Pages:
54-59
Received:
26 April 2018
Published:
27 April 2018
Abstract: In this study, we consider the simple but typical artificial stock market model proposed by LeBaron, B. et al.: each trader makes decision by maximizing the same utility function. We constructed a multi-agents artificial market model and investigated the effect of control traders among traders on price shock transfer from one asset to the whole market. The model is composed of two sorts of asset: price stocks and its underlying stocks. Our simulation featured two types of agent: control trader and ordinary traders. Control trader, who owns enough wealth, can intervene in the trading behavior of the group by applying the trading rule: trade when the stock price deviates from preset value. The traders in the artificial stock market reproduce their stylized facts related mainly to information asymmetry and herd behavior, which reduces the volatility of the stock market. The implications for market rules are discussed. From simulations of various trading strategies of control traders, we found the stock price can be controlled by control traders with certain strategies. The simulation results demonstrate the effectiveness of the method.
Abstract: In this study, we consider the simple but typical artificial stock market model proposed by LeBaron, B. et al.: each trader makes decision by maximizing the same utility function. We constructed a multi-agents artificial market model and investigated the effect of control traders among traders on price shock transfer from one asset to the whole mar...
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Effect of Internet Banking on Operational Performance of Commercial Banks in Nakuru County, Kenya
Hussein Mohamed Abdullai,
Elyjoy Muthoni Micheni
Issue:
Volume 6, Issue 2, April 2018
Pages:
60-65
Received:
10 January 2018
Accepted:
27 March 2018
Published:
5 May 2018
Abstract: The purpose of this paper was to investigate the effect of internet banking on operational performance of commercial banks in Nakuru County, Kenya. The study was guided by the research objective: to investigate the effect of internet banking on operational performance of commercial banks in Nakuru County. The study employed the following theories namely: Bank-Focused Theory and The Technology Acceptance Model (TAM). This study adopted a cross-sectional research design. A cross-sectional research design is a research approach in which the researchers investigate the state of affairs in a population at a certain point in time. Very often, the elements in the sample survey are selected at random to make inference about the population as a whole [21]. The study population comprised of 56 employees of the commercial banks. Since the banks are few, the study adopted a census survey. Data was collected using structured questionnaires. A pilot study was conducted in Uasin Gishu County to determine validity of the research instruments where Cronbach’s alpha coefficient (0.7) was employed. Data was analyzed using correlation and regression analysis. The study established that internet banking has a positive significant effect on operational performance of the commercial banks. The study recommends that managements of commercial banks should invest in internet banking as it positively influences operational performance. The study suggests that further studies should be conducted to establish the effect of internet banking on operational performance in other sectors other than banking as the study focused only on commercial banks in order to establish whether internet banking does affect their operational performance.
Abstract: The purpose of this paper was to investigate the effect of internet banking on operational performance of commercial banks in Nakuru County, Kenya. The study was guided by the research objective: to investigate the effect of internet banking on operational performance of commercial banks in Nakuru County. The study employed the following theories n...
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Export and Import Demand Functions of Bangladesh: A Disaggregated Approach
Mohammad Monirul Islam Sarker
Issue:
Volume 6, Issue 2, April 2018
Pages:
66-74
Received:
22 March 2018
Accepted:
8 April 2018
Published:
18 May 2018
Abstract: This study attempts to estimate the export and import demand functions of Bangladesh on a bilateral basis by using annual data from 1995-2015, Johansen cointegration test approach and vector error correction mechanism. The estimated results identify income as an influential determinant of both export and import demand of Bangladesh, while the influence of price is very limited. The price effect appears limited because Bangladesh’s export prices for garments are already absolutely low, so changes in prices are less significant; while for imports, the impact of trade liberalization has been greater than changing world prices.
Abstract: This study attempts to estimate the export and import demand functions of Bangladesh on a bilateral basis by using annual data from 1995-2015, Johansen cointegration test approach and vector error correction mechanism. The estimated results identify income as an influential determinant of both export and import demand of Bangladesh, while the influ...
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