Suchergebnisse

AbstractThe objective of this study is to analyze the degree of long‐term and short‐term co‐movements in the stock markets of five ASEAN countries and to shed some light on the long‐term and short‐term market efficiency/inefficiency in the region. We observe a long‐run relationship among the stock markets of Indonesia, Malaysia, Singapore, and Thailand, but the Philippine market does not share this relationship. Thus, four cointegrated markets reveal long‐term market inefficiency in the region but the Philippine market can be considered efficient. Next, given that the four indices are cointegrated, the number of common cycles are investigated in these markets and each stock index series is decomposed into its trend and cyclical components. The trend–cycle decomposition reveals that in the short‐run four ASEAN markets can be categorized into two efficient groups, i.e., Malaysian and Singaporean markets in one group and Indonesian and Thai markets in the other. However, the markets within each group are inefficient.

AbstractThis study investigates the short‐run and long‐run relationships among stock indices of the US, Europe, Asia, Latin America, and Eastern Europe–Middle East for the pre‐Asian crisis and for the crisis period. The findings from these two periods are compared and contrasted. No long‐run relationship is observed among these indices during the pre‐Asian crisis period. However, during the crisis period, one significant cointegrating vector is observed and more short‐run (i.e., causal) relations are observed in this period as compared to the pre‐crisis period. Based on the analysis, we infer that during the Asian crisis period, the globalization increased and only the European markets directly effected the US market, while the other regional markets indirectly influenced the US market via the European market. As regards the effect of shocks, we observe that during the pre‐Asian crisis period, the response of all regional markets to shocks in other markets is transitory, whereas during the crisis period, the response of the US stock market is transitory but that of EU market is permanent to all other markets.

It is the flow of capital services, instead of the capital stock, along with the flows of other inputs, which is related to the flows of outputs in economic theory of cost and production. In applied research, quite often to capture the dynamic phenomena which occur within a year, there is a need to use quarterly data which may not be captured by annual data. However, quarterly data on capital input and the cost of capital are not readily available. Thus, in this paper the quarterly real and nominal aggregate net capital stock, flow of capital services (capital input), and the user cost of capital are constructed from 1948: I to 1993: IV. In the aggregation of net capital stock, we have combined four categories, i.e., nonresidential structures, nonresidential producers' durable equipment, residential structures and equipment, and business inventories. Following Jorgenson et al. [12], we then constructed aggregate capital input by using the Tornqvist aggregation index over these four categories. Finally, the composite cost of capital is obtained by dividing the revenue of capital by the aggregate capital input.

The context information is an intriguing aspect of decision making. The context-awareness can be useful in the ad hoc networks in which nodes are mobile, and the conditions are dynamic. In ad hoc networks, routing protocols are intended to discover the route over multi-hop wireless links under varying conditions. The context-awareness can assist the routing protocols in determining the appropriate path. This paper investigates into choosing the appropriate route by applying the context information and presents the approach to improve the decision making and the quality of the route. We consider nodes, connecting links, and different layers as the context. The paper introduces the scalability and flexibility in the set of parameters that govern the eminence of the node inter-connection that, in turn, influences the overall quality of the route. We propose the context-aware dynamic routing protocol (CADR) and present the approach, algorithm, and analysis. We simulate the protocol by taking the flexible combination of the context attributes and the values, also compares the performance with AODV. The simulation results show that the protocol chooses the appropriate route as per the considered attributes and weight, and provide the enhanced performance

Successful Enterprise Resource Planning (ERP) implementations are a boon for organisations. However, there have been many instances of failed ERP implementations globally resulting in millions of wasted dollars. It is vital to learn from past ERP implementations so that such expensive mistakes are not recurrent. This qualitative exploratory case study aims to explore and document the lessons learned from ERP implementations in an Australian global natural resources company to mitigate such problems in the future. A single case study was conducted with the aim to understand experiences from different sites of the company that have already undergone proprietary ERP system implementation. Data was collected through interviews of key participants who were involved in the implementation. Analysis of the interviews has resulted in comprehensive lessons learned around the project focus areas. Finally, ten tips, divided in 4 categories i.e. People, Strategy, Technology and Management have been identified, to guide future ERP implementations and increase chances of success.

Abstract: This study examines the impact of (real) demand shocks, (aggregate) supply shocks, and monetary shocks on real exchange rates in 13 West African countries. We observe that the real demand shocks explain most of the fluctuations in real exchange rates in all these countries. Accordingly, policymakers should adopt a careful demand management strategy by controlling government expenditure and taxes.

PurposeThis paper aims to investigate the presence of currency substitution in eight African countries.Design/methodology/approachThis study investigates the presence of currency substitution in eight African countries – Egypt, Morocco, Nigeria, Ghana, Kenya, South Africa, Tunisia and Zambia – for the period 1976 to 2005 using both regional and US dollar as anchor currencies.FindingsThe paper finds that currency substitution is prevalent in Ghana and Nigeria when CFA franc is used as an anchor currency. However, when US dollar is used as an anchor currency there is no evidence of currency substitution in Ghana, but the presence of currency substitution in Nigeria is still observed. The paper also finds the presence of currency substitution in South Africa, but not in Egypt when the US dollar is the anchor currency. For Kenya, Tunisia and Zambia there is no evidence of currency substitution irrespective of the anchor currencies considered. In the case of Morocco, no evidence of currency substitution is observed when the Egyptian pound is used as anchor currency, but there is weak evidence of currency substitution when the US dollar is considered.Originality/valueThis paper provides useful information on the presence of currency substitution in African countries.