116,889 research outputs found
How managers can build trust in strategic alliances: a meta-analysis on the central trust-building mechanisms
Trust is an important driver of superior alliance performance. Alliance managers are influential in this regard because trust requires active involvement, commitment and the dedicated support of the key actors involved in the strategic alliance. Despite the importance of trust for explaining alliance performance, little effort has been made to systematically investigate the mechanisms that managers can use to purposefully create trust in strategic alliances. We use Parkhe’s (1998b) theoretical framework to derive nine hypotheses that distinguish between process-based, characteristic-based and institutional-based trust-building mechanisms. Our meta-analysis of 64 empirical studies shows that trust is strongly related to alliance performance. Process-based mechanisms are more important for building trust than characteristic- and institutional-based mechanisms. The effects of prior ties and asset specificity are not as strong as expected and the impact of safeguards on trust is not well understood. Overall, theoretical trust research has outpaced empirical research by far and promising opportunities for future empirical research exist
Novel and topical business news and their impact on stock market activities
We propose an indicator to measure the degree to which a particular news
article is novel, as well as an indicator to measure the degree to which a
particular news item attracts attention from investors. The novelty measure is
obtained by comparing the extent to which a particular news article is similar
to earlier news articles, and an article is regarded as novel if there was no
similar article before it. On the other hand, we say a news item receives a lot
of attention and thus is highly topical if it is simultaneously reported by
many news agencies and read by many investors who receive news from those
agencies. The topicality measure for a news item is obtained by counting the
number of news articles whose content is similar to an original news article
but which are delivered by other news agencies. To check the performance of the
indicators, we empirically examine how these indicators are correlated with
intraday financial market indicators such as the number of transactions and
price volatility. Specifically, we use a dataset consisting of over 90 million
business news articles reported in English and a dataset consisting of
minute-by-minute stock prices on the New York Stock Exchange and the NASDAQ
Stock Market from 2003 to 2014, and show that stock prices and transaction
volumes exhibited a significant response to a news article when it is novel and
topical.Comment: 8 pages, 6 figures, 2 table
Behavior of realized volatility and correlation in exchange markets
We study time-varying realized volatility and related correlation measures as proxies for the true volatility and correlation. We investigate measures of Two-Scale realized Absolute Volatility (TSAV) and correlation (TSACORxy) which are helpful to cope effectively with the problem of market microstructure effects at very high frequency financial time series. The measures are constructed based on subsampling and averaging method so that they possess rather less bias even in presence of market microstructure noise. Absolute transformation of return values has been proved in literature to be more robust than squared transformation when considering large values. With respect to some stylized facts of markets, realized squared correlation does not display dynamic behavior. Motivated by robustness of realized absolute volatility, we study an alternative measure of correlation, built on absolute-transformed volatility. This measure of correlation exhibits experimentally some dynamics and hence some predictability capability on minute-by-minute frequency exchange market data. We show that the distribution of realized correlation series computed based on TSACORxy tends to comply a rightward asymmetric shape implying that upside co-movements are greater than downside ones. Moreover we study the association between realized volatility and correlation. According to the two-scale measure, our findings empirically suggest that when returns in Euro/USD exchange rate are highly volatile, the relation between Euro/USD and Euro/GBP exchange markets is strong, and when Euro/USD calms down, the relationship relaxes.Realized Volatility and Correlation, Long Memory, Scaling Law, Self-Similarity Dimension, Market Microstructure Effects.
Collaborative OLAP with Tag Clouds: Web 2.0 OLAP Formalism and Experimental Evaluation
Increasingly, business projects are ephemeral. New Business Intelligence
tools must support ad-lib data sources and quick perusal. Meanwhile, tag clouds
are a popular community-driven visualization technique. Hence, we investigate
tag-cloud views with support for OLAP operations such as roll-ups, slices,
dices, clustering, and drill-downs. As a case study, we implemented an
application where users can upload data and immediately navigate through its ad
hoc dimensions. To support social networking, views can be easily shared and
embedded in other Web sites. Algorithmically, our tag-cloud views are
approximate range top-k queries over spontaneous data cubes. We present
experimental evidence that iceberg cuboids provide adequate online
approximations. We benchmark several browser-oblivious tag-cloud layout
optimizations.Comment: Software at https://github.com/lemire/OLAPTagClou
Trade and Business Cycle Synchronization in OECD Countries - a Re-examination
This paper re-examines the relationship between trade intensity and business cycle synchronization for 21 OECD countries during 1970-2003. Instead of using instrumental variables, we estimate a multivariate model including variables capturing specialisation, financial integration, and similarity of economic policies. We confirm that trade intensity affects business cycle synchronization, but the effect is much smaller than previously reported. Other factors in our model have a similar impact on business cycle synchronization as trade intensity. Finally, we find that the effect of trade on business cycle synchronisation is not driven by outliers and does not suffer from parameter heterogeneity.business cycles, trade, synchronization of business cycles
Web Service Discovery Based on Past User Experience
Web service technology provides a way for simplifying interoperability among different organizations. A piece of functionality available as a web service can be involved in a new business process. Given the steadily growing number of available web services, it is hard for developers to find services appropriate for their needs. The main research efforts in this area are oriented on developing a mechanism for semantic web service description and matching. In this paper, we present an alternative approach for supporting users in web service discovery. Our system implements the implicit culture approach for recommending web services to developers based on the history of decisions made by other developers with similar needs. We explain the main ideas underlying our approach and report on experimental results
Markovian approximation in foreign exchange markets
In this paper we test the random walk hypothesis on the high frequency
dataset of the bid--ask Deutschemark/US dollar exchange rate quotes registered
by the inter-bank Reuters network over the period October 1, 1992 to September
30, 1993. Then we propose a stochastic model for price variation which is able
to describe some important features of the exchange market behavior. Besides
the usual correlation analysis we have verified the validity of this model by
means of other approaches inspired by information theory . These techniques are
not only severe tests of the approximation but also evidence some aspects of
the data series which have a clear financial relevance.Comment: 19 pages, LaTeX, uses elsart.cls and JournalOfFinance.sty, 7 eps
figures, submitted to J. of Int. Money and Financ
Policies And International Integration: Influences On Trade And Foreign Direct Investment
This paper assesses the importance of border and non-border policies for global economic integration. The focus is on four widely-advocated policies: removing explicit restrictions to trade and FDI; promoting domestic competition; improving the adaptability of labour markets; and ensuring adequate levels of infrastructure capital. The analysis covers FDI and trade in both goods and services, thus aiming to account for the most important channels of globalisation and dealing with most modes of cross-border services supply. It first describes trends in trade, FDI and the four sets of policies using a large set of structural policy indicators recently constructed by the OECD, including the new summary indicators for FDI-specific regulations described in Golub (2003). It then estimates the impact of policies on bilateral trade and bilateral and multilateral FDI. The results highlight that, despite extensive liberalisation over the past two decades, there is scope for further reducing policy barriers to integration of OECD markets. Remaining barriers have a significant impact on trade and FDI, with anticompetitive domestic regulations and restrictive labour market arrangements estimated to curb integration as much as explicit trade and FDI restrictions. Simulating the removal of such barriers suggests that the quantitative effects of further liberalisation of trade, FDI and domestic product and labour markets on global integration could be substantial
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