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European Market (european + market)
Kinds of European Market Selected AbstractsBANK COMPETITION, CONCENTRATION AND EFFICIENCY IN THE SINGLE EUROPEAN MARKET,THE MANCHESTER SCHOOL, Issue 4 2006BARBARA CASU The deregulation of financial services in the European Union (EU), together with the establishment of the Economic and Monetary Union, aimed at the creation of a level playing-field in the provision of banking services across the EU. The plan was to remove entry barriers and to foster both competition and efficiency in national banking markets. However, one of the effects of the regulatory changes was to spur a trend towards consolidation, resulting in the recent wave of mergers and acquisitions. To investigate the impact of increased consolidation on the competitive conditions of the EU banking markets, we employ both structural (concentration ratios) and non-structural (Panzar,Rosse statistic) concentration measures. Using bank-level balance sheet data for the major EU banking markets, in a period following the introduction of the Single Banking Licence (1997,2003), this paper also investigates the factors that may influence the competitive conditions. Specifically, we control for differences in efficiency estimates, structural conditions and institutional characteristics. The results seem to suggest that the degree of concentration is not necessarily related to the degree of competition. We also find little evidence that more efficient banking systems are also more competitive. The relationship between competition and efficiency is not a straightforward one: increased competition has forced banks to become more efficient but increased efficiency does not seem to be fostering more competitive EU banking systems. [source] Securitization: The Transformation of Illiquid Financial Assets into Liquid Capital Market Securities Examples from the European MarketFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 3-4 2000Charles Austin Stone Since the benefits a firm can derive from securitization are universal, the discussion of a market bounded by national borders is somewhat artificial unless the focus is on constraints particular to the country which promote or inhibit the use of securitization. With the exception of the United Kingdom, regulatory constraints have been an important factor in slowing the development of a European market for asset and mortgage backed securities. In addition to the regulatory hurdles, securitization in Europe has been inhibited by segmented corporate bond markets and the relatively slow development of money market savings vehicles for households. Liquidity across credit spectrums has been enhanced since the introduction of the Euro, as has been the competition for savings. European companies are developing the ability to securitize even if the technique is not yet being widely exploited. What is the European market for mortgage and asset backed securities? Does it include the U.S. credit card banks, Citicorp, Chase, MBNA, and First USA that have refinanced U.S. credit card receivables in European currencies and in Euro? Does it include GMAC which has structured Swiss Franc and Euro ABS backed by its U.S. dealer floor plan loans? Does it include Japanese banks that have refinanced Yen denominated leases with Euro and Swiss Franc ABS? Does it include Barclays' issue of $1 billion of ABS backed by sterling credit card receivables? Of course the answer is yes. Markets are defined by both the supply and demand sides. Our analysis focuses on the supply side of the domestic European market. [source] Intra-firm trade in the context of European integration: evidence from the French multinational agribusinessAGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 1 2009Emmanuelle Chevassus-Lozza This article identifies the factors that lead multinational firms to internalize their international exchanges and aims to determine the impact of the implementation of the Single European Market on firms' strategies. We analyze the interaction between the microeconomic characteristics of firms and those of their environment because this interaction determines a multinational firm's decision to internalize trade. The empirical work is based on the ,industrial globalization' survey conducted by the French statistics institutes in 1993 and 1999. With regard to the French agri-food trade, there has been an increase in intra-firm (IFT) trade within the EU-15 borders and the European multinational networks. The main determinants of intra-firm trade are the firms' need to generate economies of scale and to protect and exploit their ,firm-specific advantages' related to the technology and nature of the product. The model sheds light on the role and the development of intra-regional networks of subsidiaries. [JEL classifications: F10, F14, F23]. © 2009 Wiley Periodicals, Inc. [source] Blood and Oranges: Immigrant Labor and European Markets in Rural Greece by Christopher M. LawrenceAMERICAN ETHNOLOGIST, Issue 1 2009THOMAS M. MALABY No abstract is available for this article. [source] FS11.1 Primula obconica , a falling allergenCONTACT DERMATITIS, Issue 3 2004Maureen Connolly Objective:, We believe the incidence of primula contact allergic dermatitis has fallen since the introduction of primin-free primula onto the European market and thus our study aims were twofold. Firstly to see if the incidence of primula contact allergic dermatitis was truly on the decline and secondly to confirm the presence and document retailers' knowledge and awareness of primin-free primula in the UK. Methods:, A questionnaire was sent to 22 contact dermatitis departments throughout the UK and Ireland looking at the number of primin positive patch tests in the years 1995/96, 1998, 2000 and 2002 compared with the total number of patch tests. 10 seed suppliers and 12 plant retailers were asked to complete a telephone survey. Results:, We showed a significant fall in the yearly incidence of contact allergy to primin from 0.785% in 1995/96 to 0.457% in 2002. This downward trend was statistically significant (p = 0.001). The telephone survey showed 90% of seed suppliers were aware that the older varieties of P. obconica could cause an allergic reaction whereas only 60% of them were aware that new primin-free varieties were now being bred. 50% of suppliers were in fact selling these primin-free varieties with 60% of them stocking a primin-free variety exclusively. 90% of retailers were not currently selling any variety of P. obconica. Conclusion:, Our study shows that the incidence of primula contact dermatitis is falling. The overall trend is moving towards primin-free varieties provided they continue to be horticulturally viable long term. [source] The New Corporate Vehicle Societas Europaea (SE): consequences for European corporate governanceCORPORATE GOVERNANCE, Issue 2 2007Caspar Rose This article presents an analysis of the newly created European company Societas Europaea (SE) focusing on the consequences for European corporate governance. The SE offers the possibility to organise the management of a SE as a one-tier, or alternatively a two-tier, system. It is argued that this flexibility will not result in a single board system prevailing in equilibrium, but instead this choice will be made depending on each firm's business environment. Thus, the SE gives the management the option to incorporate in another member state. As argued, this will, eventually, lay the ground for a European market for incorporations. Important issues such as investor protection and dual-class voting shares are also analysed. The most controversial topic in the creation process of the SE was the role of the employees. The article completes with a discussion of the employees' role in relation to the opponent doctrines of shareholder vs stakeholder value. [source] Weakening of one more alcohol control pillar: a review of the effects of the alcohol tax cuts in Finland in 2004ADDICTION, Issue 4 2009Pia Mäkelä ABSTRACT Aims To review the consequences of the changes in Finnish alcohol policy in 2004, when quotas for travellers' tax-free imports of alcoholic beverages from other European Union (EU) countries were abolished, Estonia joined the EU and excise duties on alcoholic beverages were reduced in Finland by one-third, on average. Design A review of published research and routinely available data. Setting Finland. Measurements Prices of alcoholic beverages, recorded and unrecorded alcohol consumption, data on criminality and other police statistics, alcohol-related deaths and hospitalizations, service use. Findings Alcohol consumption increased 10% in 2004, clearly more than in the early 2000s. With few exceptions, alcohol-related harms increased. Alcohol-induced liver disease deaths increased the most, by 46% in 2004,06 compared to 2001,03, which indicates a strong effect on pre-2004 heavy drinkers. Consumption and harms increased most among middle-aged and older segments of the population, and harms in the worst-off parts of the population in particular. Conclusions Alcohol taxation and alcohol prices affect consumption and related harms, and heavy drinkers are responsive to price. In Finland in 2004, the worst-off parts of the population paid the highest price in terms of health for cuts in alcohol prices. The removal of travellers' import quotas, which was an inherent part of creating the single European market, had serious public health consequences in Finland. [source] Conditioning Information and European Bond Fund PerformanceEUROPEAN FINANCIAL MANAGEMENT, Issue 2 2003Florinda Silva G11; G12; G14 In this paper we evaluate the performance of European bond funds using unconditional and conditional models. As conditioning information we use variables that we find to be useful in predicting bond returns in the European market. The results show that, in general, bond funds are not able to outperform passive strategies. These findings are robust to whatever model (unconditional versus conditional and single versus multi-index) we use. The multi-index model seems to add some explanatory power in relation to the single-index model. Furthermore, when we incorporate the predetermined information variables, we can observe a slight tendency towards better performance. This evidence is consistent with previous studies on stock funds and comes in support of the argument that conditional models might allow for a better assessment of performance. However, our results suggest that the impact of additional risk factors seems to be greater than the impact of incorporating predetermined information variables. [source] The creation of neo,liberal corporate bias in transnational medicines control: The Industrial shaping and interest dynamics of the European regulatory stateEUROPEAN JOURNAL OF POLITICAL RESEARCH, Issue 1 2001GRAHAM LEWIS Drawing on the political theories of corporatism, neo,liberalism and pluralism, and on comparative empirical research in Brussels, Germany, Sweden and the UK, this article conceptualises the nature of Europeanised medicines regulation. It argues that a marketisation of regulation has been established in the European Union as a result of competition between national regulatory agencies for ,regulatory business' from the pharmaceutical industry. In the pharmaceuticals sector the Europeanised regulatory state is a product of three key factors: (a) the European Commission's commitment to an ,efficiency' regime which would meet the political objectives of a single European market and the commercial agendas of transnational pharmaceutical companies, (b) the endemic corporate bias associated with medicines regulation in the most influential member states, and (c) the considerable success of neo,liberal politics across a number of major member states, including Germany, Sweden and the United Kingdom. [source] Securitization: The Transformation of Illiquid Financial Assets into Liquid Capital Market Securities Examples from the European MarketFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 3-4 2000Charles Austin Stone Since the benefits a firm can derive from securitization are universal, the discussion of a market bounded by national borders is somewhat artificial unless the focus is on constraints particular to the country which promote or inhibit the use of securitization. With the exception of the United Kingdom, regulatory constraints have been an important factor in slowing the development of a European market for asset and mortgage backed securities. In addition to the regulatory hurdles, securitization in Europe has been inhibited by segmented corporate bond markets and the relatively slow development of money market savings vehicles for households. Liquidity across credit spectrums has been enhanced since the introduction of the Euro, as has been the competition for savings. European companies are developing the ability to securitize even if the technique is not yet being widely exploited. What is the European market for mortgage and asset backed securities? Does it include the U.S. credit card banks, Citicorp, Chase, MBNA, and First USA that have refinanced U.S. credit card receivables in European currencies and in Euro? Does it include GMAC which has structured Swiss Franc and Euro ABS backed by its U.S. dealer floor plan loans? Does it include Japanese banks that have refinanced Yen denominated leases with Euro and Swiss Franc ABS? Does it include Barclays' issue of $1 billion of ABS backed by sterling credit card receivables? Of course the answer is yes. Markets are defined by both the supply and demand sides. Our analysis focuses on the supply side of the domestic European market. [source] The European Commission: The Limits of Centralization and the Perils of ParliamentarizationGOVERNANCE, Issue 3 2002Giandomenico MajoneArticle first published online: 17 DEC 200 The idea of an inevitable process of centralization in the European Community (EC)/European Union (EU) is a myth. Also, the metaphor of "creeping competences," with its suggestion of a surreptitious but continuous growth of the powers of the Commission, can be misleading. It is true that the functional scope of EC/EU competences has steadily increased, but the nature of new competences has changed dramatically, as may be seen from the evolution of the methods of harmonization. The original emphasis on total harmonization, which gives the Community exclusive competence over a given policy area, has been largely replaced by more flexible but less "communitarian" methods such as optional and minimum harmonization, reference to nonbinding technical standards, and mutual recognition. Finally, the treaties of Maastricht and Amsterdam explicitly excluded harmonization for most new competences. Thus, the expansion of the jurisdiction of the EC/EU has not automatically increased the powers of the Commission, but has actually weakened them in several respects. In addition, the progressive parliamentarization of the Commission risks compromising its credibility as an independent regulator, without necessarily enhancing its democratic legitimacy. Since the member states continue to oppose any centralization of regulatory powers, even in areas essential to the functioning of the internal market, the task of implementing Community policies should be entrusted to networks of independent national and European regulators, roughly modeled on the European System of Central Banks. The Commission would coordinate and monitor the activities of these networks in order to ensure the coherence of EC regulatory policies. More generally, it should bring its distinctive competence more clearly into focus by concentrating on the core business of ensuring the development and proper functioning of the single European market. This is a more modest role than that of the kernel of a future government of Europe, but it is essential to the credibility of the integration process and does not overstrain the limited financial and legitimacy resources available to the Commission. [source] Disciplinary Observance and Sanctions on German and Danish AuditorsINTERNATIONAL JOURNAL OF AUDITING, Issue 2 2002Reiner Quick This paper presents the results of a comparative study on disciplinary observance systems of the auditing profession within two member states of the European Union: Germany and Denmark. Disciplinary observance is an important factor in reducing the hidden action problem, but could also be used by the profession to signal quality. In Germany, the Wirtschaftsprüferkammer is the supervisory body which oversees compliance with standards and professional duties. It is entitled to sanction the minor violations of duties by auditors. Only more severe types of misbehaviour are dealt with by courts. In Denmark, a special court (Disciplinæernævn) is concerned with disciplinary actions against auditors. The results of this study will demonstrate that audit regulations and in particular disciplinary laws remain basically national, despite efforts to harmonise auditing. This study identifies characteristics of disciplinary systems common to both countries and provides information on the functioning of both systems that may be useful in a number of ways. The results presented might initiate a more systematic comparison of disciplinary systems within member states of the European Union, which would enhance institutional knowledge of the European market for auditing services. This in turn could promote the process of achieving a single European market for auditing services and thus reduce market inefficiencies. [source] The Durability of Managed Rivalry: Iran's Relations with Russia and the Saudi DimensionASIAN POLITICS AND POLICY, Issue 1 2009Mahjoob Zweiri Russia's Middle East policy faces a dilemma. On the one hand, Moscow maintains close, although frequently terse, ties with Iran, playing an important role in Iran's nuclear program and even using its position in the United Nations to shield Iran from harsh sanctions. In return, Moscow profits from the sales of arms and nuclear expertise, participates in Iran's energy sector, and may establish valuable cooperation on gas exports, both being obvious suppliers to the lucrative Western European market. On the other hand, Russia is also seeking to strengthen ties with Iran's neighbors, such as Saudi Arabia and Israel, many of whom see Tehran as the major threat to any nonproliferation regime in the region and recognize that Russian cooperation has increased the likelihood that Iran will acquire nuclear weapons. The impact on Russia's relationship with Saudi Arabia may be especially important to planners in Moscow. Saudi Arabia appears to be an increasingly willing client for Russian arms (and possibly also nuclear expertise), and Russia may value close relations with the next biggest oil exporter in the world. In the present study, we examine Russia's recent relations with Iran and Saudi Arabia and assess Russia's strategic position regarding the two countries. At the current time, Russia, as a permanent member of the U.N. Security Council and the primary source of technical cooperation with Tehran on the nuclear issue, is at the center of developments in the Middle East. How Moscow assesses its position in the Middle East, and whether it ultimately wishes to prioritize Riyadh or Tehran, could be central to the future stability of the region. [source] Fungal pathogens associated with melon collapse in Spain,EPPO BULLETIN, Issue 2 2000J. García-Jiménez Spain produces 43 200 ha of melons with a considerable export to European markets. In the last 10 years, melon cultivation in Spain has decreased more than 40% due mainly to collapse of the vines caused by soil-borne diseases. Serious economic losses have resulted. In order better to understand the aetiology of this disease, a survey of 217 melon fields throughout the melon production areas of Spain was conducted from 1987 to 1996 to analyse the fungal population associated with roots. In addition, the presence of melon necrotic spot carmovirus (MNSV) was studied in 93 fields. This virus is present mainly in southeastern Spain. The predominant fungal species isolated from 82.5% of sampled fields with symptoms of collapse was Acremonium cucurbitacearum. Roots affected by this fungus show corky brown areas soon after transplanting. Small secondary roots and root hairs become necrotic, although there is continuous production of new rootlets. This process continues until the late stages of the disease. As the fruits approach maturity, the entire plant wilts and dies. Other fungal species associated with melon collapse are: Monosporascus cannonballus (isolated from 29.5% of sampled fields), Macrophomina phaseolina (32.7%) and Rhizoctonia solani (31.8%). Of these, the incidence of M. cannonballus isolated from diseased melons has increased substantially over the past 10 years. Melon collapse in Spain is complex because several fungi capable of causing collapse of the vines are prevalent and often isolated from roots in the same field. In addition, other minor pathogens, such as Rhizopycnis vagum and Plectosporium tabacinum, are frequently isolated from symptomatic vines and may also contribute to the death of the plants. [source] Dimensions of quality upgradingTHE ECONOMICS OF TRANSITION, Issue 1 2005Evidence from CEECs Abstract The impact of the Central and Eastern European (CEE) economies' trade integration with European markets on CEE trade structures has been studied extensively. These studies frequently observe a quality upgrading of CEE exports. In this paper we consider three dimensions of quality upgrading: upgrading across industries, upgrading across different quality segments within industries and, finally, product upgrading within quality segments inside industries. For the analysis we partition industries into quality segments based on EU-15 import unit values. The results for ten CEE countries (comprising the CEE-5, the Baltics and South East Europe) and thirteen industries suggest fundamental differences, both across country groups and across the three different notions of quality upgrading. The CEE-5 show no evidence of entering a ,low-quality trap' in all three dimensions. By contrast, while there is a general catching-up process across industries and inside quality segments, the second notion of low-quality specialization may be applicable within the high-tech industries to the performance for the Baltics and South East Europe as a group. [source] The economic value of volatility transmission between the stock and bond marketsTHE JOURNAL OF FUTURES MARKETS, Issue 11 2008Helena Chuliá This study has two main objectives. Firstly, volatility transmission between stocks and bonds in European markets is studied using the two most important financial assets in these fields: the DJ Euro Stoxx 50 index futures contract and the Euro Bund futures contract. Secondly, a trading rule for the major European futures contracts is designed. This rule can be applied to different markets and assets to analyze the economic significance of volatility spillovers observed between them. The results indicate that volatility spillovers take place in both directions and that the stock-bond trading rule offers very profitable returns after transaction costs. These results have important implications for portfolio management and asset allocation. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:1066,1094, 2008 [source] Customization of Product Technology and International New Product Success: Mediating Effects of New Product Development and Rollout TimelinessTHE JOURNAL OF PRODUCT INNOVATION MANAGEMENT, Issue 4 2000George M. Chryssochoidis Offering a standardized product for different country markets may enable companies to accomplish fast product development and multicountry rollout, whereas also enjoying substantial cost benefits. However, not all manufacturers serving multicountry markets can adopt a standardized product strategy. Where technological requirements, standards, and approval procedures vary substantially across countries, manufacturers invariably must adapt the product's technology to fit individual country requirements. Extensive customization may lead to longer new product development and rollout times and increase the likelihood of delays in the entire project, hence adversely affecting overall new product outcome. This study examines the relationships between product technology customization, the timeliness in completion of both the new product development effort and international market launches, and new product success. The study that reports on new product launches across European markets, is based on personal interviews with senior managers in 30 multinational companies. The authors show that timeliness in new product development and timeliness in rolling out the new product into different country markets mediate the link between product technology customization and overall new product success. Customization of product technology increases the likelihood of delays in the completion of new product development projects and multicountry rollout. Additionally, the timeliness in new product development mediates the relationship between product technology customization and timeliness in international new product rollout. This means that if the NPD project runs behind schedule, a fault-free multicountry rollout program becomes increasingly unlikely, as problems encountered during product development spillover into the rollout program. The results imply that international product managers must assign greater priority to assessing the relative advantages of customizing new product technology and to consider the timing implications for both the NPD effort and subsequent rollout. Managers must set realistic schedules and allocate sufficient resources to ensure both tasks can be accomplished within planned time scales. Finally, managers should not underestimate the complexities and time involved in customizing new product technologies, including the completion of disparate country technical approval procedures. [source] | ||||||||||||||||||||||||||||