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Market Circumstances (market + circumstance)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	100%

Selected Abstracts

Indexing, cointegration and equity market regimes

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 3 2005
Carol Alexander
Abstract This paper examines, from a market efficiency perspective, the performance of a simple dynamic equity indexing strategy based on cointegration. A consistent ,abnormal' return in excess of the benchmark is demonstrated over different time horizons and in different real world and simulated stock markets. A measure of stock price dispersion is shown to be a leading indicator for the abnormal return and their relationship is modelled as a Markov switching process of two market regimes. We find that the entire abnormal return is associated with the high volatility regime as the indexing model implicitly adopts a strategic position that pays off during market crashes, whilst effectively tracking the benchmark in normal market circumstances. Therefore we find no evidence of market inefficiency. Nevertheless our results have implications for equity fund managers: we show how, without any stock selection, solely through a smart optimization that has an implicit element of market timing, the benchmark performance can be significantly enhanced. Copyright © 2005 John Wiley & Sons, Ltd. [source]

How Segmented are Skilled and Unskilled Labour Markets: the Case of Beveridge Curves

AUSTRALIAN ECONOMIC PAPERS, Issue 3 2003
Lei Lei Song
This paper tests whether there is evidence that two distinct Beveridge curves for the skilled and unskilled aggregate markets exist. The results support the hypothesis and specifically find that the unskilled labour segment is less efficient at matching workers with jobs, primarily due to higher labour turnover rates. Higher turnover rates can be indicative of a poor match between employers' and jobseekers' expectations. The results also indicate that other shift variables, such as the replacement rate, the incidence of long-term unemployment, the immigration rate and the market circumstances in the skilled segment were only important for the unskilled segment. [source]

Unequal Japan: Conservative Corporatism and Labour Market Disparities

BRITISH JOURNAL OF INDUSTRIAL RELATIONS, Issue 1 2010
Ji-Whan Yun
The majority of the literature on the increasing labour market disparities in Japan has attributed the trend to changing market circumstances or new government policies. However, this article claims that widening income disparities, especially between regular and non-regular workers, are more deeply rooted in the nature of Japan's policy-making mechanism. Combining industrial actors' conservative orientation towards dual labour markets and their corporatist interactions for policy making, this article argues that Japan's disparity problem has originated from its ,conservative corporatism'. The article presents the manner in which conservative corporatism has widened the disparities in employment security and welfare benefits. [source]

Sustained Monopolistic Business Relationships: An Interdisciplinarity Case

BRITISH JOURNAL OF MANAGEMENT, Issue 4 2003
Andrew Humphries
Business-to-business relationships within sustained monopolies, such as those within UK defence procurement, have received scant attention by management researchers. This is unusual because under these market circumstances there appear to be few incentives to achieve mutually beneficial outcomes despite their strategic policy importance. This paper argues that an understanding of the monopolistic environment using a transaction cost economics theoretical framework and supply-chain management, relationship marketing and transaction cost economics concepts provides an innovative, interdisciplinarity approach to solving this problem as well as testing aspects of these disciplines empirically in a novel area. This paper describes the results from a substantial research project to test this hypothesis in the UK defence procurement situation. It reveals a number of key dynamics within the sustained monopolistic relationships surveyed and suggests considerable potential for further research. [source]