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Market Levels (market + level)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	75%

Selected Abstracts

Risk reduction and real estate portfolio size

MANAGERIAL AND DECISION ECONOMICS, Issue 7 2001
Peter J. Byrne
There is remarkably little empirical evidence of the advantages of increased size on risk levels in real estate portfolios based on actual portfolios. This paper improves this by examining the portfolio risk of a large sample of actual real estate data in the UK over the period from 1981 to 1996. The results show that real estate portfolios of larger sizes tend, on average, to have lower risks than smaller sized portfolios and, more importantly, that portfolios with only a few assets can have very high or very low risk. For fund managers to be confident that their portfolio will have a risk level like the average, they need to hold portfolios of a considerably greater size than they might expect, or can sensibly acquire. Previous studies suggesting that only 20,40 properties are needed to reduce the risk of a property portfolio down to the market level are a significant underestimate. The actual figure is likely to be 400,500 properties, well above that of even the largest fund in the UK. Size alone does not necessarily lead to a reduction in portfolio risk. Other factors are of greater importance. Copyright © 2001 John Wiley & Sons, Ltd. [source]

Small producers, supermarkets, and the role of intermediaries in Turkey's fresh fruit and vegetable market

AGRICULTURAL ECONOMICS, Issue 2009
Céline Bignebat
Supermarkets; Small farmers; Fresh fruit and vegetables; Turkey Abstract A wide range of empirical studies show the extent to which the rise of supermarkets in developing countries transforms domestic marketing channels. In many countries, the exclusion of small producers from so-called dynamic marketing channels (that is, remunerative ones) has become a concern. Based on data collected in Turkey in 2007 at the producer and the wholesale market levels, we show that intermediaries are important to understanding the impact of downstream restructuring (supermarkets) on upstream decisions (producers). Results show first that producers are not aware of the final buyer of their produce, because intermediaries hinder the visibility of the marketing channel, thereby restricting a producer's choice to that of the first intermediary. Econometric results show that producers who are indirectly linked to the supermarkets are more sensitive to their requirements in terms of quality and packaging than to the price premia compensating the effort made to meet standards. Therefore, the results lead us to question the role of the wholesale market agents who act as a buffer in the chain and protect small producers from negative shocks, but who stop positive shocks as well, and thereby reduce incentives. [source]

The Rise and Decline of an International Zinc and Lead Cartel, 1945,75

AUSTRALIAN ECONOMIC HISTORY REVIEW, Issue 3 2000
Kosmas Tsokhas
From the late 1940s to the early 1970s major firms in the international zinc and lead industries organized cartels to stabilize the prices of the metals at above market levels. The attempts of the Zinc Producers Group and the Lead Producers Group to secure above-market-level prices met with limited success because of divisions within each cartel over strategy, the large number of producers and source countries, and the lack of international market power and comprehensive vertical integration. Limited barriers to entry, external competition, and the impact of anti-monopoly and restrictive trade practices legislation further weakened the cartels. [source]

COURNOT OLIGOPOLY UNDER STRATEGIC UNCERTAINTY WITH OPTIMISTIC AND PESSIMISTIC FIRMS

METROECONOMICA, Issue 3 2005
Fulvio Fontini
ABSTRACT In this paper the Cournot oligopoly under uncertainty is analyzed by means of the Choquet Expected Utility (CEU) theory. Firms are supposed to be either optimistic (CEU maximizers who hold concave capacities) or pessimistic (convex capacities). Reaction functions, equilibrium quantities, prices and profits are derived and compared for different degrees of uncertainty and uncertainty attitude (optimism or pessimism). It is proved that optimists make higher profits than pessimists whenever uncertainty is sufficiently low. If it is high just optimists participate in the market making losses. An interpretation of the main results in terms of the market's level of maturity is provided. [source]