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  • 1.
    Altaf, Saadia
    et al.
    University of Skövde, School of Technology and Society.
    Cospormac, Ghenadie
    University of Skövde, School of Technology and Society.
    Demutualization of stock exchanges: A case study : London Stock Exchange and Hong Kong Stock Exchange2009Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The focus of this study is to evaluate the impact of corporate ownership structure on the overall performance of stock exchanges. This study distinguishes in particular mutual versus demutualized ownership. London Stock Exchange and Hong Kong Stock Exchange are chosen as study cases, because London Stock Exchange is one of the world leading stock exchanges and Hong Kong Stock Exchange is definitely one of the most important emerging market stock exchanges. That is why the results obtained by comparing these two stock exchanges could serve as good indicator in understanding the effects of demutualization process on the whole stock exchange sector and retain the subtle differences in micro-behavior of the stock exchanges undergone the same transformation.

    In this paper the simple descriptive statistics is used as the method of analysis, in association to a profound review of the literature in this area. The data illuminate the fact that demutualized stock exchanges hold a stronger operating performance and a better performance in term of shareholder’s return than mutual exchanges. The result is generally in line with the basic theories in the area of corporate governance and empirical studies in this specific area like Aggarwal (2006), Mendiola and O’Hara (2003) and Hart and Moore (1996).

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  • 2.
    Athanasopoulos, George
    et al.
    Department of Econometrics and Business Statistics, Monash University, Australia.
    Hyndman, Rob. J.
    Department of Econometrics and Business Statistics, Monash University, Australia.
    Kourentzes, Nikolaos
    epartment of Management Science, Lancaster University Management School, United Kingdom.
    Petropoulos, Fotios
    Information, Decision and Operations Division, School of Management, University of Bath, United Kingdom.
    Forecasting with temporal hierarchies2017In: European Journal of Operational Research, ISSN 0377-2217, E-ISSN 1872-6860, Vol. 262, no 1, p. 60-74Article in journal (Refereed)
    Abstract [en]

    This paper introduces the concept of Temporal Hierarchies for time series forecasting. A temporal hierarchy can be constructed for any time series by means of non-overlapping temporal aggregation. Predictions constructed at all aggregation levels are combined with the proposed framework to result in temporally reconciled, accurate and robust forecasts. The implied combination mitigates modelling uncertainty, while the reconciled nature of the forecasts results in a unified prediction that supports aligned decisions at different planning horizons: from short-term operational up to long-term strategic planning. The proposed methodology is independent of forecasting models. It can embed high level managerial forecasts that incorporate complex and unstructured information with lower level statistical forecasts. Our results show that forecasting with temporal hierarchies increases accuracy over conventional forecasting, particularly under increased modelling uncertainty. We discuss organisational implications of the temporally reconciled forecasts using a case study of Accident & Emergency departments. 

  • 3.
    Barrow, Devon K.
    et al.
    School of Strategy and Leadership, Faculty of Business and Law, Coventry University, Coventry, West Midlands, United Kingdom.
    Kourentzes, Nikolaos
    Lancaster University Management School, Department of Management Science, Lancaster, United Kingdom.
    Distributions of forecasting errors of forecast combinations: Implications for inventory management2016In: International Journal of Production Economics, ISSN 0925-5273, E-ISSN 1873-7579, Vol. 177, p. 24-33Article in journal (Refereed)
    Abstract [en]

    Inventory control systems rely on accurate and robust forecasts of future demand to support decisions such as setting of safety stocks. The combination of multiple forecasts is shown to be effective not only in reducing forecast errors, but also in being less sensitive to limitations of a single model. Research on forecast combination has primarily focused on improving accuracy, largely ignoring the overall shape and distribution of forecast errors. Nonetheless, these are essential for managing the level of aversion to risk and uncertainty for companies. This study examines the forecast error distributions of base and combination forecasts and their implications for inventory performance. It explores whether forecast combinations transform the forecast error distribution towards desired properties for safety stock calculations, typically based on the assumption of normally distributed errors and unbiased forecasts. In addition, it considers the similarity between in- and out-of-sample characteristics of such errors and the impact of different lead times. The effects of established combination methods are explored empirically using a representative set of forecasting methods and a dataset of 229 weekly demand series from a leading household and personal care UK manufacturer. Findings suggest that forecast combinations make the in- and out-of-sample behaviour more consistent, requiring less safety stock on average than base forecasts. Furthermore we find that using in-sample empirical error distributions of combined forecasts approximates well the out-of-sample ones, in contrast to base forecasts. 

  • 4.
    Bilgiç, Emrah
    University of Skövde, School of Technology and Society.
    Causal relationship between Foreign Direct Investment and Economic Growth in Turkey2007Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Although there is a considerable evidence on the link between Foreign Direct Investment (FDI) and economic growth in developing countries, the causal relationship of these two variables still remains an important question. This study attempts to examine the possible causal relationship between FDI and economic growth in Turkey, during the period 1992 (Quarter 2) – 2006 (Quarter 3). We employed the Johansen Cointegration and Granger Causality tests for detecting the long run or short run causality. Our results showed that there is no long run relationship between the variables, which led us to search the causality in the short run. However we couldn’t find any evidence for a causality running from FDI to economic growth or economic growth to FDI in Turkey.

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  • 5.
    Buryla, Eliza
    University of Skövde, School of Technology and Society.
    Relation between Accounting Choices, Book Values and Stock Prices2008Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This study examines the relationship between stock prices and accounting figures, primarily the book value of equity and earnings, as well as the market perception of accounting choices implemented by

    companies. Market event studies from late sixties have initiated numerous of researches, and the majority of contemporary results were consistent with strong belief in the market efficiency theory. The

    book value of equity and earnings have been proved to have the highest explanatory power of future stock prices. Other accounting-related issues, like inventory methods or accounting for business combination, were proven to have reliable impact on the stock prices. Moreover, the cash flow implications triggered by the accounting change are not an indispensable condition to influence the stock price level. Although a great body of research has treated the relationship between accounting

    choices and stock prices, a clear-cut mechanism is not well specified. The evidence is inconsistent, and the consequences of accounting change are difficult to measure. However, the accounting figures

    included in financial statements remain the most important measure of the companies’ performance. Due to the economic and technical progress, which considerably modified the structure of companies

    and the environment in which they operate, further studies are advisable in order to maintain the reliability of accounting figures on significant level.

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  • 6.
    Emadione, Coline Sume
    University of Skövde, School of Technology and Society.
    Foreign Exchange Exposure and Management: Case study of two large Multinationals2009Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    With instability in financial markets and currency values, particularly the U.S dollar following the global financial crises, this paper seeks to examine how two large multinational firms conduct their currency risk management policies. Attention is paid to observe any discrepancies between what the firms do and what academic literature recommends.

    Both firms actively manage all three forms of currency exposures with particularly higher involvements in economic exposure management in contrast to some academic literature. However one of the firms, Trelleborg AB does not manage its profit and lose translation exchange risk originating from translation of income statements of its subsidiaries. Even though most academics do not recommend management of translation exposure because it purportedly has no cash flow implications for the firm, findings here as shown in both case studies indicate that at least some  multinationals manage translation exposure possibly because doing so reduces their stakeholder's perceived risk.

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  • 7.
    Emadione, Coline Sume
    University of Skövde, School of Technology and Society.
    Foreign Exchange Exposure and Management:Case study of two large Multinationals2009Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
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  • 8.
    Fred Tambong, Takoeta
    University of Skövde, School of Technology and Society.
    The impact of the intensity of firm's intangible assets on the volatility of their stock prices2008Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The volatility of share prices is an important variable in most asset pricing models and option pricing formulas.Valuation of volatility of share prices have become a major challenge with the development of the knowledge-driven economy as evidence suggest that not all elements of company wealth are physical in nature.

    The purpose of this project entitled “The intensity of the firm’s intangible asset on the volatility of their stock price” is to check if the intensity of intangible assets in a firm’s balance sheet affects the volatility of their stock price. A brief overview of intangible assets is also included in this study.

    An OLS regression was run and the results of the entire data set gives a negative correlation between intensity of intangible assets and volatility of stock prices probably due to the fact that the volatility of the firm share prices are driven by uncertainty and expectation of future growth. An industry-grouping regression was carried out, the results shows that for basic pharmaceuticals there is a positive correlation between the intensity of intangible assets and their price volatility while the other three industry groups produce a negative correlation.

    The study relies on secondary data of randomly selected fourty (40) publicly traded companies in Europe from four different industry groupings namely: manufacture of basic pharmaceuticals, manufacture of food products and beverages, information technology and manufacture of basic metals.

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  • 9.
    Grek, Jenny
    University of Skövde, School of Technology and Society.
    The effect of smoking and drinking on wages in Sweden2007Independent thesis Advanced level (degree of Magister), 10 points / 15 hpStudent thesis
    Abstract [en]

    The aim of this thesis is to study the effect of smoking and drinking on wages in Sweden. The data used in this study is the Swedish Level-of-living survey (LNU) from 1991. A multinomial logit model and the marginal effects from the estimated model are used to study the effect of smoking and drinking on wages in Sweden. The empirical results conclude that medium drinking increases the probability of having a high income, i.e. there is a positive significant relationship between medium drinking and wages in Sweden. Also concluded from the empirical results is that there is not a significant relationship between smoking and wages in Sweden.

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  • 10.
    Gustavsson, Mikael
    et al.
    University of Skövde, School of Business.
    Lundström, Oscar
    University of Skövde, School of Business.
    Strategier vid rekrytering av nyckelroller inom små- och medelstora företag2019Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Background: Small and medium-sized enterprises (SME) are today the engine of the European economy and today account for 9 out of 10 companies. SMEs are dependent on their key roles being held by competent staff so that the company can continue to develop. In order to succeed in recruiting people with the required skills, it is required that the company uses different strategies. An interaction between HR and marketing can lead to the implementation of successful strategies for hiring a key role for SMEs. Purpose: The purpose of the work is to investigate how small and medium sized companies proceed when recruiting key roles and whether they use some of the previously mentioned strategies. The result of the work will be interesting for small and medium-sized companies as they can use the results as guidelines during a recruitment process of a key role. Method: The authors of the study have chosen to start from a deductive method. The empirical study was carried out in the form of a qualitative study in which the authors of the study interviewed six companies. Result/Conclusion: The authors of the study found that there were really two main strategies for recruiting key roles of the interviewed companies. Outsourcing was one while the other strategy was quite fuzzy. Everyone picked parts from the market mix, mainly when it came to advertising, but the approach seemed to have more to do with the individual who had the role of responsible for recruitment. Some tried only by advertising via social media and industry magazines, etc. while others had their own social contact networks which they headhunted within. The authors of the study conclude that when it comes to small and medium-sized companies, the HR department is usually not so extensive and new recruits for key roles are less frequent.

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  • 11.
    Hacker, R. Scott
    et al.
    Jönköping Int Business Sch, Dept Econ, Jönköping, Sweden.
    Hatemi-J., Abdulnasser
    University of Skövde, School of Technology and Society.
    Optimal lag-length choice in stable and unstable VAR models under situations of homoscedasticity and ARCH2008In: Journal of Applied Statistics, ISSN 0266-4763, E-ISSN 1360-0532, Vol. 35, no 6, p. 601-615Article in journal (Refereed)
    Abstract [en]

    The performance of different information criteria - namely Akaike, corrected Akaike (AICC), Schwarz-Bayesian (SBC), and Hannan-Quinn - is investigated so as to choose the optimal lag length in stable and unstable vector autoregressive (VAR) models both when autoregressive conditional heteroscedasticity (ARCH) is present and when it is not. The investigation covers both large and small sample sizes. The Monte Carlo simulation results show that SBC has relatively better performance in lag-choice accuracy in many situations. It is also generally the least sensitive to ARCH regardless of stability or instability of the VAR model, especially in large sample sizes. These appealing properties of SBC make it the optimal criterion for choosing lag length in many situations, especially in the case of financial data, which are usually characterized by occasional periods of high volatility. SBC also has the best forecasting abilities in the majority of situations in which we vary sample size, stability, variance structure (ARCH or not), and forecast horizon (one period or five). frequently, AICC also has good lag-choosing and forecasting properties. However, when ARCH is present, the five-period forecast performance of all criteria in all situations worsens.

  • 12.
    Hatemi-J, Abdulnasser
    University of Skövde, School of Technology and Society. Department of Business and Management, University of Kurdistan-Hawler.
    Forecasting properties of a new method to determine optimal lag order in stable and unstable VAR models2008In: Applied Economics Letters, ISSN 1350-4851, E-ISSN 1466-4291, Vol. 15, no 4, p. 239-243Article in journal (Refereed)
    Abstract [en]

    This simulation study investigates the forecasting performance of a new information criterion suggested by Hatemi-J (2003) to pick the optimal lag length in the stable and unstable vector autregression (VAR) models. The conducted Monte Carlo experiments reveal that this information criterion is successful in selecting the optimal lag order in the VAR model when the main aim is to draw ex-ante (forecasting) inference regardless if the VAR model is stable or not. In addition, the simulations indicate that this information criterion is robust to autoregressive conditional heteroskedasticity effects.

  • 13.
    Hatemi-J, Abdulnasser
    et al.
    University of Skövde, School of Technology and Society.
    Hacker, R. Scott
    Jönköping International Business School, Jönköping, Sweden.
    Capital mobility in Sweden: a time-varying parameter approach2007In: Applied Economics Letters, ISSN 1350-4851, E-ISSN 1466-4291, Vol. 14, no 15, p. 1115-1118Article in journal (Refereed)
    Abstract [en]

    This article investigates the degree of capital mobility in Sweden during 1993 to 2004 using quarterly data. A time varying parameter model is estimated by the Kalman filter, and it shows that the relationship between investment as share in gross domestic product (GDP) and saving as share in GDP is much less than one (within the interval of 0.25-0.35), indicating substantial capital mobility. However, since the coefficient in each period is statistically different from zero, capital is still not perfectly mobile. Nevertheless, capital mobility seems to have increased until 1995 when Sweden became a member of EU and after membership there seems to be no significant increase in capital mobility.

  • 14.
    Hatemi-J, Abdulnasser
    et al.
    University of Skövde, School of Technology and Society.
    Morgan, Bryan
    Department of Accounting, Finance and Economics, Griffith Business School, Griffith University, Brisbane, QLD 9726, Australia.
    Liberalized emerging markets and the world economy: testing for increased integration with time-varying volatility2007In: Applied Financial Economics, ISSN 0960-3107, E-ISSN 1466-4305, Vol. 17, no 15, p. 1245-1250Article in journal (Refereed)
    Abstract [en]

    Due to increasing globalization and its potential benefits, many emerging markets have introduced capital liberalization policies to attract much needed foreign direct investment. The objective of this article is to empirically investigate whether the conducted deregulation policies resulted in greater integration of emerging financial markets with the world market. For this purpose, a novel method introduced by Hatemi-J and Hacker (2005) is utilized to calculate the parameters as well as to test the significance of these parameters. This method is shown to be robust to nonnormality and time-varying volatility that usually characterize financial data and therefore it can provide more accurate inference compared to other methods. We find that only four of 17 emerging markets have become more integrated with the world market after implementing the liberalization policy.

  • 15.
    Homoródi, Réka
    et al.
    University of Skövde, School of Technology and Society.
    Osmólska, Katarzyna
    University of Skövde, School of Technology and Society.
    An analysis of the relationship between Carbon-Dioxide Emissions and Gross Domestic Product For 139 countries within the time period 1985-20042009Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

     

    The purpose of this dissertation would be to find the relationship between CO2 emission and GDP. We found that in case of the majority of countries the CO2 emission is related to national income and follows an inverted-U shaped curve. In our analysis we used the regression technique on 139 countries within the time period 1985-2004 to model and analyze the mentioned relationship and define the variables, that describe it. As it will be proved, Environmental Kuznets Curve validate the model and our hypothesis confirm other researches, therefore the inverse-u relationship proves to be correct.

     

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  • 16.
    Iordanova, Tzveta
    University of Skövde, School of Technology and Society.
    Evaluation of single and three factor CAPM based on Monte Carlo Simulation2007Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The aim of this master thesis was to examine whether the noticed effect of Black Monday October 1987 on stock market volatility has also influenced the predictive power of the single factor CAPM and the Fama French three factor CAPM, in order to conclude whether the models are less effective after the stock market crash. I have used an OLS regression analysis and a Monte Carlo Simulation technique. I have applied these techniques on 12 industry portfolios with US data to draw a conclusion whether the predictability of the single and three factor model has changed after October 1987. My research confirms that the single factor CAPM performs better before October 1987 and also found evidences that support the same hypothesis of Black Monday effect on the predictive power of the Fama French three factor model.

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  • 17.
    Isotamm, Annika
    University of Skövde, School of Technology and Society.
    Gender differences in commuting: Study with Swedish data2008Independent thesis Basic level (degree of Bachelor), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Commuting is becoming more and more important in every day life in the world of complex labour markets. If for hundred years ago most workers lived less than one hour walking distance from their workplace, then today they commute daily outside the cities and villages they live. Often is it a trade off between unemployment and employment. The subject of this thesis is to investigate if there are differences in female and male commuting behaviour. Especially it studies to what extent their spatial interaction is affected by variables such as labour in origin municipality, jobs in destination municipality and the distance between these two. Gravity models are used, and six different versions are estimated. The commuting data used in thesis comes from SCB (Statistics Sweden) and data about travel time collected by the Swedish Road Administration. Commuting data includes 1 003 771 people in Sweden who commute to a job located in another municipality than he or she was settled. The results imply that men are less sensitive to distance between two locations. Moreover, the amount of labour in origin and the amount of jobs in destination have higher effect on male commuting.

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  • 18.
    Javed, Arshad
    et al.
    University of Skövde, School of Technology and Society.
    Iqbal, Azhar
    University of Skövde, School of Technology and Society.
    Swedish Mutual Funds Performance 2000-20072008Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Mutual funds are the common name for the open-end investment companies. This is the dominant investment company today, accounting for roughly 90% of investment comply assets. Assets under management in the mutual fund industry in United States surpassed $ 12.068 trillion by the end of April 2008 .

    Mutual funds performance is one of the most frequently studied topics in investment area in most countries. The reason for this popularity is availability of data and the importance of mutual funds as vehicles for investment in stock market for both individual and institutions. Since mutual funds have become popular the research has also started to include the ways of finding the right mutual funds. Although the price shares and the income from them may go down as well as up but choosing the right mutual funds can have considerable effects on investors ending wealth. The thesis examines the past performance of mutual funds as a criterion for investors' future choices. In particular, it examines if mutual funds which invested in the Swedish stock market. Swedish funds assets have passed the trillion kronor mark in March 2005, and it is rapidly increasing. We started our analysis by the funds attributes influenced the returns. In our study hypotheses are the fund characteristics i.e. popularity growth cost and management variables are included. These attributes are most frequently used by finance academies to simple and multiple regression analysis is used to test these hypotheses. We do not find any strong evidence that the past performance is a guide to future performance. As most of the results studies, our results may be subject to survivorship bias, because we have included only 33 funds in our sample during the last eight years 2000-2007.

    Mostly data is collected from Morningstar Sweden, the Swedish Investment fund association and secondary data from some of the mutual funds annual reports .We analyze the data for last eight years from 2000-01-01 to 2007-12-31 and the funds which are invested mostly in Swedish securities.

    Before and during our thesis different research studies and financial articles were studied relevant to our research thesis. Our research study results shows that the attributes which have some impact on mutual funds returns are risk, fund size, age, fund turnover and management tenure. The results indicate that the hypothesized relationship between mutual funds performance and the explanatory variables are generally upheld. The study provides a comprehensive examination of recent Swedish mutual funds performance by analyzing the funds returns and funds attributes affecting the funds performance and an effort to link performance to funds specific characteristics.

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  • 19.
    Johansen, Malin
    et al.
    University of Skövde, School of Technology and Society.
    Nilsson, Carola
    University of Skövde, School of Technology and Society.
    Microfinance and poverty alleviation: A case study of Grameen Bank and BRAC2007Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Microfinance and micro credits are concepts that are used frequently when talking about poverty reducing actions. This paper is a case study of the poverty alleviation impacts of microfinance institutions and it contrasts the effects of Grameen Bank and Bangladesh Rural Advancement Committee (BRAC) operating in Bangladesh. The case study examines the organisations effects in the 21st century since most of the reports have compared the effects in the past not reflecting on future conditions. The questions at issue are if Grameen Bank and BRAC can affect the poverty status of its members in a positive way and if there is a positive effect, which of the approaches are the best to use? To analyse the non monetary dimension, concepts such as health and education has been used as indicators for poverty reduction and the monetary indicator used is income through employment. Simultaneously economic models and concepts have been considered throughout the paper.

    The findings of this case study implied that both organisations have positive effects on reducing poverty among its members, but BRAC has the broadest view seeing to all factors investigated and therefore its approach is the best to use. Nevertheless, as previous studies have implied sustainability and cost-effectiveness within the microfinance programme is important for the long-run poverty reduction. Evaluating the economic performance of the two organisations Grameen Bank is more efficient in using its resources than BRAC, but Grameen Bank show a decreasing rate of efficiency while BRAC is improving significantly. With this in consideration BRAC is still showing the best poverty reducing result for its members today, but if the organisation does not find a way to improve its economical performance its actions will not be sustainable in the long run.

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  • 20.
    Kourentzes, Nikolaos
    et al.
    Lancaster University Management School, United Kingdom.
    Sagaert, Yves
    Faculty of Engineering and Architecture of Ghent University, Belgium.
    Incorporating Leading Indicators into Sales Forecasts2018In: Foresight: The International Journal of Applied Forecasting, ISSN 1555-9068, no 48, p. 24-30Article in journal (Refereed)
    Abstract [en]

    Using leading indicators for business forecasting-in contrast to macroeconomic forecasting-has been relatively rare, partly because our traditional time-series methods do not readily allow incorporation of external variables. Nowadays, however, we have an abundance of potentially useful indicators, and there is evidence that utilizing relevant ones in a forecasting model can significantly improve forecast accuracy and transparency. In this article, Nikolaos and Yves show how to find appropriate leading indicators and make good use of them for sales forecasting. 

  • 21.
    Kourentzes, Nikolaos
    et al.
    University of Skövde, School of Informatics. University of Skövde, Informatics Research Environment. Department of Management Science, Lancaster University Management School, UK.
    Trapero, Juan R.
    Department of Business Administration, Universidad de Castilla-La Mancha, Ciudad Real, Spain.
    Barrow, Devon K.
    Birmingham Business School, University of Birmingham, UK.
    Optimising forecasting models for inventory planning2020In: International Journal of Production Economics, ISSN 0925-5273, E-ISSN 1873-7579, Vol. 225, article id 107597Article in journal (Refereed)
    Abstract [en]

    Inaccurate forecasts can be costly for company operations, in terms of stock-outs and lost sales, or over-stocking, while not meeting service level targets. The forecasting literature, often disjoint from the needs of the forecast users, has focused on providing optimal models in terms of likelihood and various accuracy metrics. However, there is evidence that this does not always lead to better inventory performance, as often the translation between forecast errors and inventory results is not linear. In this study, we consider an approach to parametrising forecasting models by directly considering appropriate inventory metrics and the current inventory policy. We propose a way to combine the competing multiple inventory objectives, i.e. meeting demand, while eliminating excessive stock, and use the resulting cost function to identify inventory optimal parameters for forecasting models. We evaluate the proposed parametrisation against established alternatives and demonstrate its performance on real data. Furthermore, we explore the connection between forecast accuracy and inventory performance and discuss the extent to which the former is an appropriate proxy of the latter. 

  • 22.
    Larsson, Anna
    University of Skövde, School of Business. University of Skövde, Enterprises for the Future.
    Johansson, Inga-Lill (Contributor)
    University of Skövde, School of Business. University of Skövde, Enterprises for the Future.
    Mjölnevik, Ann-Christine (Contributor)
    University of Skövde, School of Business. University of Skövde, Enterprises for the Future.
    Towards a socio-political theorising of the corporation (firm): A problem statement2019Report (Refereed)
    Abstract [en]

    Economies and corporations are increasingly being characterized as financialized. The separation of ownership and control is at the core of this development and we depart from an understanding that Jensen & Meckling’s (1976) theory of the firm actualizes or performs the current situation. The purpose of this essay is to radicalize this contemporary dominant version and thereby move towards a socio-political theorizing of the corporation (firm). Our method is to examine and reactivate historical constructs of the corporation, with sensitivity to the socio- historical contexts in which these constructs developed. By divorcing Jensen & Meckling’s theory of the firm from various historical constructs of the corporation, we e.g. find that ‘sovereign corporateness with limited liability’, ‘unlimited liability of individual entrepreneurs’ and ‘statesmanship of the post-war era’ are obscured and lost under a doctrine of micro-economics. We end the essay with two propositions on how to: 1) engage in research with the purpose of dismantling the existing conditions of possibility of contemporary financialization of the corporation and 2) theorise a new post-financialized corporation (firm) to be actualized.

  • 23.
    Lindström, Thomas
    et al.
    University of Skövde, School of Technology and Society.
    Stenkvist, Cecilia
    University of Skövde, School of Technology and Society.
    Finns det möjlighet till arbitrage på VINX30 aktieindexoptioner?: en empirisk undersökning2008Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Options are an instrument which investors can use to speculate in future pricemovements on different assets. If these options are misspriced there are an opportunity to get riskfree profit by using Stolls put-call parity. Earlier research shows that the market sometimes is inefficient when pricing stock index options allowing arbitrage. This study investigate whether the market is efficient in the pricing of VINX30 stock index options, i.e. are there arbitrage opportunities on VINX30 stock index options?

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  • 24.
    Ljungström, Divesh
    University of Skövde, School of Technology and Society.
    B-Values: Risk Calculation for Axfood and Volvo Bottom up beta approach vs. CAPM beta2007Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The aim of this thesis is to study the risk for two Swedish companies, Axfood and Volvo. To test the required return on equity, a bottom-up beta approach and a CAPM regression beta are used. This thesis concludes that the bottom-up beta gives a truer reflection and a more updated beta value than a CAPM regression beta on the firm’s current business mix, the CAPM beta takes only the past stock prices into consideration. The empirical results for Volvo conclude that the levered bottom-up beta is 1.09 and the CAPM β is 0.52 for Volvo. The empirical results for Axfood which is categorized as consumer goods sector implies that the levered bottom-up beta is 0.87 while the CAPM regression beta is 0.29.

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  • 25.
    Mendoza Osorio, Gerardo
    University of Skövde, School of Technology and Society.
    Foreign Direct Investment and Economic Growth in México: An Empirical Analysis2008Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Trade openness, market size, transparency, ease of doing business, location advantagesand low levels of corruption and country risk are the main determinants that attractForeign Direct Investment into a host country. FDI inflows in México have increasedremarkably since 1994 when the North America Free Trade Agreement (NAFTA) cameinto effect. Using multiple regression analysis in order to measure the impact of FDI onGDP; the Empirical results showed that a one percent increase in FDI leads on average toan increase of 0.08 percent in GDP which clearly reflects a positive but neither animportant nor a substantial impact of FDI on economic growth in México as it would beexpected. Time series data analysis for the period 1980-2007 has been tested for UnitRoot by applying the Dickey-Fuller (DF) test. Each time series after the first differencebecomes stationary and therefore it might be a causal relationship among the variables.However, FDI will not have a real impact on the society unless there is an effective stockof Human Capital capable of learning and absorbing the know-how to work successfullywith the technology that Multinational Corporations bring into the host country with theirinvestment. The challenge for the Mexican Government is to create structural reformssuch as the deregulation of energy and oil sector for private investment that will lead toconstantly higher flows of FDI. In the medium term this will then be reflected in thesociety in terms of poverty reduction and development of its population.

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  • 26.
    Ngang, Joseph Bayiah
    University of Skövde, School of Technology and Society.
    The Impact of Foreign Aid on Economic Growth and Economic Development in Cameroon2008Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The role of foreign aid in promoting economic growth and improving the social welfare of people has been the subject of much debate among development specialists, researchers, aid donors as well as recipients in general and Cameroon in particular. In spite of this, there are only few empirical studies that investigate the contributions of foreign aid to economic growth and development in Cameroon. This study explores the impact of foreign aid to economic growth and development in Cameroon using descriptive statistics for data that spans from 1997 to 2006. The results show that foreign aid significantly contributes to the current level of economic growth but has no significant contribution to economic development. The findings imply that Cameroon could enhance its economic development by effectively managing funds from aid and by strategically strengthening anti-corruption measures.

    The rest of the work is organized as follows: Chapter one consist of an introduction, chapter two is the literature review, chapter three constitute the research methodology, chapter four is the data presentation and analyses, chapter five summary of findings and recommendations and lastly chapter six conclusions,

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  • 27.
    Okhiria, Onosewalu
    et al.
    University of Skövde, School of Technology and Society.
    Saliu, Taofeek
    University of Skövde, School of Technology and Society.
    Exchange rate variation and inflation in Nigeria ( 1970 - 2007 )2008Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This study examines the impact of exchange rate on inflation in Nigeria economy between 1970 and 2007. We analyzed the trend of inflation and exchange rate in the last 38 years by evaluating the relationship between government expenditure, money supply, Oil revenue, exchange rate and inflation as the dependent variables. We adopted the Augmented Dickey- Fuller to carry out the unit root test and co integration with Johansen test.

    Our result shows that the individual variables are integrated order one, that is a unit root exist. This means that each variable tends to follow a random walk. On the other hand, inflation rate, exchange rate, oil revenue, government spending and money supply are co integrated. This revealed a strong relationship among the variables though inflation rate and exchange rate show no long term relationship, but short term relationship seems to exist between them.

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  • 28.
    Olguin Alvarez, Erik
    et al.
    University of Skövde, School of Technology and Society.
    Sabah, Fred
    University of Skövde, School of Technology and Society.
    The influence of financial markets and institutions on the economical growth. (The interest rate spread) Chile and Taiwan2008Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this thesis is to examine the role of financial markets and institutions on the economical growth of a developing country. The IRS (interest rate spread) is used as the main tool, to examine Chile and Taiwan regarding their economical growth between 1988 and 2007. The reason Taiwan and Chile have been chosen is due to vast differences in the geographical location, and even divergence in political and economical system of these countries.

    The research method that has been chosen for this thesis is a quantitative method. The economic theory is mainly based on secondary data. The method of data presentation and analysis are manly descriptive even though the layout of the thesis is more of an explanation research. The carculations are made with the statictical computer program SPSS. The results of the study are expressed mathematically and in sets of tables. In order to determinate the correlation between IRS and macroeconomic factors and the correlation between IRS and Economy growth, the magnitude and trend of the IRS is analysed from 1988 to 2007. To test the hypothesis, the OLS regression and panel data model is used.

    The theoretical part is the base of the empirical part. The theoretical part is needed in order to understand and later on analyze the results from research on Chile and Taiwan. Different aspects of economical growth are defined to make it easier to understand and follow the thesis thoroughly. The financial markets and institutions are discussed very shortly. To understand the growth theory, Solow growth model is discussed, which is one of the most important models concerning the economical growth.

    The empirical part of the thesis is dealing with the test of IRS against some macro economical factors such as; costumer price index (CPI), Exchange Rate (EX), Export Volume (EXP) and Money Supply (MO) of two different countries; Taiwan and Chile. The study provides evidence of the correlation between interest rate spread and the macroeconomical factors. The result shows that the correlation between interest rate spread and the macroeconomics factors vary from country to country. This mainly depends on the difference in political situation, the different economic and political policies of various goverments, the high inflation rates and the market structure of the countries. The value of the coefficients gives the magnitude of adjustment in the event that the systems move out of equilibrium. It also provides some evidence that there is a significant relationship between interst rate spread and economical growth. The test results show clearly that in order to gain a sustainable development and economical growth the financial markets must perform well.

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  • 29.
    Olsson, Michael
    University of Skövde, School of Business. University of Skövde, Enterprises for the Future.
    Functional regions in gravity models and accessibility measures2016In: Moravian Geographical Reports, ISSN 1210-8812, Vol. 24, no 2, p. 60-70, article id 011Article in journal (Refereed)
    Abstract [en]

    Accessibility measures are useful for studies in Economic Geography. For example, accessibility to potential customers can be used in a study of firm behaviour. In such a study, it would be relevant to consider where potential customers live. This can be accomplished by splitting the accessibility measure into three parts: accessibility within the municipality, in other municipalities within the functional region, and in other regions. Many studies have proved this to be a very useful way to incorporate the spatial structure of the economy into economic studies. This paper deals with the issue of finding the distance-friction parameters needed to calculate such accessibility measures. There is a particular distance-friction parameter for interaction within the municipality, between municipalities within the functional region, and between regions. One way to find the distance-friction parameters is to solve a constrained gravity model, in which the functional regions are used as constraints. Both the models and the optimisation procedures in matrix form, and the Matlab programs used in the research are presented. The spatial constraints are gradually introduced into the models, which empowers the researcher to make such adjustments on their own. The data set used is available for downloading, and the reader can then try the models before creating a data set of their own

  • 30.
    Olsson, Michael
    University of Skövde, School of Technology and Society.
    Matching in the labour market: modelling spatial aspects of the Swedish unemployment benefit rules2009In: The annals of regional science, ISSN 0570-1864, E-ISSN 1432-0592, Vol. 43, no 2, p. 345-363Article in journal (Refereed)
    Abstract [en]

    In this paper, some consequences of the Swedish unemployment benefit rules are studied. This is achieved by introducing geographical mobility into a labour market matching model. Jobseekers and vacancies are unevenly distributed across space. Therefore, both the probability that a jobseeker will find a job and the probability that a vacancy is filled during a period vary across locations. Moreover, these differences are followed by spatial differences in both the duration of unemployment and vacancy times. It is shown that the potential of geographical mobility to increase the number of matches is limited in a labour market with few or many vacancies per jobseeker. In these labour markets, mobility mostly affects which jobseekers find a job during a period. In a relatively better balanced labour market, the number of matches could be increased by additional mobility.

  • 31.
    Olsson, Michael
    University of Skövde, School of Technology and Society.
    Unemployment insurance and the flow of knowledge2008In: Uddevalla Symposium Tenth Anniversary 2007: Institutions for Knowledge Generation and Knowledge Flows - Building Innovative Capabilities for Regions, University west , 2008, p. 609-618Conference paper (Refereed)
  • 32.
    Olsson, Michael
    et al.
    University of Skövde, School of Technology and Society.
    Andersson, Martin
    University of Skövde, School of Technology and Society.
    Modelling International Trade: A study of the EU Common Market and Transport Economies2008In: Mölle 2008, The Tenth Annual SNEE European Integration Conference, SNEE , 2008, p. 11 sidor-Conference paper (Refereed)
    Abstract [en]

    In this paper, Swedish export is investigated, and data for export value and the number of firms that export is analysed. The main purpose is to compare constrained gravity models to gravity models without constraints. It is shown that constrained gravity models represent the export data in a relatively better way. The EU common market and transport economies are introduced into versions of the constrained gravity model, and the results show that the model fits the data even better.

  • 33.
    Orhun, Eda
    et al.
    University of Skövde, School of Technology and Society.
    Grubjesic, Blanka
    University of Skövde, School of Technology and Society.
    Value at Risk (VaR) Method: An Application for Swedish National Pension Funds (AP1, AP2, AP3) by Using Parametric Model2007Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Value at Risk (VaR) approach has been extensively used by investment and commercial banks since its development by JP Morgan in 1990s. As time passes, it has become interesting to investigate whether VaR could be used also by other financial intermediaries like pension funds and insurance companies. The aim of this paper is to outline Value at Risk (VaR) methodology by giving more emphasis on parametric approach which is used for empirical section and to investigate the applicability and usefulness of VaR in pension funds. After providing theoretical framework for VaR approach, the paper continues with pension fund systems in general and especially highlights AP funds of Swedish National pension fund system by trying to show why VaR could be an invaluable risk management tool for these funds together with other traditional risk measures used. Based on this given theoretical frame, a practical application of VaR –parametric or covariance/variance method- is executed on 50 biggest investments in the fixed income and equity portfolios of three selected Swedish national pension funds – AP1, AP2 and AP3. Results of one day VaR (DEAR) estimations on 30/12/2005 for each fund have been presented and it is aimed to show the additional information that could be obtained by using VaR and which is not always apparent from other risk measures employed by funds. According to the two traditional risk measures which are active risk and Sharpe ratio; AP2 and AP3 lie in the same risk level for 2005 which can create a contradiction by considering their different returns. On the other hand, obtained DEAR estimates show their different risk exposures even with the 50 biggest investments employed. The results give a matching relationship between return of funds and DEAR estimates meaning that; the fund with the highest return has the highest DEAR value and the fund with the lowest return has the lowest DEAR value; which is consistent with the main rule- “higher risk, higher return”. Thus, we can conclude that VaR could be applied additionally to get a better picture about real risk exposures and also to get valuable information on expected possible loss together with other traditional risk measures used.

    Key words: Value at Risk, DEAR, Pension funds, Risk management, Swedish pension plan, AP1, AP2, AP3

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  • 34.
    Petropoulos, Fotios
    et al.
    Cardiff Business School of Cardiff University, United Kingdom.
    Kourentzes, Nikolaos
    Lancaster University, United Kingdom.
    Commentary: Two Sides of the Same Coin2016In: Foresight: The International Journal of Applied Forecasting, ISSN 1555-9068, no 42, p. 37-39Article in journal (Refereed)
  • 35.
    Petropoulos, Fotios
    et al.
    Lancaster University, United Kingdom.
    Kourentzes, Nikolaos
    Lancaster University, United Kingdom.
    Improving Forecasting via Multiple Temporal Aggregation2014In: Foresight: The International Journal of Applied Forecasting, ISSN 1555-9068, no 34, p. 12-17Article in journal (Refereed)
    Abstract [en]

    In most business forecasting applications, the decision-making need we have directs the frequency of the data we collect (monthly, weekly, etc.) and use for forecasting. In this article, Fotios and Nikolaos introduce an approach that combines forecasts generated by modeling the different frequencies (levels of temporal aggregation). Their technique augments our information about the data used for forecasting and, as such, can result in more accurate forecasts. It also automatically reconciles the forecasts at different levels.

  • 36.
    Sagaert, Yves R.
    et al.
    Department of Industrial Systems Engineering and Product Design, Ghent University, Zwijnaarde, Belgium / Solventure NV, Gent, Belgium.
    Aghezzaf, El-Houssaine
    Department of Industrial Systems Engineering and Product Design, Ghent University, Zwijnaarde, Belgium / Flanders Make.
    Kourentzes, Nikolaos
    Department of Management Science, Lancaster University Management School, Lancaster, United Kingdom.
    Desmet, Bram
    Solventure NV, Gent, Belgium.
    Tactical sales forecasting using a very large set of macroeconomic indicators2018In: European Journal of Operational Research, ISSN 0377-2217, E-ISSN 1872-6860, Vol. 264, no 2, p. 558-569Article in journal (Refereed)
    Abstract [en]

    Tactical forecasting in supply chain management supports planning for inventory, scheduling production, and raw material purchase, amongst other functions. It typically refers to forecasts up to 12 months ahead. Traditional forecasting models take into account univariate information extrapolating from the past, but cannot anticipate macroeconomic events, such as steep increases or declines in national economic activity. In practice this is countered by using managerial expert judgement, which is well known to suffer from various biases, is expensive and not scalable. This paper evaluates multiple approaches to improve tactical sales forecasting using macro-economic leading indicators. The proposed statistical forecast selects automatically both the type of leading indicators, as well as the order of the lead for each of the selected indicators. However as the future values of the leading indicators are unknown an additional uncertainty is introduced. This uncertainty is controlled in our methodology by restricting inputs to an unconditional forecasting setup. We compare this with the conditional setup, where future indicator values are assumed to be known and assess the theoretical loss of forecast accuracy. We also evaluate purely statistical model building against judgement aided models, where potential leading indicators are pre-filtered by experts, quantifying the accuracy-cost trade-off. The proposed framework improves on forecasting accuracy over established time series benchmarks, while providing useful insights about the key leading indicators. We evaluate the proposed approach on a real case study and find 18.8% accuracy gains over the current forecasting process. 

  • 37.
    Sapkota, Narayan
    et al.
    University of Skövde, School of Technology and Society.
    Khatri, Suman
    University of Skövde, School of Technology and Society.
    Aryal, Rabi
    University of Skövde, School of Technology and Society.
    Financial Institutions and Economic Growth: The case of Nepal2008Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Financial Institutions have been regarded to be the core area of economic development. However, Nepal could not achieve satisfactory level of economic development and growth due to Maoists war (1996-2006) and the political instability. The increase in size and number of commercial banks are limited only in the urban areas so that banking services are not accessible to the general public.

    This paper examines interaction between financial development and economic growth in Nepal employing correlation analysis, regression analysis, financial ratios and other related theories.

    As we found that financial institutions have grown rapidly which has implication in overall economy of the nation. The economic indicators such as GDP, GDP per capita, loan assets of commercial banks, investment, deposit, number of commercial banks, and inflation rate from fiscal year 2001 to 2007 are used for the analysis of this study.

    The relevant ratios of commercial banks such as deposit, investment, and profitability are found to be in increasing trend. The growth rate of GDP/capita is however volatile in the study period, the regression result of Deposit/GDP is weakly significant under the study period {(0,06)*}. The investment growth rate is not significant at all possibly due to the time lag of the effect of investment on the economic development.

    Furthermore, correlation between Growth rate of GDP and deposit/GDP (ρ=0.49). The Growth rate of GDP and investment over GDP is positive related with a correlation coefficient of 0.82. This has confirmed our beliefs in the set out of the thesis.

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  • 38.
    Sarajlic, Dijana
    et al.
    University of Skövde, School of Technology and Society.
    Bjuke, Emelie
    University of Skövde, School of Technology and Society.
    Vilka möjliga faktorer ligger bakom individernas varierande pensionsålder?2007Independent thesis Basic level (degree of Bachelor), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Fewer and fewer people from the age of 60 and upward are still in the working life according to a working survey from Central Bureau of Statistics. Only one of twenty can consider retiring after an age of 65. According to another survey that National Insurance Administration put through year 2000, just about 40 % of the working population desires to finish working before an age of 65. This trend towards lower seceding age seems to continue. There are number of factors that seem for lower retirement age and others for a higher retirement age that we prove in our study. One regression analysis applies to prove some contingent relations between these factors, such as: gender, education, blue or white collar worker, previously monthly earnings, years of working, marital status, and also variety of working environment such as: hectic, uncomfortable and noisy. This survey is also using a probitanalysis to see if there is a difference in the result from the regressionanalysis. The study is limited on variables because HUS-database is a small database and lacks some of the desired test variables. Regression results indicates both significant and none significant relations. The study started with 12 test variables and 214 individuals but only 5 of them variables proved some relations with the retirement age. The final regression model declares 45 % of the changes in retirement age. The sample has limited us slightly but it gives us how ever one miniature reality picture. The probitanalysis didn’t give us a right miniature reality picture because used data didn’t fit probit.

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  • 39.
    Schuller, Bernd-Joachim
    University of Skövde, School of Technology and Society.
    Globalization and competitiveness of nations: The Baltic States2008In: Proceedings from the International Scientific Conference: Economics and Management, Kaunas University of Technology, Faculty of Economics & Management , 2008, p. 673-678Conference paper (Refereed)
  • 40.
    Schuller, Bernd-Joachim
    et al.
    University of Skövde, School of Technology and Society.
    Lidbom, Marie
    Competitiveness of Nations in the Global Economy. Is Europe Internationally Competitive?2009In: The International Scientific Conference - Economics and Management 2009, Kaunas University of Technology , 2009, p. 934-939Conference paper (Refereed)
    Abstract [en]

    The Lisbon Agenda from 2000 aims to make the European Union the most competitive economy in the world in 2010. This paper discusses the concept of international competitiveness of nations. While journalists and politicians believe that it is important for a country to be competitive, economist have often a different opinion. The World Economic Forum (WEF) presents two indices: the Global Competitiveness Index (GCI) and the Business Competitiveness Index (BCI). While Europe and the EU on average seem to be not very competitive, several of the European countries are internationally highly ranked. For the WEF a consequence of competitiveness is high standard of living. The paper shows that several of the European countries belong to the ones with the highest living standard in the world. In the sample, 40 European and 4 non-european countries are included. Finally, it could be shown that the correlation coefficients between the rankings of GCI, BCI and living standards are high and positive.

  • 41.
    Schuller, Bernd-Joachim
    et al.
    University of Skövde, School of Technology and Society.
    Lidbom, Marie
    The Enlargement of the EU since 2000 - Economic Aspects and Challanges2009In: The 11th Annual SNEE European Integration Conference: European Integration in Swedish Economic Research, SNEE , 2009Conference paper (Refereed)
    Abstract [en]

    To become a member of the European Union, certain conditions have to be fulfilled. First of all, a country has to apply for membership. Furthermore, the country must geographically be situated in Europe, though there is some space of discussion (Cyprus, Turkey, and some territories and countries outside Europe). Finally the country has to meet the Copenhagen criteria (stability of institutions, functioning market economy, ability to take on the obligations of membership). Since 2004, new members of the EU even have to join the Economic and Monetary Union, when they fulfil the Maastricht criteria (low inflation and long-run interest rates, low public deficits and debts, stable exchange rates and independent national central bank). The purpose of this paper is to investigate some economic aspects and challenges of the enlargement of the EU since 2000. Even possible future enlargements will be discussed. Among the economic aspects the size, internationalisation and globalisation will be discussed mostly in macroeconomic terms. Furthermore, the question of Europe's international competitiveness and the Lisbon agenda from 2000 will be treated. The time perspective regarding the economic development in the past is approximately the years from 2000 to 2007, i.e. the actual development in 2008 and 2009 will not be dealt with. Finally, the question will be asked, whether past and future enlargements lead to a stronger or weaker European Union

  • 42.
    Shujahat, Muhammad
    et al.
    KM and EL Lab, Faculty of Education, University of Hong Kong.
    Razzaq, Shahid
    Department of Health, District Attock, Government of Punjab, Pakistan.
    Wang, Minhong
    KM and EL Lab, Faculty of Education, University of Hong Kong.
    Durst, Susanne
    University of Skövde, School of Business. University of Skövde, Enterprises for the Future Research Environment.
    Personal knowledge management and knowledge worker productivity in the healthcare sector2019In: Proceedings of the 20th European Conference on Knowledge Management / [ed] Eduardo Tomé, Francisco Cesário, Raquel Reis Soares, Academic Conferences Limited, 2019, Vol. 2, p. 933-940Conference paper (Refereed)
    Abstract [en]

    The implementation of Knowledge management (KM) in healthcare has primarily been carried out on the organizational level with a traditional centric approach, whereas, personal knowledge management (PKM), a bottom-up approach which focuses on the knowledge in the knowledge workers' (KWs') minds, is somewhat missing. This study advocates the implementation of PKM as a complementary approach to a centric approach to KM, if not an alternative approach, in the healthcare sector to foster knowledge-worker productivity (KWP). Therefore, the prime purpose of this study was to empirically test a proposed model which accounts for the impact of the four individual-level determinants - task definition, job autonomy, KW's lifelong learning and innovation as a job requirement - on the relationship between PKM and KWP. These four determinants are inspired by Drucker's KWP theory that advocated the role of PKM for enhanced KWP. The data were collected from 71 knowledge workers in the public healthcare department of the District Attock, Pakistan and were analysed using partial least squares modelling. The results support the varying roles of four individual-level determinants in fostering PKM, which in turn, increases KWP. The results make the case for additional focus of PKM as a complementary KM approach in the healthcare sector. 

  • 43.
    Stein, Christine
    University of Skövde, School of Technology and Society.
    The Renminbi Challenge: Is a Revaluation of the Chinese Currency a Wise Step Forward?2007Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The aim of this paper is to investigate if a revaluation of the Chinese renminbi is in China’s interest and whether or not a renminbi revaluation can contribute to correct the US current account deficit. For that purpose, advantages and disadvantages of a revaluation for China are discussed. Furthermore, the fundamental causes of the US current account deficit are analysed to evaluate to what extent a renminbi revaluation can correct this imbalance. The discussion is based on previous research in this area. The main result is that a revaluation of the Chinese renminbi is primarily beneficial for China. Additionally it is found that the fundamental causes of the US current account deficit are domestic macroeconomic conditions and not China’s exchange rate policy. Nevertheless, a renminbi revaluation can help to support to correct the imbalance situation. As evidence is found that a revaluation is beneficial for China, it is further analysed how the revaluation should be practically obtained. The basic result is that the renminbi revaluation should be initiated by more exchange rate flexibility rather than by a one-step appreciation.

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  • 44.
    Takang, Felix Achou
    et al.
    University of Skövde, School of Technology and Society.
    Ntui, Claudine Tenguh
    University of Skövde, School of Technology and Society.
    Bank performance and credit risk management2008Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Banking is topic, practice, business or profession almost as old as the very existence of man, but literarily it can be rooted deep back the days of the Renaissance (by the Florentine Bankers). It has sprouted from the very primitive Stone-age banking, through the Victorian-age to the technology-driven Google-age banking, encompassing automatic teller machines (ATMs), credit and debit cards, correspondent and internet banking. Credit risk has always been a vicinity of concern not only to bankers but to all in the business world because the risks of a trading partner not fulfilling his obligations in full on due date can seriously jeopardize the affaires of the other partner.

    The axle of this study is to have a clearer picture of how banks manage their credit risk. In this light, the study in its first section gives a background to the study and the second part is a detailed literature review on banking and credit risk management tools and assessment models. The third part of this study is on hypothesis testing and use is made of a simple regression model. This leads us to conclude in the last section that banks with good credit risk management policies have a lower loan default rate and relatively higher interest income.

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  • 45.
    Tchape Tchapi, Pierre Douglas
    et al.
    University of Skövde, School of Technology and Society.
    Rosenfeld, Elina
    University of Skövde, School of Technology and Society.
    Environmental Concerns and Banking Sector in Sweden2008Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This study concentrates on two questions – “Should banks take environmental concerns?”and “What is the attitude of Swedish banks towards sustainability?” The theory related to environmental concerns in the financial sector is presented and further on the empirical data

    describing the situation within the Swedish banking sector is discussed. The empirical data was collected with the aid of a semi-structured interview and offers a real-life example of actions and attitudes of two case banks in Sweden – SEB and Handelsbanken. The aim of this paper is not restricted to presenting and discussing the collected theoretical and empirical data but also to involve the reader in the environmental way of thinking. This text is based on

    the idea that banks are liable for the indirect impact on the environment and need to acknowledge that some borrowers involve in environmentally harmful businesses. The research method used for this study is of a qualitative nature, more precisely it is an exploratory research which aims to explain. The semi-structured interview used to study the attitudes of the chosen Swedish case banks, was composed of two types of questions – closed- and open-ended. Special characteristics of a semi-structured interview are the prompts and probes in its structure. These are the approaches to guide the respondent to reach broader coverage and greater depth in his/her answers.

    Through the interview results, it became evident that the environmental issues have gained certain visibility within the Swedish banking sector. The given answers pointed towards the impression that maintaining a sound corporate image is the prior concern of a bank and

    indicated that banking sector in Sweden undergoes external pressure to pursue environmentally friendly activities. It is clear that banks play a major role by financing the continuous damage to our planet, and it is comforting to know the banking sector is undergoing the pressure of becoming more involved in sustainable development. The

    conclusions and the empirical evidence presented in this study are hoped to give a simplified view on environmental concerns within banking sector.

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  • 46.
    Trapero, Juan R.
    et al.
    Universidad de Castilla-La Mancha, Department of Business Administration, Ciudad Real, Spain.
    Cardós, Manuel
    Universidad Politécnica de Valencia, Department of Business Administration, Valencia, Spain.
    Kourentzes, Nikolaos
    Lancaster University Management School, Department of Management Science, Lancaster, United Kingdom.
    Empirical safety stock estimation based on kernel and GARCH models2019In: Omega: The International Journal of Management Science, ISSN 0305-0483, E-ISSN 1873-5274, Vol. 84, p. 199-211Article in journal (Refereed)
    Abstract [en]

    Supply chain risk management has drawn the attention of practitioners and academics alike. One source of risk is demand uncertainty. Demand forecasting and safety stock levels are employed to address this risk. Most previous work has focused on point demand forecasting, given that the forecast errors satisfy the typical normal i.i.d. assumption. However, the real demand for products is difficult to forecast accurately, which means that—at minimum—the i.i.d. assumption should be questioned. This work analyzes the effects of possible deviations from the i.i.d. assumption and proposes empirical methods based on kernel density estimation (non-parametric) and GARCH(1,1) models (parametric), among others, for computing the safety stock levels. The results suggest that for shorter lead times, the normality deviation is more important, and kernel density estimation is most suitable. By contrast, for longer lead times, GARCH models are more appropriate because the autocorrelation of the variance of the forecast errors is the most important deviation. In fact, even when no autocorrelation is present in the original demand, such autocorrelation can be present as a consequence of the overlapping process used to compute the lead time forecasts and the uncertainties arising in the estimation of the parameters of the forecasting model. Improvements are shown in terms of cycle service level, inventory investment and backorder volume. Simulations and real demand data from a manufacturer are used to illustrate our methodology.

  • 47.
    Trapero, Juan R.
    et al.
    University of Castilla-La Mancha, Department of Business Administration, Spain.
    Cardós, Manuel
    Universitat Politècnica de València, Department of Business Organization, Valencia, Spain.
    Kourentzes, Nikolaos
    Lancaster University Management School, Department of Management Science, Lancaster, United Kingdom.
    Quantile forecast optimal combination to enhance safety stock estimation2019In: International Journal of Forecasting, ISSN 0169-2070, E-ISSN 1872-8200, Vol. 35, no 1, p. 239-250Article in journal (Refereed)
    Abstract [en]

    The safety stock calculation requires a measure of the forecast error uncertainty. Such errors are usually assumed to be Gaussian iid (independently and identically distributed). However, deviations from iid lead to a deterioration in the performance of the supply chain. Recent research has shown that, contrary to theoretical approaches, empirical techniques that do not rely on the aforementioned assumptions can enhance the calculation of safety stocks. In particular, GARCH models cope with time-varying heterocedastic forecast error, and kernel density estimation does not need to rely on a determined distribution. However, if the forecast errors are time-varying heterocedastic and do not follow a determined distribution, the previous approaches are inadequate. We overcome this by proposing an optimal combination of the empirical methods that minimizes the asymmetric piecewise linear loss function, also known as the tick loss. The results show that combining quantile forecasts yields safety stocks with a lower cost. The methodology is illustrated with simulations and real data experiments for different lead times.

  • 48.
    Trapero, Juan R.
    et al.
    Universidad de Castilla-La Mancha, Departamento de Administracion de Empresas, Ciudad Real, Spain.
    Pedregal, Diego. J.
    Universidad de Castilla-La Mancha, Departamento de Administracion de Empresas, Ciudad Real, Spain.
    Fildes, R.
    Lancaster University Management School, Department of Management Science, Lancaster, United Kingdom.
    Kourentzes, Nikolaos
    Lancaster University Management School, Department of Management Science, Lancaster, United Kingdom.
    Analysis of judgmental adjustments in the presence of promotions2013In: International Journal of Forecasting, ISSN 0169-2070, E-ISSN 1872-8200, Vol. 29, no 2, p. 234-243Article in journal (Refereed)
    Abstract [en]

    Sales forecasting is becoming increasingly complex, due to a range of factors, such as the shortening of product life cycles, increasingly competitive markets, and aggressive marketing. Often, forecasts are produced using a Forecasting Support System that integrates univariate statistical forecasts with judgment from experts in the organization. Managers then add information to the forecast, such as future promotions, potentially improving the accuracy. Despite the importance of judgment and promotions, papers devoted to studying their relationship with forecasting performance are scarce. We analyze the accuracy of managerial adjustments in periods of promotions, based on weekly data from a manufacturing company. Intervention analysis is used to establish whether judgmental adjustments can be replaced by multivariate statistical models when responding to promotional information. We show that judgmental adjustments can enhance baseline forecasts during promotions, but not systematically. Transfer function models based on past promotions information achieved lower overall forecasting errors. Finally, a hybrid model illustrates the fact that human experts still added value to the transfer function models. 

  • 49.
    Wang, Zhiyuan
    University of Skövde, School of Technology and Society.
    Study the relationship between real exchange rate and interest rate differential – United States and Sweden2007Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This paper uses co-integration method and error-correction model to re-examine the relationship between real exchange rate and expected interest rate differentials, including cumulated current account balance, over floating exchange rate periods. As indicated by the dynamic model, I find that there is a long run relationship among the variables using Johansen co-integration method. Final conclusion is that the empirical evidence is provided to show that our error-correction model leads to a good real exchange rate forecast.

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  • 50.
    Wickerath, Susanne
    University of Skövde, School of Technology and Society.
    Definitions of an intangible asset: in context with HGB, IFRS and US-GAAP2008Independent thesis Basic level (degree of Bachelor), 15 credits / 22,5 HE creditsStudent thesis
    Abstract [en]

     

     

    This Bachelor thesis deals with the definition of Intangible Assets in the context of

    financial reporting. The purpose is to integrate intangible assets into the balance

    sheet. After a thorough analysis of the ongoing research shows that there is general

    consensus concerning intellectual property, and general confusion concerning

    knowledge, information and organization capital. Some have what it takes to enter

    balance sheets, while others still lack a holistic concept that is generally accepted

    and fulfils the demand of accounting. Neither of them is reported according to the

    presently available and established knowledge. This thesis shows that a prerequisite

    for an improved reporting is the consequential extension of accounting principles for

    intangible assets. The fact that the term “intangible asset” became a gathering of all

    possible intangible phenomena demands counter-actions. One of its reasons is the

    demand for the measurement of relative performances of intangible assets. This

    thesis shows that reporting absolute figures for intangible assets does not stand in

    contrast with this, but can deliver the necessary data set for a holistic analysis that

    also deals with intangible assets.

     

     

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