...BANGLADESH STOCK MARKET GROWING? KEY INDICATORS BASED ASSESSMENT M Khokan Bepari Assistant Professor Department of Cooperation and Marketing Faculty of Agricultural Economics & Rural Sociology Bangladesh Agricultural University, Mymensingh-2202, Bangladesh Phone: +88 01716601759 khokan552@yahoo.com Dr. Abu Mollik Senior Lecturer and Finance Discipline Leader School of Commerce and Marketing Division of Business and Informatics Central Queensland University abumollik@yahoo.com.au Abstract This paper focuses on the growth of Bangladesh stock market over time. The market trends in terms of market capitalization, market liquidity, market concentration, number of listings, volatility in the market index and foreign portfolio investment were considered. The study finds that key indicators are significantly correlated. Stock market growth index is constructed considering market capitalization ratio; turn over ratio, value traded to GDP ratio and volatility in market index. The findings of the study suggest that although Bangladesh stock market is growing over time, the growth has not yet assumed any stable and obvious trend. We conclude that Bangladesh stock market is still at an early stage of its growth path with a small market size relative to GDP and is characterized by poor liquidity and high market concentration. Introduction Demirguc-Kunt and Levine (1996), Singh (1997) and Levine and Zervos (1998) find that stock market growth plays an important...
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...Market Based Management® Philosophy and Principles Market Based Management® is a value system and framework for action that encourages employees to think and act like principled entrepreneurs. (The Principled Entrepreneur, 2007) The MBM philosophy was (and continues to be) developed by Charles Koch, chairman and CEO of Koch Industries. It is used by all Koch companies such as STAINMASTER® carpet, LYCRA® spandex, Quilted Northern® tissue, and Dixie® cups. Charles Koch credits the success of Koch Industries, one of the world’s largest privately held companies, to the application of this unique way of doing business. (Koch C. , 2007) MBM is a large set of ever-evolving “mental models” that are organized by, and interpreted through, a framework of five interdependent and mutually reinforcing dimensions: vision, virtue and talents, knowledge processes, decision rights and incentives. The MBM Guiding Principles, which are a model within the virtue and talents dimension, form the MBM culture. (Tapscott, 2007) This material is used by leaders and employees of Koch companies to get results. Market Based Management® (MBM) is rooted in the Science of Human Action (Mises, 1949), and is defined by five dimensions: * Vision – determining where and how the organization can create the greatest long –term value * Virtue and Talents – helping ensure that people with the right values, skills and capabilities are hired, retained and developed * Knowledge Processes – creating, acquiring...
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...Finance 金融, 2012, 2, 151-154 http://dx.doi.org/10.12677/fin.2012.23017 Published Online July 2012 (http://www.hanspub.org/journal/fin) The Empirical Research on the Effect of Investor Sentiment for the Stock Market of China Based on Stock Index Futures Yongquan Pan, Zi Lin Dongling School of Economics and Management, University of Science and Technology Beijing, Beijing Email: yqpan@ustb.edu.cn, linziliz@sina.com Received: Feb. 6th, 2012; revised: Feb. 26th, 2012; accepted: Mar. 4th, 2012 Abstract: This paper discusses the affect of stock index futures for investor sentiment’s measure and study if the new indicator has better interpretation to stock returns than before. Finally, the reflection of the negative emotions on the market is studied by this indicator. Keywords: Investor Sentiment; Stock Index Futures; Stock Return 基于股指期货的投资者情绪对中国股市 影响的实证研究 潘永泉，林 梓 北京科技大学，东凌经济管理学院金融工程系，北京 Email: yqpan@ustb.edu.cn, linziliz@sina.com 收稿日期：2012 年 2 月 6 日；修回日期：2012 年 2 月 26 日；录用日期：2012 年 3 月 4 日 摘 要：本文将股指期货合约作为投资者情绪的度量指标，研究在此基础上构建的投资者情绪指标是 否对于股票收益率有更强的解释能力，并以此研究其对股票市场的消极情绪是否反映的更为充分。 关键词：投资者情绪；股指期货；股票收益率 1. 引言 在之前的研究中，由于我国实际上没有做空机 投资者非理性行为是否会影响股票价格和收益 制，所以在测度投资者情绪时经常采用市场换手率、 是现代金融理论和行为金融理论争论的焦点。现代金 封闭式基金折价和投资者开户增长率等指标，但是， 融理论认为，在某种程度上某些投资者可能并非理 自从 2010 年以来，股指期货市场出现，投资者可以 性，但由于他们之间的交易是随机进行的，所以他们 利用股指期货来做空股票，因此之前的测度中，市场 的非理性会相互抵消， 股票价格不会受到影响。 因此， 的消极情绪反映的不够充分， 但是， 有了做空机制后， 股票的价格等于其基础价值，股票的预期收益由其基 市场的消极情绪得以反映。 ...
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...Compare and contrast the market-based approach and the resource-based view as approaches to competitive strategy. To what extent are they rival or complementary views? Competitive strategy, after Porter, came to be defined as the strategy of a business unit which seeks to achieve sustainable Competitive Advantage (SCA). The literature on strategy deems the market-based view (MBV) and the resource –based view (RBV) as two approaches to giving businesses the competitive edge they need to compete in their industries. Aside from having competitive advantage as their ultimate goal, the two approaches are also similar in the sense that they both make use of particular tools and models in their undertakings. They also differ in numerous ways, starting with their definitions, assumptions about the equilibrium of the market and the tools and models used. Nevertheless, despite their differences which may portray them as rivals, in practice the two approaches are rather complementary as the crux of this essay shall illustrate. By definition the market-based view is an outside in approach to competitive strategy; which as stated by D. Faulkner (2007) copes with competition through ‘astute market positioning’. In other words firms identify the opportunities and threats in their external environment through the use of tools such as the Product Life Cycle, Porter’s 5 Forces Model of industry analysis, Strategic groups, Scenario planning and models namely Porter’s Generic Strategies, Customer...
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...example of success in focusing on productivity to produce growth and value. It also provides a counterexample to several of Lewis’ ideas arguing against market distortions and level playing fields. I will now outline Lewis’ main ideas, and analyze them according to the Singaporean experience: - Industry Analysis: Lewis advocates for analysis at the industry level, rather than the macroeconomic level. Singapore has also followed an approach that has favored industrial policy. Recognizing its lack of natural resources, Singapore since the 1960s has focused on investing in 4 key industries: ship refitting and repair, metal engineering, chemicals and electrical equipment. The current emphasis is on the biomedical science industry. Singapore has been effective at identifying key industry “clusters” for development and growth, strategies that move its economy up the value chain towards knowledge-based sectors. The country can improve upon this by identifying new industries, such as the latest focus on biotechnology, which are beyond the currently established industries from decades past. - Skill training vs. education: Lewis argues that education is not directly linked to productivity, and that job skill training is more important to a society. In 1979, Singapore created the Skills Development Fund to help improve worker’s skill-based education, incentivizing employers to educate workers through grants. The government also attempted to raise wage levels as it improved the skill base...
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...you or the business in which you are working? If so, how? Submit a copy of the proposed regulation along with your responses to these five questions. The proposed regulation can be submitted as either a separate Word document (.doc) or Adobe file (.pdf). This means you will submit two attachments to the Week 2 Dropbox: (2) a Word doc with the questions and your answers and (2) a copy of the proposed regulation you used for this assignment. (10 points) DEPARTMENT OF HOMELANDSECURITY Office of the Secretary-Nondiscrimination in Matters Pertaining to Faith-Based Organizations-I am interested in the proposed regulation because I am involved in a religion or faith base organization. This will affect the organization to received funds with other non-profit organizations. 2. Describe the proposal/change. Consistent with the President’sinitiative, this proposed rule would amend DHS’ regulations to make clear that faith-based organizations are eligible to participate in any social or community service programs established, administered or funded by DHS (including any component of DHS) (collectively, ‘‘DHS service programs’’), and are eligible to seek and receive Federal financial assistance from DHS service programs where such assistance is available to other organizations. 3. Write the public comment which you would submit to this proposal. If the proposed regulation deadline has already passed, write the comment you would have submitted. Explain briefly what you wish to...
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...Blue Ridge Spain 1 Restructuring Management Based on Growth 2 LARGE GROWTH POTENTIAL 2 MEDIUM GROWTH POTENTIAL 2 SUSTAINABLE SIZE MARKETS 2 Growth Plans for Spain 3 Strategic Alternatives 3 EQUITY BASED STRATEGY 3 NONE-EQUITY BASED STRATEGY 4 Executive Summary International business meshes across multiple domains most notably market entry strategies and sociocultural variances. Factoring in those two critical aspects and giving them the right amount of attention is the separating line between success and failure. Terralumen, Blue Ridge, and Delta are all successful companies; However, by not observing the basic requirements of international business, the security of this otherwise prosperous enterprise is at stake. Both Terralumen and Delta have shortcomings in the area of international business and Blue Ridge is the only stakeholder in this mix who has the necessary experience and expertise to manage this crisis and find a resolution. Considering the overall profitability of the Blue Ridge brand in Spain and existing investments by each joint venture member, the position from this white paper is to recommend a restructure of the business model to leverage the strengths within the joint venture organization and tailor the Blue Ridge total product more closely to the Spanish market. Dissolution of Blue Ridge Spain Delta and Blue Ridge do not have adequate knowledge of the market; this is supported by the fact that Management...
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...What capacity should each plant have? The plants should be located in every regional market they serve, preferably in non-seismic zone. In case a region has more than 2 plants, they should be built in geographically and climatically opposite places. Flexibility of these plants should be guided by Toyota’s global complementation strategy that allows plants to serve markets that are prospering when local market weakens. Capacity of each plant should be guided by the demand in the regional market they serve with the flexibility to serve additional demand from other export markets 2. Should plants be able to produce for all markets or only specific contingency markets? All plants should be able to produce the common parts required across all markets. This would ensure a plant’s ability to satisfy local demand as well as demand from other markets. 3. How should markets be allocated to plants and how frequently should this allocation be revised? Plants should cater the markets they are built in. This would basically reduce the logistics cost and also help company respond better to sudden changes in demand. Apart from the regional markets, each plant should have the ability to manufacture common plants. Additionally, each plant should complement atleast one more plant in terms of production. This allocation should be revised every 6 months or proactively based on any natural disasters, disruption in supply chain, political instability, and technology...
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...Global Strategy Local Turbulence (Case 9- 704-427, Harvard Business School) 1. Based on the data available, to which extent was the CAGE model relevant for the decisions taken by ARCOR until the crisis started in 1999? The CAGE model is relevant to the decisions taken by ARCOR up until the crisis in 1999, in the following ways: 1. ARCOR identified that Brazil had a fairly similar culture in chocolate and candy consumption to Argentina, hence in 1976, Arcor established itself in Brazil. 2. ARCOR also may have chosen to enter Brazil because of it sharing a border with Argentina. There was little geographic distance 3. With Brazil’s large population, Arcor had access to the economic benefit of a larger market 4. Arcor entered the US in 1993, since consumers accounted for one third of the global confectionary market. Again, there was economic benefit for Arcor. 2. Based on the AAA strategies, develop at least 2 different strategies for Pagani in 2002 in order to further develop ARCOR’s business strategy. Explain which is your preferred option The two strategies that I would propose are Adaptation and Aggregation. - Adaptation has worked so far for Arcor since it has identified differing tastes and consumer behaviour linked to chocolate and candy across different markets. - Aggregation has also proved useful to Arcor, since the cost of setting up plants and procuring raw materials in each new market proves to be costly. In terms of sustainability, my preferred option is Aggregation...
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...After looking at the Service Learning in a more broad view I realized something, that the service learning I did could also be applied to the virtue theory of Michael Sandel. After I re-watched the video “Michael Sandel: What Money Can't Buy: The Moral Limits of Markets” I connected what happened at the Ten Lives Club shelter to his theory. Sandel states in his video that we as a society have: “Drifted from having a market economy to becoming a market society. The difference is this; a market economy is a tool, an available and effective tool for organizing productive activity. Market economics have brought prosperity and affluence to countries around the world but, a market society is different, it’s a place where almost everything is up...
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...reputation gaining points of McDonald’s are: inexpensive food with consistent taste, quick service and clean and familiar environment. Besides, strong adaptability of the company in operation of chain stores in other markets of different cultures and market condition have contributed in making McDonald’s a successful quick service restaurant. Aligned to that, McDonald’s typically spent about twice as much on advertising as Burger King and Wendy’s. Even under environment of intense competition, McDonald’s has proved to stay firm on its high position in the market. Some examples of good adaptability to market of McDonald’s include: having separated food preparation area in Indian market to accommodate the high number of vegetarian customers; using as much as 95% of food ingredients produced locally to encourage trust within customers; serves lamb-based Maharaja Mac instead of beef in India with majority of Hindu; substituting imported beef at its British restaurants in respond to the mad cow disease concern of consumers; developing new restaurant designs and reimage its French operation when the local bistro operations neutralizing McDonald’s advantage of fast service and low prices. There are also instances where McDonald’s showed their capability of recognizing new market opportunities, and capturing them, McDonald’s decision of opening its first restaurant in India is one of which. Other evidences are: working closely with local farmers to boost yields and quality in Moscow; coming...
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...1. MARKETING STRATEGIES FOR GROWTH MARKETS Market Penetration _ is the measure of brand or category popularity, it is defined as the number of people who buy a specific product or brand of a category of the goods at least once in a given period and it is divided by the size of the relevant market penetration. Often managers must decide whether to seek sales growth by acquiring existing category users from their competitors or by expanding the total population of category users, attracting new customers to the market. Nando’s specialize in flame-grilled Peri-Peri chicken, it is served in quarters, halves, wholes and bufferfly breast and the price the most it is based on keeping the offering low priced to grab the maximum market share. The most obvious ways to achieve growth is by encouring existing users of the product to buy or use more of the same product, this implies a basic strategy decision, namely to get the customer to increase the frequency of use and the quantity used of the product. Promoting alternative_ Nando’s has bottled their peri-peri delicious sauces, implying that consumers can take the flavor, fire and passion of peri-peri wherever they go. And they can even purchase same of the sauces at supermarkets such as pick’n pay, checkers. Offering incentives for using products_ Nandos offer special deals from time to time of special price deals for a specific period as an incentive to its customer. Giant-sized packaging Nando’s has introduced a sauce caddy...
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...The Feasibility Report presented before you will summarize two firms, the Whirlpool Corporation and General Electric Company detailing the industries, products, supply and demand, scope of production, cost structure, market condition impact and performance in which the industry can operate optimally. In regards to the hypothetical firm that has decided to set up a production plant. This report will explore the various aspects of the proposed project and a recommendation if whether the project is feasible. The Whirlpool Corporation and General Electric Company are in the industry associated in the manufacturing consumer durable “white goods” (Thefreedictionary.com, 2012). Whirlpool and General Electric are common household appliance brands and one of the products that every household carries is the typical standard household refrigerator or other derivative designs. The prevalent demand and supply structure in the industry of consumer durable white goods is that the global major appliance industry is expected to record close to 4% yearly growth in demand through 2015 to reach a volume of 400 million units. The United States white goods market is witnessing recovery due to recovery in the wider economy. Demand is expected to come from housing market recovery in 2015, and also because consumers are beginning to upgrade to superior equipment as income levels rise (Reportlinker.com, 2012). Shipments of refrigerators represented the largest share of the appliance industry...
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...Emerging Markets 1. Introduction With the demise of communism, many countries in the world today are striving to build their economic activity around markets, and to participate in free trade arrangements, such as the World Trading Organization (WTO), European Union (EU), & North American Free Trade Agreement (NAFTA). The first step for most countries in this endeavor is deregulation and liberalization, thus opening their markets to free economic activity by local and international investors and entrepreneurs. However, companies and investors rushing to cash in on these new opportunities learn an important lesson—often through experience—that while these new emerging markets may be liberalized, they do not function in the same way as the more advanced markets of Europe, United States, Canada, Japan, and Australia. It is dangerous to equate liberalization and deregulation with building a well functioning market economy. Investors and companies operating in emerging markets quickly realize that these markets do not have all the infrastructure—both physical and institutional—needed for the smooth functioning of markets. The frequent economic crises engulfing many emerging markets—in Mexico and Brazil in the early 90s, Asia in the mid-90s, in Russia soon after, and in Argentina most recently— offer stark reminders of these institutional voids. The purpose of this note is to address several issues critical to understanding the unique nature of emerging markets relative...
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...marketing strategy be simultaneously standardized and adapted to export markets. Moreover, it reveals that this strategy is more appropriate than the contingency approach, considering the case of a firm with very little expression in the global marketplace. A single case-study based on the export venture of Renova Black toilet paper was developed. In addition to the analysis of secondary data, interviews were conducted with 3 Renova managers, 3 trade customers and 10 consumers. Findings suggest that an international marketing strategy simultaneously standardized and adapted to new export markets forms a good fit with the existence of limited resources, light structure and centralized decision making possible due to firms’ reduced size. This study presents important insights for managers of small players in the global marketplace attempting to boost the internationalization process. It also broadens our understanding on the standardization versus adaptation debate using a fresh perspective. Keywords: International Marketing Strategy, Exports, Standardization, Adaptation. 1. Introduction The concept of Blue Ocean Strategy (Kim and Mauborgne, 2005) refers to value innovation as the solution for creating new market space through the simultaneous pursuit of differentiation and low cost strategies. However, a Blue Ocean Strategy implies assuming high risks as the size of the new market demand cannot be predicted (Lages, 2012). In order to mitigate this risk...
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