Lean Implementation in Small and Medium‐Sized Enterprises in Less Developed Countries: Some Empirical Evidences From North Africa

The purpose of this paper is to provide an exploration and analysis of lean implementation in small and medium‐sized enterprises (SMEs) in less developed countries. Therefore, exploratory empirical evidences were collected from a survey study among a sample of 84 SMEs in North Africa. Moreover, statistical tests were conducted to assess the overall picture of lean among SMEs in this region. Although SMEs have expressed their immense need for lean, the level of its implementation is found to be very low. The findings could encourage further extensive studies to develop strategies to promote the use of lean in these countries.     

Market impact: a systematic study of the high frequency options market

This paper deals with a fundamental subject that has seldom been addressed in recent years, that of market impact in the options market. Our analysis is based on a proprietary database of metaorders—large orders that are split into smaller pieces before being sent to the market—on one of the main Asian markets. In line with our previous work on the equity market [Said, E., Bel Hadj Ayed, A., Husson, A. and Abergel, F., Market impact: A systematic study of limit orders. Mark. Microstruct. Liq., 2018, 3(3&4), 1850008.], we propose an algorithmic approach to identify metaorders, based on some implied volatility parameters, the at the money forward volatility and at the money forward skew. In both cases, we obtain results similar to the now well-understood equity market: Square-Root Law, Fair Pricing Condition and Market Impact Dynamics.     

Oil,the Baltic Dry index,market (il)liquidity and business cycles: evidence from net oil-exporting/oil-importing countries

Financial Markets and Portfolio Management - The recent financial crisis has made (il)liquidity research more significant than ever. Galariotis and Giouvris (Int Rev Financ Anal 38:44–69,...     

Sequential auctions with randomly arriving buyers

We analyze a dynamic market in which buyers compete in a sequence of private-value auctions for differentiated goods. New buyers and new objects may arrive at random times. Since objects are imperfect substitutes, buyers? values are not persistent. Instead, each buyer?s private value for a new object is a new independent draw from the same distribution.We consider the use of second-price auctions for selling these objects, and show that there exists a unique symmetric Markov equilibrium in this market. In equilibrium, buyers shade their bids down by their continuation value, which is the (endogenous) option value of participating in future auctions. We characterize this option value and show that it depends not only on the number of buyers currently present on the market and the distribution of their values, but also on anticipated market dynamics.     

PORTFOLIO PERFORMANCE AND THE INTERACTION BETWEEN SYSTEMATIC RISK,FIRM SIZE AND PRICE-EARNINGS RATIO: THE CANADIAN EVIDENCE

While some American studies relate portfolio performance to P/E ratios, others reject such a hypothesis or find evidence of a confounded P/E-size effect. This prevents conclusive inferences. Canadian markets are structurally different from American ones; thus American evidence may not apply to Canadian stocks. This study examines how interaction between P/E ratio, beta and firm size affects the portfolio performance of Canadian stocks. The results show a relative support for the firm size effect, even after proper adjustment for risk and alternate change in control variables. This evidence is not uniform across different quarters of the year but not restricted to year-end effect. The findings also demonstrate a positive correlation among the three variables. However, one cannot generalize conclusions since the analysis may not capture all other pertinent factors.     

The survivorship bias, share price effect, and small firm effect in Canadian markets

After controlling for survivorship bias, we examine the relation between average returns, firm size, and price levels for Canadian stocks during the 1975-1994 period. Our findings indicate that there is a significant inverse share price level effect in Canadian markets. When we compare the results of the overall sample with the groups of surviving firms and delisted stocks, the latter group shows strong performance for large-size, high-priced stocks. Evidence that supports an independent size effect is less clear for Canadian stocks. A small size effect exists only among the higher share price denominations, which suggests a confounded size-price effect. Although the delisted group returns are statistically different from those of the survivor and the overall groups, which implies some evidence of survivorship bias, the difference between the survivor group and the overall group is weak at best.     

The paradox of development in the middle east

At a time of rapid change in the Middle East, the enforcement of Western models of development has eroded traditional Islamic values and undermined Muslims' confidence in themselves and their cultural heritage. The Islamic idea of development cannot be reduced to any of the models prevailing in the West, which are based on concepts of progress and evolution alien to the Islamic worldview. Middle Easterners need to reconstruct an Islamic concept of development rooted in their own cultural values and reflecting the historical development of Islam. Islamic traditions provide a set of political precepts with universal implications, and Islam can make an important contribution to an integrative world order.