读者

@创业家杂志:【去哪儿玩转巨头!】创业者的创业史就是跟巨头的纠结史。去哪儿就是这么一家公司:他以颠覆者的身份挑战巨头携程;然后又接受了另一个巨头百度62%的控股,加入巨头;现在他欲独立上市,成为巨头。看《创业家》精彩呈现去哪儿战携程,傍百度,谋独立的创业大戏!http://t.cn/zYyPODE     

维亚康姆斗Google

2007年3月下旬到4月，美国最引人注目的巨头之战恐怕要数传媒巨头维亚康姆与搜索巨头Google之间的官司。     

我国数字巨头企业形成机制分析

数字经济已成为世界经济的重要组成部分,数字巨头企业也成为新兴的经济现象。文章通过梳理"阿里"、"滴滴"等我国代表性数字企业的案例,总结了我国数字巨头企业的形成机制。提出网络世界的无界性是数字巨头企业成长的沃土,梅特卡夫法则的估值模式是其成长的加速器,而我国数字巨头能迅速跃升和国际数字巨头企业比肩的关键因素还在于独享我国巨大的人口及基础设施红利。     

中国饮料市场现状及应对措施

中国的饮料市场极具潜力,可本国却没有一家真正的饮料巨头。本文分析了中国饮料巨头不能诞生的原因及中国饮料市场的巨大商机,并就如何培养饮料巨头提出建议措施。     

产经动态

两大巨头重组：中国农业发展集团总公司成立，明年煤炭缺口将达8000万吨，我国电力巨头和航运巨头携手合作运煤，我国玉米的国际市场竞争压力将加大     

打造中国的饮料巨头

中国的饮料市场极具潜力,可本国却没有一家真正的饮料巨头。本文将中国饮料巨头不能诞生的原因归咎于国内饮料市场混乱的局面,分析了中国饮料市场上巨大的市场机会,并就如何培养饮料巨头提出了若干建议。     

谷歌YouTube：不出卖网民就得对抗法庭

搜索巨头谷歌下属的Youtube与传媒巨头维亚康姆的案子已经持续一年多了。     

做国王,还是做富豪

卖给巨头,是好事还是坏事?这是一个令明星创业家们纠结的新问题。在中国,每个创业者心里都有一个巨头梦。这个梦分三部曲:创业之初以一家巨头立志,"我要做某某领域的某某";做到一定规模后以另外一家巨头对标,"我们是某某的挑战者(颠覆者)";IPO后很快以巨头自居,"我们是某某领域的领导者"——学习它,挑战它,成为它,漂亮的三部曲。这也是中国创业者群体独有的心结。现在,问题来了:IPO遇冷,独立上市受到很大挑战,并购逐渐成为那些IPO无望者     

小公司如何与巨头共舞

导语:中国几乎所有的重要创新领域都有巨头盘踞,当行业巨头成为高成长企业绕不过去的大山,是学习愚公移山的死嗑精神,还是傍上另外一个巨头以增强周旋的资本?或者干脆就打起了退堂鼓?2011年12月初,2011黑马大赛第二季暨第四届创业家年会在北京召开,期间举办了"高峰对话:与巨头共舞",诸位嘉宾围绕这一话题表达了各自的精彩观点。     

信息集萃

市场将放开石油巨头蓄势待发 成品油零售市场年底放开,国际石油巨头蓄势待发,面对12月11日履行加入WTO承诺而即将对外资放开的中国成品油零售市场,国际石油巨头正“蓄势待发”,做好了抢占该市场的战略部署。     

Global commodity and equity markets spillovers to Africa during the COVID-19 pandemic

This paper examines the connectedness among 12 African equity markets and the global commodity, developed equity markets, paying particular attention to their evolution during the COVID-19 pandemic's peak period. We find that whilst African equity markets connect weakly to these markets, the levels of connectedness among these markets improved significantly during the pandemic. In addition, the energy market dominates the transmission of shocks in the system with commodity markets. Regarding the system with equity markets, the French and South African equity markets transmit the highest spillover in the full sample and during the pandemic's peak period, respectively.     

Retailing Innovations in a Globalizing Retail Market Environment

In recent years, the combination of economic growth and population growth in emerging markets and less developed markets has accelerated the progression of globalization of retailing and globalization by retailers. The challenges faced by global and globalizing retailers (retailers who currently have or intend to establish a market presence in mature markets, emerging markets and less developed markets) can be more daunting compared to those faced by firms in other industries such as automobiles, steel, and computers. Retailing innovations that are responsive to the characteristics of distinctive national markets and broader aggregations of markets such as mature, emerging and less developed markets are critical to the success of global and globalizing retailers. Against this backdrop, this paper focuses on retailing innovations in the context of a globalizing retailing environment. It attempts to shed insights into the characteristics of retailing innovations conducive to superior performance in distinctive national markets and across broader aggregations of markets. Towards this end, we first examine the environmental conditions of markets in different development stages, namely mature, emerging and less developed markets, and explore consumer based, industry based, and legal/regulatory based challenges faced by globalizing retailers in these markets. Second, we show how these challenges can be transformed into opportunities with retailing innovations. We conclude with a roadmap for future research and present propositions on future development with respect to retailing innovations in these markets.     

美国大豆期货市场与现货市场价格传导关系研究

对美国大豆期货市场与现货市场价格传导关系的实证分析表明,美国大豆期货市场与现货市场相关性较强,期货市场与现货市场之间存在显著的长期均衡关系;期货市场和现货市场存在误差校正机制,当偏离两者的长期均衡关系时,重新回到原有均衡关系的调整速度较快;期货市场与现货市场相互引导,但现货市场的引导作用大于期货市场.文章提出,发现价格和套期保值是期货市场最基本的功能,这些功能的发挥与现货市场的发展密切相关.期货市场的产生与发展并不是对现货市场的替代,而且在完善的市场体系中,现货市场对期货市场具有较强的引导作用,现货市场发展的程度是影响期货市场功能发挥程度的关键因素.不断改善现货市场环境,加强现货市场建设,是促进期货市场快速发展的现实选择.     

Dependence dynamics of stock markets during COVID-19

Stock markets have exhibited increased returns connectedness during the COVID-19 period. We examine the returns dependence among 42 stock markets classified under various emerging and developed groupings. We apply several dependence measures to examine the returns connectedness among the markets. Our results show that stock markets from the G-7 and Emerging Frontier and Asian (EFA) region exhibit high connectedness with other international markets, while Middle East and North African (MENA) and Latin American (LA) stock markets offer high diversification opportunities through low returns connectedness. The returns coherence of Central and East European (CEE) and G-7 markets increase significantly during the COVID-19 period which supports the hypothesis of contagion. However, during the pandemic MENA stock markets (excluding Greece) and most EFA markets (excluding China, Singapore and Korea) remain less cointegrated with other international equity markets. Our results have implications for individual and institutional investors, fund managers and other financial market stakeholders.     

A comparison of produce prices in Costa Rica: farmers' markets,produce markets and supermarkets

Following a review of the history and organization of farmers' markets in Costa Rica, a comparison was made of prices offered to consumers at farmers' markets, produce markets and supermarkets in Costa Rica. Findings reveal there are substantial price savings to Costa Rican consumers that shop at local farmers' markets for fruit and vegetables compared to produce markets and supermarkets.     

The nature of informal food bazaars: Empirical results for Urban Hanoi,Vietnam

This paper aims to study the interesting phenomenon of informal food markets in urban areas, which have been neglected in the past research. Based on an empirical study of consumer choice between informal and formal markets (markets built-up by street hawkers vs. government-planned markets), this paper provides a basis for understanding the nature of informal markets in the Vietnamese context. The results show that cheap price and convenience (proximity) are important in shaping the choice by consumers for informal markets for food, while close relationship with sellers or services provided by sellers are not. Shoppers with higher concern for freshness and safety of fresh food are more likely to shop at formal markets. Additionally, low-income shoppers are found significantly inclined toward informal markets, while higher-income shoppers tend to shop at formal markets. Therefore, these two types of market should be viewed as two marketplaces to serve two segments of consumer groups, rather than two markets competing for a share of the business.     

A Stakeholder Perspective on Relationship Marketing

Abstract

This paper proposes a broad framework of relationship marketing using the stakeholder approach. Drawing from Peck et al. (1999) framework and proposing several modifications, the authors identify the following relational groups-supplier markets, customer markets (channels), customer markets (end users), competitor markets, external influence markets, and internal markets. The growing importance of strategic alliances is reflected in all constituent groups as well as in a proposed modification of the Berry and Parasuraman (1991) levels of relationships. This paper also re-examines the strategic role of the traditional marketing mix strategies (namely, product, price, place, and promotion) in the new relationship paradigm. Finally, implementation strategies for the stakeholder markets, in general, and customer markets, in particular, are proposed. Several propositions are derived throughout the paper, many of which can be fertile areas for future research investigations.     

Power arch modelling of the volatility of emerging equity markets

In developed equity markets the APARCH model of Ding, Granger and Engle [Ding, Z., Granger, C. and Engle, R., 1993. A long memory property of stock market returns and a new model. Journal of Empirical Finance 1, 83–106] has proven to be useful in modelling the leverage and asymmetry effects; power transformations and long memory; and non-normal conditional error distributions that characterise the data. Extending the analysis of Jayasuriya, Shambora and Rossiter [Jayasuriya, S., Shambora, W. and Rossiter, R., 2005. Asymmetric volatility in mature and emerging markets, Working Paper, Ohio University.] to a wider set of emerging markets this paper explores the applicability of the model to emerging markets. The key findings are as follows. First, unlike developed markets where a power term of unity and a conditional standard deviation model appears to be appropriate, emerging markets demonstrate a considerably greater range of power values. Second, unlike developed markets where non-normal conditional error distributions appear to fit the data well, there are a set of emerging markets for which estimation problems arise with a conditional t distribution, and a conditional normal distribution appears to be the preferred option. Third, the degree of volatility asymmetry appears to vary across the set of emerging markets, with the Middle Eastern and African markets having very different volatility asymmetry characteristics to those of the Latin American markets.     

中国证券市场A、B、H股的动态相关关系研究

文章将沪市(深市)A股、沪市(深市)B股和H股纳入一个研究框架,采用1995-2008年样本数据,运用GJR-GARCH-ADCC模型对三个市场的收益率条件相关性进行了实证分析.结果表明,A股和B股,B股和H股相关性受非对称信息影响,而A股与H股间不受非对称影响.本文还检测了三个主要的市场开放政策对市场间相关关系影响,发现B股市场开放后,A、B市场相关关系有明显的结构变动,联动性增强;QDII政策的实施加深了深市A股和H股,深市B股和H股的联系;但QFII政策对各市相关性影响不明显.整体说明国内证券市场,特别是A股和B股,A股和H股,融合度加深,联动性增强.     

Confronting the Gray Market Problem

Gray markets involve the sales of legitimate products by way of channels of distribution that are not authorized by the brand owners. Gray markets may benefit consumers and even brand owners under certain circumstances. On balance, however, gray markets are detrimental to brand owners because gray market traders access genuine product in both physical and virtual markets and reap profits stemming from the resale of goods owing to price differentiation between markets, thus depriving brand owners of those profits. In this study, we discuss the principal factors that encourage a gray market and the legal underpinnings that permit gray markets in the United States. We then summarize managerial tactics—both reactive and proactive—to combat gray markets.