The 2007-2009 Financial Crisis on Emerging Markets： Quantitative Identification of Crisis in Continent-based Regions

This paper focuses on a direct quantitative identification of crisis periods in selected emerging stock markets from four continent-based regions of Europe, Latin America, East Asia, and Middle East and North Africa （MENA）, in the context of an influence of the 2007 U.S. subprime financial crisis. The 17 emerging stock markets and, for comparison, the U.S. stock market are investigated. A statistical method of dividing market states into bullish and bearish markets, based on monthly logarithmic returns of major stock market indexes, is employed. The analyzed sample period begins in January 2003 and ends in December 2013. As there is no unanimity in the literature about the crisis periods in the continent-based regions, a formal statistical identification of crises is worthwhile to conduct. Furthermore, the effect of increasing cross-market correlations in the crisis compared to the pre-crisis period in the context of contagion is examining. To address this issue, both standard contemporaneous cross-correlations and volatility-adjusted cross-correlations are applied. The results are consistent with the literature and confn＇m that tests for contagion based on cross-market correlations are problematic due to the bias introduced by changing volatility in market returns. As contagion can be confused with globalization, the globalization tests in the group of international investigated markets are employed. The results generally do not confirm a global world market integration effect, i.e. there is no reason to reject the research hypothesis of no globalization during the 2007-2009 financial crisis.     

Market orientation for the hotel segment： The Portuguese case

In view of the importance of the hotel segment for the tourism and for the economy of countries such as Portugal, the objective of this study was to measure the level of orientation for the market of the largest hotel groups of Portugal. This investigation initially emphasized the importance of the marketing for the organizations, mainly the orientation for the market. After a brief explanation on the hotel segment in Portugal, an empirical study was presented, of quantitative, exploratory and traversal character, performed with the largest groups of 20 hotels of Portugal, using as an instrument of collection data, the traditional Markor scale （market orientation） adapted to the hotel sector. After analyzing the data, it was found in the investigated organizations that a good capacity to generate market information and response to the market, which formed two of the three constructs of Markor scale. However the results obtained with the construct of the dissemination of market information were below the expectations. It was possible to conclude that marketing professionals of the large hotel groups in Portugal are well oriented to the market, something not shared by other investigated departments of the hotels. So the current challenge for the main networks of hotels in Portugal is to improve the internal dissemination of information that marketing professionals gathered at the market.     

Exploration of OPEC and oil world market

In this article, the author will analyze the phenomena of soaring oil price today, how it happened, and find the reasons for the creation of OPEC, how it conducted its affairs in the market, and the economic factors that influenced Dr. Yamani in managing the organization effectively for a fairly long period of time to attain by the goals set out by him. I will apply the economic theories of market models, substitutability of products, the concept of price leadership etc. to explain the situation in the oil market and OPEC＇s function, which also illustrates current market behavior in the business world.     

The Relationship between the Trade Life Circle and the Takeover Type ——The Inspection of the Efficiency of the Market for Corporate Control in China

According to the differences between operation and correlationship by both sides of the takeover in the market for corporate control, the takeover can be divided into three types--transverse takeover, longitudinal takeover and mixed takeover. Meanwhile, due to the activities of takeover taken by the companies in the different trade life circles adopting different takeover types, so their performances are different. Seeing about this relationship, you can effectively inspect the efficiency of the market for corporate control. Adopting298 stylebook data from the market for corporate control in China, and through empirical analyzing, it can see that because of the existing of the stock holding, the efficiency of the market for corporate control in China is not very high. The government tempts to adjust the industrial structure through merger and acquisition （M＆A）, but it urged the aim of state-owned economy forward strategic transfer difficult to come true. To solve the contradiction of ＂setting up of the stock holding＂ comes to no time to delay. ＇     

Regulation Issues for the Internet Market

Regulation of Internet market attracts more and more scholars and governments＇ attention as the Internet＇s commercial potential is displayed worldwide. Key characteristics of Internet market prove there are also market failures in Internet market, so regulation is an avoidable issue for the Internet market. Policy approaches relating to competition, intellectual property, and information privacy are three key areas of regulation that the paper emphasizes. The paper also analyzes the current regulation practices carried by some developed countries and calls for countries to cooperate and coordinate thus build a legal and fair environment for the Internet market.     

Does Market Timing Affect Capital Structure？： Evidence for Chinese Firms

This paper investigates the market timing hypothesis of capital structure using a sample of 1,077 Chinese firms for the period 1992 to 2007. We find that market timing plays a significant role in capital structure decisions. However, market timing effects are not persistent and disappear within three years. The results suggest the prominent role played by the government in timing of security issues.     

Internationalization and the Structure of the Company＇s Marketing Strategy on International Markets Theoretical Remarks

The paper presents theoretical reflection upon international marketing strategy in the framework of internationalization and globalization of the market. It consists of four parts. The first one debates the nature and reasons for corporate internationalization. The second part shows an international marketing strategy in the concept of corporate expansion. The strategy consists of two elements： the basic dimensions of foreign market entry modes （part 3） and business presence strategies in overseas markets （part 4）. This paper proposes a theoretical framework for research conducted by Department of Marketing of the Cracow University of Economics. The research has been conducted as a part of grant received by Polish National Centre of Science.     

Spatial distribution of employment opportunities in the city of Santa Cruz de Tenerife

The analysis of spatial mismatches in access to employment remains a very important area of labour market literature. A particular case is that of the mismatches in urban labor markets, which can result in substantial differences in the employment opportunities available in city centre and suburbs. This study examines the spatial mismatches present in the labour market of Santa Cruz de Tenerife. To that end, the results of a survey taken in 2003-2004 with a sample of 2000 city residents were reviewed. Results confirm the importance of transport policy for city residents; they suggest that public transport linking the different districts to the city centre should be reviewed.     

英文文摘

On Overproduction in Socialist Primary Stage of China
CHEN Jun-jie
Overproduction is a common social phenomenon in capitalist production mode and socialist market economy and is a necessary result of market competition in commodity production and exchange. But there are differences in essence for capitalist and socialist overproduction. Capitalist overproduction is regular occurrence due to antagonistic contradiction between capitalist production and consumption and is the direct manifestation capitalists exploit workers. Socialist overproduction is a stage phenomenon because of market competition of various ownerships and can be overcome with the development of productive forces and the progress of reform.     

Status and prospect of the Chinese trading scheme for carbon credits

Given the arduous progress in the international talk on climate change mitigation,there is still uncertainty in the continuation of the Clean Development Mechanism(CDM) after 2012.However,a number of countries have regarded market mechanisms as an important approach towards climate change.China’s 12 th Five-year Plan on National Economic and Social Development clearly states that China will set up and improve the system for statistical accounting of greenhouse gas emission and will gradually establish an emission trading scheme.It is expected that in the following couple of years China will develop its own policies on carbon trading and gradually establish its domestic emission trading market.The construction of China carbon market is to be promoted in a voluntary-to-mandatory and regional-to-national manner.China will firstly standardize and promote the trading of voluntary emission reductions,and will then encourage pilot provinces and cities as well as some key industries to implement a policy on emission allowance trading while at the same time facilitating the construction of infrastructural facilities for carbon market operation including climate change legislation and setting up a system for the measurement and verification of carbon emissions.China will also carry out international or bilateral cooperation with foreign carbon trading schemes based on the progress of international negotiation so as to set up a unified domestic carbon market that is linked to international carbon trading schemes.     

Market Transition and Income Inequality in Urban China： Evidence from Shapley Value Decomposition

China＇s market-oriented reform is expected to strengthen the role of the market in allocating resources, which raises concerns over the impact of market transformation on income distribution and earnings inequality in the past decades. This paper decomposes the sources of inequality based on the newly developed Shapley value approach and examines the contributions of the market, along with other nonmarket factors, to total inequality. Using the China Health and Nutrition Survey data over the period 1989-2009, we find that the income gap between laborers with a higher level of education and those with a lower level has widened since the transformational reforms of the economy. Our results suggest that the largest contribution of changes in income inequality can be attributed to the increase in returns to education, while the relative contributions of the household registration （hukou） system, type of sector ownership, geographic location, and gender to inequality experienced a downward trend between 1989 and 2009. The authors argue that rising income inequality is the consequence of efficiency improvements and an imperfect economic system, and that the market is a decisive force in economic development as it releases competitive signals and creates incentive mechanisms for innovation. Creating a more efficient labor market and increasing investment in human capital, particularly equalizing educational opportunities and improving the quality of education in lagging rural and inland regions to disadvantaged groups, are significant for an equitable distribution of income and sustainable development in the long run.     

Mixed Market Competition in a Quality Differentiated Duopoly Model An Approach to Banking Sector

This paper attempts to develop a theoretical framework to investigate the competitive implications of quality choices of financial institutions whereby they charge prices to consumers based on their willingness to pay for the service qualities in the mixed market scenario under vertical product differentiation model. Initially, it analyzes benchmark equilibrium solutions of monopoly and duopoly to establish the degree of quality differentiation between two private banks in an uncover market configuration. Further, it estimates the quality differentiation between private and public banks, and examines the interaction between two market structures keeping public bank as both leader and follower, and then measures the social welfare from different prospectives. The explicit operation of two stages Nash equilibrium game forecasted that public banks＇ monopoly seems to be still better than a private banking, and it is socially optimal. The outcome demonstrates a significant importance of vertical quality differentiation for policy implication in banking industry and provides an insight on the reasons of particular co-existence of public and private banking services in the specified location. In this context, it is concluded that the presence of public banks in banking industries is a crucial condition for obtaining the higher range of social welfare.     

Opportunities of manufacture under global economic crisis： The case of Estonia

Because of the smallness of Estonia, its main source of economic growth is export, i.e. successful sales in the world market. It is necessary to shift from branches, activities and value chains where it is difficult to increase value added, to more profitable and promising ones. The present economic situation provides for this an exceptionally good chance. All kinds of development, international relocation of production and reallocation of economic power in the world are gathering speed. It is necessary to rapidly find an opportunity in the ＂declining＂ market, a profitable niche. Manufacturing entrepreneurs and executive managers have for several years already been complaining of shortage of workforce that hinders them carrying out new business plans, increasing production and exports. Increased supply of workforce dismissed from construction is an opportunity for the forced development of the manufacturing export sector and sharp increase in exports.     

Circuit breakers： Development of testable hypothesis

In October 1996, The Dhaka Stock Exchange （DSE） adopted trading halts for individual stocks, collectively known as ＂circuit breakers＂, to reduce the stock market volatility. This paper reviews the existing circuit breakers literature and developed five hypothesis--＂Magnet Effect＂, ＂Cool off-Heating （C-H） Effect＂, ＂Information Hypothesis＂, ＂Volatility Spillover Hypothesis＂ and ＂Trading Interferences Hypothesis＂--which could be tested empirically not only in the Dhaka Stock Exchange but any stock exchanges around the world. This paper also suggests most appropriate econometric models for empirical testing. GARCH for inter day data and Event Study methodology for intra day data. Moreover, to test the robustness non-parametric tests need to use along with parametric one. Considering the stock market bubbles in 1996, it has been found that it was optimal for the regulators to adopt this trading halt, but not for the market. It failed to protect the market. However, this might be the consequences of misconceptions about the purpose and effectiveness of circuit breakers. Despite many arguments contrary to this mechanism and absence of any conclusive empirical evidence for a fragile stock exchange like DSE, it may be useful sometimes to replace the ＂invisible hand of the marketplace＂ with the ＂visible hand of the market regulators＂.     

International Development Strategies of Luxury-goods Players in China

The aim of this paper is to study and analyse the intemationalisation strategies chosen by the main luxury-goods players in the Chinese market, demonstrating the business intemationalisation processes. The research questions are： ttow luxury companies have developed distribution strategies in the Chinese markets？ What are the main formats of distribution for the Chinese markets？ Are there any differences in the internationalization process between the main players of the luxury markets and the smaller ones？ The methodology is based on the analysis on multiple-case ~.nalysis on a sample of luxury-goods companies and identifies and compares the different strategies used by the players analysed. The research process starts from identifying and selecting the most well-known companies operating in the luxury branded sector, which have established a presence in the Chinese market with their own brand, collecting secondary data for the selected companies （website, corporate profile, articles on websites and in trade magazines and interviews with the management）, analysing the data collected and interpreting the main results to have emerged from the research. The main findings and conclusions are that the route to development in the Chinese market taken by the players in the luxury-goods sector, historically undertaken by delocalising production operations, has in recent years begun to accelerate with new forms in play, principally linked to distribution. The Chinese market tbr luxury brands is ever more an outlet market rather than a production hub. The ability to create brand awareness will become a key factor for successful consolidation of the competitive position in this market, an operation that can only be performed through distribution. Moreover, Chinese high-end consumers are becoming ever more demanding, seeking out an ever more sophisticated shopping experience. Just as happening in other markets, opening directly operated stores is a strategic choice for reaching and convincing end-consumers, sinc     

A Research on Unemployment in China＇s Transition Economy

Based on the theory of rigid wage of Keynesianism, this paper discusses the influence of rigid wage on unemployment in China＇s transition economy, and thoroughly analyzes the traditional concept of workers in state-owned enterprises. Then the paper puts forward that in order to activate employment market, solve current problem of the large quantity surplus labor, supply-demand rule of labor market should be obeyed, and the rigid wage of long-term contract should be replaced by the flexible wage of short-term contract. The solution of unemployment will be of great significance for Chinese economy growth and social development.     

A study on the tourism practitioners＇ perception of tourism impact： a case study of Hainan,China

This study examines the urban population of tourism practitioners perceptions of economic, environmental, and social impacts on cultural, convention, and sport tourism may have in Haikou and Sanya. Hainan, China. The study uses a modified Urban Tourism Impact （UTI） to examine economic, environmental, and social perceived impacts. Analysis of the data includes testing three models of structural relationships between tourism impacts and support for development in each of the tourism market sub-divisions through a confirmatory factor analysis. The results of this study show that the positive economic impacts consistently exert influence on predicting support for tourism development in all three models. However; the social impacts play a greater explanatory role with all three market segment, the negative environmental impacts play a role in determining support for sport tourism only. Differences have been found with those with a higher education level in predicting support for cultural tourism, but not convention or sport tourism.     

Rejuvenating wood carving industry in Taiwan Sanyi： A perspective of strategic management

This research aimed at providing suggestions to rejuvenate the wood carving industry in Taiwan Sanyi. The authors conducted interviews with representative store keepers and sculptors to gain industrial insights, and applied the strategic matrix analysis developed by Dr. Seetoo to examine industrial conditions and formulate strategic suggestions for wood carving companies. The industry was found lack of market orientation, which was considered as the critical factor of the long term depression. However, a market of tourism for nostalgic and cultural experience started developing in the near area, providing opportunities for Sanyi wood carving industry to recover. The main suggestions the authors made are （1） restructuring the product scope to respond to the market, and （2） branding with resorts in near area.     

Human security and sexuality in the IPPF Africa Region

The influence of human security components on Sexual Reproductive Health and Rights （SRHR） of individuals was explored in four sub-Saharan Africa countries of Angola, the Democratic Republic of Congo, Liberia and Uganda from November 2008 to April 2009. The present results suggest that the major threat to human security is the competing economic demands that make it difficult for the population to prioritize reproductive health services in their household budgets. This study concludes that there are potential benefits of human security approaches for furthering the goals of SRHR initiatives, in line with the principles and guidelines expressed in the Maputo Plan of Action and the Millennium Development Goals （MDGs）. The results of this study suggest that IPPF Africa Region can start to prioritize economic security, community security and health security which have greatest impact on the reproductive health of the sub-Saharan African population. The key lesson learnt is that the effective use of family planning services mitigates the effects of other human insecurities, including economic, food, and health insecurities as its application in the families will reduce family size and demand on available resources.