The limiting behavior of the hazard rate of coherent systems based on sequential order statistics is examined. Related results for the survival function of the system lifetime are also considered. For deriving the results, properties of limits involving a relevation transform are studied in detail. Then, limits of characteristics in sequential \(k\)-out-of-\(n\) systems and general coherent systems with failure-dependent components are obtained. Applications to the comparison of different systems based on their long run behavior and to limits of coefficients in a signature-based representation of the residual system lifetime are given. 相似文献
According toHarvey (1988), the forecasting ability of the term spread on economic growth is due to the fact that interest rates reflect investors' expectations about the future economic situation when deciding their plans for consumption and investment. Past literature has used ex post data on output or consumption growth as proxies for their expected value. In this paper, we employ a direct measure of economic agents' expectations, the Economic Sentiment Indicator elaborated by the European Commission, to test this hypothesis. Our results indicate that a linear combination of European yield spreads explains a surprising 93.7\% of the variability of the Economic Sentiment Indicator. This ability of yield spreads to capture economic agent expectations may be the actual reason for the predictive power of yield spreads about future business cycle.相似文献
Using a model of market making with inventories based on Biais (1993), we find that investors obtain more favorable execution prices, and they hence invest more, when markets are fragmented. In our model, risk-averse dealers use less aggressive price strategies in more transparent markets (centralized) because quote dissemination alleviates uncertainty about the prices quoted by other dealers and, hence, reduces the need to compete aggressively for order flow. Further, we show that the move toward greater transparency (centralization) may have detrimental effects on liquidity and welfare. 相似文献
Purpose: As part of the recognition of the 25th anniversary of the Journal of Business-to-Business Marketing (JBBM), this paper presents an overview of the JBBM through a bibliometric analysis (BA) of its content from 1992 to 2016. The analysis focuses on the most cited articles and authors, h-index, publications per year, among others that typically are conducted for BAs.
Design/Methodology/Approach: This paper begins with an introduction to the JBBM, showing its characteristics, its history as well as the editorial development and subsequent journal positioning. This information is followed by an analysis based on bibliometric methodology (BM) which considers the h-index, total citations (TCs), total papers (TPs), TC/TP ratio and other similar measures. To display this information, investigation was done to determine the most cited journals, articles, authors, universities and countries, ergo with the greatest incidence within JBBM. Analyzed are 329 articles, reviews and notes taken from the Scopus database for the periods between 1992 and 2016 for the JBBM.
Findings: At the time of this work, the completion of the 25th anniversary of this journal, there is a rising trend in the number of JBBM publications per year. The researchers from the United States were most frequent contributors to the journal, while researchers from Germany, Australia, Norway and the United Kingdom were well represented. Multiple coauthors were more frequent while topics across the general model of business-to-business (B-to-B) marketing were typically found. Special issues on all three university-level education, technology in the classroom as well as Internet in effect B-to-B tactical marketing.
Practical Implications: After observing the different perspectives of the journal’s production, we gain another objective view on the evolution of the JBBM in prior 25 years. This approach is useful for the readers of this journal in order to obtain a quick snapshot of the leading trends occurring in the journal and is similar as performed for many cognate titles. The many titles within marketing and the business disciplines may find such an exercise revelatory.
Originality/Value: There is a trend where several journals (Journal of Marketing, Journal of Public Policy & Marketing, Journal of Marketing Research and Journal of Business Research) have produced special sections to show progress and contributions of these to scientific research using BA and BM. This paper does similarly for the JBBM. 相似文献
The financial theory (Modigliani & Miller, 1958) presents risk management as a matter without importance in companies, given that the shareholders themselves managed their hedges, diversifying their portfolios. However, subsequent studies dispute said premise and present evidence that business financial hedging improves performance and increases the value of the same (Ahmed, Azevedo, & Guney, 2014; Allayannis & Weston, 2001; Kapitsinas, 2008). The efficient market risk management is supported in the financial derivatives, and demands strategic and efficient administrators in hedges that add value, especially in the face of clashes and macroeconomic and financial imbalances. The empirical evidence analyzes the behavior of the Q-Tobin as an indicator of the effect of the hedge strategies for the exchange rate associated to the market value. The aim of this work is to find evidence in Colombia on the effect of the use of derivatives in the market value of the company. Its added value lies in the analysis that is done by economic sectors, identified by ISIC codes and grouped into five (5) macro sectors (Agriculture and livestock, Commercial, Industrial or Manufacture, Services, and Construction). The methodology used includes the estimation of several regression models in data panels, using a Pooled regression model with fixed and random effect estimators through the maximum likelihood estimator. In general, a statistical and financially significant premium for hedges was found for companies exposed to exchange rate risks that use derivatives of a 6.3% average on the market value. Additionally, mixed results were found in relation to the variables analyzed in the model. 相似文献
ABSTRACT 1 : Farming cooperative credit sections are financial instruments set up within a cooperative and at its service. They are key funding tools in rural areas and have been developed all over Spain although more intensely in some areas than others. The aim of this paper is to carry out a strategic diagnosis of the Spanish credit section using a SWOT Analysis to discover its set of strengths, weaknesses, opportunities and threats, as well as a proposal for strategic actions to be followed. In order to do so an empirical study using personalized surveys and interviews has been undertaken among the managers or persons in charge of the credit sections over the first half of 2008. The study demonstrates that they are efficient entities for their clients (cooperative members). Their main strengths are focussed on their clients, although they show significant weaknesses in organizational, business and technological capacities, which require an effort to provide them with more professional management. Legal constraints are the main threat at present, although uncertainty in the agricultural sector affects their survival.相似文献
More than 50 colleges, universities, and community colleges now offer economics instruction in cyberspace, and this number is growing rapidly. Despite the implications of this growth for the quality of economics instruction, only a small fraction of those institutions venturing into cyberlearning are doing so in a carefully monitor the quality and performance of their online courses. It does so within the context of reporting the course design, research design, and research results of two cyberlearning studies conducted at the University of California. 相似文献
The number of foreign banks in Latin America increased substantially over the period 1995–2001, prompting a debate on the potential consequences for host countries. Discussions focused on efficiency, the impact on competition and product market diversification in the banking industry, and the quality of the regulatory environment, among other issues. Against this background, this paper uses ARCH techniques to test the impact of foreign banks on both the level and the volatility of real private bank credit in a panel of eight Latin American countries, using quarterly data over the period 1995–2001. The empirical findings show that, together with financial development, the presence of foreign banks has contributed to reducing real credit volatility, improving the buffer shock function of the banking sector. 相似文献