UK's stock market reaction to Brexit process: A tale of two halves

We examine the UK's stock market reaction to 27 events associated with the likelihood of Brexit. Though the overall market reactions to these events is negative, a dissection of these events into the pre and post Brexit referendum events unearth interesting facts. In particular, we find that the market reaction is negative and significant to the events leading up to and including the announcement of Brexit results. This negative reaction is not confined to the day of announcement of the outcome of Brexit referendum only rather it spans over the events that enhanced the likelihood of the Brexit in the pre-Brexit referendum period. However, our results show a positive market reaction to events that occurred after the Brexit referendum. These findings suggest that initially market reacted negatively to the Brexit; however, as the UK's future economic relations with EU started to take a shape, the market started to see the positive side of Brexit. Consistent with this notion, our cross-sectional analysis shows a positive market reaction for the firms that are engaged in foreign sales and that much of the negative market's reaction relates to the firms that openly stated the negative effect of Brexit on their operations. Finally, we do not find evidence of market reaction to UK firms depending on European labor force; however, we do find significantly positive stock market reaction to the firms involved more in international trade. An important caveat of our study is that our reported results are sensitive to the choice of market index.     

Oil price and automobile stock return co-movement: A wavelet coherence analysis

This paper explores possible co-movement between oil price and automobile stock return in a joint time-frequency domain. Daily price series from August 01, 1996 to June 20, 2017 is used in this analysis. The results indicate that the co-movement between oil price and automobile stock return is strong during November, 2000–December, 2002 and March, 2006–December, 2009. The co-movement is found to be more pronounced in the long-term and stock return is sensitive to the higher oil price emanating from the demand shock. This contravenes the conventional wisdom that crude oil is always counter-cyclical to the automobile stocks. For investor, this weakens the probable gain from including oil asset in a portfolio of automobile stocks as crude oil does not offer cushion against bearish automobile stock markets during the crisis period.     

Building internal business scenarios based on real data from a performance measurement system

This paper presents a new methodology to build internal business scenarios from the data gathered by some key performance indicators (KPIs) defined within a performance measurement system. The application of the principal components analysis technique leads to the identification of latent relationships between KPIs that underlies some important business aspects. Further, this methodology allows to represent not only the temporal evolution of the organisation as a function of these business aspects but also the definition and determination of internal business scenarios, being therefore the source of meaningful managerial information. At the end of the paper, results of a practical application are presented and discussed, as well as their importance for the organisation from a decision making point of view.     

Anticipating converging industries using publicly available data

Industry convergence, described as the blurring of boundaries between industries, plays an increasingly pivotal role in shaping markets and industries. Traditionally, this phenomenon has been discussed in respect to telecommunications, information technologies and electronics, but more recently also the chemical and its related industries find themselves affected by a larger convergence process. With the primary example of phytosterols in the two converging industries of Cosmeceuticals and of Nutraceuticals and Functional Foods, we analyze 7455 scientific and patent references in respect to first indicators for signs of convergence. Furthermore, we present and discuss a multiple indicator concept for monitoring convergence in an R&D-intensive field on the basis of publicly available data.     

Limit to improvement: Myth or reality?: Empirical analysis of historical improvement on three technologies influential in the evolution of civilization

The evolution of civilization appears to have primarily resulted from continuous improvement made possible by technological advances. A group of social evolutionists and economists have identified, among others, energy, transport, as well as information and communication to be the three most influential technologies. On the other hand, a number of eminent scholars have cited several forces, natural, physiological, technological, as well as environmental which can place a limit on on-going improvement.The purpose of this paper is to empirically explore the continuous improvement process as well as the limit placed on these three technologies. Using the framework of both connected and disconnected multiple technology S-curves and X-factor, historical improvement data on these three elements have been analyzed. The results of our analysis indicate that improvement in general has continued without limit mainly due to a series of emerging new technologies. These emerging technologies can be either connected or disconnected from the existing mature technologies. Our preliminary analysis shows that much of the past improvement comes from new technologies that on first serious application appear to be substantially superior from earlier technologies. In addition, enormous continuous improvement, which has accompanied both connected and disconnected new technologies appear to have played the critical role in sustaining the evolution of civilization. The paper discusses a number of policy implications and suggests topics for future research.     

网络视角下中国各地区创新过程效率研究:基于我国八大经济区的比较

创新效率问题是学术界关注的焦点.本文从解剖创新过程中的要素流动机理出发,揭示了创新过程的网络化特征,并通过构建网络DEA模型,测算了创新过程整体效率、创新资源转换效率与创新知识转化效率.以我国八大经济区为研究对象发现:创新资源转换与创新知识转化效率的主要影响因素不同,前者受到R&D人员区域分布结构影响,后者受到各地区经济发展水平差异的影响;区域创新过程整体效率与创新知识转化效率高度相关;区域创新整体效率与创新知识转化效率在样本期间稳步上升;整体效率与创新知识转化效率出现地区追赶的收敛现象,创新资源转换阶段是整体效率发散的隐患.     

基于主成分分析的平原26省林业发展水平评价

运用主成分分析方法,以平原地区26个省为例进行平原林业产业发展水平的实证分析,建立了以10个指标为基础的指标体系,进行主成分分析,从而得出三个主成分：林业基础指标、林业第二产业指标和林业第三产业指标,并主要从产业角度进一步解释主成分含义。最后根据26个省主成分得分情况,给出排名。根据评价结果,认为平原林业发展应因地制宜,根据不同地区自然经济条件的不同,制定不同的产业政策,从而确定平原林业的发展方向。     

江苏省大中型工业企业科技投入与科技产出的灰色关联分析

研发既是企业技术创新能力的基础,也是其提高核心竞争力的关键。采用灰色关联分析方法分析江苏省企业科技投入与科技产出之间的关联程度。结果表明,科技经费支出、技术改造费用支出对于科技产出具有重要的推动作用。企业通过灰色预测,可提前合理安排资金,从而促进科技投入与科技产出和谐发展。企业在发展过程中,应加大资金支持力度,从而更加有效地推动科技发展,不断增强企业发展动力,实现可持续发展。     

高校助学贷款政策与实施效应相关性研究——以湖南省为例

利用分层抽样方法从部分湖南省高校2004到2008年的助学贷款数据中选取4070个样本,利用SPSS软件分析样本中贷款利率、期限及还款程序、生源地和各学科门类学费等自变量与贷款金额、人数、次数、年限、提前还款与违约率等因变量的相关性。由此建议在目前的政策环境下,推进重点地区生源地贷款与鼓励学生回家乡就业相结合、增加艰苦专业的学生补贴,制定均衡的利率政策,优化贷款程序等可改善国家助学贷款政策的实施效应,从而为助学贷款政策的完善提供一种新的思路。     

中国大陆各地区城市化发展水平的统计分析

利用2008年中国大陆31个地区的数据,从经济、公共服务、城建和人口等四个因素出发,运用因子分析和系统聚类的方法建立各地区城市化发展水平评价指标体系。结果显示：中国大陆整体城市化发展水平还有待提高,地区间城市化发展水平差距较明显,城市化各方面的因素水平发展不平衡。应在大力发展城市基础设施建设的基础上,发挥优势地区的带动作用,促进城市化水平协调发展。