Co-movement in Stock Prices in Emerging Economies: The Case of the Caricom Region

The Grand Anse Declaration of 1989 recognised the need for financial integration within the emerging economies that comprise the CARICOM region, as a way of furthering the wider process of economic integration and, indeed, economic development in that region. Using co-movement as a measure of financial integration, this paper investigates the co-movement in stock prices among the Barbados, the Jamaica and the Trinidad and Tobago Stock Exchanges, the three major exchanges within the CARICOM region. It also examines how integrated these exchanges are with the New York Stock Exchange. The GARCH-Copula methodology and, to a lesser extent, estimated correlation coefficients, are used to attain this objective. There appears to be co-movement in stock prices and returns within the CARICOM stock markets and significant dependence structures between the returns of the three CARICOM stock markets. However, there is considerably less evidence of integration between the CARICOM markets and the New York Stock Exchange.     

Capital market integration in ASEAN: A non-stationary panel data analysis

Motivated by the establishment of ASEAN Economic Community (AEC) at the end of 2015, we examine saving-investment relationship in various subgroups of ASEAN to assess their capital market integration. The results from second generation panel unit-root and cointegration tests that account for cross-sectional dependence as well as estimates of long-run saving-retention rate provide some evidence of market integration in ASEAN. The analysis of short-run dynamics suggests that capital mobility in ASEAN during 1980–2014 appears similar to that in OECD countries during 1970–1999. More importantly, across different panel estimators and subgroups of membership, there is considerable heterogeneity among the member countries. The saving-investment association is very weak, thereby implying very high capital mobility, in more developed members such as Singapore, Malaysia, and Brunei; the association is very strong, implying very low capital mobility, for much less developed members such as Laos, Myanmar, and Cambodia. The results call for renewed effort to develop capital markets in less developed nations and integrate them with the rest of the membership in ASEAN. In this paper, we also address several major shortcomings of the original Feldstein-Horioka framework.     

China and international market integration: Evidence from the law of one price in the Middle East and Africa

We model market integration in the Middle East and Africa by analyzing price dispersion and testing the law of one price (LOP) on highly-comparable actual local retail prices of 135 goods and services across 23 countries in the region over the period of 1990–2016. Second-generation panel estimators are applied to four price benchmarks: Regional average, South Africa, China, and US prices. Cross-regional price dispersion diminishes considerably over time up to 2008, particularly for non-tradeables around China price. The test of LOP indicates the percentage of convergent prices is highest in China price benchmark, followed by US, South Africa, and regional average benchmarks. Direct estimation of the convergence speed confirms this order. Overall, the results show evidence of increasing market integration in Middle East and Africa but it appears to be driven by global forces and, especially, the rise of China as a new economic power. The results show that some emerging market economies, such as China, can step up and promote integration while traditional economic powerhouses, such as the USA and UK, disengage from international economic relations.     

Cross‐Functional Integration: Concept Clarification and Scale Development

The centrality of cross‐functional integration (CFI) to supply chain theory and practice has long been recognized. Yet researchers continue to struggle with consistently defining or measuring the CFI construct, thus limiting the utility of CFI research. This research develops (1) a comprehensive definition of CFI that synthesizes previous supply chain research and (2) a valid set of scale items that measure the conceptual domain outlined by this definition. The goal is to build a common foundation for extending knowledge on CFI's antecedents and consequences, and ultimately to improve scholars’ ability to guide a broader practitioner community still struggling to achieve integration in their organizations.     

Application of collective knowledge diffusion in a social network environment

ABSTRACT

We present a group dynamics model that shows knowledge integration as a process occurring over time. As each individual in the group contact others, his own knowledge changes, and over time the collective knowledge is obtained. This allows modeling knowledge diffusion in a social network and while the models presented in this paper are not competitive in that area, they approach the problem from previously unconsidered direction. We test the behavior of the model in a multi-agent simulation and we test a simple advertisement campaign in a social network. We provide discussion of elements needed for making model more competitive.     

Forget about ‘the ideal worker’: A theoretical contribution to the debate on flexible workplace designs,work/life conflict,and opportunities for gender equality

This study integrates insights from Self-Determination Theory and Boundary Theory to present scenarios on how flexible workplace designs can trigger multiple motivational processes underlying gendered work/nonwork integration behaviors, and how these affect work/life conflict. We disentangle processes underlying work engagement and work/life conflict, explaining the paradoxical outcomes found with regard to gender inequality in terms of work/life performance, satisfaction, and health. Policy makers and organizations need an increased understanding and a reconceptualization of these issues, realizing that the ideal worker does not exist. Instead, a long-term perspective is needed in order to truly realize the potential benefits of flexible workplace designs for all stakeholders. Organizations need to take responsibility for preventing individual workers’ depletion and stimulating the regeneration of workers’ resources.     

The Research on the Enterprise Management System Integration

The enterprise management informatization construction is complex system engineering. The paper begins with the information management integration idea, and adopts the method of enterprise management system integration. The integration of SCM, ERP and CRM can solve the defects of ＂information flooding＂ and ＂information separate island＂. Firstly, the paper explains the concept of integration. Secondly, it analyses the three levels of the enterprise management system integration. Thirdly, the composition of the enterprise management system integration is discussed. Finally, it puts forward the integration mode of SCM, ERP and CRM under the E-commerce environment.     

高校政治思想工作的创新思考

新时期高校思想政治工作要与教育教学相统一，要做到人性化，强化人本意识，坚持以学生为本，增强历史责任感和使命感，切实把大学生思想政治教育工作提高到一个新的水平。     

论全面推进农村小康社会建设

我国新世纪“全面建设小康社会”的奋斗目标和纲领,是邓小平“小康”思想的进一步丰富和发展。从目前的经济发展和人们生活水平来看,离全面建设小康社会目标最远的主要是农民,全面建设小康社会的重点和难点在农村。在我国农村,全面建设农村小康社会应从政治、经济、文化和可持续发展等方面全面推进。     

关于浙北地区城乡供水一体化问题的研究——以H县为例

对浙北地区县域范围内城乡供水现状进行了分析，指出：要实现自来水供应一体化，面临着行政管理体制和水务运作体制方面的问题，并对解决这两方面的问题提出了对策。