In Indonesian marine area about 555 species of seaweed have been identified and of these 55 species are being commercially utilized and have been successesfully cultivated. Three varieties of macro algae have been mos...In Indonesian marine area about 555 species of seaweed have been identified and of these 55 species are being commercially utilized and have been successesfully cultivated. Three varieties of macro algae have been most successfully cultivated, i.e., Eucheuma cottony, Eucheuma spinosum and Gracilaria verucosa. The global financial crisis has reduced the worldwide demand for carrageenan by 20-30%. Demand continues to be slow and there is little evidence so far that this situation will change in the short term. There are signs, however, that demand might start to pick up on the 1st quarter of next year but is not expected to meet the same level as experienced during 2008. Based on survey data, the is about 1.2 million ha which centered around 15 provinces. In potential area of Indonesian coastal water for seaweed cultivation these areas, the production of Eucheuma cottonii （Kappaphycus alvarezii （Doty）） and Eucheuma spinosum （Eucheuma denticulatum （N. L. Burman） F. S. Collins ＆ Hervey） has amounted to around 42% of the supply. These natural resources provide excellent prospects for future development of the seaweed business in Indonesia.展开更多
This paper investigates empirically the effect of different types of product market competition on levels of voluntary disclosure of proprietary information in financial markets. The author proposes that there are two...This paper investigates empirically the effect of different types of product market competition on levels of voluntary disclosure of proprietary information in financial markets. The author proposes that there are two types of strategic interaction settings relevant to disclosure： capacity competition and price competition. Capacity competition drives firms to disclose more information to attain financial market valuation-related benefits, while price competition drives them to disclose less to protect long-term product market advantages. The author finds that the type of product market competition affects the level of voluntary disclosure over and above the finn＇s external financing needs documented in the previous literature. That is, firms engaged in capacity competition disclose relatively more information than those in price competition. Further analysis shows that capacity competition firms disclose more information than no-strategic-interaction benchmark firms but that price competition firms do not disclose less information than the benchmark firms.展开更多
The contribution of this paper is threefold. Firstly, it develops a typology of corporate group development in terms of the pattern of corporate group formation in the Czech Republic and Slovakia. It identifies briefl...The contribution of this paper is threefold. Firstly, it develops a typology of corporate group development in terms of the pattern of corporate group formation in the Czech Republic and Slovakia. It identifies briefly three important types of corporate groups--industrial groups （type I groups）, pyramid-like （type II） groups, and financial （type IIl or FIGs） groups. Using original typology for corporate groups, the paper examines development trajectory of some of the biggest FIGs and shows what effects their existence have in the two economies. Finally, some lessons resulting from this corporate group-related type of ownership concentration for other pre-transitive countries are mentioned.展开更多
The aim of the paper is to provide some evidences on relationships among the degree of financial integration, stock exchange markets, and volatility of national market returns. In this paper, the authors employ correl...The aim of the paper is to provide some evidences on relationships among the degree of financial integration, stock exchange markets, and volatility of national market returns. In this paper, the authors employ correlation and cluster analyses in order to investigate the impact of stock exchange consolidation on volatility of market returns, in terms of a financial integration between involved stock exchanges before and after the merger. By using the Generalized Autoregressive Conditional Heteroskedasticity （GARCH） （1.1） model, the authors test the change in volatilities of national stock exchange markets involved in the following stock exchange integration case studies： Euronext, Bolsasy Mercados Espanoles （BME）, and Swedish-Finnish financial services company （OMX）. These three case studies are considered as completed cases of market consolidation, where the data are available enough to conduct the current research. By using daily data of national returns of engaged European stock markets from 1995 to 2007, the paper investigates the influence of stock exchange consolidation on volatility of national stock market returns. The obtained results confirm the gradual decrease of volatility in each of the integrated stock markets. However, the level of decrease in terms of volatility depends on economic characteristics of each engaged market and its degree of integration with other financial services. The results of correlation and cluster analyses confirm that stock operators have created significantly non-official integration links through cross-memberships and cross-listings even before the consolidations. Thus, the mergers among stock exchanges can be considered as the rational consequences of the high internal co-movements between involved markets. Furthermore, stock exchange markets with strong non-official integration links show an immediate decrease of volatility after the merger, meanwhile for others, it takes several years before the volatility can decrease as markets should reach the full integration.展开更多
The aim of this paper is to adopt two-stage classification methods, and to apply fuzzy clustering analysis for mining data in the credit market in order to reflect the characteristic type knowledge of common nature of...The aim of this paper is to adopt two-stage classification methods, and to apply fuzzy clustering analysis for mining data in the credit market in order to reflect the characteristic type knowledge of common nature of the similar things and different type characteristic knowledge of dissimilar things. First of all, the paper carries on attribute normalization of multi-factors which influence banks credit, computes fuzzy analogical relation coefficient, sets the threshold level to α by considering the competition and social credit risks state in the credit market, and selects borrowers through transfer closure algorithm . Second, it makes initial Classification on samples according to the coefficient characteristic of fuzzy relation; third, it improves fuzzy clustering method which the fussy clustering itself has fuzzy nature and the algorithm. Finally the paper provides a case study about knowledge of credit mining in the financial market.展开更多
文摘In Indonesian marine area about 555 species of seaweed have been identified and of these 55 species are being commercially utilized and have been successesfully cultivated. Three varieties of macro algae have been most successfully cultivated, i.e., Eucheuma cottony, Eucheuma spinosum and Gracilaria verucosa. The global financial crisis has reduced the worldwide demand for carrageenan by 20-30%. Demand continues to be slow and there is little evidence so far that this situation will change in the short term. There are signs, however, that demand might start to pick up on the 1st quarter of next year but is not expected to meet the same level as experienced during 2008. Based on survey data, the is about 1.2 million ha which centered around 15 provinces. In potential area of Indonesian coastal water for seaweed cultivation these areas, the production of Eucheuma cottonii （Kappaphycus alvarezii （Doty）） and Eucheuma spinosum （Eucheuma denticulatum （N. L. Burman） F. S. Collins ＆ Hervey） has amounted to around 42% of the supply. These natural resources provide excellent prospects for future development of the seaweed business in Indonesia.
文摘This paper investigates empirically the effect of different types of product market competition on levels of voluntary disclosure of proprietary information in financial markets. The author proposes that there are two types of strategic interaction settings relevant to disclosure： capacity competition and price competition. Capacity competition drives firms to disclose more information to attain financial market valuation-related benefits, while price competition drives them to disclose less to protect long-term product market advantages. The author finds that the type of product market competition affects the level of voluntary disclosure over and above the finn＇s external financing needs documented in the previous literature. That is, firms engaged in capacity competition disclose relatively more information than those in price competition. Further analysis shows that capacity competition firms disclose more information than no-strategic-interaction benchmark firms but that price competition firms do not disclose less information than the benchmark firms.
文摘The contribution of this paper is threefold. Firstly, it develops a typology of corporate group development in terms of the pattern of corporate group formation in the Czech Republic and Slovakia. It identifies briefly three important types of corporate groups--industrial groups （type I groups）, pyramid-like （type II） groups, and financial （type IIl or FIGs） groups. Using original typology for corporate groups, the paper examines development trajectory of some of the biggest FIGs and shows what effects their existence have in the two economies. Finally, some lessons resulting from this corporate group-related type of ownership concentration for other pre-transitive countries are mentioned.
文摘The aim of the paper is to provide some evidences on relationships among the degree of financial integration, stock exchange markets, and volatility of national market returns. In this paper, the authors employ correlation and cluster analyses in order to investigate the impact of stock exchange consolidation on volatility of market returns, in terms of a financial integration between involved stock exchanges before and after the merger. By using the Generalized Autoregressive Conditional Heteroskedasticity （GARCH） （1.1） model, the authors test the change in volatilities of national stock exchange markets involved in the following stock exchange integration case studies： Euronext, Bolsasy Mercados Espanoles （BME）, and Swedish-Finnish financial services company （OMX）. These three case studies are considered as completed cases of market consolidation, where the data are available enough to conduct the current research. By using daily data of national returns of engaged European stock markets from 1995 to 2007, the paper investigates the influence of stock exchange consolidation on volatility of national stock market returns. The obtained results confirm the gradual decrease of volatility in each of the integrated stock markets. However, the level of decrease in terms of volatility depends on economic characteristics of each engaged market and its degree of integration with other financial services. The results of correlation and cluster analyses confirm that stock operators have created significantly non-official integration links through cross-memberships and cross-listings even before the consolidations. Thus, the mergers among stock exchanges can be considered as the rational consequences of the high internal co-movements between involved markets. Furthermore, stock exchange markets with strong non-official integration links show an immediate decrease of volatility after the merger, meanwhile for others, it takes several years before the volatility can decrease as markets should reach the full integration.
文摘The aim of this paper is to adopt two-stage classification methods, and to apply fuzzy clustering analysis for mining data in the credit market in order to reflect the characteristic type knowledge of common nature of the similar things and different type characteristic knowledge of dissimilar things. First of all, the paper carries on attribute normalization of multi-factors which influence banks credit, computes fuzzy analogical relation coefficient, sets the threshold level to α by considering the competition and social credit risks state in the credit market, and selects borrowers through transfer closure algorithm . Second, it makes initial Classification on samples according to the coefficient characteristic of fuzzy relation; third, it improves fuzzy clustering method which the fussy clustering itself has fuzzy nature and the algorithm. Finally the paper provides a case study about knowledge of credit mining in the financial market.
