Ekonomika
Not a member yet
1672 research outputs found
Sort by
A FRAMEWORK FOR ASSESSING THE LOW-FARE MODEL IN THE AIRLINE INDUSTRY
Get PDFDespite the popularity of the “low-fare” (or sometimes called “no-frills”) airline business model, no comprehensive framework has ever been developed to evaluate the level of implementation of this business model. In the paper, we propose a framework for evaluating the extent to which an airline has implemented a “low-fare” business model. The framework (SFC) consists of three dimensions: (a) strategic direction factors; (b) pricing factors; (c) cost structure factors (COFA).Strategic direction factors primarily focus on the top-level strategic decisions of an airline: growth concepts, the range of flights, spatial strategy and target group selection. These factors serve to differentiate the “lowfare” airlines from more traditional rivals on a strategic level.Pricing factors evaluate differentiators at the level of market offer: relative ticket prices, the number of booking classes, ticket restrictions, interlining, penalties, non-ticket income and target load levels. These factors differentiate the “low-fare” business model on the value proposition level. Cost structure factors focus on internal cost-saving measures designed to significantly reduce the average costs per passenger: outsourcing, aircraft type homogeneity, levels of aircraft utilization, labour factors, airport costs, distribution and in-flight arrangements.The SFC framework allows academics and practitioners to coherently analyze and identify gaps between current and desired levels of the “low-fare” business model implementation
APPLICABILITY OF CONTRARIAN INVESTMENT STRATEGIES IN SMALL CAPITALIZATION MARKETS: EVIDENCE FROM NASDAQ OMX VILNIUS
Get PDFThis study reviews previous research on the contrarian investment strategy as first analyzed by De Bondt and Thaler (1985), and aims at deepening and complementing the existing research on the subject. The paper analyses the results of applying the strategy to NASDAQ OMX Vilnius stocks over the period 2003–2010, dividing the testing into two groups: prior to the economic crisis and the crisis periods, based on the movement of the OMXV index. The method uses holding period returns in evaluating the standard contrarian investment strategy. The paper explains the methodology in detail and presents the findings which show no considerable holding period returns from the strategy in NASDAQ OMX Vilnius during the decline period; however, contrarian strategy seems to be a better option than a standard market index based portfolio during the periods of rapid growth when stocks are overrated
EVALUATION OF FINANCIAL EFFECTS OF PUBLIC PROCUREMENT CENTRALISATION
Get PDFOne of the main goals of public procurement centralization is to generate monetary savings directly impacting the total costs of public institutions. It seems to be a remedy in economic downturn, but the impact of centralization may have both positive and negative financial effects. A central procurement organisation constitutes an additional link in the supply chain that makes the distance between the buyer and the supplier longer. Therefore, the existence of this link should be justified, and the evaluation of centralisation impact is one of the key tools in ensuring the procurement centralisation decisions to be beneficial to the state. The aim of the study was to formulate the model which would serve as a basis for evaluating the financial impact of centralised public procurement
RATING OF ENTERPRISES’ ACTIVITIES BY THE MODIFIED CLUSTER METHOD
Get PDFThe problem of improving the methods of enterprise rating estimation is considered in the article. It is proposed to apply an integrated approach to the analysis of the aggregate financial performance of enterprises, based on the modified clustering method which takes into account the possibilities of Kohonen’s self-organizing p
THE IMPORTANCE OF COMPETITION POLICY IMPLEMENTATION IN A SMALL ECONOMY: THE CASE OF THE LITHUANIAN FUEL TRADE MARKET
Get PDFThe paper deals with the importance of competition policy implementation in a small market economy. The Lithuanian fuel trade market has been chosen for the analysis. To ensure that the fuel trade market is working efficiently and is fairly priced is one of the key priorities for the government of Lithuania. Competition policy plays an essential part in the country’s economy. Therefore, in order to understand the characteristics of small market economy and how competition policy is working in such market conditions, it is neassary to realize the complexity of the analysis. The paper offers a brief theoretical overview of the specifications of competition policy in a small market economy, together with a thorough interpretation, empirical research and discussion of the Lithuanian fuel trade market
VALUE ADDED TAX DIMENSION: THE CASE OF LITHUANIA
Get PDFThe article sums up works of different scientists, dealing with the impact of value added tax (VAT) on the economy of some countries. The authors analyse the Lithuanian VAT structure, the dynamics of income from this tax and amendments in the Law on Value Added Tax in terms of narrowing and widening the taxable base according to the theoretical analysis of the sources. It is aimed to determine the impact of VAT standard tariff, reduced tariffs and shadow economy on income from this tax. Multiple regression, correlation, optimization and C-effectiveness ratio are used for the analysis. The analysis has revealed that amendments in the Law on Value Added Tax in terms of narrowing and widening the taxable base influenced the amount of income from VAT collected to the budget
EVALUATION OF THEORETICAL AND EMPIRICAL RESEARCHES ON TRANSFER PRICING
Get PDFThis article is structured as follows. The introduction provides a brief explanation of transfer pricing and its significance to practitioners and researchers. The purpose of transfer pricing is next considered. Then the conception and assignment of transfer pricing are discussed. This leads to a review of major theoretical and empirical researches on transfer pricing. The paper finally calls for further researches which should preferably be grounded on field work within a theoretical framework
THE EVOLUTION OF MUNICIPAL BOND MARKET IN POLAND
Get PDFThe Act of 29 June 1995 on Bonds has formally launched the development of a market for municipal bonds in Poland. The changes not only affected the legal provisions, but also the attitudes of self-government activists and institutions engaged in the issue of municipal bonds; hence, the organization of the market had to be different. As a consequence, a new bond market, GPW Catalyst, has been established on 30 September 2009.The paper aims at presenting the municipal bond market in Poland. The main aspects of this market that are significant for its development are identified. An analysis and assessment of the market’s development are conducted using the experience of more than a decade of developing the municipal bond market in Poland. The environment that led to the launching of the first municipal bond market in East-Central Europe at the end of 2009 is presented. The main motivation was the need to indicate new sources of finance during the periods of recession and the crisis of the public finance sector
KEY DETERMINANTS OF LITHUANIA’S SOVEREIGN CREDIT RATING
Get PDFThe topic concerning the determinants affecting sovereign credit ratings of a country became extremely relevant after the recent economic turbulence which brought relentless downgrades, especially for Central and Eastern European (CEE) countries in their sovereign credit ratings. In the face of economic downturn around the world, causing the reduced availability of global capital flows and the appetite for risk, it becomes essential for the countries to secure the high market grade ratings in order to be able to issue foreign debt to ensure the solvency of the country’s finances and to pursue a sound economic growth.The aim of the study was to elucidate the key determinants of the Lithuanian sovereign rating during the financial turbulence of 2008 and to explain their importance and dynamics through external borrowing costs of the country
THE IMPACT OF MACROECONOMIC INDICES UPON THE LIQUIDITY OF THE BALTIC CAPITAL MARKETS
Get PDFThe present paper addresses the issue of the interaction of a range of macroeconomic indices upon the liquidity of Lithuanian, Latvian and Estonian capital markets, and includes a survey of the factors having an effect upon the processes. The analysis of the liquidity in the markets concerned in the period from 2001 to 2010 was performed with reference to indicators based on trading volumes in these markets. The correlation analysis performed for the purpose of the present paper showed that changes in a number of macroeconomic indicators, such as GDP, unemployment levels, trade and service balance, also the FDI flows, produced the most tangible impact upon the liquidity of the Baltic capital markets