2,774 research outputs found
The precautionary demand for commodity stocks
No full textThis paper develops a theory of the precautionary demand for commodity stocks. It suggests that commodity stocks are held for precautionary purposes by producers, consumers, and intermediate processors, while speculators hold stocks on the expectation of capital gains from a subsequent price rise. Producer and consumer stocks usually account for the largest share of commercial stocks held at any point in time. For example, at the end of 1990, stocks held by producers and consumers of copper were 72 percent of all commercial stocks of the market economy countries. Yet, the theory explaining the behavior of this class of stocks has not progressed much beyond the concept of convenience yield, first introduced by Kaldor (1939). This paper proposes an alternative theory. Holding of stocks by producers and consumers is viewed as precautionary behavior towards output and price risks. As a theory of behavior towards risks, the precautionary stock demand model encompasses speculative demand by both producers and consumers. Furthermore, both stocks and futures are treated as precautionary instruments, in contrast to the dichotomy that only stocks provide convenience yield while futures are hedging instruments.Access to Markets,Markets and Market Access,Economic Theory&Research,Environmental Economics&Policies,Non Bank Financial Institutions
Profile of Knight Equestrian Books in Edgecomb. Owner Janet Blevins stocks 1600
No full textProfile of Knight Equestrian Books in Edgecomb. Owner Janet Blevins stocks 1600 books about horses, dating back to Xenophon\u27s The Art of Horsemanship, circa 400 B.C. Increased demand has forced her to add a full- and part-time employee to her staff. Blevins says that although attitudes toward women business owners have improved, a gender gap still remains in the industry. The store celebrates its tenth anniversary this year
A Buffer Stocks Model for Stabilizing Price in Duopoly-Like Market
No full textThis paper presents the staple-food distribution problem in agro-industry. There is a great difference
of staple-food supplies in the harvest-season and in the planting-season meanwhile the demand is relatively
constant. This situation will trigger price-volatility and shortage of staple-food, and it causes opportunity-losses for the stakeholders (producer, consumer, wholesaler/trader, and the government). For stabilizing the
price, the government has several stabilization policies; one of them is market-intervention policy by using
buffer-stocks schemes. The market-intervention policy should be utilized for improving producer’s profit, for
cutting consumer’s expenditure, and for sustaining wholesaler’s margin-profit by implementing price-support
and price-stabilization. In duopoly-like market, we assume that there are only two market-players in the
distribution system. The objective of this research is to determine the instruments for operating Market-Intervention Program which consist of the quantity, time, and price of the buffer-stocks schemes. The problem
was solved using 3 approaches. First, a comparative cost/benefit analysis between free-market and
intervention-market can be used to formulate the objective function of each stakeholders. Second, the
integration of optimization model and econometrics model were use to develop the decision-variables subject
to the expectation of stakeholders, the buffer-stocks requirement, and the dynamics price equilibrium
properties. Third, model market with Inventory was applied for solving the market-price equilibrium. The
result could be used to analyze such the staple-food distribution system, incorporating the configuration of
duo-producers, duo market-buyers, and duo-consumers.
Keywords: buffer-stocks, duopoly-like market, market-intervention program, model market with inventory,
and staple-food distribution system
Pulmonary Function Tests in Infants and Preschool Children * *“Pulmonary Function Tests in Infants and Preschool Children,” by Janet Stocks: The contributor retains the copyright to her original artwork. There are no other exceptions to the copyright.
No full textContagion and firms'internationalization in Latin America : evidence from Mexico, Brazil, and Chile
No full textThe author investigates whether contagion matters when emerging market firms cross-list their stocks in a developed capital market. She develops a rational expectations model where financial markets are segmented along emerging markets'borders and contagion spreads from one emerging market to another through the actions of international investors rebalancing their portfolio using stocks cross-listed in the developed market. The author finds that contagion is a cost of internationalization as cross-listed stocks are more affected by contagion than pure domestic stocks. Furthermore, a welfare analysis of international cross-listing versus financial autarky suggests that the benefits of internationalization in terms of less information asymmetry and better market efficiency offset the costs of contagion. Her model is able to explain some transmission of the 1998 Brazilian crisis to Mexico and Chile.Markets and Market Access,Investment and Investment Climate,Access to Markets,Financial Intermediation,Economic Theory&Research
A Buffer Stocks Model for Stabilizing Price of Commodity under Limited Time of Supply and Continuous Consumption
No full textStaple foods, in developing countries especially in Indonesia, have extremely volatile among harvest
and planting season caused by inelastic of supply-demand and price disparity. When a staple food is shortage
in market, it will trigger crisis of economics, political and social because it concerns with food security. This
paper develops a buffer stock model for stabilizing price of commodity under limited time of supply and
continuous consumption. The performance criterion of model will consider financial loss of producer, consumer
and government side when market is interfered by price-stabilization program and price-support program
simultaneously. The price fluctuation will be stabilized by market operation where buffer stocks are bought
from domestic and import supply point. This paper provides a price band policy that attempts to bound
domestic price variation between a set of upper and lower bounds on the level of domestic prices. We consider
three sets of problems reflecting different three prices elasticity from 4 period of supply and demand.
Numerical examples are found to be consistent with empirical estimates regarding the relationship price
elasticity with price band and with government budget for the agenda of assisting household to assure
availability a staple food with enough amounts at rational prices.
Keywords: buffer stocks, price band, stabilization, limited time of supply, staple foods
Knowledge and the Boundaries of the Firm: Implications for the Construction Industry
No full textOrganisational structure is synonymous with a firm’s knowledge – both today and in respect of a firm’s future knowledge stocks. For some, this may seem obvious, yet for most scholars (and practitioners) this is not the case, as structure – particularly where the boundaries of the firm lie and what they look like – rarely makes it into any knowledge management discussion. Yet what a firm does today, be it broad in its activities or highly focussed to the point of being a virtual organisation, is both a reflection of its existing capabilities/routines (which are based around knowledge) as well as determining its likely learning and transformational opportunities into the future. In addition, the permeability of any organisational boundary and the existence of any mechanism to maximise the inflows of new knowledge are fundamental to developing new or reconfiguring existing capabilities. This paper therefore addresses how knowledge and structure and inextricably linked and through the use of a case study illustrates how a public sector organisation has significantly rebuilt its capabilities by rethinking its organisational boundaries, both in terms of location and basic characteristics.
The determination of organisational boundaries is a classic theme with theories being developed on the basis of tasks and activities (Katz & Kahn 1966; Lawrence & Lorsch 1967; Thompson 1967), to theories of economic organisation focused on property rights and transaction costs (Alchian & Demsetz 1972; Grossman & Hart 1986; Jensen & Meckling 1976; Williamson 1975), and strategic theories of resources, capabilities and knowledge (Barney 1995; Foss 2002; McGee 2003; Teece, Pisano & Shuen 1997). While these different theories each provide a different lens with which to understand how organisations structure themselves to create their boundaries, these theories tend to be weak in linking organisational boundaries to value creation (or competitive advantage). Furthermore, these theories say little about the nature of organisational boundaries beyond their basic location. To counter this perceived weakness, we draw primarily upon the knowledge based view of the firm which proffers an alternative explanation regarding organisational boundaries and the need for organisational alliances. The knowledge literature simultaneously provides an opportunity to investigate the nature of organisational boundaries in the context of alliances and knowledge transfer.
Positing that organisational structure in terms of firm boundaries (location and permeability) fundamentally drive an organisation’s ability to engage in learning and knowledge transfer, we use a case study of Main Roads Western Australia (WA) to illustrate how rethinking their structural boundaries and the nature of these boundaries allowed for a rebuilding of key organisational capabilities
A manual of infant lung function testing CA Dezateux, ME Fletcher, PS Rabbette, LJ Stanger, J Stocks. Institute of Child Health, London, 1991
No full textContinuum piece on how to save the Atlantic groundfish stocks. The author say
No full textContinuum piece on how to save the Atlantic groundfish stocks. The author says the Maine Department of Marine Resources should be given the mandate to determine, with public input, the proper use of our marine resources
The Interest Rate Sensitivity of Value and Growth Stocks: Evidence from Listed Real Estate
No full textThis paper analyzes the return sensitivity of value and growth stocks to changes of five interest rate proxies. The analysis is based on monthly data over the 2000 to 2014 period for a global sample of 487 listed real estate companies in 24 countries. This rich setting offers substantial heterogeneity in interest rates across time and countries. We find that value stocks are more sensitive to changes in the short-term rate than growth stocks. This is consistent with the theory that investors with a short investment horizon trade-off the high initial yield of value stocks against a lower risk short-term rate. In contrast, growth stocks are more sensitive to changes in the long-term rate, which is consistent with the future cash flows of growth stocks being discounted at a higher rate. We also find that value stocks are more sensitive to changes in the credit yield. Since credit costs have a direct impact on a firm’s cost of capital, this result is consistent with risk-based theories of the value premium, which argue that value stocks are riskier, because they tend to have higher leverage and a larger default probability
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