Journal of CENTRUM Cathedra. Vol. 04, Issue 01
URI permanente para esta colecciónhttp://54.81.141.168/handle/123456789/194730
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JCC Volume 4 - Issue 1 - 2011
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Ítem Acceso Abierto U.S. News Spillover Effects: Sectoral Evidence(Pontificia Universidad Católica del Perú. CENTRUM, 2011) Nguyen, Anh Tho ThiThis paper is a study of the spillover effects of U.S. macroeconomic news on different sectors of the Australian stock market. We find that an indication of economic contraction from the United States raises the conditional mean, and most news elicits associated volatility in the Australian stock market. We further document that different sectors respond differently to U.S. news. For example, U.S. news has the strongest effect on the first two moments of the Australian Industrials and Property Trusts stock returns and the least impact on the Materials sector. Furthermore, we document that while U.S. news has been absorbed relatively quickly on the conditional mean, the volatility impact is somewhat persistent.Ítem Acceso Abierto Periodic Integration and Cointegration of U.S. Stock Prices, Dividends, and Interest Rates: A New Test of the Present Value Model(Pontificia Universidad Católica del Perú. CENTRUM, 2011) Shirwani, Hassan; Delcoure, Natalya; Wilbratte, Barry J.This paper presents a new test of the present value model of stock price determination, using some of the recent advances in the econometrics of seasonal time series. Unlike earlier studies which generally find stock prices, dividends, and interest rates to be characterized by standard nonseasonal unit roots, we find evidence of periodic seasonal integration in these variables. This means that the conventional cointegration tests may not be robust. Using a more appropriate periodic cointegration test, our results nevertheless fail to support the present value model, thus reinforcing the case against the efficient market hypothesis.Ítem Acceso Abierto Conjoint Analysis and MDS Approach to Brand Improvement of an Aerosol Product(Pontificia Universidad Católica del Perú. CENTRUM, 2011) Charles, Vincent; Kumar, Mukesh; Anad, TulikaConsumers decide which aerosol product to purchase depending upon its different features or attributes. The importance that consumers give to each attribute, however, differs from one consumer to another. The ability to identify the importance of different attributes of aerosols from the consumers’ perspective is essential for improving an existing brand or launching a completely new brand of aerosol. The purpose of this study is to identify feasible offerings of aerosols from a company’s point of view and the positioning of a comparatively new brand of room air freshener among all other existing brands in the capital city of Bihar (Patna) in India. The study makes use of conjoint analysis and the multidimensional scaling technique to identify (a) the attributes of the room air freshener and their corresponding levels from the consumers’ perspective, (b) the importance of each attribute of the room air freshener and its contribution in influencing the consumers’ purchase decision, (c) the best and the worst combinations of attributes and their levels from the consumers’ point of view, and (d) the potential opportunities for the new brand of room air freshener in the perceptual map of the consumers’ mind.Ítem Acceso Abierto A Model to Improve the Estimation of Baseline Retail Sales(Pontificia Universidad Católica del Perú. CENTRUM, 2011) Jetta, Kurt; Rengifo, Erick W.This paper develops more accurate and robust baseline sales estimates (sales in the absence of price promotion) using a dynamic linear model (DLM) enhanced with a multiple structural change model (MSCM). We first discuss the value of utilizing aggregated (chain-level) vs. disaggregated (store-level) point-of-sale (POS) data to estimate baseline sales and to measure promotional effectiveness. We then present the practical advantage of the DLM-MSCM modeling approach using aggregated data, and we propose two tests to determine the superiority of a particular baseline estimate: the minimization of weekly sales volatility and the existence of no correlation with promotional activities in these estimates. Finally, we test this new baseline against the industry standard ones on the two measures of performance. Our tests find the DLM-MSCM baseline sales to be superior to the existing log-linear models by reducing the weekly baseline sales volatility by over 80% and by being uncorrelated to promotional activities.Ítem Acceso Abierto Case-Study of Internationalization in Peruvian SMEs(Pontificia Universidad Católica del Perú. CENTRUM, 2011) Vásquez, Fernando; Doloriert, Clair H.The aim of the study is to better understand and assess the strategic effectiveness of three Peruvian SMEs, focusing on internationalization and information communication technologies. Through qualitative content and thematic analysis, the authors identify push and pull factors of internationalization and explore e-business tools and technologies. Of the three SMEs, two target the domestic market and consider internationalization as a reactive strategy to home market saturation. The third proactively targets overseas markets. Key barriers include limited expertise and technological resources. A descriptive framework of SME internationalization for the three studied SMEs is proposed that can be used to inform further substantive and correlational inquiry.Ítem Acceso Abierto Management in Emerging versus Developed Countries: A Comparative Study from an Indian Perspective(Pontificia Universidad Católica del Perú. CENTRUM, 2011) Nigam, Roli; Zhang, SuWith the opening up of the Indian economy, many Indian multinational companies have started operating abroad in more developed countries. This raises questions about which culture they follow in subsidiaries in developed countries. The Indian management culture may be seen through their multinational’s human resource management practices. The management culture may not necessarily have the same effect or hold similar values in the subsidiaries of Indian multinational companies located in developed countries because of the many cultural and institutional differences. Several studies have been conducted from the point of view of developed countries’ multinational companies and their management, but scarcely any from the Indian perspective. In view of the opening up of the Indian economy, it becomes extremely important to make an attempt to understand Indian management and examine the best cross-cultural strategies for optimal organizational performance across borders in the future.Ítem Acceso Abierto Earnings Management and Contests for Control: An Analysis of European Family Firms(Pontificia Universidad Católica del Perú. CENTRUM, 2011) Jara, Mauricio; López-Iturriaga, Félix J.In this paper, the influence of large shareholders on earnings management in family-owned firms is analyzed using a sample of firms from nine European countries. How contests for control for the largest shareholder and the existence of a controlling coalition in family-owned firms affect earnings management is considered. It was found that increases in the contestability of control by the largest shareholder reduce earnings management in family-owned firms. The results also show that in firms in which the largest shareholder is a family member, a second or third family shareholder increases discretionary accruals.