scholarly journals A Cointegration Analysis of the Nordic Roundwood Markets

Forests ◽  
2020 ◽  
Vol 11 (9) ◽  
pp. 1007
Author(s):  
Victoria Eriksson ◽  
Robert Lundmark
Keyword(s):  
Investment Decisions ◽  
Cointegration Analysis ◽  
Law Of One Price ◽  
Decision Makers ◽  
Price Effect ◽  
Forestry Sector ◽  
Forest Industries ◽  
Price Leader ◽  
Individual Market ◽  
Timber Markets

The integration of the Nordic timber markets has been analysed to provide market information to various decision-makers, e.g., climate and industrial policies and investment decisions. This study addresses the interlinkage between Nordic (Sweden, Norway and Finland) roundwood markets (Scots pine (Pinus sylvestris L.)) and Norway spruce ((Picea abies L.) sawlogs and pulpwood). In total, eleven markets were analysed using quarterly data over the period 2006Q1–2017Q4 where various unit root and stationary tests were performed together with Johansen’s cointegration test. In addition, directional causality analyses between the integrated markets were also performed. The results show that the law-of-one-price (LOP) hypothesis can be rejected for most of the studied markets and that no individual market emerges as the price-leader. Only the Swedish and Norwegian pine sawlog markets are integrated suggesting a single market for both countries. Price affecting national and forest-related policies as well as investments in the forestry sector, forest industries, bioenergy sector and other forest product using sectors, will not disperse into a larger international market structure; instead, the price effect will be national and more likely have a more profound effect.

scholarly journals Market Integration in the International Market of Soybeans: Are GM Soy and Non-GM Soy Markets Integrated?

2019 ◽  
Vol 11 (15) ◽  
pp. 14 ◽  
Author(s):  
Guillermo Andrés Larre
Keyword(s):  
Granger Causality ◽  
Market Integration ◽  
International Market ◽  
Cointegration Analysis ◽  
Law Of One Price ◽  
Sample Period ◽  
Causality Tests ◽  
Price Leader ◽  
Short Run ◽  
Granger Causality Tests

This paper aims to study market integration in the international trade of soybeans from 1999 to 2019. The hypothesis is that the market remained integrated between genetically modified (GM) and non-GM soy, even after stringent regulations against GM soy in major importers starting in 1999. Using FOB prices from major exporters of GM soy (USA and Argentina) and non-GM soy (Brazil), I test for market integration with cointegration analysis and Granger causality tests. All tests show that the market between all three exporters remained integrated throughout the sample period. Furthermore, Granger causality tests show that USA remains the sole price leader. Short run elasticities for reactions to American price changes in Brazil and Argentina are 0.33 and 0.25, respectively. The results validate the Law of One Price and inform policy decisions and forecasts efforts in this valuable commodity.

How “The Three Rules” guide strategy and investment decisions at Deloitte Consulting LLP

2015 ◽  
Vol 43 (3) ◽  
pp. 7-14 ◽  
Author(s):  
Jim Moffatt
Keyword(s):  
Design Methodology ◽  
Large Scale ◽  
Investment Decisions ◽  
Decision Makers ◽  
Research Project ◽  
Content Type ◽  
First Case ◽  
Practical Implications ◽  
Thought Leadership

Purpose – This case example looks at how Deloitte Consulting applies the Three Rules synthesized by Michael Raynor and Mumtaz Ahmed based on their large-scale research project that identified patterns in the way exceptional companies think. Design/methodology/approach – The Three Rules concept is a key piece of Deloitte Consulting’s thought leadership program. So how are the three rules helping the organization perform? Now that research has shown how exceptional companies think, CEO Jim Moffatt could address the question, “Does Deloitte think like an exceptional company?” Findings – Deloitte has had success with an approach that promotes a bias towards non-price value over price and revenue over costs. Practical implications – It’s critical that all decision makers in an organization understand how decisions that are consistent with the three rules have contributed to past success as well as how they can apply the rules to difficult challenges they face today. Originality/value – This is the first case study written from a CEO’s perspective that looks at how the Three Rules approach of Michael Raynor and Mumtaz Ahmed can foster a firm’s growth and exceptional performance.

Cost-Effectiveness of Security Measures

2014 ◽  
pp. 139-156 ◽  
Author(s):  
Wolter Pieters ◽  
Christian W. Probst ◽  
Zofia Lukszo ◽  
Lorena Montoya
Keyword(s):  
Complex System ◽  
Cost Effectiveness ◽  
Cyber Security ◽  
Investment Decisions ◽  
Decision Makers ◽  
Future Research ◽  
Security Measures ◽  
Qualitative Approaches ◽  
Security Context

Recently, cyber security has become an important topic on the agenda of many organisations. It is already widely acknowledged that attacks do happen, and decision makers face the problem of how to respond. As it is almost impossible to secure a complex system completely, it is important to have an adequate estimate of the effectiveness of security measures when making investment decisions. Risk concepts are known in principle, but estimating the effectiveness of countermeasure proves to be difficult and cannot be achieved by qualitative approaches only. In this chapter, the authors consider the question of how to guarantee cost-effectiveness of security measures. They investigate the possibility of using existing frameworks and tools, the challenges in a security context as opposed to a safety context, and directions for future research.

What is the value of standing timber?: Difficulties in merging theory with reality

1993 ◽  
Vol 69 (6) ◽  
pp. 680-685 ◽  
Author(s):  
Martin K. Luckert ◽  
Jean-Thomas Bernard
Keyword(s):  
Economic Theory ◽  
Key Words ◽  
Imperfect Competition ◽  
Decision Makers ◽  
Economic Rent ◽  
Tenure System ◽  
Forestry Sector ◽  
Forest Tenure ◽  
Residual Values ◽  
Standing Timber

Traditional residual conversion return methods of stumpage appraisal, although consistent with economic theory, are not appropriate for the forestry sector in Canada. Imperfect competition, dynamic residual values, and the forest tenure system pose complications which prevent such methods from adequately representing stumpage values. In developing new stumpage fee systems, decision makers will have to consider these complications and assess whether and how residual conversion return methods may be adjusted to adequately reflect the value of standing timber. Key words: stumpage, residual conversion return, wood values, economic rent

Inclusion of Social Subsystem Issues in IT Investment Decisions

2011 ◽  
pp. 164-183
Author(s):  
Sherry D. Ryan ◽  
Michael S. Gates
Keyword(s):  
Survey Data ◽  
Decision Process ◽  
Cost Benefit Analysis ◽  
Investment Decisions ◽  
Cost Benefit ◽  
Decision Makers ◽  
Benefit Analysis ◽  
Analysis Model ◽  
Decision Criteria ◽  
The Social

Researchers have attempted to augment the traditional cost/benefit analysis model used in the IT decision process. However, frequently social subsystem issues are inadequately considered. Survey data, collected from a U.S. sample of 200 executives, provides an empirical assessment of how these issues compare with other IT decision criteria given differing decision types. The social subsystem issues considered most important by decision makers are also identified and the manner by which they consider these issues is investigated.

scholarly journals Translating Evidence Into Impact: Research and Analyses for Scientific Transformation and Advancement (RASTA)

2021 ◽  
Author(s):  
Keyword(s):  
Family Planning ◽  
Collaborative Research ◽  
Large Body ◽  
Investment Decisions ◽  
Decision Makers ◽  
Close Collaboration ◽  
Analytical Skills ◽  
Key Stakeholders ◽  
Research Platform ◽  
Program Policy

Since its creation in 2017, RASTA’s collaborative research platform has continued to evolve and grow, promoting evidence use, enhancing coordination across a range of partners, and strengthening analytical skills of young Indian researchers to advance family planning and reproductive health (FP/RH). With a large body of research guided by questions developed in close collaboration with decision makers from government and other key stakeholders, RASTA has helped to fill critical evidence gaps and inform program, policy, and investment decisions, including around adolescent health and FP/RH access in the context of COVID-19.

scholarly journals Acts of Faith: Instinct, Value and it Investment Decisions

2000 ◽  
Vol 15 (3) ◽  
pp. 231-241 ◽  
Author(s):  
Frank Bannister ◽  
Dan Remenyi
Keyword(s):  
Evaluation Research ◽  
Investment Decisions ◽  
Decision Makers ◽  
Small Subset ◽  
It Investment ◽  
Evaluation Methodologies ◽  
Complex Processes ◽  
Conference Papers ◽  
Core Issues ◽  
Single Technique

Although well over 1000 journal articles, conference papers, books, technical notes and theses have been written on the subject of information technology (IT) evaluation, only a relatively small subset of this literature has been concerned with the core issues of what precisely is meant by the term ‘value’ and with the process of making (specifically) IT investment decisions. All too often, the problem and highly complex issue of value is either simplified, ignored or assumed away. Instead the focus of much of the research to date has been on evaluation methodologies and, within this literature, there are different strands of thought which can be classified as partisan, composite and meta approaches to evaluation. Research shows that a small number of partisan techniques are used by most decision makers with a minority using a single technique and a majority using a mixture of such techniques of whom a substantial minority use a formal composite approach. It is argued that, in mapping the set of evaluation methodologies on to what is termed the investment opportunity space, that there is a limit to what can be achieved by formal rational evaluation methods. This limit becomes evident when decision makers fall back on ‘gut feel’ and other non-formal/rigorous ways of making decisions. It is suggested that an understanding of these more complex processes and decision making, in IT as elsewhere, needs tools drawn from philosophy and psychology.

Real estate investors’ behaviour

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohamad Hussein Ismail Abdallah ◽  
Hussein A. Hassan Al-Tamimi ◽  
Andi Duqi
Keyword(s):  
Real Estate ◽  
United Arab Emirates ◽  
Empirical Studies ◽  
Investment Decisions ◽  
Decision Makers ◽  
Personal Factors ◽  
Market Conditions ◽  
Content Type ◽  
The Real Estate ◽  
Real Estate Sector

Purpose This paper aims to investigate perceptions of United Arab Emirates (UAE) real estate investors’ behaviour and the factors that most influence their investment decisions. Design/methodology/approach This study used a modified questionnaire that was divided into two parts. The first part covered demographic and socioeconomic variables. The second part identified 36 factors that affect the perceptions of real estate investors in the UAE regarding their investment decisions. These factors were placed in eight different categories that correspond to non-personal factors such as, profit, market conditions, risk, transparency, credit facilities (loans), infrastructure and services. Findings The findings confirm that there is a significant and positive relationship between three factors; namely, profitability, risk and service quality regarding investments in the real estate sector. The findings also confirm a positive but statistically insignificant relationship between transparency, market conditions, credit facilities, infrastructure and investment in the UAE’s real estate sector. Research limitations/implications The sample size represents one of the limitations of this study. In addition, the gender of the sample is another limitation as, in general, men are more involved in investment than women are. Furthermore, there are no previous studies regarding the behaviour of UAE real estate investors; thus, the findings of this study cannot be directly compared with other empirical studies. Practical implications It might be helpful to create separate units under the name “Real Estate Information Unit” in every municipality of each of the seven emirates. In addition, it is recommended that decision makers should consider ensuring that modern high-quality real estate infrastructure is available to attract more investors. Finally, minimizing any restrictions on access financing facilities may encourage investors to invest more in the UAE real estate sector. Originality/value This study is the first of its kind to be conducted in the context of the behaviour of UAE real estate investors.

scholarly journals Meeting Challenges in Forestry: Improving Performance and Competitiveness

Forests ◽  
2021 ◽  
Vol 12 (2) ◽  
pp. 208
Author(s):  
Robert Lundmark ◽  
Tommy Lundgren ◽  
Elias Olofsson ◽  
Wenchao Zhou
Keyword(s):  
Forest Management ◽  
Forest Biomass ◽  
Forest Products ◽  
Forest Sector ◽  
Price Effect ◽  
Sector Model ◽  
Forestry Sector ◽  
Price Impacts ◽  
Mitigate Climate Change ◽  
Using Data

Improving the efficiency of the forestry sector will have an important impact on our possibility to attain long-term sustainability and mitigate climate change. In this study, attainable, and sustainable, efficiency improvements in the harvesting of forest products are analyzed using Data Envelopment Analysis (DEA). The price impacts of the efficient harvesting volumes are evaluated in a second step using a spatial forest sector model. The results indicate that the harvested volumes of forest products, both for the industry and energy sectors, can be significantly increased if a more efficient forest management is adopted. This supply-side effect will also result in general price decreases for sawlogs, pulpwood, fuelwood and harvesting residues. However, in certain counties, and for specific forest products, the estimated decreasing price effect from a more efficient forest management cannot fully offset the increasing price effect of the energy sector expanding its use of forest products. More forest biomass enters the market, which is needed in the transition towards a bioeconomy, and the increased availability of forest biomass will restrict the price effect making investments in the bioeconomy more likely to be profitable.

Emotional Finance Plays an Important Role in Investment Decisions

2019 ◽  
pp. 89-103 ◽  
Author(s):  
Sarika Keswani
Keyword(s):  
Human Behavior ◽  
Behavioral Finance ◽  
Significant Role ◽  
Positive Emotions ◽  
Investment Decisions ◽  
Psychological Theory ◽  
Decision Makers ◽  
Business Decisions ◽  
Financial Decisions ◽  
Self Confidence

Most of the investors focus on human emotions not expressed openly while making investment decisions. Emotions have a powerful position in making investment decisions. They drive human behavior that is consistent with economic predictions while making investments. Emotions play a significant role while making decisions on investments just like any other business decisions. Behavioral finance tries to combine behavioral and cognitive psychological theory with conventional economics and finance to provide justifications for why people make irrational financial decisions. The aim of this chapter is to understand whether emotional phases affect investors' decisions in different investment situations basing on levels of uncertainty. Positive emotions like self-confidence, challenge, and hope increase the decision-makers tendency to exaggerate the commitment, and negative emotions, namely embarrassment and strain, do not.

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