The regulatory process of merger control
The concept and essence of merger control, its features and purpose. Description of problem related to the application of the legislation in the field of competition. Assessing the regulation of mergers, the reasons for the lack of quality examinations.
| Рубрика | Маркетинг, реклама и торговля |
| Вид | курсовая работа |
| Язык | английский |
| Дата добавления | 21.06.2016 |
| Размер файла | 1,2 M |
Отправить свою хорошую работу в базу знаний просто. Используйте форму, расположенную ниже
Студенты, аспиранты, молодые ученые, использующие базу знаний в своей учебе и работе, будут вам очень благодарны.
Table 1
Comparison Criteria for Binary Choice Models Estimated
|
Criteria |
Probit |
Logit |
|
|
AIC |
57,974 |
57,327 |
|
|
BIC |
69,145 |
68,498 |
|
|
Log-likelihood |
-23,987 |
-23,663 |
Figure 1. ROC-curve for probit
Figure 2. ROC-curve for logit
Appendix 6
Example of the Script to Conduct an Event Study in R Software
#activate the package allowing downloading Russian stock market data from the Finam
library(rusquant)
#Function to use lagged variables
shift<-function(x,shift_by){
stopifnot(is.numeric(shift_by))
stopifnot(is.numeric(x))
if (length(shift_by)>1)
return(sapply(shift_by,shift, x=x))
out<-NULL
abs_shift_by=abs(shift_by)
if (shift_by > 0 )
out<-c(tail(x,-abs_shift_by),rep(NA,abs_shift_by))
else if (shift_by < 0 )
out<-c(rep(NA,abs_shift_by), head(x,-abs_shift_by))
else
out<-x
out
}
#Download quotation of “Megafon” to estimate beta
getSymbols(Symbols="MFON", from="2013-05-10", to="2013-11-26", src="Finam", period="day")
#Transform stock prices into log-returns and set them as time-series data
MFON.lr<-diff(log(MFON[,4]))
MFON.lr<-ts(MFON.lr)
#To do the same for the MICEX Index
MICEX.lr<-diff(log(MICEX[,4]))
MICEX.lr<-ts(MICEX.lr)
#Estimate consistent beta
lm1=lm(MFON.lr~MICEX.lr)
lm2=lm(MFON.lr~shift(MICEX.lr,-1))
lm3=lm(MFON.lr~shift(MICEX.lr,+1))
cor=acf(MICEX.lr, na.action=na.pass,plot=F)$acf[2] #extract the first-order autocorrelation coefficient
beta=(coef(lm1)[2]+coef(lm2)[2]+coef(lm3)[2])/(1+2*cor)
#Additional variables indicating the length of time-series
n=length(MFON.lr)
nn=length(MICEX.lr)
#Estimate consistent alpha
a=mean(MFON.lr[2:(n-1)], na.rm=T)-beta*mean(MICEX.lr [2:(nn-1)], na.rm=T)
#Obtain quotations for the short event window
getSymbols(Symbols="MFON", from="2014-01-08", to="2014-01-22", src="Finam", period="day")
MFON.lr<-diff(log(MFON[,4]))
MFON.lr<-ts(MFON.lr)
getSymbols(Symbols="MICEX", from="2014-01-08", to="2014-01-22", src="Finam", period="day")
MICEX.lr<-diff(log(MICEX[,4]))
MICEX.lr<-ts(MICEX.lr)
#Calculate the abnormal returns
ar1=MFON.lr-a-beta*MICEX.lr
#Calculate the cumulative abnormal returns
car1=sum(ar1,na.rm = TRUE)
#Create an array of CARs
CAR=c(car1,car2,car3,car4,car5,car6,…)
#Test of significance of CARs
t.test(CAR)
Размещено на Allbest.ru
Подобные документы
History of Nokia, its role in the telecommunications market and impact on the international business. Exit closed companies to market. Foreign direct investment and business strategy. Mergers, acquisitions and co complex. Foreign Exchange impact on Nokia.
контрольная работа [29,8 K], добавлен 11.12.2010Philip Morris International - the leading international tobacco company: history, brands, productivity. The organizational structure of the company. Development of innovative products. Contents of charitable programs. Quality control, testing on animals.
статья [24,6 K], добавлен 22.02.2015Marketing of scientific and technical products and services in the field of information technology. Differences sales activity in B2B and B2C. The role of the procurement center and features of the procurement decision-making in the industrial market.
реферат [167,3 K], добавлен 27.05.2014Essence, structure and basic functions of informational logistics system. Principles and the levels of information logistic system. Resources project development. Business process of logistic operations. The tariff for the transportation of cargo.
дипломная работа [3,1 M], добавлен 31.05.2013A detailed analysis of lexical-semantic features of advertising in the World Wide Web. Description of verbal and nonverbal methods used in online advertising. Bringing a sample website hosted on its various banners and advertisements to consumers.
дипломная работа [99,7 K], добавлен 10.04.2011An essence of marketing in the industry of hospitality. The role, place of hospitality in the sphere of services. The modern tendencies of development of the world industry of hospitality. The marketing concept, franchising, development of a new product.
курсовая работа [57,8 K], добавлен 19.06.2011Business plans are an important test of clarity of thinking and clarity of the business. Reasons for writing a business plan. Market trends and the market niche for product. Business concept, market analysis. Company organization, financial plan.
реферат [59,4 K], добавлен 15.09.2012Advertising is a kind of activity made in its result which purpose is realization of marketing problems of the industrial, service enterprises and public organizations by distribution of the information paid by them. Advertising on television, in a press.
реферат [13,7 K], добавлен 14.06.2012Purpose of the Marketing Plan. Organization Mission Statement. The main strategies employed by BMW. Sales volume of automobiles. New records set for revenues and earnings. Current models of BMW. Product life cycle. Engagement in Celebrity Endorsement.
курсовая работа [879,4 K], добавлен 03.05.2015The main products of the company Apple. The first programmable microcomputer. Apple's marketing policy. The encoding of the voice signal. Secure data transfer protocols. Infringement of the patent in the field of wireless data company Motorola Mobility.
презентация [640,7 K], добавлен 25.01.2013