Diversification

Since Darwin, biologists have been struck by the extraordinary diversity of teleost fishes, particularly in contrast to their closest " living fossil " holostean relatives. Hypothesized drivers of teleost success include innovations in jaw mechanics, reproductive biology and, particularly at present, genomic architecture, yet all scenarios presuppose enhanced phenotypic diversification in teleosts. We test this key assumption by quantifying evolutionary rate and capacity for innovation in size and shape for the first 160 million y (Permian–Early Cretaceous) of evolution in neopterygian fishes (the more extensive clade containing teleosts and holosteans). We find that early teleosts do not show enhanced phenotypic evolution relative to holosteans. Instead, holostean rates and innovation often match or can even exceed those of stem-, crown-, and total-group teleosts, belying the living fossil reputation of their ex-tant representatives. In addition, we find some evidence for hetero-geneity within the teleost lineage. Although stem teleosts excel at discovering new body shapes, early crown-group taxa commonly display higher rates of shape evolution. However, the latter reflects low rates of shape evolution in stem teleosts relative to all other neopterygian taxa, rather than an exceptional feature of early crown teleosts. These results complement those emerging from studies of both extant teleosts as a whole and their sublineages, which generally fail to detect an association between genome duplication and significant shifts in rates of lineage diversification.

Globalisation forces all countries to become more competitive by shifting capital and labour to new economic sectors. However, while it is widely accepted today that proactive industrial policies are needed for such structural change, there is disagreement to what extent low and middle-income countries are also able to design and implement such policies without ending up with perverse incentives for investors and bureaucrats, the creation of rents and less allocative efficiency. This discussion paper looks at the experience of Egypt with industrial policies during President Mubarak’s last years in office. The country is a particularly interesting case to be studied because it looks back to a long history of very top-down industrial policies, while the last government before the revolution, which had been appointed by Mubarak 2004, embarked on a very different, much more market friendly course. The question is thus whether this government, which included a considerable number of big business people, was better able to promote structural change and thereby economic competitiveness without favouring well-connected groups of entrepreneurs at the expense of others.

The paper argues that Egypt’s new industrial policy adopted after 2004 was in fact less interventionist, selective and redistributive than earlier ones and oriented more towards demand, and that it boosted foreign direct investment, exports and economic growth. But this growth was neither pro-poor nor sustainable; it was mainly based on short-term effects and the export of primary goods rather than structural change and innovation. The new government was able to improve entrepreneurs’ access to finance, simplify tax rates and procedures and cut away red tape. But it did not succeed in raising the technology contents of Egyptian exports, firms’ business sophistication and technology absorption, and the level of applied research and innovation.

The main reason for this failure is that the business men in office apparently did not understand that many small and medium enterprises face very other problems than themselves and that the causes of these problems are too fundamental to be relieved just by a change in economic policies. These causes include significant deficits in the quality of education and training in Egypt, in the rule of law, in the transparency and fairness of administrative and judicial procedures, in private sector representation and in the availability of affordable land for production. In addition, the government missed to help overcome failures in the coordination of investors that typically prevent structural change.

Article analyses the conditions under which resources can be sources of SCA”, with the internal accumulation of assets, capabilities, organizational processes, firm attributes, information, knowledge; controlled by a firm that enable to conceive and implement strategies that improve its efficiency and effectiveness.

The issue of rural economic diversification as a critical component of rural transformation in less developed economies, has assumed considerable importance in the development dialogue since the seventies. Given the failure of the industrialisation led development strategies to "trickle down" to the rural poor, a need was felt for restructuring the development strategy of the fifties. The agricultural-rural sector was to be regarded as having greater flexibility in absorbing labour and generating extenstive growth, rather than as a sector passively supplying labour to an urban based industrial sector. While the labour absorption capacity of agriculture in the aggregate appeared to be limited, it was the creation of non-agricultural activities, in particular rural small-scale manufacturing enterprises, that was more crucial in the restructured strategy. An issue which came to be much debated in this context was: Is the process of rural diversification primarily agricultural...

Dr. Mrs. Ravi Kiran School of Management & Social Sciences, Thapar University Patiala, India E-mail: [email protected] Abstract Financial markets are constantly becoming more efficient by providing more promising solutions to the investors. Being a part of financial markets ...

ABSTARCT Diversification is a strategic choice that investors use to optimize risk of portfolio.It is an opportunity by which investors improve from his micro-firm into macro-firm. The investors' aim is to make an optimal choice that leads to minimization of risk and maximization of return, but the procedures that lead to these objectives are not easily achieved. The purpose of this study is to propose diversification strategy that leads to minimization of risk and maximization of return. In addition, this study also investigates impacts of each asset in minimizing risk of portfolio, in order to have knowledge of the strength of each asset in risk reduction rate of the portfolio. The assets allocations divulge by Black Litterman model are used to estimate risk of both portfolios and assets. We explore DataStream (Yahoo finance) of Gold, Oil, Silver and Platinum spans from 1 st January, 2000 to 1 st September, 2016. It is observed that investing on Gold minimizes higher risk and achieve more benefits than other assets in the portfolio. In view of these facts, it means diversifying in gold acts as hedge/safe haven for investors during economic crisis.

Incorporation into wider social and economic systems has brought a variety of changes to the hunting-gathering lifestyle of the Batak of the Philippines. Compared to 100 years ago, Batak hunting-gathering camps today are more limited in duration and smaller in size, hunting-gathering itself is more seasonal in importance, and there are significant differences in technology, resource utilization, the organization of

The entry in an informational society which is developing day by day has increased the importance of economics on the professional sports market. The ways of economy and sport have aways met, but they were never so interdependent as in our days. In order to resist on the market, but especially in order to be competitive and to obtain sporting

The challenges faced by diversified corporations—firms that operate in more than one industry or market—have changed over the years. There is today a wide range of strategies, including corporate level strategies, to create shareholder value. In this book, I guides the reader in developing the ability to consider the impact of critical changes in resources, businesses, headquarters roles on the firm’s ability for establishing and sustaining corporate advantage by exploring three fundamental questions: (1) Why are some firms highly focused, while others embraces a wide range of products, markets, and activities? (2) What are the relationships between scope, relatedness, and performance? and (3) How can we manage multibusiness firms it terms of structure, management, and leadership?

http://www.amazon.co.uk/Corporate-Level-Strategy-Theory-Applications/dp/0415727227/ref=sr_1_1?ie=UTF8&qid=1444720436&sr=8-1&keywords=furrer+olivier

The term "portfolio analysis", introduced in the economic theory by Harry Markowitz, is not a new term in scientific literature. However, analysis and criticism in the papers of local and foreign authors are mainly based on the examples of developed capital markets. There are very few cases of application of the portfolio analysis in the domestic capital market. The focus of this paper is on implementation of diversification of the bonds on the Banja Luka Stock Exchange. Using Markowitz's portfolio selection, we will prove that diversification, including all limitations, is possible and applicable onto the domestic bonds in the capital market.

The real estate market in Poland is a relatively immature market, but one that has been experiencing substantial transformation. The development of the market has been encouraged by a number of factors, including changes arising as a result of new legislation and the migration of capital between capital markets. The progress of the real estate sector towards a western style competitive market has taken place within the gradual transformation of the Polish economy into a free market economy. As investment grade property is in relatively short supply in Poland, investors consider opportunities within the wider CEE block. An analysis of the risk-return characteristics of the three largest CEE real estate markets namely, Poland, Hungary and Czech Republic, shows that the returns in these markets have been negatively correlated with the UK. As these economies and markets evolve, and being part of the wider EU trading block, their economic performance will slowly converge and become more ...

After the global oil price has fallen almost 70 % since mid-2014, oil exporting countries have felt the impact of the lower prices on growth rates, trade figures and public finances. Despite the negative impacts of the fall in oil prices, the UAE Government remains positive about the country's economic outlook and diversification policies, which have helped neutralise the impact of the decline in oil prices. The positive side of any crisis is added urgency that comes in the implementation of reforms that help decision-makers reduce economic vulnerabilities in the future. Across the GCC action is being taken in response to the situation through changes in subsidies and fuel pricing, along with efforts for increasing diversification of the economy. Since the UAE was formed in 1971, the diversification of the economy away from petroleum has been a clearly stated government policy. The UAE has become a global financial and major trading centre, a location of choice for multinational operations, along with a heavily desired tourist destination. Investments in non-energy sectors, such as infrastructure and technology, along with a rapidly recovering real estate sector, continue to provide the UAE with a buffer against oil price decline and global economic stagnation. According to the World Trade Organization in its latest June 2016 Trade Policy Review, the UAE has continued its policy of diversifying its economy, which helped it overcome the global financial crisis that began in 2008, and the repercussions of falling oil prices that began in 2014. The UAE continues to pursue a strategy of diversification concentrating on high technology sectors and high growth sectors. The share of non-hydrocarbon in the UAE total GDP has continued to rise to exceed 69% today against 53% back in 2000. Dubai is now a services and a trade hub for the region, while the economic diversification strategy in Abu Dhabi continues to rely on manufacturing, petrochemicals and renewable energy. Economic diversification for sustainable and inclusive growth A report from the International Monetary Fund (IMF) shows that many empirical studies have documented a strong association between economic diversification and the achievement of sustainable economic growth. A diversified economy based on several sources of income is more resilient and

Bu tez çalışmasında Doğuş Holding işletme grubunun (veya daha çok anıldıkları isimle aile holdingi) çeşitlendirme ve uluslararasılaşma stratejileri incelenmiştir. İlişkisiz çeşitlendirme stratejisi ile birbiriyle temel yetkinlik ve kaynak bakımından ilgisiz olan sektörlerde faaliyet gösterme ve uluslararası pazarlara açılımın altında yatan motivasyonlar ortaya konmaya çalışılmış ve ilgili stratejilerin analizleri işletme grubu düzeyinde gerçekleştirilmiştir.
Araştırmanın yürütüleceği örneklem olarak, çeşitlendirme ve uluslararasılaşma stratejilerini etkili olarak uygulayan, toplam sekiz ana sektörde ve “yeni yatırımlar” olarak anılan farklı iş kollarında faaliyet gösteren Doğuş Grubu seçilmiştir. Doğuş Grubu’nun örneklem olarak seçilmesinin sebepleri arasında, kendilerini “servis holdingi” olarak tanımlamaları ve Türkiye’deki imalat sektöründe faaliyet gösteren diğer büyük holdinglerden, faaliyet alanları ve sektörleriyle ayrışan özgün bir yapıya sahip olmaları bulunmaktadır. Genellikle ülkelerin ekonomik gelişmişlik düzeyiyle hizmet sektörü gelişimi doğru orantılı bir ilişkide olduğundan Türkiye gibi gelişmekte olan bir ülkede çoğunlukla hizmet sektöründe faaliyet göstererek ülkenin en büyük işletme gruplarından biri durumuna gelmesi de Doğuş Holding’i ilginç bir örneklem yapmaktadır. Bir diğer seçim kriteri de Türkiye’de yapılan işletme grubu araştırmalarında ülkenin diğer büyük holdinglerinden Koç, Sabancı, Eczacıbaşı gibi grupların çoğunlukla incelenmiş olmasıdır.
Belirlenen örneklem olan Doğuş Grubu’nun bağlı şirketlerinden üç tanesi seçilmiş veri toplamak üzere yöneticilerle birebir görüşmeler yapılmıştır. Bu görüşmelerde elde edilen verilerin ve Grup yıllık faaliyet raporlarının analizleriyle bazı sonuçlara ulaşılmıştır. Bu sonuçlara göre, literatür taramasında yer verilen üç kuramsal yaklaşım (kurumsal boşluklar, politik iktisat ve kaynak esaslı yaklaşım) sağladıkları açıklamalarla Grup’un çeşitlendirme stratejisinin mantığının ortaya konulmasında referans olmaktadırlar. Doğuş Grubu’nun ilişkisiz çeşitlendirme stratejisiyle farklı sektörlere yayılım gösterme davranışının baskın sebebi olarak ilgili sektörlerdeki fırsatları değerlendirme motivasyonu olduğu saptanmıştır. Buradaki fırsatlardan kasıt; sektörde var olan tatmin edilmemiş talep, sektöre girildiği dönemde pazarda rakip sayısının az olması ve sektörün yüksek kazanç vaat etmesi şeklindedir. Doğuş Grubu da bu durum karşısında diğer işletme grupları gibi fırsatları değerlendirme amacıyla temel yetkinliklerine ve uzmanlıklarına uygun olup olmadığına bakmaksızın farklı sektörlere giriş yapmıştır. Uluslararasılaşma stratejisinin mantığını ise OLI Modeli ve Springboard Perspektifi daha baskın bir şekilde açıklarken, Doğuş Grubu örneğini LLL Modeli’nde oluşturulan model kısmen temsil etmektedir. Genel olarak Grup’un yabancı pazarlara açılım amacı olarak büyüme görülmektedir. Sahip olduğu stratejik varlıkları yabancı pazarlara yayarak buralardaki faaliyetlerinde rekabet avantajı sağladığı dikkat çekmektedir. Doğuş Grubu’nun giriş yapacağı yabancı pazarları seçerken değerlendirdiği kriterler; ülkenin doğal kaynak arzı, devlet tarafından uygulanan vergilendirmeler, özel düzenlemeler ve üretim, lojistik, iletişim gibi faaliyetlerin yaratacağı maliyetlerin düzeyi, tüketicilerin demografik yapısı, Türkiye ile olan coğrafi yakınlığı ve kültürel, siyasi ve ticari bağları olarak öne çıkmaktadır. Giriş şekli olarak da çoğunlukla yabancı ortaklık kurma, şirket satın alma ve sıfırdan yatırım opsiyonlarının kullanıldığı görülmektedir.

In this thesis, diversification and internationalization strategies of the business groups (named in the national context as ‘family holdings’) which established in Turkey are analyzed. It is tried to be revealed that the logic behind of operating in the industries that are not related with the holding’s core competencies and resources; which is the unrelated diversification concept, and the logic behind of expansion to foreign markets; which is internationalization concept, by analyzing the data on the level of business group.
Doğuş Group is chosen as a sample because of its broad range of industry portfolio; that includes 8 main sectors and differentiated branches of industries, named as “new initiatives”. Doğuş Group is a unique example among the other Turkish business groups in terms of their operating sectors which are mostly in service industry. The most Turkish holdings have entities operating in the manufacturing industry; therefore, Doğuş Group represents an interesting case. Additionally, it makes it valuable to research how Doğuş Group creates its success in a developing country (Turkey) that the fact that the growth of service industry is directly proportional to the level of countries’ economic development. Another criterion is that the researches on business groups in Turkey mostly took the other big groups such as Koç, Sabanci and Eczacıbaşı as a sample; notwithstanding, Doğuş Group has rarely been the subject to these kinds of studies.
Three of the affiliated firms of Doğuş Group are chosen to collect data by an in-depth interviews with the managers in these firms. Data collected from these interviews and elicited from the Group’s annual report and independent audit report are analyzed content analysis method and descriptive analysis method. According to the results, the logic behind of Doğuş Group’s diversification strategy refers to the conceptual perspectives explained in the literature review sections. These concepts are institutional voids perspective, political economy perspective, and resource-based view. The dominant factor on the Group’s expansion into unrelated industries by application unrelated diversification strategy is utilizing the opportunities in these sectors. The opportunities include unsatisfied demand in the sector, relatively fewer rivals in the sector, and high potential profit. Hereby, Doğuş Group, similarly to the other business groups, entered these diversified sectors regardless of the relatedness between industry-specific necessities, such as skills, resources, specialization; and Group’s core competencies. While the logic behind of Doğuş Group’s internationalization strategy refers to the OLI Model of the eclectic paradigm and Springboard Perspective dominantly; LLL Model can explain the case to a certain degree. Group’s international expansion relies on the aim of business growth. It is observed that using its strategic asset on hand in foreign markets in order to catch a competitive advantage over its rivals is the main practice of foreign expansion. The criterion of the decision-making process about choosing foreign location/market includes such factors that country’s natural resource supply, governmental regulations and tariffs, country-specific conditions, potential cost levels of production, logistics, and communication, demographics of consumers, geographic proximity to Turkey, cultural, political and economic ties with Turkey. Prominent entry modes of Doğuş Group’s into foreign markets are observed as foreign partnerships, acquisitions, and greenfield investments.

Can we use the "polis religion" model for understanding religious activities in the Roman provinces? No! Models based on Classical Greece and religious institutions in Rome are not helpful for understanding developments in the Roman provinces, like here in the case of southern Gaul. There, we see the importance of individualisation in a highly connected world. Even in major cities in this highly "Romanized" province, the nature of the religious activities is non-Roman and not controlled by a pro-Roman "ordo". This paper looks at a number of cites, like Nemausus / Nîmes, Glanum, Aquae Sextiae / Aix and her territory. Despite the wealth of epigraphic evidence, we can recognise that "public priests" are marginal in shaping the religious activities in this region.

The first flowering plant fossils occur as rare, undiverse pollen grains in the Early Cretaceous (Valanginian-Hauterivian). Angiosperms diversified slowly during the Barremian-Aptian but rapidly during the Albian-Cenomanian. By the end of the Cretaceous, at least half of the living angiosperm orders were present, and angiosperms were greater than 70% of terrestrial plant species globally. The rapid diversification of the group, and its dominance in modern vegetation, has led to the idea that the Cretaceous radiation of angiosperms also represents their rise to vegetational dominance. Paleoecological data cast a different light on the Cretaceous radiation of angiosperms. Analyses of sedimentary environments indicate that angiosperms not only originated in unstable habitats but remained centered there through most of the Cretaceous. Morphology of leaves, seeds, and wood is consistent with the status of most Cretaceous angiosperms as herbs to small trees with early successional strategy. The diversification of flowering plants in the Cretaceous represents the evolution of a highly speciose clade of weeds but not necessarily a major change in global vegetation.

Structural adjustment and market liberalization policies of the past 15 years have accelerated deagrarianization in sub-Saharan Africa. Peasant producers have veered away from production of traditional export crops and commercial staple foods in rural areas remote from roads and urban markets. Non-agricultural income diversification has been substituted in the search for much-needed cash earnings. Citing recent village survey evidence, this paper argues that the economic restructuring of African smallholders’ work lives has been accompanied by deep-rooted social change. Divisions of labor and decision-making power within peasant households havealtered and wealth differentiation between households has deepened. Depeasantization of the countryside is currently taking place, as rural household members of both genders ‘‘scramble’’ for viable livelihoods.

The current oil-induced fiscal crisis in Nigeria has, once again, brought the country into the headlines as suffering great economic hardship. As a result, economic diversification is currently at the center of the debate on how Nigeria can improve its economic performance and achieve higher incomes. This discussion, however, has most of the times lacked an explanation of how financial development and financial inclusion can help to drive economic diversification in Nigeria. The literature is scanty in this regard. The objective of this study, therefore, is to contribute to this empirical evidence to the understanding of the impact of financial development and financial inclusion on economic diversification in Nigeria. The data for the study is from CBN Statistical Bulletin and World Development Indicators, for the period 1981 to 2014. It is well-known in the literature that employing the standard OLS techniques on non-stationary data may lead to spurious results. This study, therefore, uses the fully modified least square (FMOLS) which is designed to provide optimal estimates of cointegrating regressions. The results show that financial development has a positive effect on economic diversification, though the effect is not statistically significant. Additionally, financial inclusion, in terms of financial access and financial usage, has positive and significant effects on economic diversification. In other words, financial inclusion has contributed significantly to the diversification of the Nigerian economy. As well, GDP per capita, capital formation, and human capital development have positive and significant effects on economic diversification. FDI has positive effects on economic diversification, though the effects are not significant. On the contrary, exchange rate and trade openness have negative and significant effects on economic diversification. Financial inclusion can, therefore, be seen as a potent accelerator of economic diversification, and can help realize the national objectives of building shared prosperity and abolishing extreme poverty in Nigeria.

Μεσογειακό Κολέγιο: 2ο Διεπιστημονικό Φοιτητικό Συνέδριο 2014

Η παρουσίαση αυτή στοχεύει στην παροχή μιας στρατηγικής ανάλυσης της διαχείρισης της Alfa Pastry SA, ένας από τους πιο σημαντικούς παράγοντες, που δραστηριοποιούνται στην ελληνική αγορά κατεψυγμένων βιομηχανίας επεξεργασμένων τροφίμων. Όπως συμβαίνει με τις περισσότερες ελληνικές επιχειρήσεις, Alfa λειτουργεί σε ένα ταραχώδες οικονομικό και πολιτικό περιβάλλον. Την ίδια στιγμή, οι Έλληνες καταναλωτές δίνουν έμφαση στις χαμηλές τιμές και υψηλή ποιότητα των προϊόντων διατροφής. Χάρη στην ποιότητα και την καινοτομία της, η Alfa κατάφερε να βελτιώσει σημαντικά την αύξηση των πωλήσεων από το 1998.

Ωστόσο, η ανταγωνιστική θέση της στην βιομηχανία καθώς και οι απειλές που έχει να αντιμετωπίσει, σημαίνει ότι η εταιρεία πρέπει να κάνει βήματα προς τη βελτίωση της. Η ανάπτυξη της αγοράς, η αποτελεσματική προώθηση, η ανάπτυξη των online πωλήσεων, η διαφοροποίηση των προϊόντων, καθώς και ο δημοσιονομικός έλεγχος είναι μόνο μερικοί από τους τρόπους με τους οποίους θα μπορούσε να ενισχύσει Alfa και να διατηρήσουν τη μελλοντική ανάπτυξη και την ανταγωνιστικότητά της.