Русская политическая мысль в 1920-1950-х годах: развития в условиях разобщенности
In coastal seas and straits, the interaction of barotropic tidal currents with the continental shelf, seamounts or sills is often observed to generate large-amplitude, horizontally propagating internal solitary waves. Typically these waves occur in regions of variable bottom topography, with the consequence that they are often modeled by nonlinear evolution equations of the Korteweg-de Vries type with
variable coecients. We shall review how these models are used to describe the propagation, deformation and disintegration of internal solitary waves as they propagate over the continental shelf and slope.
Abstract The paper reveals the influence of vertical integration on the performance of companies in emerging markets, calculated as Lerner index. The model was developed to estimate the impact of vertically integrated companies, as well as in case of disintegration. The empirical correlation of profitability of companies from BRIC and the factors defining it in case of vertical integration was investigated, which was tested on the data for 2004-2012. Key significant factors in a cut of branches and the countries from BRIC are defined. The study will help to understand whether there is a trend towards diminishing dependency of the efficiency of companies’ performance from the high rate of vertical integration in the emerging capital markets and whether the economy of developing countries is ready to create competitive market conditions with a lot of independent companies in the industries where currently prevails oligopoly. The results of this work will allow companies’ management choose the optimal way of development in the context of possible vertical integration or disintegration transactions in a particular industry. Current research was motivated by trend towards disintegration with the creation of several competitive niche companies instead of one large in developed capital markets. At the same time, the evidences of effectiveness of both independent companies and vertically integrated giants in the industry are stated. To find out which strategy is more effective, this paper analyzes the influence of the vertical integration degree on the efficiency of companies’ performance.
The paper contains highlighting and theoretical level analysis of the factors positively and negatively influencing profitability of vertically integrated and non-integrated companies. Advantages and disadvantages of choosing the strategy of vertical integration are proved along with systematization of main approaches to these item researching. The difference of the efficiency between the integrated and non-integrated companies’ performance is considered, which is the key issue of the best way of large companies development. The central issue of the research, that is based on the theory highlighted in this paper, is the utility of existence of large vertically integrated companies in emerging capital markets. Are such companies improving the whole economy of an emerging country or are they slowdown transition to market relations in all industries? This article was motivated by the trend in developed capital markets towards dividing big holding companies to small segmental units.
The efficiency of vertically integrated companies’ performance should be studied through comparison the whole corporation and a set of detached businesses, that could be parts of integrated company. The simplest way of such analysis, which was used by the first researchers in this field, is to compare total costs and to depict different types of economies. On the more sophisticated level of analysis must be taken into account such issues as principal-agent problem, technological economies and risk level minimization under the conditions of legal restrictions, which limits costs saving between two branches of one company. The third approach to consider all influencing companies’ performance factors is the analysis of financial figures, especially the analysis of different ratios, that can show relative efficiency of companies. By doing such analysis not only traditional components of synergetic effect are taken into consideration, but also financial features of M&A deals that can lead to a bankruptcy are covered.