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Item A review of market efficiency at the Colombo Stock Exchange(Research Symposium on Pure and Applied Sciences, 2018 Faculty of Science, University of Kelaniya, Sri Lanka, 2018) Fernando, W. N. C.; Peter, P. L. S.“In an efficient market, the current price of the asset fully reflects all the available information in its current price”. The argument was that in an efficient market, investors cannot reap abnormal profits without taking abnormal risk. Thus, with the dynamic nature of the capital markets, informational efficiency has become a crucial factor for local and foreign investors. The objective of this study is to assess the market efficiency of the Colombo Stock Exchange (CSE). Since the end of civil war that prevailed in Sri Lanka for 30 years, the performance of CSE picked up with the market moving up sharply in the subsequent four years. During that period, many studies have been conducted to test the weak form and semi strong form efficiency at CSE. Subsequently, the market declined due to allegations of market manipulation, exchange rate fluctuations, political instability and the behavior of the world economy among others and has yet to fully recover despite the change of government in 2015. Many empirical work have been conducted to find out the form of efficiency. Researchers have used methods such as unit root test ( ADF model and PP model ) , descriptive statistic, serial correlation and variance ratio test to find out whether the CSE follow a random walk pattern. Local studies have found that CSE does not follow weak form efficiency, which was in line with the conclusion, that stock markets in developing countries are not even weak form efficient. Studies concluded the same in the immediate post war era. On the contrary, study conducted using bonus issue announcements found it to be semi strong form efficient. One of the more recent studies showed that it could not reject that the CSE was weak form efficient. Based on this critical review and the mixed results observed, a fresh assessment of the efficiency of the CSE will be undertaken to test weak form efficiency using the ADF model and moving average method to confirm the results of previous studies and perform event study around announcement of dealings by directors to test the semi strong form efficiency.Item FMCG cluster based collaborative transportation sharing from the perspective of Third Party Logistics (3PL)(Research Symposium on Pure and Applied Sciences, 2018 Faculty of Science, University of Kelaniya, Sri Lanka, 2018) Fernando, I. S. S.; Peter, P. L. S.The functional integration and performance of modern supply chains are vital for competitiveness in the global marketplace. Logistics plays an increasingly important function in delivering value to the consumer. Therefore, modern firms frequently outsource logistics function to Third Party Logistics (3PL) providers. This strategic decision enables firms to capitalize their resources and expertise on core competencies to maximize business outcomes. Furthermore, 3PL service offering entities derive benefits from industrial clustering. Fast Moving Consumer Goods (FMCG) industry is one of the primary industries served by 3PL due to their increasing emphasis on services, cost of logistics and reduced inventory levels. 3PLs frequently experience problems such as capacity utilization, empty haulage and declining profit margins when dealing with multiple customer firms under diverse industry verticals. Hence, to vindicate aforementioned inefficiencies, 3PLs focus on strategies of collaboration. In freight distribution, the most popular collaborative strategy is that of logistics sharing, which can take place at the transport level, but also applicable in warehousing, inventory and other operations. Strategic use of cluster based collaborative transportation sharing by 3PLs could obtain the benefits of improved services, reduced costs and increased flexibility. Collaborative transportation sharing eliminates congestion and pollution that impacts community’s standard of living, optimize transportation asset utilization and provision of flat rate stability to customers encouraging long term sustainable partnerships. This paper critically evaluated the supply chain collaborative models published in the literature and used expert opinions in both 3PL and FMCG industries in order to systematically relate those findings into 3PL powered collaboration in transportation sharing. Out of the models assessed, horizontal logistics collaboration model is selected on the basis of consideration factors, synergies and enablers, defined with respect to the UK retail industry. It is used to synchronize the transportation sharing aspect of FMCG cluster to emphasize the potential factors that affect collaboration in transport level asset sharing.Item Review of business analytics maturity assessment models(Research Symposium on Pure and Applied Sciences, 2018 Faculty of Science, University of Kelaniya, Sri Lanka, 2018) Ariyarathna, M. H. K.; Peter, P. L. S.Business Analytics (BA) refers to use of computing to gain insight from data and includes Business Intelligence (BI) and statistical analysis. Organizations are increasingly using BA at strategic and operational levels in order to gain competitive advantage in the marketplace. Organizations that adopt BA, are at different maturity levels. There are maturity models that can be used to assess the maturity of BA and BI. The initial objective of this study was to critically examine BA maturity models in the literature and find gaps and issues in current research in the context of a developing country setting. Maturity models developed by Gartner and TDWI have taken a more practitioner knowledge perspective for the model development, while others have taken a more theoretical approach and require more empirical study. Due to the technical background of BA some of the models developed are associated in technological progress. A few others have taken a business perspective with a technical aspect. Data and information management, people, organizational culture and technology are key components of these models. Hewlett-Packard’s BI maturity model has considered a business view focusing on information, strategy and business enablement components. Pros of these models is more realistic in real world but lack integration with other systems in the business. A similarity among these models is, many of them have been formatted in stages or levels providing a roadmap to achieve growth in BA maturity. However, a majority of these maturity models have been developed considering the resources, capabilities and competencies available in developed countries like USA, UK, Slovenia and Australia. Developing countries like Sri Lanka are in the initial stages of deploying and using BA. With relatively limited infrastructure facilities, social and technical differences compared to developed countries, the use of these maturity assessment models developed, have been found to be inadequate. Technology development, human behaviour and business models in Sri Lanka have dissimilarities compared to developed countries. Today’s organizations have integrated inter and intra information systems which are Enterprise Resource Planning systems (ERP), Customer Relationship Management (CRM), Supply Chain Management (SCM) systems and Internet of Things (IoT) tools into their functions. To assess BA maturity in Sri Lankan organizations, an integrated model incorporating both theoretical and practitioner knowledge while considering the business perspective and incorporating new technological advances in today’s business models is required.Item Assessing factors driving price premium between voting and non-voting stock at CSE(Research Symposium on Pure and Applied Sciences, 2018 Faculty of Science, University of Kelaniya, Sri Lanka, 2018) Rasanjani, P. M. D.; Peter, P. L. S.In a dynamic capital market, the speed of information flow is crucial in maintaining an efficient market. Asymmetric information in the capital market creates either the buyer or seller a better (arbitrage) opportunity to make a profit. The party having more information on the past, present or future performance of the shares may know whether the share is underpriced or overpriced relative to its aggregate performance. Therefore, the speed of symmetric information flow of the share prices is a very important feature in the capital market domain. Publicly traded companies sometimes issue different classes of shares. The main benefit of dual class voting structures for shareholders and a company’s management is to focus on long-term goals and a company’s strategic direction while maintaining the freedom, rather than contending with the threat of a hostile takeover. The key difference between voting shares and non-voting shares in dual class structure is the voting right. When perusing historical data for past few years in companies that trade both voting and non-voting shares in the Colombo Stock Exchange (CSE), it was observed that the voting premium varies from company to company and within the company itself over the time. These reasons lead to an initial empirical examination of the factors affecting the voting premium of voting over nonvoting stocks. The purpose of the research was to explore the factors affecting the voting premium in the CSE and quantify the price gap between voting shares and non-voting shares. After conducting a systematic review of literature, factors affecting voting premium that is described using different models, frames and processes were identified. Consequently, the study identified the set of factors; namely, differences in liquidity (free float), restriction on transferability, share ownership structure and corporate control, percentage of private benefits of control, investor’s purpose, management status, sector specific factors, macroeconomic factors, firm specific factors and effect of time as possible reasons for the existence of the premium. Expert opinion has been sought to aid verification. It is envisaged to analyze historical data in the CSE including share prices, published financial statements and ratios while integrating previous literature, to verify and introduce a comprehensive model or framework-based solution approach for quantifying price gap between voting shares and non-voting shares in CSE. As an extension, this research expects to introduce an exact mathematical formula for quantifying the voting premium.