This paper examines the determinants of bid-ask spreads and their behaviour around corporate earning announcement dates, for a sample of UK firms over the period 1986-94. The paper finds that closing daily spreads are affected by order processing costs (proxied by trading volumes), inventory control costs (trading volumes and return variability) and asymmetric information (unusually high tradin...

In this paper we investigate the (R, S) periodic review, order-up-to level inventory control system with stochastic demand and variable leadtimes. Variable leadtimes can lead to order crossover, in which some orders arrive out of sequence. Most theoretical studies of order-up-to inventory systems under variable leadtimes assume that crossovers do not occur and, in so doing, overestimate the sta...

in classic inventory control system, we assume that purchasing cost should be paid at time of delivery. but sometimes in order to encourage retailer to increase his order, postpond payment is provided by supplier as an incentive policy for retailer. in this paper a periodic inventory control model is invetigated in which the period between two consecutive replenishmnet is a random variable. in ...

This paper proposes an adaptive fuzzy control application to support a vendor managed inventory (VMI). The methodology applies fuzzy control to generate an adaptive smoothing constant in the forecast method, production and delivery plan to eliminate, for example, the rationing and gaming or the Houlihan effect and the order batching effect or the Burbidge effects and finally the Bullwhip effect...

Inventory or material balance control is an important part of process control. In the literature, many rules have been proposed to help in designing such systems, but their justification is often unclear. The main contribution of this paper is to propose the more general local-consistency rule for evaluating inventory control systems. Consistency means that the steady-state mass balances (total...

Plantwide control deals with the structural decisions of the control system, including what to control and how to pair the variables to form control loops. Although these are very important issues, these decisions are in most cases made in an ad-hoc fashion, based on experience and engineering insight, without considering the details of each problem. In the paper, a systematic procedure towards...

The demand for power keeps rising with rapid economic development and growth of industrialization. The frequent mismatch created between demand and supply can be mitigated by the use of energy buyback programs. This papermodels a buy-back programusing a periodic review joint pricing and inventory model, incorporating compensations and setup cost over finite planning horizons. It is shown that a...