Bricsnet Architecturals for AutoCAD 2000 v3.0.0017 serial key or number

Bricsnet Architecturals for AutoCAD 2000 v3.0.0017 serial key or number

Bricsnet Architecturals for AutoCAD 2000 v3.0.0017 serial key or number

Bricsnet Architecturals for AutoCAD 2000 v3.0.0017 serial key or number

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CLEVERPATH PORTAL V 4.0 Cabinetvision Solid Manufacturing CAD Course HousePlans CAD Course SpaceStation CAD FIX 5.0 CAD LINK SIGNLAB E6 REVISION 1 CAD OVERLAY 2002 CAD.Blocks Cad2Shape v1.0 CADATA DWGBASE.V1.1 CADATA.DWGBASE.V2.0 CADCAM-E.IGES-PRO.v2.0 CADCAM-E.PS-ACIS.v2.1 CADCAM-E.PS-CAT.V2.1 CADCAM-E.PS-STEP.v1.0 CADCEUS Rhinoceros 2.0 CADDIE.PROFESSIONAL.V9.0 CADDY AEC V 3.0 ARCHITECT Cadence IC v5.0 Cadence ICC 11.1 Cadence LDV v5.0 Cadence PSD rev 15.0 Cadence SPW v4.8 Cadence.Allegro.v13.6 [1CD] CADENCE.IC DESIGN 5.0 FOR LINUX CADENCE.LDV.V3.3 CADENCE.LDV.V4.0 CADENCE.LOGIC DESIGN AND VERIFICATION 4.0 CADENCE.LOGIC.DESIGN.AND.VERIFICATION.V5.0 Cadence.OrCad v9.2 Complete Suite [1CD] Cadence.OrCad v9.23 Unison.Suite [1CD] CADENCE.PART.BROWSER.WINNT2K.V1.0 CADENCE.PCB STUDIO R14.1 CADENCE.PCB.DESIGN.STUDIO.V14.2 [3CD] Cadence.PSD.v14.0 Cadence.Specctra V10.0 [1CD] Cadence.SPECCTRA.Router.v10.1.1 CADENCE.SPECCTRA.ROUTER.V10.2 [1CD] CADENCE.VIRTUAL.COMPONENT.CO-DESIGN.V2.2 CADFIX V4.0 [1CD] CADFIX V4.2 [1CD] CADFIX V5.0 [1CD] CADFIX V5.2 [1CD] CADFIX V5.2 FOR LINUX [1CD] Cadfx Mechanical Power Tools 4.0.11 CADFX X-FILER 2.11 CADint PCB v3.30.1 CADISON PIPES 4.12 CADKEY V19.0 R1 [1CD] CADKEY.WORKSHOP V21.0 CADKEY.Workshop.v20 [1CD] CADLINK.PROFILELAB.3D V 5.0 REVISION 11 CADLINK.SIGNLAB.E6.1.REVISION.6.MULTILANGUAGE CADLINK.SIGNLAB.E6.1.REVISION.6.MULTILANGUAGE.ADDON Cadlink.signlab.e6.revision.1 [1CD] CADMAX SolidMaster 9.12 CADMAX TRUESURF 9.12 CADOPIA INTELLICAD 2000 PROFESSIONAL CADopia IntelliCAD 2001 3.3 Professional CADOPIA INTELLICAD 2001 3.3 STANDARD CADOPIA.INTELLICAD_PROFESSIONAL_EDITION_V4 CADopia_IntelliCAD_2000_Professional CADPIPE.2002.3D.DESIGN V7.0.FOR AUTOCAD CADPIPE.2002.BUILDING.SERVICES.V7.0.FOR.AUTOCAD CADPIPE.2002.COMMERCIAL.PIPE V7.0.FOR.AUTOCAD CADPIPE.2002.HVAC V7.0.FOR.AUTOCAD CADPIPE.2002.INDUSTRIAL V6.6.FOR.AUTOCAD CADPIPE.2002.ISO V7.0.FOR.AUTOCAD CADPIPE.2002.ORTHO V7.0.FOR.AUTOCAD CADPIPE.2002.PID V7.0.FOR.AUTOCAD CADRaster PRO 4.62 For AutoCAD CADRASTER.LTX v4.61 FOR FELIXCAD CADRASTER.LTX V4.62 FOR AUTOCAD CADRASTER.LTX.V4.80.FOR.AUTOCAD [1CD] CADRASTER.LTX.V4.80.FOR.FELIXCAD [1CD] CADRASTER.LTX.V4.81.FOR.AUTOCAD CADRASTER.PRO v4.62 FOR AUTOCAD CADRASTER.PRO.V4.80.FOR.AUTOCAD [1CD] CADRASTER.PRO.V4.80.FOR.FELIXCAD [1CD] CADRASTER.PRO.V4.90.FOR.AUTOCAD CADRE.PRO. V4.1.4 CADRE.Pro.v3.3.12 CADRE.Pro.v4.1.3 CADRE.Pro.v4.1.4[1CD] CADRE-GEO.v4.5[1CD] CadSoft.EAGLE v4.03 FOR NT/9X [1CD] CADSOFT.EAGLE V4.11 FOR NT/9X Cadstar v6.0 CADTRAIN COACH FOR PROENGINEER 2000I2 CADVANCE 2002 Cadvance 2002 (c) F.I.T. Inc. [1CD] CadWorx Full Personal ISOGEN Add-on Module CADWorx PIPE Full Run License CadWorx Sanitary Fitting Add-on Module CAEFEM v6.0 [1CD] CAESAR II ver 4.4 Cafe Manager 3.0 Cafe Manager 3.4.1 CAFE MANAGER PRO 3.4.0 CafeSuite 2.64 CAiCE Transportation 10 Suite CAiCE Visual PE CAJA 2.5 COMPLEMENTO DE BANCOS CAKEWALK CLUB TRACKS 2.0.1 CAKEWALK GUITAR TRACKS PRO V 2.0 CAKEWALK HOME STUDIO XL 2004 CAKEWALK MUSIC CREATOR 2003 EDITION CAKEWALK PLASMA 2003 CAKEWALK PROJECT V 5.0 CakeWalk Project.5 FULL iSO-TNC 2CD CAKEWALK PYRO 2003 CAKEWALK SONAR 3 PRODUCER EDITION CAKEWALK SONAR V 2 XL Calcmenu CALIGARI TRUESPACE V 6.0 CALLINGUS MILLENNIUM CALYX POINT V 4.1 CAMAND R14.0 CAMBRIDGE ANIMATION SYSTEMS ANIMO V 5.0 CAMBRIDGE.ANIMATION.SYSTEMS.ANIMO.V4.1 [1CD] CAMCAD PCB Translator v3.9.4a CAMCAD PCB V3.30.1 Camnetics GearTrax 2003 for SolidWorks v2003.111.408 CAMNETICS GEARTRAX AI FOR AUTODESK INVENTOR 6 V2003.61.409 Camnetics.GearTrax.AI.for.AutoDesk.Inventor.5.3.SP2 CAMNETICS.GEARTRAX.AI.FOR.AUTODESK.INVENTOR.7.V2003.70.420 CAMSOFT_CHEM_3D_ULTRA_v6.0 CAMTEK PEPS V 4.2.9 CAMTEK.PEPS_CUT_V5.0 CAMTRAX.2000.DATECODE.2000325.FOR.SOLIDWORKS.2001 [1CD] CAMWORKS PLUS 2001 CANOCO 4.5 CANOPUS IMAGINATE V 1.0 CANOPUS PHOTOALBUM V 2.0 CANOPUS XPLODED PROFESSIONAL 4.0 CAPTARIS RIGHTFAX V 8.5 CAPTION NEMO V3.31 FOR NOVELL CARE 3.00.00 CARLSON SURVCADD XML FOR AUTOCAD V 2.0 CARLSON SURVEY XML CARS ON CD 2002 CAST FOR UNIGRAPHICS V18.0 [1CD] CAST Lighting WYSIWYG Suite v1.0 [1CD] CASTAMAN CD ESTIMATOR 2003 CATIA 5 R10 SP3 Catia CAA V5R12SP3 Catia R5v12 Catia Rade tools V5R12SP3 CATIA v5R10 P3 Catia V5R11 CATIA.SMARTEAM.PDM.V4.0.SP4 [2CD] CATIA.V5R10 P3 CATIA.V5R9 Catia.web-based.learning.solutions.v5r7 [2CD] Catia.web-based.learning.solutions.v5r7.mechanical.design [3CD] CCDC.DASH.v2.01 [1CD] CD ADAPCO STARCD V 3.150A CD DATA RESCUE V1.1 CD.ADAPCO.STAR-CD.V3.150A.FOR LINUX CD.ADAPCO.STAR-CD.V3.150A.FOR WIN CDS V 8 CEBAS FINALRENDER STAGE0 V 1.0 FOR 3DS MAX 4.2 CECIMA.WIN.DESIGN.V4.33 [1CD] CECIMA.WINDESIGN.V5.5.1 CEETRON.GL.VIEW.PRO.V6.3-54 CEI.Ensight V7.1 [1CD] CEI.ENSIGHT.GOLD V7.4.1Q.ADDON CEI.ENSIGHT.GOLD V7.4.1Q.LINUX CEI.ENSIGHT.GOLD V7.4.1Q.SGI CENTRA V 2000 CFDESIGN V 6.0 DATECODE 20030618 CFDlab.v2.2 [1CD] CFDRC.PRODUCT.SUITE.NT2KXP CFX BladeGen 4.1 CFX Build CFX ProMixus 2.1 CFX Radiation CFX TACSflow 2.12 CFX TurboGrid 1.6 CFX_TASCFLOW V2.12.1 FOR.WINDOWS CFX_TASCFLOW V2.12.1.FOR.LINUX CFX-4, CFX-5, CFX-TASCflow CFX-4.3 CFX-4.4 [1CD] CFX-5.3 CFX-5.4 CFX-5.5 [1CD] CFX-5.5.1 CFX-BLADEGEN 4.1 CFX-BladeGen v3.2 CFX-BladeGen.Plus v4.0 [1CD] CFX-BLADEGEN.PLUS V4.1.09 CFX-BUILD CFX-PROMIXUS 2.1 CFX-RADIATION CFX-TACSFLOW 2.12 CFX-TASCFLOW 2.11.1.11382 CFX-TASCFLOW V2.10 CFX-TurboGrid 1.6.0 [1CD] CFX-TurboGrid 1.6.0 for LINUX [1CD] CFX-TURBOGRID 1.6.0 FOR WINDOWS NT 4.0 CGSUPREME V4.5 CGTECH.VERICUT V5.1 [1CD] CGTECH.VERICUT V5.2 CGTECH.VERICUT V5.3 Chameleon 1.0 CHANCERY WIN SCHOOL V 5.1 Checkmate 6000 CAD / CMM CHECKPOINT 2000 ENTERPRISE SUITE INCL.SP2 CHECKPOINT VPN SUITE 4.1 ChecPAQ 2001 CHEM OFFICE PRO 2000 Chemdraw.Pro.v6.0 Chemical.Equation.Expert.v2.00.WinALL Chemical.Reference.Book.v1.4 CHEMIX.School.v1.91 CHEMKIN3.5 ChemPen.v1.5.1.0 CHEMPEN3D.V1.6.0.0 CHEMPOINT.PROFESSIONAL.V6.0.ANSI CHEMPOINT.PROFESSIONAL.V6.0.UNICODE ChemPoint.v4.0 [1CD] CHEMSTAT.V4.1.ANSI CHEMSTAT.V4.1.UNICODE Chemstations Chemcad 5.0 PRO ChemStations.ChemCAD.v5.1.3.Pro ChemStations.ChemCAD.v5.2.Pro [1CD] ChemWindow 6.0 CHEQPAQ 2001 CHIEF.ARCHITECT V7.01 CHIEF.ARCHITECT V8.05 CHIEF.ARCHITECT v9.0 CHIEF.ARCHITECT v9.3 CHIEF.ARCHITECT v9.5 ChinaOil 2.0 CIM.SYSTEM.SUM3D.V7.0 Cimatron 12 Cimatron 13.0 CIMATRON E 4.1 CIMATRON ELITE 4.2 CIMATRON ELITE v 4.21 CIMATRON IT v 13.1 CIMATRON IT V12.2 CIMATRON QUICK NC v 3.0 CIMATRON.ELITE.R3.1 CIMATRON.ELITE.RELEASE.3.0 CIMATRON.ELITE.RELEASE.3.0.TUTORIAL [1CD] CIMATRON.ELITE.V4.2 CIMATRON.IT.V12.0 CIMATRON.IT.V12.2 [1CD] CIMATRON.IT.V13 CIMATRON.QUICK.CONCEPT.V2.5 CIMATRON.QUICK.NC.V3.0 CIMCO DNC-MAX 4.15.16 CIMCO Edit 4.22.22 CIMCO Edit v4.32.15 CIMCO Feed Optimizer 2.13.01 CIMCO Filter 3.08.01 CIMCO Powercut 3.09.00 CIMCO Powercut C-Hook 3.1 for MasterCam 8 CIMMETRY.AUTOVUE_PROFESSIONAL_V17.0 CIMMETRY.AUTOVUE_SOLIDMODEL_PRO. FOR JAVA3D V16.1 CIMMETRY.AUTOVUE_SOLIDMODEL_PRO. V17.0 CIMMETRY.PANORAMIC_V5.0 CIMPACK_V10.2.6_COMPLETE Cinco v 4.22.10 CINEGY EXTREME v 6.0 Cinema 4d 8.2 Cinema 4D R8 CINEMA4D8 XL UPDATE 8.1 CIRQUET SOLUTION SUITE V 1.1 Cisco Call Manager CISCO CISCOWORKS FOR WINDOWS V 6.1 Cisco IOS 12.4 Cisco QoS Manager 3.1 Cisco SIP Proxy Server Cisco TBGM Cisco Works 6.1 Citect v5.41 [1CD] CITECT.SCADA.V5.42 CITECT.V5.40 CITRIX METAFRAME XP PRESENTATION SERVER ENTERPRISE Civil Design 2004 CIVILCAD 2000 CIVILCAD 2001 CivilCad v5.5 CIVILPAK V2001 DATECODE 04092001 (C) GEOPAK CivilTech All Piles V3.0E CIVILTECH.ALL PILES V3.2E CivilTech.All-Pile.v3.0c CIVILTECH.ALL-PILE.v3.1B [1CD] CivilTech.Liquefy Pro v2.4A CivilTech.LiquefyPro.v2.2b CivilTech.LiquefyPro.v2.3 [1CD] CIVILTECH.LIQUEFYPRO.V3.0 CivilTech.Shoring.Suite.Plus.v6.4h CivilTech.Shoring.Suite.Plus.v6.5b [1CD] CivilTech.SuperLog.v2.8 [1CD] CIVILTECH.SUPERLOG.V3.0 CIVILTECH.SUPERLOG.V3.0A CLARION 5.5 Click N Stitch v3.24 ClickBook 5.0 CLONE CD 4.2.0.2 ClubControl v2.x CLUSTER-O-MATIC V1.5 CMEFRAME V1.1 C-MOLD 2000.7 CNC.MASTERCAM V8.0 CNC.MASTERCAM V8.11 [1CD] CNC.MASTERCAM V8.MILL-DESIGN.APPLICATION.GUIDE CNC.MasterCAM V9.0 [1CD] CNC.MasterCAM V9.1 [1CD] CNC.MasterCAM8.0 training CD [2CD] CNC.MasterCAM8.Mill-Design.Application.Guide [1CD] CNI GO elan v4.6 Coade CadWorx Pipe V3.1 and V2004 Coade CaesarII 4.4 Coade PVElite 4.3 Coade Tank 2.4 CoCreate One Space Solution Suite MULTiLANGUAGE [1CD] CoCreate.ME10.2000.Plus.v10.50 [1CD] COCREATE.NET.MODEL.EXPLORER.2004.V12.0 CoCreate.OneSpace.Collaboration Client v11.61 CoCreate.OneSpace.Designer Modeling 2002+v11.60B_MULTiLANGUAGE CoCreate.ONESPACE.DESIGNER V11.0 [1CD] COCREATE.ONESPACE.DESIGNER.DRAFTING.V12.0 COCREATE.ONESPACE.DESIGNER.MODELING.2004.V12.0 CoCreate.OneSpace.Solution Suite 2002+v11.60 MULTiLANGUAGE CoCreate.OneSpace.WorkManager.v11.61 CoCreate.SolidDesigner.2001.v9.1.0.15.Multilanguage [1CD] CodeCharge CodeWarrior Development for PalmOS 9.0 COGNOS POWERPLAY USER V 7 MR2 COHORT COPLOT V6.1 COI 3.0 COI PARA WINDOWS & Ms-DOS VER 2.0 COLLECTION OVER 10.000 TYPES AND LETTERS Color Processor 2.1 Color Processor 2.1 Lite ColorBurst 6.1 Colorburst V7 COMMOTION PRO 3.0 Commsmart v1.31 CommView 3.0 (build 135) Compaq Visual Fortran Pro v6.1 Compaq Visual Fortran Pro v6.5 Compaq Visual Fortran Pro v6.6[1CD] COMPONENTONE STUDIO Q4 2002 ComponentWorks++ Version 1.0 FOR.LabVIEW COMPUPLAST FLOW2000 5.02 COMPUTER ASSOCIATES BRIGHTSTOR ARCSERVE BACKUP V 9.01 COMPUTER ASSOCIATES ETRUST INTRUSION DETECTION V 2.0 SP1 COMPUTER ASSOCIATES UNICENTER REMOTE CONTROL V 6.0 COMPUWARE DEVPARTNER STUDIO PROFESSIONAL V 7.0 COMPUWARE QALOAD V 5.0 COMSOL FEMLAB V 2.3 ComSystems Integra EDA Tools v4.0 SE Pro Concept Draw Professional 1.8 Concept XL 2.5 SR2 CONCEPTDRAW PROFESSIONALV1.8 MULTILANGUAGE CONCORD ENTERPRISE SUITE V 5.0.2 ConFiRM RiskQ 1.1.0.3 CONNECTIX VIRTUAL PC FOR WINDOWS V 5.2 CONSULTANT PLUS 6.27 and higher CONTAPLUS 2003 Content creation Winstone 2000 CONTPAQ 2001 CONTPAQ 2002 CONTPAQ 2002 XP CONTPAQ 2003 Conversion.Tables.v6.0 COOL JOE V 2.0 COREL Bryce 3D 5.1 R4 COREL BRYCE V 5.0 COREL DRAW 11 GRAPHICSSUITE WIN & MAC COREL KPT Collection Mac OSX COREL PAINTER V 8.0 COREL PHOTOBOOK V 10.3 COREL PRINT HOUSE V 6.0 COREL VENTURA V 10 COREL Word Perfect Family Pack 4 COREL Word Perfect Office 11 Standart Edition COREL WORDPERFECT FAMILY PACK V 5.0 COREL WORDPERFECT OFFICE 11 STANDARD EDITION COREL XMETAL AUTHOR V 4.0.3 CORELDraw v11 CORETECH.TRANS-3D_v1.90.R85 [1CD] COSIMIR Professional V4.0 [1CD] Cosmopolitan Fashion Makeover Cosmopolitan VIRTUAL MAKEOVER 2003 DELUXE SUITE Cosmopolitan Virtual Makeover Deluxe 3 COSMOS DESIGNSTAR 4.0 COSMOS DESIGNSTAR V3.0.350 COSMOS EDGE V4.1 COSMOS EMS V2.0 COSMOS Flow 5.0 COSMOS Floworks 2003 COSMOS FloWorks 2003 PE COSMOS FloWorks 2004 COSMOS floworks.pe.v2001.sp7 COSMOS M 2.8 COSMOS M FEM COSMOS M V2.5 COSMOS M V2.7 COSMOS MOTION V2001 SP2 Cosmos Works 7.0 COSMOS WORKS V5.0 COSMOS WORKS V6.0 COSMOS WORKS v7.0 DATECODE 2002035 Cosmos.floworks.pe.v2001.sp7 [1CD] COSMOS/DESIGNSTAR V3.0.350 [1CD] COSMOS/EDGE V4.1 [1CD] COSMOS/EMS V2.0 [1CD] COSMOS/M FEM COSMOS/M V2.5 COSMOS/M V2.7 [1CD] COSMOS/MOTION V2001 SP2[1CD] COSMOS/WORKS V5.0 COSMOS/WORKS V6.0 COSMOS/WORKS.V7.0 [1CD] COSMOS_DESIGNSTAR_V3.0.350 COSMOS_M_V2.7 COSMOS_MOTION_V2001_SP2 COSMOS_WORKS_V7.0_DATECODE_2002035 COSMOSFlow 5.0 COSMOSFloWorks 2003 PE COSMOSFloWorks 2004 COSMOSM 2.8 COSMOSMotion 2003 COSMOSMotion 2004 Cosmosworks 2003 Cosmosworks 2004 CrackerJack v4.0.4 plugin for Adobe Acrobat CREATE INSTALL 2000 3.0 CreativeLines 3 CROWD! T V1.0 CRYPTOGRAPHY 2000, CIPHERS, SECURITY CRYSTAL ANALYSIS PROFESSIONAL V 9.0 MULTILANGUAGE CRYSTAL ENTERPRISE 9.0 STANDARD CRYSTAL REPORTS ADVANCED 9.2 Crystal Reports Developer Edition v8.5 CS.DRAINAGE.STUDIO.2000.V2.71.WINALL CSC STRUCTURAL OFFICE SUITE V 6.0 CSC.TEDDS V6.0 CSI ETABS PLUS V 7.0 CSI SAP2000 NON LINEAR V 7.4 INCLUDED 7.42 UPDATE CSI.ETABS Nonlinear v7.20 CSI.ETABS NONLINIEAR V8.03 CSI.ETABS.NONLINEAR.v7.6 CSI.ETABS.NONLINEAR.v8.0 CSI.ETABS.NONLINEAR.v8.02 [1CD] CSI.ETABS.NONLINEAR.v8.04 CSI.ETABS.NONLINEAR.v8.06 CSI.ETABS.NONLINEAR.v8.08 CSI.ETABS.NONLINEAR.v8.09 CSI.ETABS.NONLINEAR.v8.11 CSI.ETABS.NONLINEAR.v8.15 CSI.SAFE V6.45 CSI.SAFE V7.0 [1CD] CSI.SAFE V7.01 CSI.SAFE V7.02 CSI.SAFE V8.0 CSI.SAP2000 Nonlinear v7.44 [1CD] CSI.SAP2000.NonLinear.v8.01 [1CD] CSI.SAP2000.NonLinear.v8.04 CSI.SAP2000.NonLinear.v8.06 CSI.SAP2000.NonLinear.v8.09 CSI.SAP2000.NonLinear.v8.11 CSI.SAP2000.NonLinear.v8.12 CSI.SAP2000.NonLinear.v8.14 CSI.SAP2000.NonLinear.v8.15 CSI.SAP2000.NonLinear.v8.16 CSI.SECTION BUILDER V8.0 CSI.SECTION BUILDER V8.01 [1CD] CSI.SECTION BUILDER v8.02 CSI.SECTION BUILDER v8.10 CSI_ETABS_NONLINIEAR_V8.03_UPDATE CSI-SAP 2000 v8.12 CST Design Studio 2 CST EM Studio CST MAFIA V4.1 [1CD] CST.DESIGN.STUDIO.V2.2 CST.EM.STUDIO.V1.2 CST.Microwave.Studio.3.2 [1CD] CST.Microwave.Studio.V4.3 CTP Pro Educational version 1.3 CUBASE VST 32 5.32 CUBASIS VST (STEINBERG) Cubulus CIP 8.3 CUBULUS IEZ 6 Cubulus Proplan 3.0 CUBUS SUITE 4.0 CUBUS V 4.0 CULT3D DESIGNER v.5.2.0.45 CUMBRIA SOFTIMAGE XSI V 2 TRAINING CUMBRIA SOFTIMAGE XSI V 2 TRAINING PART 2 CUMULUS V 5.5 SINGLE USER EDITION MULTI4 CURIOUS LABS POSER 5.0 CURIOUS SOFTWARE CURIOUS WORLD MAPS V 2.5H CURIOUS WORLD MAPS 3.0 CyberCafe Pro 3.70.30 CyberCafe Pro 3.8 CYBERLINK POWER DIRECTOR PRO V 2.5 CYBERLINK POWER PRODUCER 1.0 CYBERLINK POWER PRODUCER V 2.0 CYBERLINK POWERDVD XP V 4.0 DELUXE CYBERLINK STREAMAUTHOR V 2.6 MULTILANGUAGE CYBERLINK VIDEO LIVE MAIL 4.0 CYBORD 2.0
ALTAIR.HYPERVIEW PLAYER V5.1 ALTAIR.HYPERVIEW V5.0 ALTAIR.HYPERVIEW V5.1 ALTAIR.HYPERWORKS V5.0 ALTAIR.HYPERWORKS V5.1 ALTAIR.MOTIONVIEW V5.0 ALTAIR.MOTIONVIEW V5.1 ALTAIR.OPTISTRUCT V5.0 ALTAIR.OPTISTRUCT V5.1 ALTERA E PLUS MAX (MAX+PLUS +II) V 10.1 Altera.MaxPlusII V10.1 ALTERA.QUARTUS.II_V.2.0 ALTERA_MAX_PLUS_II_V10.2 ALTERA_QUARTUS_II_V1. 1_SP2 ALTERA_QUARTUS_II_V2.1 AltN MDaemon 6 Pro AltN MDaemon AntiVirus 1x (Unlimited users) ALTRIS.EB.SUITE.V12.5 ALTRIS_EB_DESKTOP_CLIENT _STAGE_TO_DISK_V12.5 ALTRIS_EB_DESKTOP_CLIENT CAD_V12.5 ALTRIS_EB_DOC_MANAGER_V 12.5 ALTRIS_EB_GIS_CONNECT_CO NSUMER_V12.5 ALTRIS_EB_GIS_CONNECT_CR EATOR_V12.5 AMESim/AMESet V2.5 AMESim/AMESet V3 AMESim/AMESet V3.5 AMESim/AMESet V4.0 Amorphium Pro 1.1 ANALYTICAL GRAPHICS STK(Satellite Tool Kit) V4.2.1 Analyze v4.0 by AnalyzeDirect/Mayo Clinic Animation master v2003 ANSOFT HFSS V8.0 ANSOFT HFSS v9.0 Ansoft.Ensemble V8.0 Ansoft.High.Frequency.Structure. Simulator.v8.0 ANSOFT.MAXWELL.2D.V8.0.3D. V6.0 Ansoft.Maxwell.Spicelink v4.5 Ansoft.Optimetrics V2.0 Ansoft.Serenade.8.7a1 ANSOFT.SERENADE.DESIGN. ENVIRONMENT.V8.7 ANSOFT.SERENADE.DESIGN. ENVIRONMENT.V8.71 ANSOFT_DESIGNER_v9. 0_HFSS ANSYS DesignSpace v6.1 Training ANSYS DESIGNSPACE.SUITE V6.1 ANSYS V5.5 ANSYS V5.6.1 ANSYS V5.7.1 ANSYS V6.0 ANSYS V6.1 FOR LINUX ANSYS V6.1 FOR WINDOWS ANSYS V7.0 FOR WINDOWS ANSYS v7.1 Multiphysics Ansys.AI.Solutions 6.1 Ansys.AI.Workbench.v6.0.1 ANSYS.DesignSpace V5.0.2 ANSYS.DesignSpace v6.0 ANSYS.DesignSpace V6.0.1 ANSYS.DesignSpace v7.1 ANSYS6.1/LS-Dyna Exercise Problems Antenna Network Design 3.1 Lite (AND) Anuman Interactive Architecture 3D APLAC_V7.61 APLAC_V7.61 Apple Shake 3 Applied.Flow.Technology.Arrow. v2.0.2002.01.02 Applied.Flow.Technology.Arrow. v2.0.2002.02.22 Applied.Flow.Technology.Arrow. v2.0.2002.08.27 Applied.Flow.Technology. Fathom.v5.0.2002.01.07 Applied.Flow.Technology. Fathom.v5.0.2002.02.22 Applied.Flow.Technology. Impulse.v2.0.2002.08.07 Applied.Flow.Technology. 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Suite.v11.1 AspenTech.Aspen.FrameWork. v2.3 AUDIO MIX-REMIXING AudioTX Capture 1.0b AudioTX Communicator 1.2e AudioTX Communicator v1.4a AudioTX POTS 1.0c Auto maintenance pro v.9.0 AUTOCAD 2002 Autocad 2002i AutoCAD 2004 (C) AutoDesk AutoCAD LT 2004 (c) Autodesk AutoCAD Map Series 2004 AutoCAD.2002.Bible AutoCAD.Map 5.0 AutoCAD.MAP v2000i AutoCAD2002.Associative.QDIM. Extension.v1.0 AutoCAD2002.Reference. Manager.Extension.v1.0 Autodesk Actrix Technical 2000 Autodesk ADT v3.3 Productivity Enhancement Autodesk Architectural Studio 3 Autodesk AutoCAD Mechanical 2004 (C) Autodesk Autodesk Building Systems 3 AUTODESK LAND 2004 Autodesk Quickcad 8 Autodesk Raster Design 2004 Autodesk Raster Design 3 Autodesk Revit 4.5 Autodesk sketch 7.0 Autodesk Symbols 2000 Autodesk. CAD .Overlay V2002 Autodesk.ARCHITECHURAL V1.0 [1CD] Autodesk.Architectural.Desktop v3.3 Autodesk.Architectural.Desktop v3.3 ADDON Autodesk.autocad V2002 AUTODESK.BUILDING. ELECTRICAL.V1.0 AUTODESK.BUILDING. 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TRAINING SDS/2 V6.114 SDS/2 V6.211 SDS/2 V6.232 Section Maker v7.5 Security Manager 2.0.2 Seep 3d v1.11 Sescoi.WorkNC v14.17 Multilanguage Sescoi.WorkNC v16.0 Multilanguage Sescoi.WorkNC_v14.17. WinNT2k.Multilanguage SETUP FACTORY 5.0 All Builds Setup Factory v6.0.0.2 SetupFactory 6.0.0.3 SetupFactory v6.0.0.4 SHORTCUTS 2000 4.0.0.116 SIMSCI ABSIM SIMSCI ARPM SIMSCI ASCEND SIMSCI BALSIM SIMSCI BALTRAN SIMSCI Connoiseur SIMSCI DATACON SIMSCI DYNSIM SIMSCI INPLANT SIMSCI MKVSIM SIMSCI MODSIM SIMSCI NETOPT SIMSCI PIPEPHASE 8.0 SIMSCI PRO/II 5.61 SIMSCI Process Engineering Suite SIMSCI ROMeo 2.0 SIMSCI SIM4ME-HEXTRAN 9.0 SIMSCI TACITE SIMSCI VISUAL FLOW SIMSCI WDPFTRAN Simulation.Sciences.Process. Engineering.Suite.2000 Simulog.TetMesh-GHS3D.v3.1 SINAPS PLUS v4.3 SINDA FLUINT v4.4L SINDA.FLUINT.v4.4 SINDA_FLUINT_v4.5 Sirius.Virtual.Manufacturing. Suite_v2000.2 SiteKiosk 4.97.0 SMALLER ANIMALS THUMBNAILER 6.5.3.0 Smart Architect LT 2000 SmartDraw Professional Plus v6. 04 SmartDraw Professional v6.0 SmartDraw.Professional.Plus.v6. 03 SmarTeam v5 SmartLaunch 2.0 Smeta RTS SmtpServerHunter 1.0 SnagIt 6.1.0 SOCIOMETRYPLUS 2.0b Sofistik Soficad 2000 V15.3 Softcam 1.4.5 Software Administration Kit Sokkia.Mapsuite.v1.12.01 SOLIAS.DESIGN.STUDIO.2000. v3.0 Solid Concept V3.3 Solid Edge v12 Solid Edge v14 SolidThinking 4.0 SolidWorks 2003 SolidWorks Animator SolidWorks MoldBase SolidWorks Office 2003 SolidWorks Office Professional 2003 SOLIDWORKS V2001 PLUS SOLIDWORKS V2001 PLUS SolidWorks v2003 SP2.1 SolidWorks v2003 SP2.1 Win98ME SolidWorks v2003 SP2.1 WinNT2KXP SOUND FORGE V6.0 Source Guardian v1.3 Spartan 02 SpatialAnalyzer_v2002.03.01 SPECCTRA V9.0.3(c) CADENCE SpectraLAB.v4.32.16c SpectraPRO.v3.32.16c SpectraRTA.v1.32.12c SPECTRUM.MICROCAP.V7.08 SPICER IMAGENATION SPLM2000 S-Plus v2000 S-PLUS.v6R2.Professional SpotLight Pro v 4.0 SpotLight v 4.0 SprutCAM V3.3 SPSS 11.0 (Mac) SPSS 11.5 (Win) SPSS Full range of applications except SPSS MR(v11.5) SPSS v11.0.1 SPSS v11.01 FULL VERSION SPSS.DeltaGraph.v5.0 SPSS.Science.SigmaPlot.2001. v7.101.WinAll SPSS.SigmaPlot.2001.v7.0 SPSS.SigmaPlot.v8.0 SsecurDesk v.5.13 STAAD 2003 Staad PRO 2003 STAAD Pro V2000 STAAD Pro V2001 STAAD Pro V2002 STAAD-III V22.3W Star diagnosis rel 2.0 STAR-CD.v3.1.5 Stardraw Suite MULTiLANGUAGE staroffice 6 Stata R7.0 STATGRAPHICS Professional Plus 5.0 STATGRAPHICS Standard Plus 5.0 STATGRAPHICS.PLUS.v5.0 STATISTICA Neural Networks v4. 0e STATISTICAL DISCOVERY SOFTWARE JMP 5.0.1 STATSOFT STATISTICA Advanced L/NLM 6 STATSOFT STATISTICA Base 6 STATSOFT STATISTICA Data Miner 6 STATSOFT STATISTICA Design of Experiments 6 STATSOFT STATISTICA Enterprise/Data Analysis System 6 STATSOFT STATISTICA Enterprise/SPC System 6 STATSOFT STATISTICA Multivariate Exploratory Techniques 6 STATSOFT STATISTICA Neural Networks 6 STATSOFT STATISTICA Power Analysis 6 STATSOFT STATISTICA Process Analysis 6 STATSOFT STATISTICA QC Miner 6 STATSOFT STATISTICA Quality Control Charts 6 STATSOFT STATISTICA Text Miner 6 STATSOFT WebSTATISTICA Output Portal 6 STATSOFT WebSTATISTICA Server applications 6 StatSoft.Statistica.v6.0. Multilingual Stealth Mail Master v3.26 StealthMaster 3.30 STEEL STUBS v1.02 FOR AUTOCAD2k STELLAR V8.0 StruCAD v9R2 STEP.FOUR.WING.designer_v1. 17 STI.Understand.for.Fortran.v1.4. 125 STK 4.0 StruCAD v9R2 Structural for TriForma 07.01.04. 11 STRUCTURAL_SOFTWARE_FL OOR_V1.01 STRUCTURAL_CONCRETE_SO FTWARE_FLOOR_V1.01 SUITE CAKE VFW RAM SUPEREDIT.LTX.V2.30 SUPEREDIT.PRO.V2.30 Supergraphics 4.4 SuperNEC 2.5 SuperPro.Designer v4.53 SURFACER AND VERDICT V10. 5 Surfacer.v10.6 Surfaceworks v2.62 FOR SOLIDWORKS Surfaceworks v2.62 FOR SOLIDWORKS SURFACEWORKS.MARINE V3.0 Surfcam 2002 Surfer 8.0 Surfware.SurfCAM.Solids.v2.04. WiN32 SURFWARE.SURFCAM.V2001 SURFWARE.SURFCAM.V2002 Surpac.Surplan.v4.0L Surpac.Surplan.v4.0L Surpac.Vision.2000.v3.2-p Surpac.Xplorpac.v4.OL SURVEYVIEW V5.1 ENTERPRISE EDITION SURVEYVIEW.V5.0. ENTERPRISE.EDITION SYNAPTICAD ALLPRODUCTS v8.01 SYNAPTICAD_ALLPRODUCTS_ V8.0G SYNAPTICAD_ALLPRODUCTS_ V8.0H SYNAPTICAD_ALLPRODUCTS_ V8.1H SYNAPTICAD_ALLPRODUCTS_ V8.2 SYNAPTICAD_ALLPRODUCTS_ V8.3 Synopsys Analog Design Synopsys Cocentric System SYNOPSYS VCSi v6.0.1 Synopsys.Core.Synthesis.v2001. 08-sp2 Synopsys.Core.Synthesis.v2002. 03 Synopsys.Core.Synthesis.v2003. 03 Synopsys.Formality.v2002.03- linux SYNOPSYS.FPGA.COMPILER.II. V3.7.0 SYNOPSYS.FPGA.EXPRESS. XILINX.EDITION.V3.6.1 Synopsys.FPGA_Compiler.v3.6. 0.6613 Synopsys.FPGA_Express.v3.6.1. 6817 Synopsys.MemPro.v2001.11.for. NT Synopsys.Nanosim.2002.03.linux Synopsys.PrimeTime v2000.5 Synopsys.TetraMax.v2001.08- linux SYNOPSYS.VCS.V6.0.1. WINNT2K SYNOPSYS.VCSi.V6.0.1. WINNT2K Synopsys_2001.08_linux SYNPLICITY.SYNPLIFY.PRO.V7. 0.3 SYNPLICITY.SYNPLIFY.PRO.V7. 01 SYNPLICITY.SYNPLIFY.PRO.V7. 02 synplify 7.12 Systat AutoSignal Systat SYSTAT 10.2 Systat TableCurve2D 5.01 Systat TableCurve3D 4.11 SystemView5.0 T FLEX CAD 2D v.7 T FLEX CAD 3D SE version 7 on Parasolid T FLEX CAD 3D version 7 on Parasolid T FLEX CAD LT v.7 TAI RadTherm TAI WinTherm TANNER L-EDIT PRO v8.42 WITH LVS v8.42 TANNER S-EDIT v7.03 TANNER T-SPICE v7.03 TANNER.L-EDIT.PRO.V8.3 TANNER.L-EDIT.PRO.V8.42. WITH.LVS.V8.42 TANNER.L-EDIT.PRO.V8.50. WITH.LVS.V8.50 TANNER.S-EDIT.V7.03 Tanner.Tools.Documentation. and.Libray v6.0 Tanner.T-Spice.Pro_v6.04 TANNER.T-SPICE.v7.03 TapeWare 6.2 TapeWare 6.30 TapeWare 7.0 Tebis CAD CAM v3.1 R11 multilanguage Tebis CAD CAM v3.1 R12 multilanguage Tebis NC2AX v3.1 R11 multilanguage Tebis.VIEWER v3.1.R10 Technical Illustrator 4.0 Tecplot v9.0 R2 TECPLOT.V8.1 TECPLOT.V9.0 With CFD Analyzer 2.0 TEKSOFT.CAMWORKS.V2001. PLUS Telecount 4.00.05 (Any configuration) TeleCount 4.02 TeleForm 6.2 Telephony Gateway Billing Mahager TGBM Cisco Server 1. 0.370 Tenfore/EAG QuoteSpeed 3.04. 05 Tensor CAD/CAM V3.0 *GERMAN* TERRAVISTA.V3.0 TEST FACT v4 Test Generator II ver 2.2.68 TEXAS.INSTRUMENTS.OMAP.V2 TEXT ANALYST 2 TGP Ware v3.0, (include AddTGP 3.5 and Form TGP 1.0) TGS.3D.MASTERSUITE SDK V3. 6.3 TGS.3SPACE.ASSISTENT V3.6 TGS.OPEN.INVENTOR V3.0 TGS.VOLUME.RENDERING V2.1 TGS_3D_MASTERSUITE_V3.6. 3_SDK TGS_3SPACE_ASSISTENT_V3.6 TGS_OPEN_INVENTOR_V3.0 TGS_VOLUME_RENDERING_V2. 1 The Generator v2.0.313 The Subtitler Viewer 97 Thermal Desktop v4.5 THERMAL.ANALYSIS.SYSTEM. V6.0 THERMAL.ANALYSIS.SYSTEM. V6.1 THERMOANALYTICS MuSES THERMOANALYTICS RADTHERM 7.0 THERMOANALYTICS RADTHERM RT THERMOANALYTICS WINTHERM THERMWOOD model 67 CNC router's 5-axis post processor Think Design v7.0 Think3.thinkdesign.v8.0 TI Code Composer Studio v2.1 TI.C5000.Code.Composer. Studio.v2.0 TIMINGDESIGNER V5.303 TK SOLVER v4.07 TK SOLVER v4.07 TNTmips v 6.7 or 6.8 Toonboom.USAnimation.v5.4.7 Topocad 5.5 TOTAL ACCESS MEMO 98/2000 TOTAL.3D.HOME.DELUXE.V4.0 TRADEWIND Trainersoft.Professional.v7.2. 112.2 Translogic.HDL.Entry.Ease.and. Eale.v5.0.8 TREEAGES.DATA.PRO.V4.0 treminatorX TREND INTERSCAN WEB MANAGER Tridium Niagara 1.17.68 TriSolver� IDEA GENERATOR & MANAGER TRIX RASTERSERVER 2000 V.4. 0 14 TRIX.DRAWINGCENTER.2000.V. 4.0.2.0 TrueUpdate v1.0.0.1 TRUMPF ToPs100, 400, 300 and 600 TRUMPF.ToPs.600_v2.10. TRUMPF.ToPs.CAD. Converter_v3.00 TSIS 4.32 TurboCAD Professional 7.1 TurboCAD.Professional 8.0 TurboCAD.Professional 9.0 Type3 4.5 uCOS-II.v2.51 UG NX V1.0.2.3 UNIGRAPHICS NX 1.0.1 Unigraphics NX v1.0 UNIGRAPHICS V18.0 UNIGRAPHICS V19 UNIGRAPHICS.iMAN v6.21 Unigraphics.Postbuilder.v2.0.0 Unigraphisc.Weld.Assistant.v18. 0.2 Upperspace DesignCAD 3D MAX Office 12 Upperspace DesignCAD 3D MAX Plus 13 Upperspace DesignCAD 3D MAX Plus Office 13 Upperspace DesignCAD Express Office 12 Upperspace Instant Deck Design Upperspace ModelCAD 3000 Upperspace VinylCAD Upperspace WingMaster VANDERPLAATS.GENESIS v6.0 VantagePoint Intermarket Analysis Software version 6.0 VARICAD 8.0.0.8 VARIMETRIX VX 7.5 VAST_F.Parallel.v1.0.AddOn.for. ABSoft.Pro.FortranMP.v7.0 VCDROM 3.0.4 Vectorworks Architect v9.52 OS9 VECTORWORKS.ARCHITECT v9 Vectory v.6 VERITOOLS.UNDERTOW.V8.3.4 VERO.VISI-SERIES.V9.2 Vertical Mapper 2.6 VextraSoft.Vextractor.v1.30 Virtual painter Virtual-Dmis 4.0 VISI.SERIES.V8.1 VISION.NUMERIC.TYPE.3.V4.5 VisSim v4.5c VisSim v5.0e VisSim.Comm.v4.5.08 VisSim.v4.5g Vista DB Maker v1.06 VISUAL METRIX 2000 V2.01 VISUAL METRIX Visual.CADD.v4 Visual_HDL_for_Verilog6.7 Visualize-IT.v2.5 VisualMill 4.0 VisualPatch v1.0.0.1 VNI.PV-Wave.v7.51 VNI.PV-Wave.v7.51.for.Linux VNI.PV-Wave.v7.51.for.Solaris VNI.PV-Wave.v7.51.for.Windows Vold.VSI.Rotate.Plus.v2.21 VPStudio 6.62 vpstudio 6.75 VSA 7.7.8 RunTime Vue_SolidModel_Professional_F or_Java3d_v16.1 VX_CAD_CAM_v5.7 Wasy Ltd. FEFLOW v4.9 SP1 WatPro.v2.30 WaveFun.Spartan.02.v1.0.1 WealthLab Developer 2.1 WELLCAD.V3.1 WHI.AquiferTest.Pro.v3.5 WHI.AquiferTest.v3.01 WHI.UnSat.Suite.v2.2.0.1 WHI.Visual.Groundwater.v2.30 WHI.Visual.Modflow pro.v3.0 Win4Lin 4.0.2 Terminal Server Windmil.v5.0.6 WINDRIVER 5.01 WinGPS.Pro.v3.106.Win9XNT WinMentor WinPotok WinRTI WinSim Design II 8.50 Winsim.Design.II.v8.34 Winsim.Design.II.v8.4 winsim.design.II.v8.41 WINSIM.DESIGN.II.V8.44 WINTELEX 3 su WinTopo Professional Edition v2. 21 Wizetrade Workview Office 7.53 WorkViewOffice7.5 Wysiwyg perform X Engineer v 1.0 Xactimate X-HDL.V3.2.8 X-HDL.V3.2.8.LINUX Xilinx.Foundation.Series.ISE.4.1i. with.sp1 XILINX.ISE.V5.1i XILINX_ISE_v4.2i Xilinx_ISE_v4.2i_SP1 Xilinx_ISE4_Service_Pack_3 XiTech CRYPToR 4.0 XSTEEL V6.0 XSTEEL V6.1 XSTEEL V7.0 XSTEEL V8.0 XSTEEL V8.1 XSTEEL V8.2 XSTEEL V8.3 XYNX NETSHOP 1.1 b36 XYZ.Scientific.Truegrid.v2.1 ZELAND.IE3D.AND.FIDELITY.V9. 0 ZEMAX.OPTICAL.DESIGN. V2002.06.10 Zero G Datafile.1 CDDA EtHnO Zero G Datafile.3 CDDA EtHnO Zero G NY Cutz.2 Off Da Hook CDDA-CHiC Zero G-Beats N The Hood Cdda- TZ7iSO Zero-G Ambient Volume.2 CDDA Zero-G Cuckooland Vol.3 Asylum CDDA Zuken.CADSTAR 4.5 Zuken.CADSTAR 4.5 ZUKEN.CADSTAR.V5.0 ZUKEN.CADSTAR.V5.0.SP4 ZUKEN.CADSTAR.V5.0.SP5

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, Bricsnet Architecturals for AutoCAD 2000 v3.0.0017 serial key or number
القلب المجروح21-07-2003 12:44 AM

B.N.R. Football Forecaster 2001 V1.0 s/n: a23tj
B1215834F69747FE04E66BAFB9D8287B V1.32 Deuce [tNO 2002] License #=AQIGA-HXPHO-EWR-KTL
B3 Cyber Dialogs V1.0.96 Name: Shawn Kresal Compnay: Electrocution s/n: gsya4184-gt7a4979-gsnr3827
B3 HTML Dialogs V1.0.96 Name: Shawn Kresal Compnay: Electrocution s/n: gta04543-gthk5408-gsxu4205
Baan Front Office 2000 V98.4 SP2 s/n: 87654321
Baan Front Office v2000 : Name: PFT s/n: 98333366
Baan Front Office V2000 SP2 s/n: 87654321
Baan Front Office v98.4 : Name: Jaydee s/n: 98333366
Babarosa GIF Animator V1.8 Name: assault s/n: 5EF90536E2CBC5ED
Babarosa GIF Animator V1.8B Name: assault s/n: 5EF90536E2CBC5ED or Name: ReanimatoR^LasH s/n: 7229FE158E9A0604 or Name: ScareByte s/n: F0EF86FDBFD6236B
Babarosa GIF Animator V2.0 Name: GonjaMan s/n: WNjVnSJMt9OKbGMsFFjQmA
Babarosa GIF Animator V2.4.1 Name: JiOO s/n: U1beCM4pqkGG+DLZA1RTyA
Babarosa GIF Animator V3.0 Name: Registered s/n: BAF6C80146735
Babarosa GIF Animator V3.1 Name: Free Version s/n: 197DB8886197675
Babarosa GIF Animator V3.2 Name: Registered s/n: BAF6C80146735
Babarosa GIF Animator V3.3 Name: TEAM ECLIPSE s/n: 509B49154E56D6
Baby Draw V1.0 s/n: ap4pdb1q
Babylon II v2.8 : Name: (Anything) s/n: bejcakos
Babylon Pro V3.2.28 Name: michael mills s/n: 4F8C9439D8E0AEB3E24A
Babylon Pro V3.2.29 Name: michael mills s/n: 4F8C9439D8E0AEB3E24A
Babylon Pro V3.2.30 Name: Jerry Benson s/n: 0F3E0ECD7E503958E978
Babylon Pro V3.2.46 Name: Registered s/n: 5E586DBD6B4E0A2643647B5C
Babylon Pro V3.2.56 Name: www.ttdown.com s/n: 10C9212C8B4E5FF2
Babylon Pro V3.2.58 Name: www.ttdown.com Code: 10C9212C8B4E5FF2
Babylon Translator Dictionary & Converter V3.1.36 Name: Team iNSaNE s/n: C5C391955B6BBB190F
Babylon Translator V3.1b Build 38 Name: Team iNSaNE s/n: C5C391955B6BBB190F
Babylon Translator V3.1b Build 40 Name: Team iNSaNE s/n: C5C391955B6BBB190F
Babylon V3.1b build 38 NAME:Team iNSaNE SERIAL:C5C391955B6BBB190F
Babylonia V2.0 Name: seCtiOn eiGhT s/n: HB10-0064-110-AMGR-9001 or Name: Registred [XG] s/n: HB10-9403-038-CXWD-3272
Babylonia V3.1 Name: FreeStyle s/n: HB10-4453-324-JWZZ-8363
Babylonia V3.2 Name: RegMinisteR s/n: HB32-7267-137-ACEK-9230
Babylonia V3.5 Name: buHo [Nirvana] s/n: HB35-5Z7V-N85D-1PFR-RS5K
Babylon-Pro V3.2.32 Name: alane dominick s/n: C9ACC041307A56FC5118F50B
Babylon-Pro V3.2.40 Retail Name: michael mills s/n: 4F8C9439D8E0AEB3E24A
Back Ground Screen v3.12 : Name:ustarius of dsi s/n: 3753-6570-7977
Back Rest V2.0 Name: teamCHiNA s/n: 6A6DAC6ABC24GG6
Back2life V1.01 Name: Peri0d s/n: BL-371-7689
BackBurner (mac) : 03-1489-0280
BackBurner v1.1.1 s/n: 03-1489-0280 or s/n: 03-1420-1721 or s/n: 03-1420-5036 or s/n: 03-1422-1672 or s/n: 03-1422-2788
BackBurner v2.6 or 3.1 s/n: 22-9033-8680 or s/n: 22-9043-5686 or s/n: 22-9063-2682 or s/n: 22-9073-9678 or s/n: 22-9093-6674 or s/n: 22-9014-3670 or s/n: 22-9024-0676 or s/n: 22-9044-7662 or s/n: 22-9054-4668 or s/n: 22-9074-1664
BackBurner v3.2 s/n: 12-8524-8880 or s/n: 22-9033-8680 or s/n: 92-9376-8683
BackBurner v3.2 s/n: Mac-50-014-3189-0336-0187 or s/n: 50-014-3189-0336-0187 (50 User)
BackBurner v3.x s/n: 22-9176-9865 or s/n: 22-9232-9180 or s/n: 22-9120-2448
Backdesk 5.0 : 1553715898
BackDropEZ V1.25b4 s/n: 1271671458
Backer v4.10 Name: Jumanji [WkT!99] s/n: 28001 or Name: Commander Keen s/n: 66305
Backer v4.10e Name: BaRT s/n: 17249
Backer V4.12 Name: [email protected] '99 [PC] s/n: 85121 or Name: Hamst [e!] s/n: 16209 or Name: sudi s/n: 31617
Backer V5.0 Name: Bennizilin s/n: 25329
Backer V5.00 Name: notice! [DBC] s/n: 64017 or Name: Bennizilin s/n: 25329
Backer V5.00 Name: notice! [DBC] s/n: 64017 or Name: Bennizilin s/n: 25329 or Name: Alfa18 s/n: 26657
Backer V5.01 Name: [email protected]@n s/n: 56801
Backer V5.031 Name: DiSTiNCT s/n: 17025
Backer V5.04 Name: McClain[INF] s/n: 62929
Backer V5.04 Name: Registered User Code: 90225
Backer V5.04.19 German Name: Ghosthunter s/n: 14689 SHA1: C2B46DC03563E34DFEA6DA2DED3D187D66CE4982
Backer V5.04.19 Name: Ghosthunter s/n: 14689 SHA1: C2B46DC03563E34DFEA6DA2DED3D187D66CE4982
Backer V6.0 Name: Nitrogen / TSRh TeaM Code: 896101
BackFlash V4.0 for CW4/5 s/n: zz215vba
BackFlip V3.01 s/n: 1073945638
BackFlip V3.010 s/n: 1073945638
BackFlip V4.0 s/n: 3334420
BackFlip V4.3 s/n: 538791953
Backgammon V1.0 Name: bob bob Code: 4455706966771929
Backgammon v1.0 Name: bob bob s/n: 4455706966771929
Backgammon V1.01 Name: w w s/n: 0255501956775629
Backgammon V1.4 Name: Mitchell Kresca s/n: 2740892592
Backgammon V3 s/n: abdfs
Background Changer V4.0 s/n: 1475963
Background Magic V1.0.169 Name: Mr.GReeN [WkT!] s/n: 2799957983
Background Magic V1.0.319 Name: TEAM ElilA s/n: 9522781749283
Background Magic V1.0.320 Name: Westie/Blizzard s/n: 21639812174783
Background Magic V1.0.342 Name: westie\blizzard s/n: 21639812174783
Background Magic V1.1.48 Name: TEAM BLiZZARD s/n: 2348762348
BackGround Master v1.0 : MBAK-5698-RSTR-YAGRI-02H19
BackGround Screen v3.14 Name: justarius of inside s/n: 3753-6570-7977
BackGroundScreen v3.14 Name:justarius of inside s/n:3753-6570-7977
Backlite + V3 Name: Registered User s/n: 100748
BackOffice 2000 s/n: KRJQ8-RQ822-VRMXF-6TTXC-HD2VM
BackOffice Small Business Server s/n: 040-2573155
BackToBasics v7.009 s/n: 7264069850
Backup 2001 V1.0 s/n: TZERN-8899-PLI-DUGON-8734
Backup Assistant v1.0 rev.2 : Type EUREKA in both boxes
Backup Assistant v1.2 Code: EUREKA s/n: 666C766D47 (or EUREKA)
Backup Assistant v1.3 Code: EUREKA s/n: (Anything)
Backup Assistant v1.5 Code: EUREKA s/n: DARKSTAR99
Backup Assistant v1.7 Name: EUREKA Box1: EUREKA Box2: EUREKA
Backup Assistant v1.7.1 Name: (Anything) Box1: EUREKA Box2: EUREKA
Backup Assistant v1.7.2 Code: EUREKA
Backup Assistant V1.8 Code: EUREKA
Backup Assistant V1.9 Name/Number: (Anything) Code: EUREKA
Backup Assistant V1.9.1 Name/Number: (Anything) Code: EUREKA
Backup Assistant V2.21 Name/Number: (Anything) Code: EUREKA
Backup Automatic V1.3 s/n: NJv9s3Xz
Backup DVD V6.7 s/n: FIA89-TERA3-SQF26-ANW71
Backup DVD V7.0 s/n: ASRO2-IFHT1-AWNA9-TRE89
Backup DVD V8.3 s/n: ASRO2-IFHT1-AWNA9-TRE89 or FIA89-TERA3-SQF26-ANW71
Backup DVD V8.4 s/n: ASRO2-IFHT1-AWNA9-TRE89 or s/n: FIA89-TERA3-SQF26-ANW71
Backup Exec 7 : 04-4382-0006-031770
Backup Exec 7 Enterprise addon : Single edition: 0343841783012345 Enterprise editon: 0243941784012345 Quick start edit: 0143721780012345 Not forresale: 0344151785012345 Adsm module: 0244251786012345 Autoloader module: 0542711783012345 Exchange agent: 0070721788012345 Macintoshagent: 0370131784012345 Netware agent: 0170621787012345 Oracle agent: 0844621786012345 SQL agent: 0970501784012345 Unix agent:0570251787012345 Migration utility: 0044741789012345 Disaster recovery: 0166671780012345
Backup Exec 7.0 : 0-2-376-2-000-2-018035
Backup Exec Enterprise : s/n: 0-5-343-0-000-6-031689
BackUp Exec EnterPrise Edition : 0-5-343-0-000-6-031689
BackUp Exec EnterPrise Edition v6.1 for WindowsNT: 0-5-425-5-000-0-010207
BackUp Exec EnterPrise Edition v7.01 for Novell NetWare: 0-1-362-9-000-9-010101
Backup Exec Enterprise v6.1 s/n: 0-5-425-5-000-0-010207
Backup Exec Enterprise v7.0 SingleEdition: 0343841783012345 EnterpriseEditon: 0243941784012345 Quick start edit: 0143721780012345 Not for resale: 0344151785012345 Adsm module: 0244251786012345 Autoloader module: 0542711783012345 Exchange agent: 0070721788012345 Macintosh agent: 0370
Backup Exec Enterprise v7.01 s/n: 0-1-362-9-000-9-010101
Backup Exec for Novell Netware Enterprise Edition: 0-3-371-8-000-8-014689
Backup Exec v7.0 s/n: 0-2-376-2-000-2-018035
Backup Exec v7.0 s/n: 04-4382-0006-031770
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Backup Exec v8.0 s/n: 06-5399-0004-013437 s/n: SBE-NW25-0004
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Источник: [https://torrent-igruha.org/3551-portal.html]
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S.Chatterjee
N.P.Singh
D.P.Goyal
NarainGupta Editors

Managing in
Recovering
Markets

Springer Proceedings in Business


and Economics

More information about this series at http://www.springer.com/series/11960

S. Chatterjee N.P. Singh D.P. Goyal


Narain Gupta
Editors

Managing in Recovering
Markets

Editors
S. Chatterjee
Operations Management
Management Development Institute
Gurgaon, Haryana, India

N.P. Singh
Information Management
Management Development Institute
Gurgaon, Haryana, India

D.P. Goyal
Information Management
Management Development Institute
Gurgaon, Haryana, India

Narain Gupta
Operations Management
Management Development Institute
Gurgaon, Haryana, India

ISSN 2198-7246
ISSN 2198-7254 (electronic)
ISBN 978-81-322-1978-1
ISBN 978-81-322-1979-8 (eBook)
DOI 10.1007/978-81-322-1979-8
Springer New Delhi Heidelberg New York Dordrecht London
Library of Congress Control Number: 2014951209
Springer India 2015
This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of
the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation,
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storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology
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with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and
executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this
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The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication
does not imply, even in the absence of a specific statement, that such names are exempt from the relevant
protective laws and regulations and therefore free for general use.
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publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for
any errors or omissions that may be made. The publisher makes no warranty, express or implied, with
respect to the material contained herein.
Printed on acid-free paper
Springer is part of Springer Science+Business Media (www.springer.com)

About MDI

The Management Development Institute (MDI) a leading B-School located in the


National Capital Region of India was established in 1973 with the active support of
IFCI following an initial grant received from KFW, West Germany. Various national
media surveys have ranked MDI among the top B-Schools of the country consecutively among the last 10 years. The education programs comprise of 2-year full-time
PGPM, PGP-HR, PGP-IM, 15-month executive PGDBM, 3-year executive management program, doctoral level FPM/EFPM, postgraduate program in energy
management, and PG diploma in public policy and management. MDI maintains
high level of academic excellence in management. Various surveys have consistently ranked MDI among the top five B-Schools of the country.
MDI has a well-developed state-of-the-art infrastructure, which includes a
library with a collection of over 60,000 volumes, and online access to international
journals, a computer center with over 500 PCs, air-conditioned lecture halls, and
syndicate rooms, besides a host of other recreational facilities. Above all, MDI has
over 80 full-time faculties who have several years of experience having worked at
senior positions in the industry.
MDI is the first Indian B-School accredited by the coveted Association of MBAs
(AMBA), an international accreditation in London, in 2006. The milestone established the international quality standards of the Institute.
Additionally, MDI has the distinction of being among the few B-schools accredited by South Asian Quality Standards (SAQS) in 2005.

About Partner Institutions

The University of South Australia (UniSA)


The University of South Australia (UniSA) is a globally focused, locally engaged
institution established on the dual principles of equity and excellence. With more
than 33,000 students, the university is South Australias largest and was the youngest
Australian institution to be named in the top 50 of 2013 the Times Higher Educations
top 100 global universities aged under 50. UniSA offers more than 400 degree
programs across a wide range of subjects including business, law, education, arts
and social sciences, health sciences, information technology, engineering, and the
environment. UniSAs commitment to excellence is also reflected in the caliber of
its academics and researchers. The proportion of UniSA staff holding doctorate
qualifications (69 %) remains significantly above the national average. In addition,
the 2012 national Excellence in Research for Australia evaluation reported that
86 % of our assessed research was rated world-class or above.
The Australian Centre for Asian Business (ACAB), UniSA, is located within the
International Graduate School of Business (IGSB), Adelaide, Australia. ACAB
serves both academic and industry needs through high-quality research into Asian
business practices while encouraging the development of collaborative partnerships
between Australian and Asian scholars, businesses, and institutions.

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About Partner Institutions

Faculty of Economics and Business, the University


of Maribor, Slovenia
The University of Maribor, the second largest Slovene university, has provided
prosperous and favorable ground for thriving evolvement of the academic community
ever since the emergence of higher education horizons in 1859. The University of
Maribor offers a strong educational and research infrastructure, where students and
researchers in different points of their career can work in one of the 17 faculties. At
the University of Maribor, the care for research and researchers is of utmost
importance. The University of Maribor cooperates in European Framework
Programs since 1998, and the number of international research projects is increasing
each year. The undergraduate study in academic year 20112012 implies altogether
56 academic- and 25 professionally orientated study programs.
In 2009, the Faculty of Economics and Business (FEB), the University of
Maribor, Slovenia, celebrated its 50th anniversary. The FEB is proud of this 50-year
existence, which presents the tradition in the Slovenian academic area and a high
degree of maturity in the international one. During these 50 years, more than 26,000
students graduated from our Faculty, hence acquiring different professional and
scientific titles. The FEB offers undergraduate, masteral, and doctoral education.
The Faculty of Economics and Business acknowledges research excellence and
interconnectedness of research and pedagogical work of our academic staff and
associates.
In academic year 20112012, there are 3,544 students enrolled in the University
of Maribor postgraduate study programs.

Message from The Director

That the world has been under an economic stress for the last few years is now more
a matter of fact than fiction or speculation. The challenges emanating from this
stress affect not just the livelihoods of people or the geopolitics but goes beyond in
terms of leaving long-lasting scars on the psyche of people and moral of the
economies. But as Shakespeare had said, and it will follow as the night, the
day, the world has to recover from the economic crisis and it will recover, albeit
at different rates of recovery, through different modes of recovery and following
different trajectories of recovery.
The next big managerial challenge before the World is how to manage the
recovery itself in the phase of recovery. And there is not much available as a
research, knowledge, or even information from the past that could guide this phase.
It is therefore imperative that the worlds of practice and academia get together to
chronicle the global practices, thought, endeavor, and experiences of these
challenging times for influencing current practice as well as creating knowledge for
prospective application.
With this purpose, the Management Development Institute, Gurgaon, has set up a
series of conferences under the banner and title of Global Conferences on Managing
in Recovering Markets (GCMRM) to be held as multiple editions over the next 3 years
across different geographies attracting diverse inputs for wider dissemination and a
longitudinal validation. GCMRM is one of the leading special initiatives on Global
Research on Managing in Recovering Markets. Its high-quality research projects, seminars, and publications shall encompass almost all areas and domains of recovering
markets, and thus, it is at the forefront of discussions on the many contemporary issues
of international and regional challenges, opportunities, and strategic responses.
I am delighted to note the active participation and collaboration of the academia
and industry in this endeavor. I hope that this edition of Springer containing the
synthesis of the research papers of GCMRM curtain raiser event shall be the
reference point for future research and application.
MDI
Gurgaon, India

Mukul Gupta
ix

Message from The Dean Research

It is with deep satisfaction that I write this message for the proceedings of the event
Global Conference on Managing in Recovering Markets organized during 0507
March 2014, at the Management Development Institute, Gurgaon.
The Management Development Institute (MDI), Gurgaon, is the first premier
business school to start an international academic initiative like GCMRM. Since the
last three decades, we have been speaking about emerging markets. The developed
world experienced a downturn and witnessed multiple financial crises. We believed
that the emerging economies would now have management lessons which the
developed nations may like to study and adopt to recover from their crises.
In line with the above premise, we brought an initiative such as GCMRM. The
GCMRM is an initiative largely to organize a series of conferences in different
continents of the world. The structure of the GCMRM is designed in a way that
there is a revisit of one conference every year in the month of March in its home
ground, i.e., MDI Gurgaon. The revisit to MDI is planned in a view to comprehend
the learning from the conferences happening in other continents.
The curtain raiser of the series of conferences under GCMRM was organized
during 0507 March 2014. The first event of the GCMRM was a grand success with
the participation of more than 10 countries and 120 premier business schools across
the globe. The conference was inaugurated with the talks of invited speakers from
academia and industry. The ambassador of Slovenia was guest of honor at the
inaugural event. The GCMRM witnessed an overwhelming participation from
global faculty including MDI faculty and doctoral students.
The conference accepted 118 high-quality research papers, case studies, and
white papers from the industry of which 101 papers were presented in the conference.
A completely blind review process was followed while accepting the papers for the
conference, and further review was done to accept papers for a publication in the
proceedings with Springer. The conference had a very fruitful discussion and
exchange of thoughts. The conference was organized with three to four parallel
panels of presentation with a total of 20 tracks. The conference was able to help
develop an interface between multiple management universities, business schools,
and industry.
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Message from The Dean Research

I am delighted to witness a large participation, and this proceeding would leave


the mark of the event in the academia and industry. I hope that the researchers and
industry will be able to find this proceeding as an opportunity for future direction of
research and industrial applications.
I wish to thank everyone for making this event a grand success and a good start
towards the organization of the series of conference on the theme Managing in
Recovering Markets and feel convinced that GCMRM endeavor is the right platform to discuss, deliberate, and seek credible solutions and implications of the
global economic scenario.
N.P. Singh

Preface

The Management Development Institute (MDI) in association with its worldwide


partner institutions has set the agenda by initiating a series of global conferences on
the theme of Managing in Recovering Markets. The curtain raiser event was held at
MDI, Gurgaon campus, from 5 to 7 March 2014.
In the last two decades, extensive research has been undertaken on the topic of
emerging markets with a number of international conferences and articles being
reported on it. At that time the developed markets saw an opportunity in the
developing and emerging markets. However, the scenario changed as the developed
markets faced severe financial turbulence in the past decade. This in turn influenced
the overall growth of the emerging as well as the developed markets. What resulted
was an initial stagnation in certain markets followed by signs of recovery. MDI has
outlined the discourse of the current conference in view of the need for extensive
research on this topic.
The first conference of the series of global conferences on the theme Managing
in Recovering Markets in March 2014 was held at the campus of MDI in Gurgaon
(India) in association with Australian Centre for Asian Business, the University of
South Australia, Adelaide, Australia, and Faculty of Economics and Business, the
University of Maribor, (Maribor) Slovenia.
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xiv

Preface

The conference served as a platform for researchers, business practitioners, academics, policy-makers, entrepreneurs, and media persons and deliberated upon the
causes and consequences of the evolving environment as also the challenges emanating therefrom. It set the tone through strategic responses to these challenges and
identifying required areas of development and research for managing recovering
cross-country markets. Around 120 paper presentations in the conference covered a
wide range of management disciplines and set the agenda for the forthcoming global
conferences planned in year 2014, 2015, and 2016.
MDI strategizes to conduct four international conferences every year for the next
3 years with the primary objective of enhancing research in the stated area. Carrying
the agenda forward, MDI plans to conduct the following conferences in the
coming days.
2nd edition of the conference from 17to 19 September 2014 at Bangkok, Thailand
3rd edition of the conference from 8 to 9 November 2014 at Australia Business
School Adelaide, Australia
4th edition of the conference in December 2014 in African continent
The three conferences above will be followed by a conference at MDI, Gurgaon,
India, from 11 to 13 March 2015, followed by a conference in May 2015 at Maribor,
Slovenia. There will be further deliberations on the topic thereafter in the period
20152017 through subsequent conferences.
GCMRM Chair
Gurgaon, India

S. Chatterjee

Contents

A Dynamic Conditional Correlation Analysis-Based Approach


to Test Financial Contagion in Developing Markets ............................
Shegorika Rajwani and Dilip Kumar

Achieving Business Agility Through Service-Oriented


Architecture in Recovering Markets .....................................................
Sangeeta Shah Bharadwaj, Sumedha Chauhan, and Aparna Raman

15

An Analysis of Foreign Direct Investment


with Special Reference to Indian Economy ..........................................
A. Neelima, Mridul Dharwal, and K.R. Gola

27

An Empirical Analysis of Price Discovery


in Indian Commodity Markets ..............................................................
Shelly Singhal and Sunil Ashra

41

An Empirical Study on Factors Affecting Faculty


Retention in Indian Business Schools....................................................
Prabjot Kaur

63

An Empirical Study on the Relationship Between Emotional


Intelligence and Job Performance Among IT Sector Employees .......
Pranjali Madhur

75

An Empirical Study to Determine the Significant


Predictors of Trust in Government Hospitals.......................................
Amrita Sandhu

87

An Exploration into the Nature of Comments


on Facebook (Page of Large Indian Organizations) ............................ 103
Rajan Yadav

Analysis of Perception of Customers


of Bata India Limited Products ............................................................. 113
N.P. Singh, S.K. Sharma, D. Singh, and S. Kalra
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Contents

10 Applications of Mathematical Programming Models


for Product Mix Optimization in World Steel Industry:
Challenges and Directions ...................................................................... 133
Shikha Aggarwal and Narain Gupta
11

Behavioral Finance: A Study of Correlation Between


Personality Traits with the Investment Patterns
in the Stock Market ................................................................................ 143
Saima Rizvi and Amreen Fatima

12

Brand Trust and Country of Origin: Pointers


for Research in an Emerging Market.................................................... 157
Harvinder Singh

13

Capturing Indian Rural Market Through


a Proactive Tool: Reverse Innovation .................................................... 167
Rati Dhillon

14

Capturing the Brand Essence and Communication


Commonalties of a Western Brand in an Eastern Country ................ 183
Kanwal Kapil and Avinash Kapoor

15

Considerations in Medical Software Purchase:


Evidence from Dentistry in India .......................................................... 193
Jaydeep Mukherjee

16

Counterfeit Purchase Intentions Among College Students:


An Empirical Investigation .................................................................... 213
Rojalin Mishra and Asmita Shukla

17

Critical Factors Within Organizations Influencing


Effective Use of CRM Solutions............................................................. 223
ebjan Urban, Samo Bobek, and Tominc Polona

18

Customer Voices Incorporated in a Marketing Class: A Review ....... 235


Kirti Sharma, Jaydeep Mukherjee, and Mukul P. Gupta

19

Demutualisation of Stock Exchanges in India:


The Corporate Governance Chapter .................................................... 241
Sandeep Goel

20

Determining the Optimal Price Point: Using Van


Westendorps Price Sensitivity Meter ................................................... 257
Sakhhi Chhabra

21

Do Middle-Level Managers Have a Role in Strategy


Formulation and Implementation? Insights into
an Indian Public and Private Sector Organization .............................. 271
Meeta Dasgupta

Contents

xvii

22

ERP Business Solutions Acceptance in Companies ............................. 283


Simona Sternad Zabukovek and Samo Bobek

23

Exploring the Linkages Between Human Resource


Configuration and Knowledge Management Process:
A Strategic Human Resource Management Perspective ..................... 295
Bindu Singh and M.K. Rao

24

Green Work-Life Balance....................................................................... 303


Harshita Singh and Jyotsana Bhatnagar

25

Impact of CSR-Driven Internal Employee


Motivation on Cordiality of Employee Relations ................................. 315
Sharad Agarwal, Yashwant Singh Yadav, and Abhilash Acharya

26

Improving Efficiency of Emerging Market Banks: A Matter


of Ownership, Control, or Getting Ones Hands Dirty? ..................... 327
Giang Phung and Michael Trge

27

Influence of Drivers for Store Choice


on Store Selection and Loyalty .............................................................. 343
Deependra Sharma and Pankaj Madan

28

ISFTA: Lessons for Bangladesh ............................................................. 351


Kumar Gaurav, Nalin Bharti, and Priyanka Sinha

29

Japans Recovery from the Lost 20 Years ......................................... 369


Susumu Yamamoto

30

Crisis Communication in the Digital Era ............................................. 377


Gita Bajaj, Anandan Pillai, and Rajen Gupta

31

Mutual Impacts of Human Resources Management


and Knowledge Management: Issues of Functions
and Effective Factors .............................................................................. 395
Jelena Horvat and Samo Bobek

32

Preselection of Contractors Before Inviting


for Bidding Using AHP ........................................................................... 403
Satyendra Kumar Sharma

33

Role of Passion in Organizational Cynicism: A Mediating


Effect of Sustainable Leader in the Process Model.............................. 415
Niharika Gaan

34 The Role of Technological Innovation in Managing


Through Business Cycles: A Study on Indian ICT Firms ................... 427
Arindam Das and Sheeba Kapil
35

Sustainable Supplier Selection: A Case of Indian SME ...................... 441


Jitendar Bittoo Khatri and Manoj Srivastava

xviii

Contents

36 The Cyber Security Ecosystem: Post-global Financial Crisis ............. 453


Saini Das
37 The Impact of Gold Price Changes on Saudi Stock Market ............... 461
Durga Prasad Samontaray and Ahmed Awad Alanuzi
38 Waning the Challenges in the Implementation
of Supply Chain Management Information System:
A Study of the Indian Automobile Industry ......................................... 473
Manisha Seth, Ravi Kiran, and D.P. Goyal

About the Editors

S. Chatterjee is a Professor in Operations Management and Dean (Consulting and


Executive Development) at the Management Development Institute, Gurgaon, India.
Prior to this, he was teaching and consulting in the same area at the Administrative
Staff College of India, Hyderabad, since 2002. A mechanical engineer from BITS
Pilani, India, he obtained his management postgraduate diploma from IIM Bangalore,
India. He has a PhD in Materials Management from Barkatullah University, Bhopal,
India, while working with Bharat Heavy Electricals Limited (BHEL) at Bhopal. He
has executed a number of consultancy assignments, the major ones among them being
the restructuring of the Directorate General of Foreign Trade, restructuring of
Engineers India Limited, work study of banking hall activities of Reserve Bank of
India, Mumbai, and manpower assessment for Hyderabad Traffic Police. Dr. Chatterjee
has authored a book, Applied Materials Management, published by Sage Publications
India Private Ltd in 2005. His areas of interest include materials management, project
management, supply chain management, and international trade and logistics.
N.P. Singh is a Professor of Information Management and Dean (Research and
Accreditation), Management Development Institute, Gurgaon, India. Prior to this,
he was at the National Institute of Financial Management (Faridabad, India),
Institute of Rural Management (Anand, India), and Haryana Agricultural University
(Hissar, India). Dr. Singh was awarded the Young Scientist Award by the Indian
Society of Agricultural Statistics. His areas of interest are business intelligence, data
warehouse, data mining, telecom management, and optimization models. He has
worked as a consultant to the Ministry of Finance, Government of Sri Lanka (Asian
Development Bank funded Project), a reviewer to the Ministry of Tertiary Education
Government of Sri Lanka (World Bank funded Project), ATI Washington and with
Indian organizations such as Karnataka Milk Federation, National Dairy
Development Board (Mother Dairy, Delhi), North East Council, Ministry of
Consumer Affairs, Ministry of HRD, Food Corporation of India, Security Printing
and Minting Corporation of India Limited, Minister of Information Technology,
National Scheduled Tribes Finance and Development Corporation, and National
Thermal Power Corporation, among others.
xix

xx

About the Editors

Dr. D.P. Goyal is a Professor of management information systems and Dean of


Executive Graduate Programs at the Management Development Institute (MDI),
Gurgaon. A Postgraduate in Business Management and a Doctor in management
information systems, Prof. Goyal has more than 27 years of corporate, teaching, and
research experience to his credit. His teaching and research interest areas include
management information systems, IS strategy, knowledge management, IS value
for business, and business process management.
Narain Gupta is an Assistant Professor in Operations Management at the
Management Development Institute, Gurgaon, India. He received his doctoral
degree FPM (Fellow Programme in Management) from the Department of
Production and Quantitative Methods of Indian Institute of Management,
Ahmedabad, India. He has a US Copyright for an optimization-based decision support system. In addition, the corporate that he worked for earlier, Global eProcure,
obtained a US Patent on his name for one algorithm developed by him for AutoClassification of Spend-Data Visibility. Dr. Gupta has traveled to multiple counties
including the USA, Denmark, China, the UAE, and Singapore for teaching, training, consulting, and conference presentations. He has published in national and
international journals and presented his research in international conferences. His
areas of research interest are strategic integrated supply chain planning, decision
support system, mathematical modeling, process optimization, procurement analytics, and strategic sourcing, with particular interest in revenue optimization, project
management, and services operations management.

Contributors

Abhilash Acharya IIM, Ranchi, India


Sharad Agarwal IIM, Ranchi, India
Shikha Aggarwal MDI, Gurgaon, India
Ahmed Awad Alanuzi STC, Riyadh, Kingdom of Saudi Arabia
Sunil Ashra MDI, Gurgaon, India
Gita Bajaj MDI, Gurgaon, India
Sangeeta Shah Bharadwaj MDI, Gurgaon, India
Nalin Bharti IIT, Patna, India
Jyotsana Bhatnagar MDI, Gurgaon, India
Samo Bobek University of Maribor, Maribor, Slovenia
Sumedha Chauhan MDI, Gurgaon, India
Sakhhi Chhabra MDI, Gurgaon, India
Arindam Das IIFT, New Delhi, India
Saini Das IIM, Indore, India
Meeta Dasgupta MDI, Gurgaon, India
Mridul Dharwal University of Rajasthan, Jaupir, India
Rati Dhillon Bharti College, University of Delhi, New Delhi, India
Amreen Fatima Lucknow University, Lucknow, Uttar Pradesh, India
Niharika Gaan MDI, Murshidabad, Kolkata, India
Kumar Gaurav IIT, Patna, India
xxi

xxii

Contributors

Sandeep Goel MDI, Gurgaon, India


K.R. Gola Sharda University, Greater Noida, India
D.P. Goyal MDI, Gurgaon, India
Mukul P. Gupta MDI, Gurgaon, India
Narain Gupta MDI, Gurgaon, India
Rajen Gupta MDI, Gurgaon, India
Jelena Horvat University of Zagreb, Varadin, Croatia
S. Kalra MDI, Gurgaon, India
Kanwal Kapil MDI, Gurgaon, India
Sheeba Kapil IIFT, New Delhi, India
Avinash Kapoor MDI, Gurgaon, India
Prabjot Kaur Uttarakhand Technical University, Dehradun, India
Jitendar Bittoo Khatri MDI, Gurgaon, India
Ravi Kiran Thapar University, Patiala, Punjab, India
Dilip Kumar Institute for Financial Management and Research, Chennai, India
Pankaj Madan Gurukul Kangri Vishwavidyalaya, Haridwar, India
Pranjali Madhur MAEERs Maharashtra Institute of Technology, Pune,
Maharashtra, India
Rojalin Mishra IIT, Bhubaneswar, India
Jaydeep Mukherjee MDI, Gurgaon, India
A. Neelima Sharda University, Greater Noida, India
Giang Phung ESCP Europe, Paris, France
Anandan Pillai MDI, Gurgaon, India
Tominc Polona University of Maribor, Maribor, Slovenia
Shegorika Rajwani IIFT, New Delhi, India
Aparna Raman MDI, Gurgaon, India
M.K. Rao IIT, Roorkee, India
Saima Rizvi IILM, Gurgaon, India
Durga Prasad Samontaray King Saud University, Riyadh, Kingdom of Saudi
Arabia
Amrita Sandhu MDI, Gurgaon, India

Contributors

Manisha Seth Hierank Business School, Noida, India


Deependra Sharma Amity University Haryana, Gurgaon, India
Kirti Sharma MDI, Gurgaon, India
S.K. Sharma MDI, Gurgaon, India
Satyendra Kumar Sharma BITS, Pilani, India
Asmita Shukla IIT Bhubaneswar, Bhubaneswar, Odisha, India
Bindu Singh IIT, Roorkee, India
D. Singh MDI, Gurgaon, India
Harshita Singh MDI, Gurgaon, India
Harvinder Singh IMT, Ghaziabad, India
N.P. Singh MDI, Gurgaon, India
Shelly Singhal MDI, Gurgaon, India
Priyanka Sinha IIT, Patna, India
Manoj Srivastava MDI, Gurgaon, India
Michael Trge ESCP Europe, Paris, France
ebjan Urban University of Maribor, Maribor, Slovenia
Rajan Yadav Delhi Technological University, New Delhi, India
Yashwant Singh Yadav IIM, Ranchi, India
Susumu Yamamoto Ritsumeikan Asia Pacific University, Oita, Japan
Simona Sternad Zabukovek University of Maribor, Maribor, Slovenia

xxiii

Chapter 1

A Dynamic Conditional Correlation


Analysis-Based Approach toTest Financial
Contagion inDeveloping Markets
ShegorikaRajwani andDilipKumar

Abstract This paper examines the contagion from US and Britain markets to Asian
markets, namely, China, Japan, India, and Malaysia. The period of study spreads
over 6years from January 3, 2006, to December 19, 2011. We split the study period
into three sub-periods which include: (1) pre-crisis period or quiet period from
January 3, 2006, to July 31, 2007; (2) crisis period from August 1, 2007, to February
26, 2010; and (3) post-subprime crisis period from February 27, 2010, to December
19, 2011. The sub-periods have been taken based on the recommendations by Horta
etal. (Contagion effects of the subprime crisis on developed countries, CEFAGEUE working papers 2009/01, University of Evora, CEFAGE- UE, Portugal, 2009)
and Naoui etal. (Int J Econ Financ 2(3):8596, 2010a, J Bus Stud Q 2(1):1528,
2010b). The significant change (increase) in the degree of correlation has been taken
as a measure of contagion. We model the time-varying conditional correlation using
bivariate dynamic conditional correlation generalized autoregressive conditional
heteroskedasticity (DCC GARCH) model for all the three sub-periods separately
for US-Asian market and Britain-Asian market pairs. We observe significant contagion effect from US and Britain stock markets to all Asian markets during the period
of subprime crisis. However, after subprime crisis, we do not find any evidence of
contagion from the USA to Japan and China and from Britain to China.
Keywords Contagion Stock markets Financial crisis Interdependence DCC
GARCH

S. Rajwani (*)
Research Scholar, Research Division, Indian Institute of Foreign Trade,
New Delhi, India
e-mail: shegorika@gmail.com
D. Kumar
Senior Faculty Associate, Department of Finance, Editorial Associate, Journal
of Emerging Market Finance (Sage Publication), Institute for Financial Management
and Research, 24, Kothari Road, Nungambakkam, Chennai 600034, India
e-mail: dksic212@gmail.com; dilip.kumar@ifmr.ac.in
Springer India 2015
S. Chatterjee et al. (eds.), Managing in Recovering Markets, Springer
Proceedings in Business and Economics, DOI 10.1007/978-81-322-1979-8_1

S. Rajwani and D. Kumar

1 Introduction
Repeated occurrence of crisis and crashes in the international financial markets has
drawn interest of researchers around the globe to explore the interlinkages among
the financial markets of various economies. The Great Depression in 1929, the
Exchange Rate Mechanism (ERM) attacks of 1992, the Mexican crisis in 1994,
the East Asian crisis of 1997, the Russian collapse of 1998, the terrorist attack in
the USA in 2001, the subprime crisis in the USA, and the current European debt
crisis in European region, almost all these crises originated in one country but the
tremors were felt in different countries of different shapes, sizes, and fundamentals
(Forbes and Rigobon 2002; Gallegati 2012). Hence, a need is felt to examine the
transmission of shocks from one country to another, maybe due to integration of
financial and commodity markets.
To understand the propagation mechanism of shocks from one country to another,
one needs to differentiate between interdependence and contagion. Emerging
markets have been hit most of the times as they have underdeveloped financial markets, structures, and large public deficits (Billio and Pelizzon 2003). They have a
tendency to catch cold first if any developed market gets pneumonia. A rationale
behind this phenomenon is that the countries have similar policy framework or
macroeconomic fundamentals. They might also have trade linkages or similar investor
group and behavior. The impact of shock might be different for different countries
due to their structural framework and many other factors. On the other hand, it is
difficult to sense the impact of crisis in one country on those economies which do
not share similar trade and other macroeconomic fundamentals. Thus, a need was
felt to understand the tequila effect of the markets.
The US subprime crisis increased the interest among the researchers to examine
the impact of country-specific crisis on the other parts of the world. The researches
done till now show somewhat mixed results. Using VAR model, Majid and Kassim
(2009) have found high degree of integration between the US market and Malaysia
and Indonesia. Karim etal. (2011) did not find the impact of the US crisis on the
long-run co-movement among the stock index futures markets from Japan,
Singapore, China, and Thailand. Naoui et al. (2010b) find significant conditional
correlation between emerging markets and US markets except for the Chinese market based on the DCC GARCH model. Celik (2012) examines the contagion was
found for most of the developed and emerging countries using DCC GARCH
approach. On the other hand, Naoui et al. (2010a) find that Brazil, Mexico, and
Argentina have very high correlation with the US market, unlike China, Hong Kong,
Korea, and Tunisia. Using copula approach, Wen etal. (2012) examine the contagion between the energy market and stock market during the US subprime crisis.
Gallegati (2012) find that Brazil and Japan are the only countries (out of the countries under study) which showed contagion at all scales with the US market using
wavelet approach.
The existing literature has thrown some light on the issue of contagion on the
emerging and developed markets; hardly any study has been done to examine the
impact of the US mortgage crisis on the Asian markets, namely, China, Japan, India,
and Malaysia. Of late, new terms have emerged to define various emerging economies

1 A Dynamic Conditional Correlation Analysis-Based Approach toTest Financial

like BRIC, BRIICKS, BRICET, etc. This paper seeks to examine the existence of
contagion in the Asian economies from the US market, pre and post the subprime
crisis. The data used in this study are daily closing stock market indices of the above
markets, spanning over a period of 6years from January 3, 2006, to December 19,
2011. Policy makers seek to study the existence of contagion among markets so that
they can strategically manage risk and it further helps in assetallocation. If the markets are contagious, then the investors will be unable to reap benefits through international diversification of portfolio. In such a case, the policy makers will further
frame policies so that they can insulate themselves from inflicting heavy damage
from various crises.
The onset of subprime crisis has further given food for thought to the researchers
in exploring the effects of the financial crisis on the Asian markets. Post the Great
Depression, the subprime crisis has been labeled as the worst financial crisis (Jaffee
2008). The crisis has not only affected the financial markets of the USA but has also
affected other financial markets worldwide (Majid and Kassim 2009). Our contribution to the existing literature is to study the impact of US subprime crisis on few
Asian financial markets by using DCC GARCH model by dividing the data into
pre-crisis, during crisis, and post-crisis period. The findings of the study may be
useful for the investors who diversify their portfolio internationally and make capital budgeting decisions in these regions.
The rest of the paper is organized in the following way. In Sect.2, a brief review
of literature is conducted to identify the lacunae in the existing studies and focus on
the specific objectives of the present study. Section3 presents the econometric
methodology. Section4 describes the data used. Section5 provides the empirical
results, followed by concluding observation in Sect.6.

2 Present State oftheArt


During periods of high volatility, markets tend to be correlated which in turn has
important implications on policy formulation for international portfolio diversification, capital adequacy, and risk management strategy by managers (Billio and
Pelizzon 2003). Studies on integration have potential benefits of assetallocation and
financial stability of a country (Ibrahim 2005). Capital mobility and removal of
barriers between countries have increased the movement of capital and, thus, the
need for international portfolio diversification and risk reduction. This has increased
the need to study correlation patterns among countries, especially during turbulent
times. It is generally understood that the correlation among markets may differ
drastically during quiet period versus crisis period. This will further help investors
in hedging their positions in the market to avoid losses. Hence, a need was felt
to study whether markets are interdependent on each other. This further gives rise to
clarify the definition of interdependence and how it is different from contagion.
Lot of research has been done on contagion, but the researchers have not been
able to arrive at a professional consensus, and hence, it remains as the most debated
topic. Following Forbes and Rigobon 2002, contagion is defined as a significant

S. Rajwani and D. Kumar

increase in the cross market correlation during the period of crisis. To infer
whether there exists contagion between any two countries, one needs to compare the
correlation between the countries, pre (before/tranquil) and during (turmoil) the
crisis. If a country is hit by a crisis; the correlation between the countries significantly increases from tranquil period to period of turmoil; then there exists contagion between the countries. However, if two countries are highly correlated and
remain highly correlated post the crisis too, then the countries are said to be interdependent on each other. This is so because crisis in one country did not lead to significant increase in correlation between the countries. Interdependence between
countries is when they are highly/strongly correlated in tranquil times.
Several economies have experienced crisis in the recent past. This has drawn
attention of various researchers, academicians, and policy makers. Further, in recent
past, various emerging economies have opened up to international investors and
companies for investment and trade. International linkages have been increasing,
especially for stocks traded in major financial markets (Goldstein and Michael
1993). Thus, integration among the financial markets has increased due to stock
market crash of October 1997 and Asian crisis of 1997 (Lee and Kim 1993;
Arshanapalli and Doukas 1993; Francis etal. 2002; Yang etal. 2003; Hwahsin and
Glascock 2006; Karim and Majid 2009). If the markets are integrated, then the
returns from international diversification will tend to diminish.
Previous studies on the integration of Asian stock markets have given mixed
results. No contagion between US and various Asian markets has been reported by
Chan etal. (1992) and Ibrahim (2005). However, evidences of cointegration among
Asian emerging markets and developed markets were found (Arshanapalli etal.
1995; Masih and Masih 1999; Majid etal. 2008; Karim and Majid 2009). In a more
recent study on the impact of the US subprime crisis on the integration and co-
movements of emerging stock markets, namely, Malaysia and Indonesia, it was
found that the stock markets tend to show greater degree of integration during the
crisis period than during tranquil period (Majid and Kassim 2009). Studies conducted previously on US markets suggest that the US market is one of the most
influential stock markets in the world. It was found that the US market is a global
factor which affects most of the Asian markets (Cheung and Mak 1992). It was
further found that the ASEAN markets show greater degree of influence toward US
stock markets than the Japanese market (Arshanapalli etal. 1995; Ibrahim 2005;
Majid etal. 2008). The Japanese stock market was found to significantly move the
Malaysian market compared to the US during the post-crisis period (Yusof and
Majid 2006; Karim and Majid 2009).
There have been different views on the impact of the US subprime crisis on the
Asian markets. These views focus on international linkages and have been categorized as coupling versus decoupling debate. The decoupling theory argues
whether the emerging Asia is decoupling itself from the global business cycle. The
theory suggests that the strong growth in the Asian region and the rising purchasing
power will increase Asias own final demand, and it may weather out the adverse
consequences of the US subprime crisis (Majid and Kassim 2009; Raj and Dhal
2008). The coupling theory is of the view that focuses more on global linkages of
Asian economies. The demand of intermediate goods has increased over a period of

1 A Dynamic Conditional Correlation Analysis-Based Approach toTest Financial

time within the Asian region. This may due to increased trade among countries in
the Asian region or increase in the exports made by Asian countries to countries in
other parts of the world. It was further suggested that the rapid economic integration
within Asian region is linked to global integration. Instead of decoupling, the
emerging Asia has rather been coupling with countries like the USA, the UK, and
Japan (Kim etal. 2011).

3 Methodology
3.1 DCC GARCH Model
In the empirical analysis, DCC GARCH model of Engle (2002) is being used to test
the contagion during global financial crisis. The major advantages of using the
model are as follows:
(a) The model helps in the detection of possible of changes in conditional correlations over time, which allows us to detect dynamic investor behavior in response
to news and innovations.
(b) The DCC measure is appropriate to investigate possible markets during crisis
periods (Corsetti etal. 2005; Boyer etal. 2006; Chiang etal. 2007; Syllignakis
and Kouretas 2011).
(c) The DCC model estimates the correlation coefficients of the standardized residuals and so accounts for heteroskedasticity directly (Chiang etal. 2007).
(d) Since the volatility is adjusted by the procedure, the time-varying correlation
(DCC) does not have bias from volatility. Unlike the volatility-adjusted cross-
market correlations employed in Forbes and Rigobon (2002), DCC GARCH
continuously adjusts the correlation for time-varying volatility. Hence DCC
GARCH provides a superior measure for correlation (Cho and Parhizgari 2008).
The multivariate DCC GARCH model is defined as follows:
e i ,t = zi ,t hi ,t

(1.1)

hi ,t = w i 0 + a i j e 2j,t 1 +

j =1

j =1

ij

h j,t 1 ,

(1.2)

for i, j =1,2

where zi,t is the standardized residual and hi,t is the conditional variance.

H t = Dt Pt Dt

(1.3)

where Ht is the 22 conditional covariance matrix, Pt is the conditional correlation


matrix, and Dt is a diagonal matrix with time-varying standard deviations.

Dt = diag

h11 , h22

(1.4)

S. Rajwani and D. Kumar

and

Pt = diag (Qt )

1/ 2

)Q diag ((Q ) )
1/ 2

(1.5)

where Qt is a (22) symmetric positive definite matrix, Qt= (qtij), and is given as
Qt = (1 q1 q 2 ) Q + q1 zt 1 zt 1 + q 2Qt 1

(1.6)

where Q is a (22) matrix of the unconditional correlation of standardized residuals.


1 and 2 are nonnegative scalars and it is assumed that 1+2<1. The estimates of
correlation are given as
r i , j ,t =

qi , j ,t
qi ,i ,t q j , j ,t

The diagonal bivariate GARCH model assumes the dynamic conditional correlation
between asset returns to be zero, i.e., i,j,t=0 for all i and j. On the other hand, the
constant conditional correlation considers Pi,j=i,j and Pt=P.

3.2 C
 ontagion Effect Test withDynamic Conditional
Correlation Coefficient
To test the consistency of dynamic correlation coefficients between international
stock markets in the pre-crisis and crisis periods to judge the contagion effect, we
use t-statistics. We define null and alternative hypothesis as
H 0 = m r crisis = m r pre-crisis, H1 = m r crisis m r pre-crisis

(1.7)

where pre-crisis and crisis are conditional correlation coefficient means of population
in the pre-crisis and crisis periods. If the sample sizes are ncrisis and npre-crisis, the
population variances 2crisis and 2precrisis are different and unknown. The means of
dynamic correlation coefficients estimated by DCC are ijcrisis and ijprecrisis and the
variances are s2crisis and s2precrisis, the t-statistic is calculated as

(r
t=

2
where scrisis
=

crisis
ij

ncrisis

pre-crisis

r ij

) (m

crisis
p

2
2
spre-crisis
scrisi
is
+
n cirsis
n pre-cirsis

1
2
r- crisis
(r crisis
ij
ij )
n crisis 1 t =1

m ppre-crisis

))

(1.8)

1 A Dynamic Conditional Correlation Analysis-Based Approach toTest Financial

2
pre-crisis

npre-crisis

n pre-crisis 1

t =1

v=

2
r- crisis
( r crisis
; the degree of freedom v is
ij
ij )

s 2 crisis s 2 pre-crisis
n crisis + n pre-crisis

s 2 pre-crisis
s 2 crisis
n pre-crisis
n criisis
+
n crisis 1
n pre-crisis 1

(1.9)

If t-statistics is significantly greater than the critical value, H0 is rejected supporting the existence of contagion effect.

4 Data andPreliminary Analysis


Data employed in this study are log returns of daily closing stock market indices for
the USA, the UK, India, Japan, Malaysia, and China. The various indices that have
been considered in the current study are shown in Table1.1.
The period of study spreads over a period of 6years starting from January 3,
2006, to December 19, 2011 (1,118 observations). The data have been compiled
from Bloomberg.
Determination of crisis period is a very difficult decision (Kaminsky and
Schmukler 1999). We split the study period into three sub-periods which include:
(1) pre-crisis period or quiet period from January 3, 2006, to July 31, 2007; (2)
crisis period from August 1, 2007, to February 26, 2010; and (3) post-subprime
crisis period from February 27, 2010, to December 19, 2011. The sub-periods have
been taken based on the recommendations by Horta etal. (2008) and Naoui etal.
(2010a, b). The significant change (increase) in the degree of correlation has been
taken as a measure of contagion. To avoid spurious results, we eliminated those
observations where data were unavailable, because of holidays or other reasons,
for at least one market.

Table 1.1 Detail of indices


used

Country
India
China
Japan
Malaysia
USA
UK

Index
BSE SENSEX
Shanghai Stock Exchange
Composite Index (SSECI)
Nikkei 225
FTSE Bursa Malaysia Index
S&P 500
FTSE 100

S. Rajwani and D. Kumar

Tables1.2, 1.3, and 1.4 provide the descriptive statistics of returns of the data
under study for pre-crisis, crisis, and post-crisis periods. During the pre-crisis
period, the average returns of all the economies under study are positive. All the
returns series exhibit lower volatility (with respect to data from the crisis period).
Moreover, all returns series are negatively skewed and exhibit significant excess
kurtosis (leptokurtic behavior). During the crisis period, except for India, all other
index returns are negative, are extremely volatile, and exhibit significant excess
kurtosis. During this period, except for the UK and India, all other series are negatively skewed. During the post-crisis period, the US, the UK, and Malaysia exhibit
positive returns and China, Japan, and India exhibit negative average returns. During
this period, all returns series are negatively skewed (except for India) and exhibit
significant excess kurtosis. Overall, it can be said that the Asian markets are

Table 1.2 Descriptive statistics for the pre-crisis period (January 3, 2006, to July 31, 2007)
Minimum
Maximum
Mean
Std. dev.
Skewness
Kurtosis

USA
0.0353
0.0213
0.0005
0.007765
0.48833
2.182609

UK
0.0338
0.0245
0.0004
0.00876
0.64271
1.966056

China
Japan
0.1130
0.0511
0.0792
0.0677
0.0045
0.0002
0.021828
0.013368484
0.93979 0.15278081
5.252802
2.864585552

Malaysia
India
0.0603
0.0700
0.0272
0.0667
0.0014
0.0017
0.009036
0.018207
1.52289 0.48321
10.22024
2.386992

Table 1.3 Descriptive statistics for the crisis period (August 1, 2007, to February 26, 2010)
Minimum
Maximum
Mean
Std. dev.
Skewness
Kurtosis

USA
0.1378
0.0940
0.0006
0.022047
0.70308
5.321786

UK
0.1033
0.0982
0.0004
0.020916
0.028354
3.811992

China
0.1276
0.0933
0.0008
0.026945
0.04862
1.786665

Japan
0.1292
0.0999
0.0011
0.024281
0.90558
5.631415

Malaysia
0.0873
0.0581
0.0002
0.013293
0.60211
7.178117

India
0.1280
0.1611
0.0001
0.027252
0.181091
4.460316

Table 1.4 Descriptive statistics for the post-crisis period (February 27, 2010 to December 19,
2011)
Minimum
Maximum
Mean
Std. dev.
Skewness
Kurtosis

USA
0.0690
0.0551
0.0003
0.015345
0.28104
2.586436

UK
0.0541
0.0508
0.0000
0.013985
0.04212
2.021205

China
0.0558
0.0422
0.0009
0.014943
0.50521
1.580044

Japan
0.1115
0.0552
0.0006
0.015768
1.10377
7.780096

Malaysia
0.0423
0.0266
0.0004
0.007709
0.96221
5.394022

India
0.0446
0.0620
0.0002
0.013939
0.322559
1.567363

1 A Dynamic Conditional Correlation Analysis-Based Approach toTest Financial

impacted by the US subprime crisis as well as the European debt crisis (negative
returns in the post-crisis period).

5 Empirical Results
Figure1.1 reports the time-varying conditional correlations estimated from DCC
GARCH model for US-Asian market and UK-Asian market pairs. We observe
wider fluctuations in the conditional correlations during the period of subprime
0.098983

0.45

US- China

0.0989828

0.3
0.2

20

06
20

Time

07
08
20
08
20
08
20
09
20
09
20
09
20
10
20
10
20
10
20
11
20
11
20
11

2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011

20

0.0989812

07
07

0.05

20

0.1

0.0989814

20

0.0989816

06

0.15

06

0.098982
0.0989818

0.25

20

0.0989822

20

0.0989824

Correlation

Correlation

UK- China

0.4
0.35

0.0989826

Time

0.6

0.8

US- Japan

0.5

UK- Japan

0.7

0.4

Correlation

Correlation

0.6

0.3
0.2

0.5
0.4
0.3
0.2

0.1

0.1

0
2006

2007

2008

2009

2010

0
2006

2011

2007

2008

0.241834

2010

2011

2010

2011

0.5

Correlation

Correlation

2011

UK- Malaysia

0.6

0.24183
0.241828
0.241826
0.241824

0.4
0.3
0.2

0.241822

0.1

0.24182

0
2006

0.241818
2006

2010

0.7

US- Malaysia

0.241832

2009

Time

Time

2007

2008

2009

2010

2011

2007

2008

0.6

2009

Time

Time
1

US - India

UK- India

0.8

0.5
0.4

Correlation

Correlation

0.6

0.3
0.2

0.4
0.2
0
-0.2

0.1

-0.4

0
2006

-0.6
2007

2008

2009

Time

2010

2011

2006

2007

2008

2009

Time

Fig. 1.1 Time-varying conditional correlation estimated by DCC GARCH model

10

S. Rajwani and D. Kumar

crisis (20072009) for all US-Asian market and UK-Asian market pairs under
study. We also observe volatility in the correlations of UK-Asian market pairs during the period of European debt crisis (20092011). This indicates that indeed the
crisis in developed markets impacts the developing markets.
Table 1.5 reports the unconditional correlations estimated using conventional
approach and the average of the dynamic conditional correlations for pre-crisis,
crisis, and post-crisis periods. Results indicate that except for China, all other Asian
markets exhibit increase in conditional correlation with respect to the US market
during the period of subprime crisis. Further, similar findings are observed with
unconditional correlation approach. After subprime crisis, we observe increase in
conditional correlation for US-Malaysia and US-India pairs. The US-Japan pair
does not exhibit any significant change in the average conditional correlation value;
however, the unconditional correlation for US-Japan exhibits significant decline
during the post-crisis period.
For the UK-Asian market pairs, the average values of conditional correlation and
the unconditional correlation exhibit significant increase in the crisis period with
respect to the pre-crisis period. Except for UK-China pair, all other UK-Asian market pairs exhibit decline in the correlation in the post-crisis period with respect to
the crisis period. The UK-China pair also exhibits decline in the correlation value,
but decline is very small with respect to other cases. These findings indicate that the
Asian markets are influenced by the movements in developed markets.
Table 1.6 reports the results of t-test to examine the significant change in the
conditional correlation in the US-Asian market and UK-Asian market pairs over
the pre-crisis and crisis period and crisis and post-crisis period. Results support the
significant contagion from the US and UK markets to Asian markets over the study
period with the exceptions for US-Japan and UK-China pairs after subprime crisis
for which we do not find any evidence of contagion.

6 Concluding Observations
The paper examines whether there has been financial contagion from US and UK to
few Asian markets defined above during the 2008 financial crisis by using stock
returns data during time period from January 3, 2006, until December 19, 2011.
Financial crises and their contagion have been long studied and modeled by economists, and several alternative definitions of financial contagion have been used. The
period of study was categorized into three: pre-crisis period or quiet period from
January 3, 2006, to July 31, 2007; crisis period from August 1, 2007, to February
26, 2010; and post-subprime crisis period from February 27, 2010, to December 19,
2011. We first compare the correlation coefficients between stock returns of the
USA (a crisis country) and developed state (UK) with few Asian markets like Japan,
India, China, and Malaysia during the non-crisis and crisis period. Investigation
is based on the dynamic conditional correlation approach. We find significant

Pre-crisis
With respect to the USA
China
0.181
Japan
0.165
Malaysia
0.194
India
0.203
With respect to the UK
China
0.093
Japan
0.375
Malaysia
0.365
India
0.381

Unconditional

Post-crisis

0.186
0.239
0.160
0.283

0.229
0.365
0.370
0.480

Crisis

Источник: [https://torrent-igruha.org/3551-portal.html]
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