The Determinants of Survival of Spanish Manufacturing Firms

This paper analyses the factors determining Spanish manufacturing firms survival–and exit. The data are drawn from the survey Encuesta sobre Estrategias Empresariales for the period 1990–1999. The methodology includes both non-parametric techniques and the estimation of a Cox proportional hazards model (CPHM). Our results suggest that the probability of exit is higher for small firms and also for young and mature firms. Furthermore, exporting firms and firms performing R&D activities enjoy better survival prospects.     

QARMA-Beta-t-EGARCH versus ARMA-GARCH: an application to S&P 500

Statistical performance and out-of-sample forecast precision of ARMA-GARCH and QARMA-Beta-t-EGARCH are compared. We study daily returns on the Standard and Poor’s 500 (S&P 500) index and a random sample of 50 stocks from the S&P 500 for period May 2006 to July 2010. Competing models are estimated for periods before and during the US financial crisis of 2008. Out-of-sample point and density forecasts are performed for periods during and after the US financial crisis. The results provide evidence of the superior in-sample statistical and out-of-sample predictive performance of QARMA-Beta-t-EGARCH.     

Ownership structure and firm performance: Some empirical evidence from Spain

The ‘managerial’ and the ‘contractual’ theories of the firm imply different causes and consequences for the relationship between ownership and performance of firms. This paper provides a test of the two conflicting theories, using ownership and performance data from a sample of Spanish family- and non-family-controlled firms. We find evidence in support of the contractual theory of the firm, according to which firms choose their ownership structure maximizing economic value, net of contractual costs.     

Institutional dimensions of Payments for Ecosystem Services: An analysis of Mexico's carbon forestry programme

This article proposes a multi-dimensional framework for understanding the development and effectiveness of Payments for Ecosystem Services (PES) schemes, framed around the notions of institutional design, performance and interplay. The framework is applied in the context of Mexico's Programme of Payments for Carbon, Biodiversity and Agro-forestry Services (PSA-CABSA), with an emphasis on its carbon component. The analysis shows that PSA-CABSA was promoted by civil society and its rules have been subject to continuous modifications over time. In the case of the carbon component, changes have been due to an original misunderstanding of how carbon projects should be designed, implemented, and carbon traded in actual markets. From a performance point of view, the paper shows that the programme has been well received by rural communities, and carbon payments have contributed to increase household income and to enhance forest management practices and organisational skills. The paper also highlights sources of institutional interplay with local institutions and international climate policy, and it reveals the importance of capacity and scale issues in securing an effective and fair implementation of PES. The conclusion provides some policy recommendations for the future development of PES initiatives in Mexico and elsewhere.     

Impact of the dedicated infrastructure on bus service quality: an empirical analysis

An econometric analysis is conducted to quantify the impact of different variables on the service quality of the Santiago, Chile bus system. The indicators tested as measures of service quality are the average bus speed, the bus trip time coefficient of variation and the bus headway coefficient of variation. The analysis uses peak hour data obtained for all the routes served by the system’s various concessionaire operators. A separate multiple linear regression model is estimated for each indicator, with the latter as the explained variable. The main explanatory variables are a series of design factors representing different types of dedicated route infrastructure and the incorporation in some routes of segments of urban motorway. The results of the models show that the existence of dedicated bus route infrastructure positively impacts all three service quality indicators. The use of motorway segments in particular has a major positive effect on average speed. The model estimates also reveal that the main explanatory factor in headway variability at the end of a route is the headway variability at the start of it, the latter factor determined by operator management decisions regarding bus despatches.     

Combining tech-mining and semantic-TRIZ for a faster and better technology analysis: a case in energy storage systems

Understanding and anticipating the evolution of technologies is an increasingly complex task attributable to the interdisciplinarity of the technology and the explosion of information about the research and patent activity. By combining the capabilities of tech-mining in identifying and in highlighting trends, weak signals, with those of semantic-TRIZ (Teoriya Resheniya Izobreatatelskikh Zadatch – Theory of Inventive Problem Solving) in identifying the functions, its causes and effects, a better understanding of the trends may be obtained in a shorter time. An interesting trend in the use of graphene in cathode materials, as well as its applications, mainly to enhance the conductivity and the discharge and recharge of the Li–air battery, has been quickly assessed as a result of the combined techniques. Another two cases, the increased presence of nanostructures in cathodes and the emergence of LIFePO₄ in the lithium–ion batteries have been also analysed in a short time. The results may predict the good possibilities of the combination of these two evolving techniques.     

Length of time spent in Chapter 11 bankruptcy: a censored partial regression model

This paper investigates original issuers of high yield bonds in Chapter 11 bankruptcy to determine which factors affect the length of time spent in Chapter 11. In order to do this analysis a flexible new duration model is proposed, the censored partial regression model. This model allows consideration of the effect of some variables on the duration using a nonparametric functional form. It is found that the choice of prepackaged Chapter 11, the length of time negotiating before filling for Chapter 11, the profitability, the highly leveraged transactions, the participation on different disputes, the role of vulture funds and some institutional changes turn out to be relevant to analyse this duration.     

Strategic flexibility as a moderator of the relationship between commitment to employees and performance in service firms

This paper examines the fit between organizational commitment to employees (OCE) and strategic flexibility. The complementariness between these two factors originates from the fact that the effect of OCE on a firm's performance depends on the type of strategic flexibility. We argue that the greater the degree of strategic flexibility, the greater the positive effect of OCE on organizational performance. Using data from a random sample of 230 service firms, the empirical results partially support this hypothesis.