The organizational infrastructure of continuous improvement – an empirical analysis

To pursue constant incremental improvements, firms must develop the dynamic capability of continuous improvement (CI). Research suggests that an organizational infrastructure is necessary to sustain CI capability. Although there have been some attempts to delineate a comprehensive model for CI infrastructure, empirical investigation is still underdeveloped. The present study explores key dimensions of the organizational infrastructure—strategic alignment, teamwork for problem solving, and goals management systems. We analyze their effects on CI capability by using a database of 266 firms. We identify the variables that underlie the organizational infrastructure through exploratory and confirmatory factor analysis of measurement items, and then we perform a structural equation model linking the infrastructure to CI capability. Our findings suggest that strategic alignment and teamwork for problem solving affect CI capability. This study contributes to the operationalization of the organizational infrastructure and to the understanding of how it affects CI capability in operations management contexts.     

Heterogeneous Firms and Asymmetric Product Differentiation

We introduce asymmetric product differentiation in a model characterized by a linear demand system, endogenous markups and heterogeneous firms (as in Melitz‐Ottaviano [2008]). In particular, a single industry is divided into a number of market segments, each characterized by a different degree of horizontal product differentiation. Such a setup allows us to explain, within a single theoretical framework, the non‐linear relations between firm productivity, size and exporting behavior that have been documented by the empirical literature. The theoretical results are tested empirically by examining the performance of French wine producers operating in market segments characterized by different levels of horizontal product differentiation. Such segments are identified using the official classification of French wines based upon the controlled denomination of origin, i.e., the Appellation d'Origine Contrôlée (AOC) system.     

Entrepreneurial attributes of human capital and contingency factors in the culinary tourism

This article analyses fuzzy and crisp set qualitative comparative analyses (QCA) as an original method to model culinary tourism success and a number of entrepreneurial attributes of human capital and contingency factors. Human capital factors were general business training, specific training in food and drink hospitality, and previous experience as a business owner. Contingency factors were size of business (number of employees), restaurant location, and gender of the business owner. Restaurant success was measured by whether these restaurants had waiting lists.     

Regional evidence on financial development, finance term structure and growth

The finance-growth nexus is a classic source of debate among economists. This paper offers regional evidence on this issue in order to determine whether it can fit the data on a 147-year-old economic union, Italy. By means of this approach the pooling of developed and developing countries in the same sample can be avoided. Both cross-sectional and panel data estimates appear to show that more finance generates more growth. Endogeneity does not bias the results to a significant extent, and the finance-growth nexus is robust to spatial unobserved heterogeneity. Spatial correlation in the residuals is rejected by the data. Economic growth appears to be favoured more by short-term than by long-term credit.     

Evaluating currency crises: the case of the European monetary system

In this paper we examine the nature of currency crises. We ascertain whether the currency crises of the European Monetary System (EMS) were based either on fundamentals, or on self-fulfilling market expectations driven by extrinsic uncertainty. In particular, we extend previous work of Jeanne and Masson (J Int Econ 50:327–350, 2000) regarding the evaluation of currency crisis. We contribute to the existing literature proposing the use of Markov regime-switching with time-varying transition probability model. Our empirical results suggest that the currency crises of the EMS were not due only to market expectations driven by external uncertainty, or ‘sunspots’, but also to fundamental variables that help to explain the behavior of market expectations. We would like to thank Joseph Byrne, James Mitchell, Martin Weale and two anonymous referees for very useful comments and suggestions.     

The microfoundations of business cycles: an evolutionary, multi-agent model

This work presents an evolutionary model of output and investment dynamics yielding endogenous business cycles. The model describes an economy composed of firms and consumers/workers. Firms belong to two industries. The first one performs R&D and produces heterogeneous machine tools. Firms in the second industry invest in new machines and produce a homogenous consumption good. Consumers sell their labor and fully consume their income. In line with the empirical literature on investment patterns, we assume that firms’ investment decisions are lumpy and constrained by their financial structure. Simulation results show that the model is able to deliver self-sustaining patterns of growth characterized by the presence of endogenous business cycles. The model can also replicate the most important stylized facts concerning micro- and macro-economic dynamics.     

Un approccio unificato alla dominanza temporale

Si propone una definizione di dominanza temporale per una classe molto ampia di operazioni finanziarie. La definizione proposta, oltre all'unitarietà di trattazione e di formulazione dei risultati, permette di superare alcune limitazioni rilevate negli ordinamenti dati in letteratura per operazioni finanziarie discrete.

---

Summary In this paper a unified definition of Time Dominance (T.D.) as a dual order is introduced for a wide set of financial projects. This enable us to characterize efficient projects by means of their cash profile and to overcome some limits stemming from a discrete-time approach to T.D.

---

---

Lavoro svolto con parziale contributo MURST.     

Campaign Spending with Office-Seeking Politicians, Rational Voters, and Multiple Lobbies

I introduce a microfounded model of campaign finance with office-seeking politicians, a continuum of voters, and a large number of heterogeneous lobbies. Lobbies make contributions to politicians according to a common agency framework. Politicians use contributions to finance their electoral expenditures. Voters are not fooled by electoral expenditures: they are influenced in a way that is consistent with the equilibrium behavior of lobbies and politicians. The model is used to: (i) determine the relation between campaign spending and the deviation from the median voter's preferred policy; (ii) show the informational value of lobbies' contributions; (iii) evaluate the welfare implications of restricting campaign spending; and (iv) interpret the empirical finding that campaign expenditures have a very low effect on election outcome. Although in equilibrium advertising provides voters with useful information, under reasonable parameter values, a ban on campaign contributions makes the median voter better off. Journal of Economic Literature Classification Numbers: D72, D82, M37.     

Neuerscheinungen versicherungswissenschaftlicher Bücher

Ohne Zusammenfassung Die ausführlichen Hinweise sind von A. Uber zusammengestellt und bearbeitet worden.     

Long-term changes in labor supply and taxes: Evidence from OECD countries, 1956-2004

We document large differences in trend changes in hours worked across OECD countries between 1956 and 2004. We assess the extent to which these changes are consistent with the intratemporal first order condition from the neoclassical growth model, augmented with taxes on labor income and consumption expenditures. We find that the model can account for most of the trend changes in hours worked measured in the data. Differences in taxes explain much of the variation in hours worked both over time and across countries.