Lundberg parameters for non standard risk processes

We consider risk processes with delayed claims in a Markovian environment, and we study the asymptotic behaviour of finite and infinite horizon ruin probabilities under the small claim assumption. We also consider multivariate risk processes of the same kind, and we give upper and lower bounds for the Lundberg parameters of the corresponding total reserve. Our results have strong analogies with those one in the paper by Juri (Super modular order and Lundberg exponents, 2002).     

The impact of R&D‐specific factors on the attractiveness of small‐ and medium‐sized enterprises as partners vis‐à‐vis alliance formation in large emerging economies

This study examines the impact of research and development (R&D)‐specific factors in determining the likelihood of small‐ and medium‐sized enterprises (SMEs) from developed countries to be attractive partners vis‐à‐vis forming alliances with SMEs from large emerging economies (LEEs). This study is founded on the knowledge‐accessing theory of alliance formation, which emphasises the higher efficiency gains of knowledge application as opposed to knowledge generation. We extend this theory to SMEs on the basis that smaller firms, because of their resources constraints and drive to survive, are likely to use alliances to access external knowledge bases leading to new product development (NPD) opportunities because of the low feasibility of acquiring knowledge. As a mix of complex knowledge is necessary to develop most modern products and services, SMEs are also likely to adopt a more flexible operational approach and to accept compromises to forge knowledge‐accessing alliances. We illustrate this theoretical development using primary data collected from British and German biotechnology SMEs, declaring the intention prospectively to form alliances with their counterparts in Brazil. Binary logistic regression was used to identify the factors influencing the likelihood of a firm as an attractive alliance partner. Our results indicate that R&D‐specific factors influence the likelihood of firms to be attractive alliance partners. In particular, firms showing an in‐house innovation history focused on one or few products are more likely to be attractive alliance partners with LEE firms than those that do not. Another R&D‐specific predictor that enhances the chances of alliance partner attractiveness with LEE firms is the firm's focused searching and identifying capability relative to technology or equipment that demonstrates good prospects to improve the firm's line of products. A third predictor refers to the firm's awareness regarding non‐cost obstacles for its own technological development. Implications for policy makers and practitioners are also discussed.     

The contributions of interpreters to the development of radical innovations of meanings: the role of ‘Pioneering Projects’ in the sustainable buildings industry

Studies of innovation management have often focused on two domains: technologies and markets. An ever‐increasing standard of living is pushing companies to develop products and services that are not only profitable but also socially responsible. Sustainable housing offers an intriguing empirical setting that allows the investigation of new processes able to support innovations that must be both profitable and socially responsible. Energy‐efficient houses not only require technological changes (new sustainable energy technologies) but also require behavioural changes in consumers' attitudes, decisions and practices about living in sustainable houses. Companies are not only innovative in regard to their own product but apply the entire system of application with which their specific technologies interact. The development of Pioneering Projects requires many skills and competencies that often exceed the capacity and competencies of a single company. In other words, Pioneering Projects are testing grounds for experimentation, where unconventional, temporary partnerships of stakeholders from different industries unite in the development of real market applications. The paper addresses the value of key interpreters in facilitating the development of radical innovations of meanings in the sustainable buildings industry. Specifically, the paper analyses the ability to create value for the Pioneering Projects from the exploration and knowledge diversity of the interpreters and the impact that Pioneering Projects have on the companies' outcomes. Empirical data about Pioneering Projects were collected from two manufacturing companies in Denmark: DOVISTA and Saint‐Gobain Isover.     

Customer Markets,Inflation and Unemployment in a Dynamic Model with a Range of Equilibria

The paper presents a dynamic model incorporating a range of non‐accelerating‐inflation rates of unemployment (NAIRU) obtained according to the theoretical framework proposed by the customer markets literature. The analysis of the dynamic adjustments of unemployment and inflation emphasizes the real effects of demand shocks. Changes in the fiscal and monetary policy can exert permanent effects on output and unemployment, both determining persistence in the unemployment rate and selecting the actual steady‐state equilibrium within the NAIRU range.     

International trade,job training,and labor reallocation

A large literature studies the impact of increased import competition on workers' outcomes, however, relatively few studies examine which policies can aid workers displaced by trade. In this article, we evaluate the impact of an industrial job training program in Brazil on workers displaced from manufacturing sectors. We find that industrial training increases the probability of re-entry into the formal labor market 1 year after displacement by about 17 percentage points and is even more effective for workers displaced from sectors exposed to high import competition. This effect is mainly associated with workers switching sectors and occupations after training.     

Booking and flying with low‐cost airlines

The first part of the paper develops a theoretical framework for the analysis of strategic behaviour of European low‐cost airlines that emphasises the role of product differentiation. The second part uses original survey data to assess the effectiveness of low‐cost airlines' distribution strategies. Finally, an econometric model is developed to assess the joint impact of the factors affecting the level of the fares charged by low‐cost airlines. The evidence suggests that, among other things, the highest prices normally are paid for tickets bought between 30 and 8 days before departure, and thus indicates an original pricing strategy that differentiates low‐cost airlines from traditional carriers. Copyright © 2002 John Wiley & Sons, Ltd.     

Multivariate Wold decompositions: a Hilbert A-module approach

Decisions in Economics and Finance - Orthogonal decompositions are essential tools for the study of weakly stationary time series. Some examples are given by the classical Wold decomposition of...     

Trade credit in Europe: Financial constraint and substitution effect in crisis times

This paper aims to prove whether financial rationing condition leads European enterprises to increase trade debt during the period 2008–2016 and whether companies offering deferred payments to customers obtain trade debt from suppliers. The work contributes to the existing literature by finding new empirical evidence on the substitution and matching hypotheses in times of crises, measuring the specific rationing conditions for businesses and distinguishing large, medium, small and micro-sized companies. The results revealed that, in times of crisis, medium, small and micro firms, highly likely to be constrained, employ trade credit more extensively, as those granting deferred payment terms.