An empirical note about estimation and forecasting Latin American Forex returns volatility: the role of long memory and random level shifts components

Portuguese Economic Journal - A set of RLS-type models with ARMA and ARFIMA dynamics is estimated and compared in a forecasting exercise with ARFIMA, GARCH and FIGARCH models. It is an extension of...     

Mapping global sustainability report scoring: a detailed analysis of Europe and Asia

This study maps the General Reporting Initiative (GRI) relations for a set of global enterprises. Enterprise interrelationships are built using the Mutual Information (MI) of the data reported by enterprises. From the MI topology, we describe interrelationships among the enterprises using chord diagrams to represent the inter- and intra-connectivity between geographical regions and economic sectors globally, by continent and country. Detailed maps are presented for European and Asian regions/sectors, including the relationship between Europe and Asia’s top reporting countries. Our findings reinforce previous research regarding the role of Europe as a driver of sustainability and its influence worldwide. We also determined that Spain is a major player in Europe and that Northern Europe does not have the assumed leading role mentioned in related studies. Eastern Asia is, by far, the leader of the region, and the GRI maps demonstrate the preponderant role of China in the region and the minimal role of India. MI topology maps outline the behavior of the economic sectors, for all the studied regions. Furthermore, a measure that relates the inter- to intra-connections is presented to describe the internal an external relationships among regions/sectors.     

债务违约、社会责任与政府支持

转型期中国，地方国有企业作为地区经济发展的一股中坚力量，当其发生债务违约时，作为实际控制人的地方政府究竟是否愿意提供支持，会优先选择哪些企业提供支持，政府的支持行为是否会影响到信贷资源的配置效率呢?为得到验证，文章选取2007-2016年沪深A股地方国有上市企业作为研究样本，实证分析了地方国企发生债务违约后，地方政府的支持行为及其对信贷资源配置效率的影响。研究结论表明：第一，地方国企发生债务违约后，地方政府会提供更多的"支持"，且支持额度与债务违约额呈显著正相关关系；第二，债务违约前，承担了更多社会责任（环保投资、捐赠以及就业等）的地方国企，在债务违约后可相应地获得更多的地方政府支持；第三，违约企业，尤其是得到更多政府支持的违约企业可获得更多的信贷资源，而其经营业绩却往往更差。由此表明政府干预一定程度上降低了信贷资源配置效率。     

Coordination in a skeptical two-group population

Journal of Economic Interaction and Coordination - This paper explores a situation in which a population split into two groups attempts to achieve the socially efficient outcome of a coordination...     

Is the Retail Gasoline Market Local or National?

This paper studies the effect of station density on prices in the retail gasoline market in the Czech Republic. We estimate the impact of the number of competing stations in various driving-distance ranges around each station on prices. We find that station density has a negative effect on prices; the effect decreases with distance and is statistically significant up to six kilometers. This suggests that the retail gasoline market is local rather than national.     

Hi-tech start-ups: legitimacy challenges and funding dynamics

Studies on the legitimacy challenges faced by hi-tech start-ups are still scarce, leaving room for research, and policymaking debate. Legitimacy issues may become difficult to face for hi-tech firms in comparison with other start-ups, because they work in an extreme environment where the technological challenges are at the edge of the scientific possibility. The paper proposes a conceptual model to grasp the relevance of three legitimacy drivers of the hi-tech start-ups for investment decisions. We investigated the ability of 30 hi-tech start-up firms to obtain financial resources from the US investors, employing a set-theoretic approach and carried out fuzzy-set Qualitative Comparative Analysis. Our findings clarify that the funding decisions of US investors are driven by the location of headquarter and R&D of hi-tech start-ups and by the educational experience of the founders. Our study has significant theoretical, practical, and policymaking implications.     

War and economy. Rediscovering the eighteenth-century military entrepreneur

Abstract

The detrimental effects traditionally assigned to warfare in the development of pre-industrial economies have obscured the prominent role that military entrepreneurs played in economic development in this period. Historiography minimises the extent to which war and the concomitant strengthening of the central state provided a whole new range of opportunities for capital investment, a tendency that has been strengthened by the paradigm of Redlich’s ‘decline of the soldier-entrepreneur’ and the technological determinism of the debate on the Military Revolution among others. The aim of this introduction is to look into the background of this relative lack of interest and to reaffirm the mutual dependence of eighteenth-century state-formation and the business of war.     

From private label to co-branded credit card: an assessment of the impact of a change in value proposition over customer value perception and company value capture

Journal of Financial Services Marketing - Purpose: The aim of this paper is to evaluate the success of a value proposition over time, considering two aspects: customer’s perceived value and...     

Family firm’s management composition: the role played by family members’ age in TMT and supervisor levels

Quality & Quantity - Family firms (FFs) are the backbone of entrepreneurial fabric in many countries. Management of such businesses is complex because of their features: the overlap between...     

Characterization of the Row Geometric Mean Ranking with a Group Consensus Axiom

An axiomatic approach is applied to the problem of extracting a ranking of the alternatives from a pairwise comparison ratio matrix. The ordering induced by row geometric mean method is proved to be uniquely determined by three independent axioms, anonymity (independence of the labelling of alternatives), responsiveness (a kind of monotonicity property) and aggregation invariance, which requires the preservation of group consensus, that is, the pairwise ranking between two alternatives should remain unchanged if unanimous individual preferences are combined by geometric mean.