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...     

Dynamic managerial capabilities: Scale development and validation

Studies on dynamic managerial capabilities still have a rather theoretical nature, and there is great difficulty in finding a valid, reliable instrument to measure this construct. The present study contributes to solving this problem: It aims to develop and validate a scale to measure dynamic managerial capabilities. In this investigation, we develop a scale for three factors related to dynamic managerial capabilities: human capital, managerial cognition (already described in the literature), and relationship networks. The prominent finding in this research is the factor that is referred to here as relationship networks.     

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...     

An Empirical Analysis of Entrant and Incumbent Bidding in Road Construction Auctions

This paper explores differences in the bidding patterns of entrants and incumbents in road construction auctions. We find that entrants bid more aggressively and win auctions with significantly lower bids than incumbents. The differences in their bidding patterns are consistent with a model of auctions in which the distribution of an entrant's costs exhibits greater dispersion than that of an incumbent's and relations of stochastic dominance in the distributions do not persist for the entire range of estimated costs. We also find that more efficient firms bid, on average, more aggressively and firms with greater backlogs bid less aggressively.     

Nonparametric Dynamic Production Analysis and the Theory of Cost

While the dynamic theory of production provides little insight towards identifying a specific functional form for the firm's technology, dynamic production analysis has been explored traditionally in a parametric framework. A nonparametric dynamic dual cost approach to production analysis is developed in this article. Recovering technological information from intertemporal cost minimizing behavior is possible without imposing a parametric functional form on the firm's technology. Nonparametric tests to analyze the structure of a dynamic technology are presented from a dynamic cost minimizing perspective. The empirical implementation of these tests is illustrated for a balanced panel data set of Pennsylvania dairy operators during the time period 1986–1992.     

Beyond Single-Factor Affine Term Structure Models

This article proposes a new approach to testing for the hypothesisof a single priced risk factor driving the term structure ofinterest rates. The method does not rely on any parametric specificationof the state variable dynamics or the market price of risk.It simply exploits the constraint imposed by the no-arbitragecondition on instantaneous expected bond returns. In order toachieve our goal, we develop a Kolmogorov-Smirnov test and applyit to data on Treasury bills and bonds for both the United Statesand Spain. We find that the single risk factor hypothesis cannotbe rejected for either dataset.     

The colors of investors’ money: The role of institutional investors around the world

We study the role of institutional investors around the world using a comprehensive data set of equity holdings from 27 countries. We find that all institutional investors have a strong preference for the stock of large firms and firms with good governance, while foreign institutions tend to overweight firms that are cross-listed in the U.S. and members of the Morgan Stanley Capital International World Index. Firms with higher ownership by foreign and independent institutions have higher firm valuations, better operating performance, and lower capital expenditures. Our results indicate that foreign and independent institutions, with potentially fewer business ties to firms, are involved in monitoring corporations worldwide.     

Interpreting IS alignment: A multiple case study in professional organizations

This paper centers on the interpretation attributed by organizational members to the information systems (IS) alignment concept. Its objective is to study IS alignment in professional organizations. Specifically, it reports on an interpretive study conducted in five Chilean organizations; four professional and one entrepreneurial, of which two are private and three are public. The theoretical background of our study is derived from three IS strategic alignment conceptualizations: managerial, emergent and critical. These concepts formed our theoretical framework that guided data collection and analysis. The study centers on the meanings organizational members assigned to IS strategic alignment, as well as their views on the barriers that hinder achieving this level of organizational integration. The analysis results are summarized in seven hermeneutic themes that point out the different connotations the organizations assigned to IS alignment. The significance of the findings are summarized in four insights that formulate theoretical and practical implications. These insights refer to: (1) the difficulties of achieving alignment for professional organizations, particularly public ones, (2) the limitations these organizations have in being agile, (3) the rationale for acquiring technology and determining IT skills, and (4) the imperative meaning that CIOs attribute to IS alignment. The paper concludes with a reflection on the limitations and relevance of the research.     

Uncertainty reduction mechanisms in cross-sector alliances in Latin America

The present study explores three uncertainty reduction mechanisms that arise in the context of business alliance formation to assess whether these same mechanisms also operate in the development of alliances between non-profits and businesses. Secondary data from field-based case studies of Latin American cross-sector alliances are the focus of this analysis. The findings show that the same mechanisms operate to reduce uncertainty in cross-sector alliance formation and that alliance experience appears to determine the presence of some mechanisms.