External Sources of Innovative Capabilities: The Preferences for Strategic Alliances or Mergers and Acquisitions

This paper explores the preferences that companies have as they use alternative (quasi) external sources of innovative competencies such as strategic technology alliances, mergers and acquisitions, or a mix of these. These alternatives are studied in the context of distinct industrial, technological and international settings during the first half of the 1990s. Different strategies followed by companies and the role played by routinized sets of preferences are also taken into consideration. The analysis demonstrates that these options are influenced by both different environmental conditions and firm specific circumstances, such as those related to protecting core businesses.     

A Multilevel Multinomial Analysis of Interviewer Effects on Various Components of Unit Nonresponse

This note demonstrates an application of a multilevel multinomial model. We use that model to analyse interviewer effects on various components of unit nonresponse to a face-to-face survey: refusals and noncontacts. The model allows for an analysis of these two interviewer effects and a possible connection between both at the same time. Our results show that both the chances for refusals as for noncontacts are subject to interviewer effects. We also find some evidence for a relation between both interviewer effects: interviewers who obtain more refusals are also more likely to report noncontacts. That result is however at least partly dependent on an outlier, an interviewer with a high number of refusals and noncontacts.     

The VIX,the variance premium and stock market volatility

We decompose the squared VIX index, derived from US S&P500 options prices, into the conditional variance of stock returns and the equity variance premium. We evaluate a plethora of state-of-the-art volatility forecasting models to produce an accurate measure of the conditional variance. We then examine the predictive power of the VIX and its two components for stock market returns, economic activity and financial instability. The variance premium predicts stock returns while the conditional stock market variance predicts economic activity and has a relatively higher predictive power for financial instability than does the variance premium.     

A NOTE ON SEMIPARAMETRIC ESTIMATION OF FINITE MIXTURES OF DISCRETE CHOICE MODELS WITH APPLICATION TO GAME THEORETIC MODELS*

We view a game abstractly as a semiparametric mixture distribution and study the semiparametric efficiency bound of this model. Our results suggest that a key issue for inference is the number of equilibria compared to the number of outcomes. If the number of equilibria is sufficiently large compared to the number of outcomes, root‐n consistent estimation of the model will not be possible. We also provide a simple estimator in the case when the efficiency bound is strictly above zero.     

Estimation of Poverty Transition Matrices with Noisy Data

This paper investigates measurement error biases in estimated poverty transition matrices. We compare transition matrices based on survey expenditure data to transition matrices based on measurement‐error‐free simulated expenditure. The simulation model uses estimates that correct for measurement error in expenditure. We find that time‐varying measurement error in expenditure data magnifies economic mobility. Roughly 45% of households initially in poverty at time t ? 1 are found to be out of poverty at time t using data from the Korean Labor and Income Panel Study. When measurement error is removed, this drops to between 26 and 31% of households initially in poverty. Copyright © 2016 John Wiley & Sons, Ltd.     

Quantity and quality of information and SME financial structure

We test whether the amount and/or quality of financial statement information affects the financial structure of small and medium-sized enterprises (SMEs). Belgian SMEs are used, because there are important differences in disclosure and audit requirements among them. Consistent with the traditional view that asymmetric or incomplete information restricts access to external funds, our results indicate that both the amount and quality of financial statement information are positively related to SME leverage. In addition, we find that leverage is positively related to asset structure, growth (prospects) and median industry leverage, and negatively related to firm age and profitability.     

Crafting successful strategic technology partnerships

Despite the trend towards an increasing use of strategic technology alliances, mortality rates of cooperative agreements have always been extremely high. In this paper we argue that rapid economic and technological developments have overthrown traditional thinking about alliances and that firms could benefit from a new perspective on partnering. This new approach is referred to as High Touch Partnering. The new framework stresses the need for a balanced attention to strategic (re-)positioning, establishing adequate alliance capabilities, building business communities with partners and improved partner selection.     

Optimal variable weighting for ultrametric and additive tree clustering

A method is developed which for a given objects by variables data matrix estimates weighted inter-object distances that are optimally suited for either an ultrametric or an additive tree representation. The effectiveness of the method is demonstrated on two synthetic data sets having a known tree structure and on one real data set. In the final section, some possible extensions of the present method are discussed.     

Identifying Organizational Subcultures: An Empirical Approach

Organizations have cultures, but parts of organizations may have distinct subcultures. The question of what is the proper level for a cultural analysis of an organization is generally handled intuitively. The organizational culture of a large Danish insurance company (3,400 employees) was measured, based on employees' answers to 18 key questions about work practices. Subsequently, scores were determined separately for 131 work groups, and these were subjected to a hierarchical cluster analysis, which produced a dendrogram. The dendrogram showed that within the company there were three distinct subcultures: a professional subculture, an administrative subculture, and a customer interface subculture. These fit a theoretical prediction by Jones (1983); the cultural rifts between the subcultures could be readily recognized in the company's practice, and had tangible consequences.