RISK TYPES AND INTER-FIRM ALLIANCE STRUCTURES*

This paper examines the choice between equity and non-equity forms of inter-firm alliances from an ‘integrated risk’ perspective, which combines relational risk and performance risk in inter-firm alliances. Relational risk relates to co-operation among alliance partners, while performance risk has to do with the hazards of not achieving the performance objectives of an alliance, given co-operation. We suggest that equity alliance is adopted to control relational risk, while non-equity alliance is aimed at minimizing performance risk. Existing studies on the choice of alliance configurations are examined from the proposed risk perspective, and a number of key propositions are advanced for empirical testing and further development of the perspective.     

Optimal variance- and efficiency-balanced designs for one- and two-way elimination of heterogeneity

Summary In this paper, a series ofE-optimal non-binary variance balanced (block or row-column) designs and a series ofE-optimal non-binary efficiency balanced (block or row-column) designs are provided in certain broad classes of competing designs. Furthermore, their high efficiencies by the usualA- andD-optimality criteria are shown.     

HOW CERTAIN ARE DUTCH HOUSEHOLDS ABOUT FUTURE INCOME? AN EMPIRICAL ANALYSIS

The precautionary saving literature shows that income uncertainty increases savings and wealth. To estimate the magnitude of this effect, we need a measure of income uncertainty. This paper empirically analyzes subjective income uncertainty in The Netherlands. Data come from a large Dutch household survey. We measure income uncertainty by asking questions on expected household income in the next twelve months. First, we describe the data and investigate the relationship between the measure of income uncertainty and a number of household characteristics. Controlling for information on expected income changes, we find strong relationships between labor-market characteristics and the subjective income uncertainty as reported by the heads of the households. Second, we compare income uncertainty in The Netherlands with income uncertainty in the U.S. and Italy. It becomes evident that perceived income uncertainty is smaller in The Netherlands than it is in the U.S.     

Has co-movement dynamics in emerging stock markets changed after global financial crisis? New evidence from wavelet analysis

In this article, we revisit the issue of contagion, interdependence and changes in correlation structure after the Global Financial Crisis (GFC) of 2008 between developed and emerging markets in a time-frequency domain using a wavelet-based approach for the period spanning over 1 January 1999 to 8 November 2016. We report evidences of: (a) weaker contagion for Latin American emerging markets during GFC, (b) a strong contagion effect for emerging markets in Europe and the Middle East and (c) a fall in long-run co-movements after GFC, which means by investing in emerging markets, the diversification benefits can be derived in the long run. We report evidence of coexistence of contagion and permanent change in correlation structure.