From the Holocene to the Anthropocene: A historical framework for land cover change in southwestern South America in the past 15,000 years

The main forest transitions that took place in south-central Chile from the end of the last glaciation to the present are reviewed here with the aim of identifying the main climatic and socio-economic drivers of land cover change. The first great transition, driven primarily by global warming, is the postglacial expansion of forests, with human populations from about 15,000 cal. yr. BP, restricted to coastlines and river basins and localized impact of forest fire. Charcoal evidence of fire increased in south-central Chile and in global records from about 12,000 to 6000 cal. yr. BP, which could be attributed at least partly to people. The subsequent expansion of agriculture led to much clearing of forests and the spread of weeds and other indicators of open habitats. The Spanish colonial period in America may have been followed by a transient expansion of forest cover into abandoned land, as indigenous population declined rapidly due to disease and slaughter. The 18th and 19th centuries brought about extensive loss of forests due to the massive impact of lumber extraction for mining operations both in central Chile and in western North America. Two centuries of intensive deforestation, coupled to grazing by cattle and extremely variable rainfall had long-lasting effects on forest cover in south-central Chile, which persist until today. The transition from a preindustrial to an industrial society brought about the “golden age” of timber harvest, assisted by mobile sawmills and railway transportation since the late 1800s. These advances led to the exhaustion of native commercial timber by the late 20th century in south-central Chile. In North America, harvestable stands were exhausted in New England and the Midwest around 1920. Settlement of the independent territories in the late 1800s and early 1900s implied vast burning and clearing of land and mounting soil erosion. Industrial forestry, based on government-subsidized massive plantations of short-rotation exotic trees, developed in the late 20th century, in connection with postindustrial displacement of exploitative activities from developed to third-world nations. In the last two decades, economic globalization and free trade promoted the expansion of new crops and further decline of woodlands, despite modest increases in forest cover. These patterns are repeated in many Latin American countries. To prevent further depletion of native forest resources and to provide an insurance against climate change, in the 21st century developing nations should aim at: (1) relocating subsidies from fiber farms to restoring diverse forest cover, (2) promoting ecosystem management of diverse forest and crops within landscapes, and (3) fostering diverse cultural relationships between people and their land.     

Digital Machines,Space, and Time: Towards a Behavioral Perspective of Flexible Manufacturing

Recently, the diffusion of digital machines has further enhanced firms’ manufacturing flexibility, but also opened questions on potential challenges and implications in the production process. To respond to these timely issues, this study adopts a behavioral perspective and comparatively explores how four different types of digital machines—characterized by increasing degrees of manufacturing flexibility—affect the perception and use of space and time for routines within the production plant. To this end, 45 digital manufacturing machines, sampled across 14 firms in the British and Italian motorsport industry, were qualitatively observed and compared. A model emerges where four key mechanisms reshape (1) the interactive space around the machine, (2) the innovation activities performed in the machine space, (3) the time within activities involving the machine, and (4) the time perception. Such mechanisms mediate the relationship between manufacturing flexibility and firm performance. Further, data show how increasing digitalization in the manufacturing process enhances the establishment of new routines as flexible machines get introduced in the production. Finally, theoretical and practical implications related to fostering a behavioral perspective in innovation and operations management studies are discussed.     

Antecedents and consequences of the quality of e-customer-to-customer interactions in B2B brand communities

The opportunities that interactions in business-to-business (B2B) brand communities offer companies as well as brand community members have already been recognized by B2B firms, but are still an underexplored field of B2B academic marketing research. To provide a first step in analyzing B2B brand communities, we develop a conceptual framework of the quality of customer-to-customer (C2C) interactions in B2B brand communities by drawing on several theories and concepts (e.g., social exchange theory, uses and gratifications approach and value-in-the-experience). Based on an online survey (n = 330) spanning three virtual B2B brand communities in the IT-sector, we test our framework using structural equation modeling. Our results reveal that brand trust has a positive impact on brand community trust. Brand community trust leads to an increase in the quality of C2C interactions in B2B brand communities. Furthermore, we demonstrate that the quality of C2C interactions in B2B brand communities has a positive impact on functional, experiential, and symbolic brand community benefits, which, in turn, foster brand loyalty.     

Is Dry Aging for Pork Relevant to Consumers?

Introducing a new product is tricky because of potential problems with consumer acceptance. Dry aging is a technique that could make meat more tender, but at the expense of the color that would become darker. This technique is widely used for beef, but it could be useful in the pork industry since the increasing offer of lean meat has reduced its natural tenderness. We investigate Italian consumer preferences for dry aging applied to pork loin and the effect of information on consumer acceptance. A sample of 264 consumers was surveyed in June 2014 in Bologna, Italy, using a hypothetical rank-based conjoint analysis. Data were analyzed using a rank-ordered logit (ROL) approach. Results suggest that consumers preferred dry-aged pork loin to fresh pork loin. They also preferred products labeled with Italian origin and having low fat content. Factors affecting the intention to purchase dry-aged pork loin are age and information on dry aging.     

The essentiality of money in environments with centralized trade

Lagos and Wright (2005) introduced an influential model of monetary exchange in which trade alternates between centralized and decentralized markets and money is essential. A limitation of their model and of the literature that follows is that they do not provide a microfoundation for the process of exchange in the centralized market. In this paper, we show that how one models exchange in the centralized market matters for the essentiality of money by describing the centralized market as a strategic market game and studying conditions under which money is essential.     

East-west intra-industry trade dynamics

Conclusions Trade liberalization, integration and catching-up with the developed countries are often associated with an increase in intra-industry trade. We showed in the literature survey that the reduction of trade barriers is associated with the growth of intra-industry trade. We currently observe that the trade of the selected EU countries (Austria, Germany, Italy, Sweden and the Netherlands) with the CEECs (Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia) follows this pattern as well. However, the increase of intra-industry trade is not uniform, but reflects different patterns of integration and progress of industrial restructuring.     

Systemic liquidity contagion in the European interbank market

Systemic liquidity risk, defined by the International Monetary Fund as “the risk of simultaneous liquidity difficulties at multiple financial institutions,” is a key topic in financial stability studies and macroprudential policy-making. In this context, the complex web of interconnections of the interbank market plays the crucial role of allowing funding liquidity shortages to propagate between financial institutions. Here, we introduce a simple yet effective model of the interbank market in which liquidity shortages propagate through an epidemic-like contagion mechanism on the network of interbank loans. The model is defined by using aggregate balance sheet information of European banks, and it exploits country and bank-specific risk features to account for the heterogeneity of financial institutions. Moreover, in order to obtain the European-wide topology of the interbank network, we define a block reconstruction method based on the exchange flows between the various countries. We show that the proposed contagion model is able to estimate systemic liquidity risk across different years and countries. Results suggest that our effective contagion approach can be successfully used as a viable alternative to more realistic but complicated models, which not only require more specific balance sheet variables with high time resolution but also need assumptions on how banks respond to liquidity shocks.

     

Breaking ties in collective decision-making

Decisions in Economics and Finance - Many classic social preference (multiwinner social choice) correspondences are resolute only when two alternatives and an odd number of individuals are...     

R&D Investment timing,default and capital structure

Review of Quantitative Finance and Accounting - This paper investigates the interaction between R&D investment timing, probability of default, and capital structure. In particular we are...     

The interplay between stakeholders,resources and capabilities in climate change strategy: converting barriers into cooperation

This article investigates how organizations deal with drivers and barriers to the adoption of low‐carbon operational (LCO) practices and, accordingly, we propose a framework for relationships with stakeholders to guide organizations in orchestrating stakeholders, resources and capabilities to meet the challenges and opportunities arising from climate change. Data was collected through interviews with experts working within companies participating in the Carbon Disclosure Program and the Brazilian GHG Protocol Program. Our findings show that the level of willingness of stakeholders influences how companies select mechanisms to deal with drivers and barriers to LCO practices. Our results, qualified by stakeholder relationships theory and the natural resource‐based view, introduce an analytical approach called ‘mechanisms of responses’ to understand how organizations deal with drivers and barriers in the context of climate change in order to guide companies to adopt LCO practices, strengthen co‐operation with stakeholders and develop the required organizational capabilities.