Collaboration in R&D with universities and research centres: an empirical study of Spanish firms

Innovation is sometimes the result of collaboration between different agents with complementary resources. When companies make formal agreements to collaborate in R&D they do so with different types of organizations, such as their competitors, suppliers, and customers, or universities and research centres. This paper focuses on attempting to understand the reasons that lead companies to cooperate with universities and research centres and the characteristics of the relationship that this involves. The empirical study is based on a sample of 747 Spanish firms that took part in some type of collaborative R&D project between 1994 and 1996. Results indicate that cooperation with centres is a nation–wide phenomenon involving basic research, conducted under the sponsorship of different research support schemes promoted by central and regional administrations.     

The causal structure of economic models

Large quantitative models of the economy are increasingly being used to prepare short-term and long-term projections. In most cases inspection of each single equation is not sufficient to understand the functioning of a complete model, a situation which sometimes leads to so-called “counter-intuitive” results of model simulations. The authors briefly describe a method for the analysis of the causal structure of large models and apply this method to an analysis of the United Nations model of the future of the world economy directed by W. Leontief.     

Estimates and Determinants of Armington Elasticities for the U.S. Food Industry

This paper provides estimates of elasticities of substitution between domestic and imported goods for 40 4-digit S.I.C. food manufacturing industries and explains the inter-industry differences among these coefficients in terms of industry sectoral characteristics. The results show that there is a wide range of variation among such elasticities and that the intensity of each industrys percentage of output sold to final consumers, foreign direct investment, expenditures on advertising and the existence of import quotas affect the degree of substitutability between domestic and foreign goods in the face of a relative price change.     

On relative performance,remuneration and risk taking of asset managers

We analyze the asset management problem when the manager is remunerated through a scheme based on the performance of the fund with respect to a benchmark and his/her choices are driven by a power utility function. We show that it is not the asymmetric-fulcrum type feature of the scheme that makes the difference in preventing excessive risk taking in case of a poor performance. To prevent gambling when the performance deteriorates, it is important not to provide a fixed fee to the asset manager, and that remuneration is sensitive to a very poor relative performance as in the case of a capital stake or of a management fee with flow funds. We provide empirical evidence on the mutual fund industry showing excessive risk taking in case of a very poor performance and limited risk taking in case of overperformance with respect to the benchmark. These results agree with a remuneration scheme including a fixed fee and a cap.     

Global Cities and Local Housing Market Cycles

The Journal of Real Estate Finance and Economics - In this paper, we consider the dynamic features of house price in metropolises that are characterised by a high degree of internationalisation....     

Surrender and path-dependent guarantees in variable annuities: integral equation solutions and benchmark methods

Decisions in Economics and Finance - We investigate the evaluation problem of variable annuities by considering guaranteed minimum maturity benefits, with constant or path-dependent guarantees of...     

Determinants of corporate capital structure: evidence from Hungarian firms

This paper investigates the capital structure of Hungarian firms using a cross-section and a panel data approach. The data set is composed of balance sheet data and information on market structure for 1100 firms from 1992 to 1996. Evidence is found of imperfections that constrain firms in the achievement of their optimal capital structure, but also some positive indications: there are no distortions typical of the planned system and no signs of the presence of soft budget constraints.     

Human and organizational capital: typologies among Spanish firms

This paper uses survey data on 965 Spanish manufacturing firms to examine the implementation of innovative management practices and the relationship of this with the organization of work and human resource management. The paper takes into account transformations in technology, quality management and the organization of work. Using cluster analysis, we identify the different paths that firms are following in order to improve their performance, finding that simultaneous transformations in several dimensions lead to greater success than partial transformation, or none at all.     

Biotechnology Development in Spain: A Change of Paradigm?

This article presents a quantitative and qualitative analysis of the Spanish biotechnology sector, including its scientific, business, policy and social aspects. The study differentiates two sub-sectors, considered to be the most representative: Biopharma and Agro-food. The results show that biotechnology development in Spain has entered a new phase. Traditionally, research and development in Spain followed an unstructured path built around regional spaces and driven by factors and influences external to Spain. However, the emergence of a fast-growing sector of spin-off companies from the public research system, specifically in the Biopharma sector, points to a change of model of development of the industry, on the national as well as the regional level. The data also show the key role which public policy plays in creating a suitable framework for innovation and point to the need of analyzing the influence of social and cultural factors on the development of the biotechnology sector.