Diversification represents the idea of choosing variety over uniformity. Within the theory of choice, desirability of diversification is axiomatized as preference for a convex combination of choices that are equivalently ranked. This corresponds to the notion of risk aversion when one assumes the von Neumann–Morgenstern expected utility model, but the equivalence fails to hold in other models. This paper analyzes axiomatizations of the concept of diversification and their relationship to the related notions of risk aversion and convex preferences within different choice theoretic models. Implications of these notions on portfolio choice are discussed. We cover model-independent diversification preferences, preferences within models of choice under risk, including expected utility theory and the more general rank-dependent expected utility theory, as well as models of choice under uncertainty axiomatized via Choquet expected utility theory. Remarks on interpretations of diversification preferences within models of behavioral choice are given in the conclusion. 相似文献
The paper explores the structural changes, in response to internationalization, in an important traditional activity (food chain, meat processing) in a typical ‘district area’. In the paper, attention is focused on the ‘Institutional structure of production’ (Coase, R. 1992Coase, R. 1992. The institutional structure of production. American Economic Review, 82(4): 713–719. [Web of Science ®], [Google Scholar]) and the cluster is considered as a whole, as a complex economic player, capable of generating coherent action, regulated by institutional mechanisms, and founded on a set of ‘public assets’ which make up its ‘social capital’. The paper is based on many empirical studies and surveys aimed at exploring the structure of SMEs and the role of the local institutions: the changes observed over time and in response to internationalization underline the reinforcement of the activity's cluster configuration. These features emphasize the existence of a specific unit of analysis, indivisible from the individuals which constitute it. The discussion touches on the classical themes of the efficiency of the net-economy based on SMEs, and their prospects in a context of growing globalization. The paper does not aim to enter into the debate on the origins and mechanism of innovation. However, the case study does illustrate the strength of the hypothesis of a unit of analysis different from the firm for discussion of a number of topics: some empirical examples of innovation, of significance for the economic consolidation of the ID, highlight the importance of district relationships in the production and spread of innovation. 相似文献
For any large player in financial markets, the impact of their trading activity represents a substantial proportion of transaction costs. This paper proposes a novel machine learning algorithm for predicting the price impact of order book events. Specifically, we introduce a prediction system based on ensembles of random forests (RFs). The system is trained and tested on depth-of-book data from the BATS and Chi-X exchanges and performance is benchmarked using ensembles of other popular regression algorithms including: linear regression, neural networks and support vector regression. The results show that recency-weighted ensembles of RFs produce over 15% greater prediction accuracy on out-of-sample data, for 5 out of 6 timeframes studied, compared with all benchmarks. Feature importance ranking is used to explore the significance of various market features on the price impact, finding them to be highly variable through time. Finally, a novel procedure for extracting the directional effects of features is proposed and used to explore the features most dominant in the price formation process. 相似文献
The changes that are constantly occurring in the labour sector have led organisations and companies to move towards digital transformation. This process was accelerated by the COVID-19 pandemic and conducted to a massive recourse to the practice of remote working, which in this study is understood as the term for the way of performing work outside the usual workplace and with the support of ICT. Currently, there are no flexible scales in the literature that allow measuring the benefits and disadvantages of remote working with a single instrument. Thus, the distinction between the positive and negative consequences of working remotely, substantiated by a solid literature, provides a framework for a systematical understanding of the issue. The aim of the present study is to develop and validate a scale on remote working benefits and disadvantages (RW-B&D scale). For this end, a preliminary Exploratory Factor Analysis (EFA) with 304 participants, a tailored EFA with a sample of 301 workers and a Confirmatory Factor Analysis (CFA) with 677 workers were conducted. Participants were all Italian employees who worked remotely during the period of the COVID-19 health emergency. Data were collected between October 2020 and April 2021. The psychometric robustness of the model was assessed through bootstrap validation (5000 resamples), fit indices testing and measurement of factorial invariance. The statistical analyses demonstrated the bifactorial nature of the scale, supporting the research hypothesis. The model showed good fit indices, bootstrap validation reported statistically significant saturations, good reliability indices, and convergent and discriminant validity. Measurement invariance was tested for gender and organisational sector. The results suggested that the novel scale facilitates the quantitative measurement of the benefits and disadvantages associated with remote working in empirical terms. For this reason, it could be a streamlined and psychometrically valid instrument to identify the potential difficulties arising from remote working and, at the same time, the positive aspects that can be implemented to improve organisational well-being.
This paper explores the ability of a class of one-sector, multi-input models to generate indeterminate equilibrium paths,
and endogenous fluctuations, without relying on factors’ hoarding. The model presents a novel theoretical economic mechanism
that supports sunspot-driven expansions without requiring upward sloping labor demand schedules. Its distinctive characteristic
is that the skill composition of aggregate labor demand drives expansionary i.i.d. demand shocks. Next, the model explains
the labor market dynamics from the supply side, while endogenizing the capital productivity response to changes in the aggregate
labor demand composition. Last but not least, it is worth to mention that the model presents an effective shock propagation
mechanism that operates into the labor market and across labor market segments through the cross elasticities of equilibrium
labor demand and supplies.
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The focus of this article is on discussing the foundations, conceptual development, and implications of resource interaction in inter-organizational networks. The article conceptualizes and classifies resources before discussing how resource interfaces enable to utilize, manage, and change resources. In doing so it provides a set of basic principles as to how resources interact at a network level, or how firms combine, develop, mobilize, and manage resources over time. This is in strong contrast to a focus on the acquisition, accumulation, and exchange of resources by the firm. The article further provides a comparison with two other research streams, the Resource-Based view (RBV) and the Service-Dominant logic (S-D logic), in order to better position this perspective on inter-organizational resource interaction. It concludes by discussing an agenda for further research. 相似文献
The aim of this paper is to investigate the hypothesis that there is a complex and bidirectional relation between collaboration and failure in innovation projects. On the one hand, collaboration in innovative activities may increase the likelihood of project failure. At the same time, the failure in innovation projects may induce the firm to collaborate in order to overcome the problems that determined the failure of innovation projects (induced collaboration). Up to now, we are not aware about the existence of any empirical paper analysing the interaction between these two mechanisms. This paper aims at filling this gap by providing a motivation for the induced collaboration and testing its empirical relevance in a dynamic framework. The empirical analysis is carried out by using two consecutive German Community Innovation Surveys referring to the period 2006–2010. The empirical results support the hypothesis of a bidirectional causal relationship between collaboration and failure. 相似文献
We present experimental evidence regarding individual and group decisions over time. Static and longitudinal methods are combined to test four conditions on time preferences: impatience, stationarity, age independence, and dynamic consistency. Decision making in groups should favor coordination via communication about voting intentions. We find that individuals are neither patient nor consistent, that groups are both patient and highly consistent, and that information exchange between participants helps groups converge to stable decisions. Finally we provide additional evidence showing that our results are driven by the specific role of groups and not by either repeated choices or individual preferences when choosing for other subjects. 相似文献
The present study proposes a new evaluation approach aimed at estimating the cost of equity through standardized models which consider an innovative set of firm-specific information on the main unsystematic risks which are typical of any business. Our objective is extending the Capital Asset Pricing Model (CAPM) by defining a standard formula for quantifying the premium for certain idiosyncratic risks as a function of a new set of firm-specific quantitative information. We define two econometric models, for listed and non-listed firms respectively, which consider five idiosyncratic risk factors: firm size, value factor, operating risks, financial structure and stock market price volatility. The models were tested on a sample of European non-financial companies. The empirical results show that while the CAPM systematically underestimates the cost of equity, the proposed models correctly estimate its expected value; furthermore, they show a slight improvement also in terms of estimates’ volatility. Due to their efficacy and ease of use, the proposed models represent a valid practical tool for investors, analysts and professional evaluators. This work contributes to the existing literature by proposing a typologically innovative extension of the CAPM set of explanatory variables, defining and testing new models for the estimation of the unsystematic risks’ spread of the cost of equity based on an original set of firm-specific accounting and market information. 相似文献
This paper presents a framework to understand and measure the effects of political borders on economic growth and per capita
income levels. In our model, political integration between two countries results in a positive country size effect and a negative
effect through reduced openness vis-à-vis the rest of the world. Additional effects stem from possible changes in other growth
determinants, besides country size and openness, when countries are merged. We estimate the growth effects that would have
resulted from the hypothetical removal of national borders between pairs of adjacent countries under various scenarios. We
identify country pairs where political integration would have been mutually beneficial. We find that full political integration
would have slightly reduced an average country's growth rate, while most countries would benefit from a more limited form
of merger, involving higher economic integration with their neighbors. 相似文献