New perspectives for the managerial entrepreneurship

Is the purpose of this speech to build in an eclectic and holistic way the bases of a theoretical mark that it describes, analyze and do interpret the phenomenon of the managerial entrepreneurship from the interdisciplinary point of view in such a way that the foundation is to respond to the question how to understand the entrepreneurship?, to build starting from their evolution diverse perspectives that you/they enrich their analysis and study that make understand that the entrepreneurship is a practical, simple and complex phenomenon that the managers experience directly in their activities and functions, as a breaking act and improvement of the conditions of life of the society. It is sought to analyze and to propose perspectives of study of the entrepreneurship of the managers, their personal characteristics, as their social, political, economic and cultural implications, from the interdisciplinary point of view in the mark of the investigation line entrepreneurship and Managerial Mentality that he/she interprets their purpose action, administration, innovation and mainly their relationship with the environment, so momentous for the growth of the companies.     

Sudden Stop and Sudden Flood of Foreign Direct Investment: Inverse Bank Run,Output, and Welfare Distribution

In this paper, I focus on a phenomenon that has not received much attention in the literature, namely that the mere expectation of foreign direct investment (FDI) incentivizes long‐maturity investment projects by domestic residents, and a Sudden Stop when expectations are frustrated. Long‐maturity investment projects enhance productivity but increase the economy's vulnerability to Sudden Stop. The discussion is framed in a context in which a Sudden Stop follows a surge of capital inflows (Sudden Flood), and FDI is concentrated on ongoing projects. A Sudden Stop episode can trigger a fire sale of long‐term assets, output collapse, and welfare redistribution, which is another ignored phenomenon.     

Trading and information in futures markets

This paper studies the trading behavior of different types of traders (customer type indicators [CTI's]) in corn futures. Nonmembers (CTI4) consume most of the intraday liquidity while local traders (CTI1) as market makers are its main provider. Both groups combine most of the intraday trading volume. Interday trading comes mainly from proprietary accounts (CTI2) and other local traders' trades (CTI3), reflecting their longer-term needs for hedging and speculation. Changes in the overnight positions of the general public (CTI4) and clearing members (CTI2) contribute mostly to daily price discovery, while the positions of CTI3 group reflect possible information advantage about future price movements.     

Reputation from nested activities

Principals usually try to elicit the quality and behavior of agents from their performance. While sometimes success or failure in production does not provide accurate information about the agents, there may be activities not directly related to production that constitute a more precise signal. I show that, when agents face reputation concerns, introducing these activities after a success improves efficiency, while introducing them after a failure reduces efficiency. Hence, nesting activities in the right way may offer a cheap toolbox to provide incentives. As an illustration, I consider a model where reputation concerns drive the hiring decisions of managers in a firm and I show how scapegoating, an activity “nested” after failures in production, generates inefficiencies. While hiring efficient workers increases the probability of success, hiring less efficient workers provides a buffer against reputation loses from failures, since managers can blame them more easily.     

Regulatory design and technical efficiency: public transport in France

The provision of local public transport in France involves private and public firms and the use of incentive contracts to regulate them. We study the effect of these institutional features on the sector’s efficiency using a long panel data of firms, with a two-stage estimation procedure. First, we use nonparametric data envelopment analysis techniques to estimate input usage efficiency, following a conditional approach that controls for differences in the environments in which the firms operate. Second, we estimate semiparametric censored regressions, using fixed effects to control for unobserved sources of heterogeneity. Our results point to a differential effect of private and mixed public-private companies. In particular, having the performance of public operators as the benchmark, efficiency is relatively higher for private firms, but lower when the service is delegated to a mixed public-private firm. In the latter case, the effects diverge by contract type: when the contract is of the cost reimbursement type, performance is lower than the public firm benchmark, while for other contract types, there are no statistically significant differences.     

Accounting for intermediates: Production sharing and trade in value added

We combine input–output and bilateral trade data to compute the value added content of bilateral trade. The ratio of value added to gross exports (VAX ratio) is a measure of the intensity of production sharing. Across countries, export composition drives VAX ratios, with exporters of Manufactures having lower ratios. Across sectors, the VAX ratio for Manufactures is low relative to Services, primarily because Services are used as an intermediate to produce manufacturing exports. Across bilateral partners, VAX ratios vary widely and contain information on both bilateral and triangular production chains. We document specifically that bilateral production linkages, not variation in the composition of exports, drive variation in bilateral VAX ratios. Finally, bilateral imbalances measured in value added differ from gross trade imbalances. Most prominently, the U.S.–China imbalance in 2004 is 30–40% smaller when measured in value added.     

A Value-based Framework for Understanding Managerial Tolerance of Bribery in Latin America

The cross-cultural literature is reviewed and integrated together with attitude theories, thereby outlining a model through which certain values influence the intervening variables that ultimately lead managers to tolerate employee bribery. The case of Latin America is employed to illustrate how regionally dominant cultural values may shape managers’ attitudes, subjective norms, and perceived behavioral control, which in turn affect tolerance of employee bribery. A series of research propositions and practical recommendations are derived from the model.