Barriers to implementing e‐learning: a Kuwaiti case study

The paper reports on a research project that encompasses two key objectives: (1) finding out about the barriers affecting or preventing e‐learning from being adopted by companies as an integral part of their workforce's training and learning processes and (2) establishing a comparison between the barriers and the e‐learning implementation models found in Kuwait and in the practice of Western companies. The practices from Western countries are used as a benchmark for the Kuwaiti experience. The collection of the primary data was carried out through the use of semi‐structured questionnaires with human resources managers as well as IT managers in charge of the e‐learning of 11 of the largest companies in Kuwait. The research results show that the key implementation barriers in Kuwait are (1) lack of management support; (2) language barriers; (3) IT problems; and (4) workload and lack of time. From these, two are common to Western countries (technology and time). The remaining two (management support and language barriers) are specific to Kuwait. Regarding the comparison between the two implementation models, the key finding was that the usual e‐learning development cycle (plan–design–integrate–improve) was not followed in Kuwait. The planning, designing and improving stages were largely ignored, with the emphasis resting almost completely on integrating the e‐learning tools and processes in the rest of the organization. This finding was found to be in line with barrier number one – lack of management support. The key lesson learned from this research is that the problem of e‐learning implementation in Kuwait is not so much one of knowing what the barriers are but one of knowing what the appropriate management processes should be for companies to achieve business success. The paper also provides recommendations for an e‐learning development plan to fit the current business environment in Kuwait.     

Entry into Export Markets and Product Quality

Using a rich data set of Chilean exporters, we analyse several issues regarding the relationship between entry into export markets and product quality. We find that every year, a large number of new exporting relationships are initiated, but the survival rate of these entries is very low and declines over time. Using unit values as a proxy for product quality, our estimations show that entry is generally associated with higher product quality. This higher quality, however, tends to reduce over time and eventually disappears three years after entry. In addition, our evidence suggests that the positive relationship between entry and quality is more prevalent in new exporters. To better identify this effect, we explore whether there are systematic differences across sectors. As expected, for sectors in which quality differentiation may be important, our findings reveal that reference‐price and differentiated products show a higher price in the year of entry and a longer convergence to incumbent prices. These results hold after controlling for potential sample selection bias.     

NO‐ARBITRAGE PRICING FOR DIVIDEND‐PAYING SECURITIES IN DISCRETE‐TIME MARKETS WITH TRANSACTION COSTS

We prove a version of First Fundamental Theorem of Asset Pricing under transaction costs for discrete‐time markets with dividend‐paying securities. Specifically, we show that the no‐arbitrage condition under the efficient friction assumption is equivalent to the existence of a risk‐neutral measure. We derive dual representations for the superhedging ask and subhedging bid price processes of a contingent claim contract. Our results are illustrated with a vanilla credit default swap contract.     

Well-connected short-sellers pay lower loan fees: A market-wide analysis

High loan fees generate short-selling constraints and, therefore, reduce price efficiency. Despite the importance of loan fees, empirical evidence on their determinants is scarce. Using a market-wide deal-by-deal data set on the Brazilian equity lending market which uniquely identifies borrowers, brokers, and lenders, we are able to construct a proxy of search costs at the borrower–stock–day level. We find that—for the same stock, on the same day—borrowers with higher search costs pay significantly higher loan fees. Our results suggest that regulators should encourage the use of a centralized lending platform to reduce search costs in the lending market.     

Inventory service-level optimization within distribution network design problem

We propose a sequential heuristic approach to optimize inventory service levels in a two-stage supply chain. The proposed approach deals with service level and inventory decisions, simultaneously with network design decisions, and incorporating unfulfilled demand costs in a previous inventory-location model. A two-step formulation is considered, where the first step optimizes service level and the second step addresses location and inventory decisions. Each algorithm iteration solves an inventory-location model for a fixed service level, and then the service level is updated in order to reach an equilibrium condition between operating system and unfulfilled demand costs. The algorithm converged in three iterations for a set of sample instances, obtaining the same outcome in comparison with a more intuitive, exact, but more time-consuming search procedure.     

Why Querétaro? The Development of an Aeronautical Manufacturing Cluster in Central Mexico

In recent years, an aeronautical manufacturing cluster has emerged in Querétaro state, Mexico. In 2013, the aeronautical industry in Querétaro state represented 10% of the state's gross product and employed more than 5,000 people, and further private investments of over US$160 million related to the aeronautical industry were expected (Secretaría de Desarrollo Sustentable, 2014). This article investigates the causes for the development of such a cluster, drawing upon Brenner and Mühlig's (2013) study of 159 industrial clusters, and identifies both the key factors in the development of the cluster and what makes Querétaro attractive to foreign direct investment. The findings indicate areas for further research for potential cluster development in other regions of Mexico. The article concludes with the challenge facing the aeronautical cluster in Querétaro if it is to create a sustainable competitive advantage and compete on a global scale. © 2016 Wiley Periodicals, Inc.     

Life‐Cycle Expenditure and Retirees’ Cost of Living

The aim of this paper is twofold. First, we document the expenditure life‐cycle profile in the United Kingdom and show how differences in the consumption bundle of retirees and workers translate into different inflation experiences. Albeit different in given years, the inflation experienced by the two groups is not significantly different over a long time period. We also show how the distribution of household inflation evolved over time, with particular emphasis on the period around the latest financial crisis. Second, we estimate an Exact Affine Stone Index (EASI) demand system and compute the change in the cost of living and the substitution effect for both retirees and workers for the period 1990–2014. Finally, we show how pension income would evolve during that period under three alternative indexation measures for different cohorts of retirees. The indexation measure that results in the highest pension income depends on the time of retirement.     

Health and the evolution of welfare across Brazilian municipalities

This paper describes the pattern of reductions in mortality across Brazilian municipalities between 1970 and 2000, and analyzes its causes and consequences. It shows that, as in the international context, the relationship between income and life expectancy has shifted consistently in the recent past. But reductions in mortality within Brazil have been more homogeneously distributed than across countries. We use a compensating differentials approach to estimate the value of the observed reductions in mortality. The results suggest that gains in life expectancy had a welfare value equivalent to 39% of the growth in income per capita, being therefore responsible for 28% of the overall improvement in welfare. We then use a dynamic panel to conduct a preliminary assessment of the potential determinants of these gains. We show that improvements in education, access to water, and sanitation seem to be important determinants of the dimension of changes in life expectancy not correlated with income.