BIBLIOMETRIC ANALYSIS OF THE QUANTITATIVE METHODS APPLIED TO THE MEASUREMENT OF INDUSTRIAL CLUSTERS

Literature on methods for analysing interindustry interdependence and geographical concentration of firms began to multiply since the 1990s. The aim of this paper was to systematize the literature on methods and measures applied to the analysis of industrial clusters, as well as to identify trends in this knowledge field. The method used was bibliometrics, which consisted of a frequency evaluation of the publications and the relationship network between them. It was verified an exponential increase in the number of papers that composed this area, based mainly on the theories of New Economic Geography. Recently, the literature has focused on the geographic location in relation to interindustry linkages, and the frontier of knowledge has shifted from traditional methods of regional science to areas such as spatial statistics, econophysics and artificial intelligence. There are still relevant questions being explored, as Modifiable Area Unit Problem (aggregation bias), nevertheless, spatial anisotropy (directional bias) is still neglected and indicates a new research path.     

Conditional risk-neutral density from option prices by local polynomial kernel smoothing with no-arbitrage constraints

Review of Derivatives Research - A new approach is considered to estimate risk-neutral densities (RND) within a kernel regression framework, through local cubic polynomial estimation using intraday...     

The decision to first enter the public bond market: The role of firm reputation,funding choices,and bank relationships

This paper uses survival analysis to investigate the timing of a firm’s decision to issue for the first time in the public bond market. We find that firms that are more creditworthy and have higher demand for external funds issue their first public bond earlier. We also find that issuing private bonds or taking out syndicated loans is associated with a faster entry to the public bond market. According to our results, the relationships that firms develop with investment banks in connection with their private bond issues and syndicated loans further speed up their entry to the public bond market. Finally, we find that a firm’s reputation has a “U-shaped” effect on the timing of a firm’s bond IPO. Consistent with Diamond’s reputational theory, firms that establish a track record of high creditworthiness as well as those that establish a track record of low creditworthiness enter the public bond market earlier than firms with intermediate reputation.     

Disentangling the role of variance and covariance information in portfolio selection problems

The covariation among financial asset returns is often a key ingredient used in the construction of optimal portfolios. Estimating covariances from data, however, is challenging due to the potential influence of estimation error, specially in high-dimensional problems, which can impact negatively the performance of the resulting portfolios. We address this question by putting forward a simple approach to disentangle the role of variance and covariance information in the case of mean-variance efficient portfolios. Specifically, mean-variance portfolios can be represented as a two-fund rule: one fund is a fully invested portfolio that depends on diagonal covariance elements, whereas the other is a long-short, self financed portfolio associated with the presence of non-zero off-diagonal covariance elements. We characterize the contribution of each of these two components to the overall performance in terms of out-of-sample returns, risk, risk-adjusted returns and turnover. Finally, we provide an empirical illustration of the proposed portfolio decomposition using both simulated and real market data.     

The origins of modern accounting in Brazil: Influences leading to the adoption of IFRS

Despite the increasing importance of Brazil, there has been little documentation of how accounting developed and about the significant formative influences involved. This paper explores the significant influences on Brazilian accounting and the path to the adoption of International Financial Reporting Standards (IFRS). Several important influences are emphasized: the equity theory of the Italian school of accounting in the early 20th century; the birth of the Brazilian accounting profession in 1931 and the certified accountants association in 1946; the impact of US trade and American accounting in the 1950s; and the high rates of inflation that occurred from the beginning of the 1960s. Modern Brazilian accounting had its beginning in the 1970s with the development of the stock market, the reforms of the financial system, and the decrease of tax influences on accounting. The globalization process and the need for Brazilian accounting to converge with international accounting led to the decision to adopt IFRS in 2007.     

Enterprise maturity models: a systematic literature review

Maturity models (MM) have been used by different enterprise segments. However, while many MM have been developed, few have been validated because of the lack of studies that demonstrate how to classify model levels. This study investigates the literature that presents assessment models for classifying maturity levels as well as the development of the research area. A systematic literature review was carried out, finding 409 relevant papers and a list of the few methods for classifying the maturity level. This review enabled us to update the state of the art on MM and identify gaps that may prompt future research.     

Online word-of-mouth and market structure

Portuguese Economic Journal - Hotels adjust their product offerings depending on demand and competition faced. In this article I document the increase in average hotel quality as measured by online...     

Family firms’ identity communication and consumers’ product involvement impact on consumer response

The purpose of this study is to determine whether the image transfer theory and the elaboration likelihood model can provide a theoretical framework capable of assessing the influence of consumers’ product involvement and family firms’ identity communication through websites on consumer responses. This research conducted an experiment using an eye‐tracking technique measuring attention to family and nonfamily corporate websites. The procedure involved 120 participants. Consistent with the image transfer theory, family firms’ identity through websites positively impacts attitude toward the website and intention to buy. Additionally, the attitude toward the website affects the relationship between family firms’ identity through websites and the intention to buy. In line with the elaboration likelihood model, consumers’ product involvement negatively impacts the relationship between family firms’ identity through websites and intention to buy.     

Should I Stay or Should I Go? Geographic Entrepreneurial Choices in Brazilian Franchising

In the broad empirical literature on franchising, performance outcomes of location decisions appear to be a largely forgotten issue. Yet franchising represents a rich context to study the impact of geographic entrepreneurial choices. Addressing this “blank spot” in the literature, we deal with the following question: Is it better for a chain to stay in the same geographic area, or to expand via distant franchised units? Our econometric estimations on new and unique Brazilian panel data show that spatial agglomeration of chain outlets leads to higher performance, suggesting that agglomeration gains outweigh cannibalization and spatial monopoly effects.