Road accessibility and cohesion in lagging regions: Empirical evidence from Portugal based on spatial econometric models

A number of transportation infrastructure projects were conducted in Europe during the 1990s with the explicit objective of promoting regional cohesion goals through the improvement of the accessibility of peripheral regions. Given its peripheral situation in the Union, Portugal was a key target for some of these projects. A decade later, it is pertinent to ask whether the new infrastructure achieved its objective of promoting lagging regions. The objective of this paper is to analyze one of the lagging regions in Portugal, to try to establish the link between changes in accessibility levels brought by improvements in the transportation network, and two indicators commonly used in accessibility research (population and purchasing power), while controlling other variables of possible relevance, such as the levels of educational achievement of the population in the region. The analysis is based on the use of spatially autoregressive models which allow the representation of accessibility as spatially lagged variables of first and second order. The results place the contribution of accessibility changes in context, and point at the relevance of education as an alternative policy.     

Influence of the sector and the environment on human resource practices' effectiveness

The aim of this work is to examine the effect that human resource practice has on performance. From a database made up of 250 companies in Spain and by means of a regression analysis, we test empirically whether human resource practices generate positive results under any circumstance or if their effectiveness depends on certain contexts. In this respect, focusing the study on the activity sector and the environment, we analyse whether high levels of competition in the environment and service companies constitute more attractive contexts for the adoption of high involvement practices.     

Evidence of the impacts of public e-procurement: The Portuguese experience

This paper analyses public e-procurement implementation and emphasizes its main difficulties and impacts in relation to the type of public organizations. The primary impacts and changes in the Portuguese public sector are analyzed within the new legal framework, which adopts mandatory e-procurement for any open, restricted or negotiated procedure. In this sense, two surveys carried out in consecutive years were conducted to assess the implementation difficulties and impact of e-procurement in the Portuguese public sector.The major value of this research is that it presents and discusses, for the first time, evidences about difficulties and impacts on the mandatory adoption of public e-procurement, based on the case of Portugal. The results show that the entities’ administrative level influences the e-procurement implementation, which is influenced by the innovation adoption process.     

A new approach for the input–output price model

This paper proposes a new approach to measure the impact of a sector's price shock on price indices. It works based on table adjustments to trace the effects of any initial price shock through an iteration process. It has the same accuracy and all the capabilities of the popular Standard Leontief Price (SLP) model. A distinct advantage of the new approach compared with the SLP model, however, is its ability to measure the impact of the initial price shock on all value-added components if and when it is required. This capability enables researchers to use interindustry price analysis to tackle problems of a more real-world nature. Other advantages of this approach are its simple computational implementation, especially relevant for larger size interindustry tables, the unified way to deal with all kind of different price issues, and the yielding of an adjusted interindustry table reflecting all endogenous price adjustments in response to the initial price shock.     

Barcelona seen through the eyes of TripAdvisor: actors,typologies and components of destination image in social media platforms

Recent literature has emphasized the emerging role of social media in generating a destination image. Even so, there is still no clear definition of the main actors, typologies and components prevailing in these environments or the possible differences between diverse social platforms. Specific analysis and comparison of the Barcelona TripAdvisor Forum and a traditional Destination Management Organization (DMO) website showed that actors, typologies and components are platform specific and have both similarities and differences with other sources, including DMO websites and other social media platforms.     

Multi-agent modeling of economic innovation dynamics and its implications for analyzing emission impacts

In this elaboration we focus on the role of multi-agent systems as a tool for modeling economic dynamics. Hence, at the beginning the specific features of this tool are considered. Taking the example of explaining the relationship between innovations and economic growth it will be shown after that how the tool of multi-agent modeling can be used for the following purposes: (1) for explaining the occurrence of innovations, (2) for specifying the effects these innovations have on economic growth, (3) for linking emission impacts to this growth and finally (4) for exemplarily assessing political options to reduce these impacts.     

Loan price modelling for local governments using risk premium analysis

Previous studies have highlighted the question of government loan interest as one of great current importance. Government borrowing levels are high, and reducing interest payments would generate savings to meet other spending needs and/or to lower taxation, thus supporting the sustainability of public finances. However, no previous study has presented a method for a local government to calculate its own credit risk and thus be in a position to negotiate lower interest rates on its borrowing. This article defines a financial model that enables local governments to estimate the interest rate payable on a bank loan, based on their credit risk premium, in accordance with the Basel II rules and the findings of our empirical study of large local governments.     

Can Operating Leverage Be the Cause of the Value Premium?

Recent theoretical models (Carlson, Fisher, and Giammarino, 2004) predict an association between the book-to-market equity ratio (BE/ME) and operating leverage in the cross-section. Consistent with these models, we find a positive association between BE/ME and the degree of operating leverage (DOL), between DOL and stock returns, and between DOL and systematic risk. Overall, our findings provide support for a risk-based explanation for the value premium that is consistent with existing theoretical models. The evolution of systematic risk associated with firm-level investment activity, rather than financial distress, seems to be the main determinant of the value premium.     

Is China Living a Minsky Moment? Between the “Lender of Last Resort” and the Chinese Shadow Financial System

After Lehman Brothers bankruptcy in 2008, the Central Bank of China (PBOC) created a big 1.8 trillion dollars package to boost the Chinese economy. It was a necessary key measure not only to prop up the economy, but also to try to preserve the two-digit growth of the GDP that existed before the Great Recession. The financial instability of international financial circuits made necessary the involvement of the central bank. Ten years later, China’s debt explosion went up during the financial crisis, from six to twenty-eight trillion dollars between 2007 and 2016. In other words, it went up from 148 to 260 percent of GDP during the same period. The goal of this article is to analyze whether China is living a “Minsky moment” or not, and what its implications are for international financial markets.     

Co-creation with clients of hotel services: the moderating role of top management support

Hotels can strengthen their competitiveness by expanding their innovation process beyond the boundaries of the firm to exploit the valuable knowledge and skills of their customers. This study examines the effects of new service (NS) co-creation with customers in the hotel industry on NS performance, as well as the moderating role of top management support. The research also explores the main barriers faced by hotels to co-create service innovations. Partial least squares structural equation modelling results indicate that Customer co-creation exerts a direct impact on NS market outcomes and NS development (NSD) speed, which in turn favours NS quality. NS quality translates into better NS customer-related outcomes as well as in improved NS market outcomes. Top management support enhances the effect of Customer co-creation on the NSD speed. The main barrier to NS co-creation in hotels is to find customers interested in devoting time to this activity or with the appropriate knowledge and experience.