Value-in-context in crowdfunding ecosystems: how context frames value co-creation

The aim of this paper is to analyse the phenomenon of crowdfunding and determine whether it can be considered a service ecosystem, where the context frames innovation through value co-creation. A qualitative, multiple case study approach is used to analyse three platforms and six initiatives in the Spanish arts sector. The findings reveal that crowdfunding can be considered an ecosystem where value-in-context frames seven types of value co-creation, offering a contribution both to ecosystem theory and to the field of co-creation.     

ASSESSING THE EFFECT OF PUBLIC SUBSIDIES ON FIRM R&D INVESTMENT: A SURVEY

This survey examines the empirical literature on the relationship between public R&D subsidies and private R&D investment over the past five decades. The survey reveals a considerable heterogeneity of empirical results that cannot be explained fully by methodological issues. We aim to provide further explanations of the possible causes of that heterogeneity. In particular, we emphasise a set of issues that, in our view, are critical to understanding the potential effect of public R&D subsidies on private R&D spending. Special attention is paid to the dynamic aspects and composition of firm R&D, the constraints faced by the firm (such as financial constraints), and the amount and source of public subsidies. None of these issues have been investigated in depth. We formulate a set of research assumptions to guide future empirical research in this field.     

Does expenditure in public governance guarantee less corruption? Non-linearities and complementarities of the rule of law

Corruption is an endemic societal problem with profound implications in the development of nations. In combating this issue, cross-national evidence supporting the effectiveness of the rule of law seems at odds with poorly realized outcomes from reforms inspired in the academic literature. This paper provides an explanation for such contradiction. By building a computational approach, we develop three methodological novelties into the empirical study of corruption: (1) modeling government expenditure as a more adequate intervention variable than traditional indicators, (2) generating large within-country variation by means of bottom-up simulations (instead of cross-national data pooling), and (2) accounting for all possible interactions between covariates through a spillover network. Our estimates suggest that, the least developed a country is, the more difficult it is to find the right combination of policies that lead to reductions in corruption. We characterize this difficulty through a rugged landscape that governments navigate when changing the total budget size and the relative expenditure towards the rule of law. Importantly our method helps identifying the—country-specific—policy issues that complement the rule of law in the fight against corruption.

     

Lost in intervention. The Harrod–Balassa–Samuelson effect on the peseta/dollar real exchange rate (1870–1998)

We have decomposed the peseta/dollar real exchange rate (1870–1998) into its trend and cyclical components and used the former to proxy its time-varying equilibrium. Then, we have compared changes in the equilibrium with changes in the Spanish and the USA productivity differentials to identify years that do not fit with the Harrod–Balassa–Samuelson (HBS) hypothesis. The greatest maladjustment is found in the 1940s and 1950s, decades of strong exchange rate intervention in Spain. Conversely, the link between equilibrium and differentials adjusts to the hypothesis when using the non-intervened peseta/dollar exchange rate on the Tangier black market. These contrasting results back up the idea that exchange rate intervention, so common in developing countries, might explain their scanter evidence in favour of the HBS effect.     

Essential equilibria of large generalized games

We characterize the essential stability of games with a continuum of players, where strategy profiles may affect objective functions and admissible strategies. Taking into account the perturbations defined by a continuous mapping from a complete metric space of parameters to the space of continuous games, we prove that essential stability is a generic property and every game has a stable subset of equilibria. These results are extended to discontinuous large generalized games assuming that only payoff functions are subject to perturbations. We apply our results in an electoral game with a continuum of Cournot-Nash equilibria, where the unique essential equilibrium is that only politically engaged players participate in the electoral process. In addition, employing our results for discontinuous games, we determine the stability properties of competitive prices in large economies.     

Testing for the bivariate Poisson distribution

This paper studies goodness-of-fit tests for the bivariate Poisson distribution. Specifically, we propose and study several Cramér–von Mises type tests based on the empirical probability generating function. They are consistent against fixed alternatives for adequate choices of the weight function involved in their definition. They are also able to detect local alternatives converging to the null at a certain rate. The bootstrap can be used to consistently estimate the null distribution of the test statistics. A simulation study investigates the goodness of the bootstrap approximation and compares their powers for finite sample sizes. Extensions for testing goodness-of-fit for the multivariate Poisson distribution are also discussed.     

A Representative Committee by Approval Balloting

A new voting rule for electing committees is described. Specifically, we use approval balloting and propose a new voting procedure that guarantees that if there is a committee that represents (with a given proportion of representatives) all of the existing voters, then the selected committee has to represent all of voters in at least the same proportion. This property is a way of selecting a committee that represents completely all of voters when such a committee exists. The usual voting rules in this context do not satisfy this condition.     

Information and Investor Behavior Surrounding Earnings Announcements

The goal of this paper is to analyze the impact of annual earnings announcements on the market through the order flow data in addition to the usual transaction data. In this respect, examining order flow data can potentially reveal valuable information that is not available from transaction data. In fact, the data allow us to test hypotheses about asymmetric information and investor behavior and to test if the behavior varies with investor sophistication. In addition, the paper tries to identify the determinants of the impact on a firm's value using assumptions about investor behavior.