On competitive balance in the group stage of the UEFA Champions League*

This article examines competitive balance in the group stage of the UEFA Champions League over the last two decades (1999/2000–2017/2018). Competitive balance is considered both before and after a competition. Have the groups been designed in such a way as to ensure similar levels of competitive balance ex ante? Have the demonstrated strengths (ex post competitive balance) of the different groups been similar over each season? What is the relationship between the competitive balance in the designed groups and that achieved in the same groups after the competition? Are the performance achieved in terms of ex post competitive balance similar to ex ante competitive balance levels? We found that, despite expectations, the groups' ex ante competitive balance was not homogeneous. Although ex ante competitive balance serves as a good predictor, on average, of ex post competitive balance, we observed significant differences at the levels of group and seasons. Therefore, it is possible to improve the design mechanism of the groups that make up the group stage of the champions so that they are composed homogeneously in terms of ex ante competitive balance.     

Association Between Independent Auditor Fees and Firm Value： A Study of Brazilian Public Companies

This article investigates the relationship between fees for audit and non-audit services with Tobin＇s Q. Using a sample of Brazilian public companies in the period from 2009 to 2011, we estimate the association between Tobin＇s Q and the auditors＇ remuneration scaled by total assets. Additionally, to strengthen the conclusions, we present a second model with the remuneration of the auditors in absolute terms. The results suggest a significant relationship between Tobin＇s Q and audit and non-audit fees, positive and negative, respectively. Specifically, increases in audit fees and non-audit fees respectively increase and decrease the Tobin＇s Q of the audited company. The results of this study have important implications for those interested in good corporate governance practices. Managers and board members concerned with value carefully evaluate the remuneration and nature of services creation, when engaging independent auditors, should provided.     

Inter‐firm R&D collaborations and green innovation value: The role of family firms' involvement and the moderating effects of proximity dimensions

The present paper investigates the relationship between the involvement of family firms in R&D collaborations aimed at developing green solutions and the value of resulting innovations. To dig into this relationship, the moderating effects of two proximity dimensions (i.e., geographical distance and technological relatedness) are also assessed. Analyses are based on a sample of 156 joint patents classified into the “Alternative energy production” field, as defined by the International Patent Classification Green Inventory and successfully filed at the United States Patent and Trademark Office in the period 1997–2010 by publicly listed companies. According to our conjectures, results reveal a positive relationship between the involvement of family firms and green innovation value. Moreover, our findings show that this relationship is hindered when partners are geographically distant or technologically proximate. Eventually, we contribute to the literature on green innovation by unveiling under which conditions inter‐firm R&D collaborations lead to more valuable innovations.     

A triple‐win scenario for horizontal collaboration in logistics: Determining enabling and key success factors

Horizontal collaborations emerged as a new strategic option in the logistics sector during the last decade. However, successful implementation of horizontal collaborations is far from a developed issue due to several barriers that exist or emerge when setting up such collaborative projects. This study aims at identifying the enabling factors supporting successful implementation of horizontal collaborations in the logistics sector, and in identifying key success factors that logistics service providers (LSPs) should consider. Results from a within‐ and cross‐case analysis of two horizontal collaboration projects in the contract logistics sector support the proposed theoretical framework, highlighting both enabling and key success factors of horizontal collaborations. The former refers to factors that are related to LSPs, customers, and industries, whereas the latter results in a triple‐win scenario characterised by LSP competences, trust, and environmental management orientation of successful horizontal collaboration projects.     

Cardinal Bayesian allocation mechanisms without transfers

In allocating goods with no use of monetary transfers, random allocation mechanisms can be designed in order to elicit information on preference intensities. I study the nontransfer allocation of two ex-ante identical objects under Bayesian incentive compatibility, with symmetric agents and independent private valuations. I find the ex-ante utilitarian-optimal mechanism, in which the probability of receiving a specified object is used as “numeraire” to purchase probability units of the other object. I characterize this mechanism as an appropriate combination of lotteries, auctions and insurance. The latter element ensures that efficient auctions are feasible. If the problem is constrained to guarantee exactly one object per agent, then the optimal mechanism uses no information other than the agents? ordinal preferences.     

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.     

Transformational tourism as a hero's journey

Transformational tourism is an emerging form of tourism that deserves better attention from researchers and reviewers. This article provides a better understanding of the phenomenon, its varieties and its different stages, drawing on the metaphor of Campbell's archetypical journey of transformation: hero's journey. Using a phenomenological approach, the article tries to shed some light upon the conditions of the touristic experiences that foster transformation. Eight factors were identified: personal situation, being away doing unfamiliar activities, interaction with people, live the moment, difficulty, setting, reflection and integration. The three stages of the hero's journey (departure, initiation and return) are subsequently applied to describe the transformative travel process. The paper concludes with implications for research and professional practice.     

Stock Market Reaction to Monetary Policy: An Event Study Analysis of the Brazilian Case

This article examines the relationship between the monetary policy implemented by the Central Bank of Brazil and the stock market. We implement event study analysis and analyze the effect of the anticipated and unanticipated components of monetary policy decisions on the returns of the IBOVESPA index and 53 stocks. We find that monetary policy has a significant effect on the stock market, but is only responsible for a small proportion of market variation. The analysis at the sector level with expected returns identifies that the financial sector is the most affected by this policy, whereas with excess returns only industrial goods are significantly affected. Moreover, individual assets respond in a rather heterogeneous fashion to monetary policy; however, when we look at excess returns, we identify a reduction in the intensity and in the number of companies impacted by monetary policy. Finally, the monetary shock is explained by unanticipated variations in the unemployment rate, in the Industrial Production Index, in the General Market Price Index, and in the Broad Consumer Price Index.