The introduction of seasonal unit roots and cointegration to test index aggregation optimality: An application to a Spanish farm price index

In this paper we present a methodological proposal of the way integration and cointegration analysis can best be used to test if the level of aggregation of an index is adequate. Using this proposal, we enquire the extent to which a Spanish aggregate farm price index captures the behavior of its components. First version received: October 1994/final version received: September 1998     

Explanatory factors of the inflation news impact on stock returns by sector: The Spanish case

We study the short run response of daily stock prices on the Spanish market to the announcements of inflation news at an industrial level, deepening the potential explanatory factors of this response (risk-free interest rate, risk premium and growth expectations). We observe a positive and significant response of the stock returns in case of “bad news” (total inflation rate higher than expected one) in recession, and also in case of negative inflation surprises (“good news”) in non-economic recession. This behaviour is consistent with the evolution of the company dividend growth expectations, since we observe that the relationship between this theoretical component of the stock price and the unexpected inflation, to a large extent, seems to explain the observed behaviour.     

About Gender Differences and the Social Environment in the Development of Entrepreneurial Intentions

This study analyzes the interplay between gender differences and the social environment in the formation of entrepreneurial intentions. Data were obtained from two different European regions. The results show that the formation of entrepreneurial intentions is similar for men and women. At the same time, men consistently exhibit more favorable intentions than women do. Nevertheless, the perception of the social legitimation of entrepreneurship only serves to reinforce male entrepreneurial intentions, and not those of women. This holds for both regions and probably is a consequence of women feeling entrepreneurship to not be an acceptable career option for them. The implications of these results are discussed.     

Increasing a brand’s competitive clout: the role of market share,consumer preference,and price sensitivity

The market power (or ‘competitive clout’) of a brand is an increasingly important component of modern marketing strategies. However, the factors that enhance a brand’s competitive clout (BCC) are poorly understood. This study therefore suggests an integrated model of BCC and three factors that are proposed to play a role in its formation: (i) consumer price sensitivity; (ii) brand market share; and (iii) consumer brand preferences. These variables are examined both individually and simultaneously to demonstrate the direct effect of each on BCC and how their inter-relationships contribute to BCC. In doing so, a two-step empirical analysis is conducted. First, two multinomial logit models provide an own- and a cross-price response matrix for a chosen set of competitive brands. Secondly, BCC is regressed against the variables of market share, intrinsic preferences, and price sensitivity using an interaction effects regression model. The results of the analysis show that market share is not the only way to increase BCC; in particular, consumer preferences, and especially pricing decisions, are shown to play a key role in developing a strong brand.     

Driving under the influence of alcohol in Cali,Colombia: prevalence and consumption patterns, 2013

This study's goal was to establish the prevalence of driving under the influence of alcohol (DUI) and alcohol consumption patterns among drivers in Cali, Colombia, in 2013. A cross-sectional study based on a roadside survey using a stratified and multi-stage sampling design was developed. Thirty-two sites were chosen randomly for the selection of drivers who were then tested for blood alcohol concentration (BAC) and asked to participate in the survey. The prevalence of DUI was 0.88% (95% confidence intervals [95% CI] 0.26%–1.49%) with a lower prevalence when BAC was increasing. In addition, a higher prevalence was found during non-typical checkpoint hours (1.28, 95% CI ?0.001%–0.03%). The overall prevalence is considered high, given the low alcohol consumption and vehicles per capita. Prevention measures are needed to reduce DUI during non-typical checkpoints and ongoing studies are required to monitor the trends and enable the assessment of interventions.     

Price versus quantity in a duopoly of vertical differentiation with loss-averse consumers

In a model à la Mussa and Rosen (1978) in which consumers are loss-averse, I check the robustness of the result obtained by Tanaka (2001). As he did, I find that the quantity contract is a dominant strategy for both firms. Thus, Cournot is the outcome in equilibrium. Finally, I find that loss aversion in general intensifies competition.     

Innovation and service-dominant logic

Radical changes have occurred in innovation management. Traditional goods-dominant logic has shifted to service-dominant logic, where value is created for use instead of exchange. Customers are tied to organizations to co-create value. The focus of this special issue is on high quality, original, unpublished research, case studies, and implementation experiences. The issues are covered, including the collaborative workplaces for innovation in service companies, the financial crisis in hospitality industry, the role of quality management in innovation, and the value logic in service.     

Intangibles Trade and MNEs: Supply-Chain Trade in R&D Services and Innovative Subsidiaries

This paper contributes to the literature on vertical specialization in R&D (or ‘R&D fragmentation’) and trade in intermediate services by examining the role of multinational enterprises (MNE) activities associated with bilateral foreign direct investment (FDI). Prior work in production networks (or global value chains [GVCs]) and R&D fragmentation suggests a complementarity relationship between FDI in R&D and technological knowledge flows. The paper examines this proposition empirically for R&D services trade by extending the gravity framework of supply-chain trade for intermediate services with bilateral MNE operations as economic mass variables. The results are partially consistent with the hypothesized complementarity. The econometric strategy accounts for zero trade observations. The latter addresses possible selection and consistency issues of traditional gravity trade specifications, and allows exploring extensive vs. intensive margin of trade. Understanding the role of MNEs in these transactions may be useful for policies aimed at increasing participation and upgrading in MNE-driven GVCs.     

Promotion and Coevolutionary Dynamics in Contemporary Capitalism

We characterize the dynamics of contemporary capitalist societies as emerging from the coevolution of five different subsystems: the intimate realm of individuals, the market, the state, civil society, and nature. We highlight a specific coevolution mechanism between some of these subsystems, which we call promotion. The insights from this coevolution approach are twofold. On one hand, from the ontological and heuristic perspectives, we argue that our proposal opens the possibility for constructing a general, interpretative framework in evolutionary economics. On the other hand, from a theoretical-explanatory perspective, we detect certain coevolution paths that may engender global pathologies in capitalist societies. We also suggest that future research may explore some normative implications of this approach, as well as alternative methodological strategies to develop it.