Identifying cycling-inducing neighborhoods: A latent class approach

Understanding how spatial attributes of cities and neighborhoods induce cycling is relevant for urban planning and policy making. In this work, ordered logit and latent class models are specified and estimated to analyze how the built environment affects bicycle-commuting frequency. Data come from a survey to 1,487 people in the city of Santiago, Chile, including sociodemographic information, travel behavior patterns and place of residence and work. Using geographic information systems tools, the built environment was characterized with variables calculated for a 500-m-radius buffer around the residential and work locations of each individual. Two models are estimated, first an ordered logit model confirms that built environment variables effect on cycling is similar to what has been reported in the literature, with some new findings such as an increase in cycling when public transport accessibility is low and the role of built environment attributes at the destination. Second, a latent class ordered logit is used to identify two classes of neighborhood in term of their cycling patterns, as a function of their density, presence of cycling infrastructure and distance to the main activity center of the city. This result allows to map the class membership probabilities, potentially helping to identify neighborhoods that encourage cycling and providing relevant information for policy making and infrastructure decisions.     

Institutional and organizational trajectories in social economy enterprises: Resilience,transformation and regeneration

Social economy enterprises (SEEs) are arousing notable interest as promising alternatives where social innovation, business ownership and governance are concerned. In this context, a renewed debate about the internal changes and organizational trajectories experienced by these organizations has emerged in the scholarly literature. This special issue aims to contribute to ongoing debates in this field by advancing our understanding of the external pressures and internal dynamics that can trigger degeneration in SEEs, the conditions and factors that allow SEEs preserving their hallmark values and practices, and the resources and processes of organizational change that SEEs can deploy to overcome degeneration and regenerate. In this editorial introduction we introduce the topic of research, describe the content of the current special issue, and highlight some conclusions and possible directions for future research.     

Ownership,governance, and the diffusion of HRM practices in multinational worker cooperatives: Case‐study evidence from the Mondragon group

Drawing on a qualitative study of one Mondragon multinational worker cooperative (WC) based on longitudinal data and in‐depth interviews, our research evidences the contradictions that internationalisation poses in WCs, both through privileging managerial control at the expense of worker–member participation and through the setting‐up of capitalist subsidiaries in which employees are excluded from ownership and decision‐making. It further shows how institutions, power relations, and interests shape transfer in WCs, supporting the diffusion of certain human resource management (HRM) practices on grounds of efficiency but hampering the implementation of core cooperative practices. We make a threefold contribution: first, to a strand of inquiry focused on the influence of corporate governance on HRM; second, to the field of international HRM by analysing the cross‐national diffusion of HRM practices in WCs; and third, to ongoing debates on the challenges that WCs face when striving to balance the economic and social dimensions in globalisation.     

Preliminary Evidence on Takeover Target Returns in Spain: A Note

This paper measures the share price returns to Spanish takeover targets over the period 1990 to 1994. Using several estimation and testing methods, we show that target shareholders gain significant abnormal returns in the announcement period. In the first part of the year before the announcement period, firms that become targets do not show significant abnormal returns, though there is some significant upturn in the two months before the bid.     

Country Risk,Regulation, and Liquidity Transformation in Palestine and Neighboring Countries

This study analyzes the impact of economic, financial, and political instability on the liquidity transformation of banks operating in unstable environments. Our main goal is to assess the relationship between overall risk in a country and liquidity transformation. With this goal in mind, we use a sample of five Middle Eastern countries during the period 2005–2010. Our results showed that the high-risk environment has a significant and negative impact on both liquidity transformation and the extension of credit. In addition, we conclude that high capital requirements may reduce further lending, while imposing liquidity requirements seems to be a better strategy for enhancing liquidity transformation.     

The Reaction by Industry Insiders to M&;As in the European Financial Industry

This paper looks at the reaction by industry insiders, industry analysts and competing firms, to the announcement of M&As that took place in the European Union financial industry in the period 1998–2006. Analysts covering firms involved in an M&A transaction do not significantly alter their recommendation. This is consistent with the hypothesis that the transaction on average is “fairly priced” and that stock market prices reflect all relevant information on the assets. We also find that the correlation between excess returns for merging and competing firms is positive and, in some cases, significantly higher for domestic mergers than for international deals. This is consistent with the idea that domestic deals are more likely to have a negative impact on industry competition.

The Behavioral Effects of Negative Product Placements in Movies

No previous studies have examined how negative brand placements influence consumer behavior. According to this study's theoretical framework and empirical results, the effectiveness of these placements varies with the type of negativity—that is, either intrinsically or extrinsically connected to the brand. Based on the elaboration likelihood model, an intrinsically (extrinsically) negative placement will be very (barely) relevant to the viewers who, having (lacking) enough motivation, will process the information through the central (peripheral) route of persuasion. Under the central route, a careful consideration of the intrinsically negative information will discourage the viewers from consuming the brand, especially when they perceive the movie content as being realistic. Under the peripheral route, the extrinsically negative information will not be strong enough to discourage the brand users from consuming the product but will stimulate the brand nonusers to consume it, especially when these people like the movie and have a positive attitude to advertising. The hypothesized effects were confirmed in an experiment with 1103 moviegoers that viewed the film Good Bye, Lenin! under natural conditions in Santiago, Chile. To isolate the influence of two brand placements (Burger King with intrinsic negativity and Coca‐Cola with extrinsic negativity), the participants were randomly assigned to two groups, each one of which viewed the movie with only one of the two placements (the other had been removed).     

Risk forecasting models and optimal portfolio selection

This study analyses, from an investor's perspective, the performance of several risk forecasting models in obtaining optimal portfolios. The plausibility of the homoscedastic hypothesis implied in the classical Markowitz model is dicussed and more general models which take into account assymetry and time varying risk are analysed. Specifically, it studies whether ARCH-type based models obtain portfolios whose risk-adjusted returns exceed those of the classical Markowitz model. The same analysis is performed with models based on the Lower Partial Moment (LPM) which take into account the assymetry in the distribution of returns. The results suggest that none of the models achieve a clearly superior average performance. It is also found that models based on semivariance perform as well as those based on the variance, but not better than, even if the evaluation criterion is based on the Reward-to-Semivariance ratio. When attention turns to the analysis of worst case performance, the results are clearly different. Models which employ LPM with a high degree of risk aversion (n>2) as the risk measure are consistently superior to those which employ a symmetric measure, either homoscedastic or heteroscedastic.     

A Nonparametric Test for I(0)

There is frequently interest in testing that a scalar or vector time series is I(0), possibly after first-differencing or other detrending, while the I(0) assumption is also taken for granted in autocorrelation-consistent variance estimation. We propose a test for I(0) against fractional alternatives. The test is nonparametric, and indeed makes no assumptions on spectral behaviour away from zero frequency. It seems likely to have good efficiency against fractional alternatives, relative to other nonparametric tests. The test is given large sample justification, subjected to a Monte Carlo analysis of finite sample behaviour, and applied to various empirical data series.     

Top Incomes in Chile: A Historical Perspective on Income Inequality, 1964–2017

We present a novel series of Chilean top-income shares covering half a century, mainly based on income-tax declarations and the National Accounts. Such a time frame of analysis is still rare in the literature of developing countries. We distinguish between a fiscal-income series (1964–2017) and an adjusted series (1990–2017). The former covers individual income, while the latter also includes corporate undistributed profits, which affects both levels and trends. The fiscal-income estimates start with low levels and a decreasing trend over the 1960s. They then increase rapidly during the dictatorship years (1973–89). The series ends with a high, yet slowly decreasing, concentration for most of the recent democratic period (1990–2017). By contrast, the adjusted series has followed a U-shape since the return of democracy, contradicting the established consensus on falling inequality over the period. Furthermore, Chile ranks among the most unequal countries in both the OECD and Latin American countries over the period.