Do stable strategic time periods exist? Towards new methodological and theoretical insights

This paper investigates a fundamental issue in the current research on strategic groups: the existence or non‐existence of the so‐called ‘stable strategic time periods’ (SSTPs). Our study provides new evidence by adding new methodological and theoretical insights. The research setting is the Spanish banking industry over a 15‐year period, 1983–1997. Unlike all prior longitudinal research that found SSTPs, the multi‐method procedure that we used in this study (i.e. equality of variance and covariance matrix and mean vector of strategic variables and a subsequent grouping analysis performed through the MCLUST) has led us to reject the existence of SSTPs in the industry under study. Based on these original findings, we conclude by suggesting a proposition which should be corroborated in future empirical studies on strategic groups. Copyright © 2007 John Wiley & Sons, Ltd.     

Estimation in the first-order moving average model through the finite autoregressive approximation: Some asymptotic results

To estimate α in the model y_t = u_t+αu_t?1, we consider a proposal by Durbin (Biometrika, 1969). It consists in fitting an autoregression of order k to the data, and deriving from there an estimate α^. The probability limit and the variance of the limiting normal distribution of α^ are presented and discussed in detail, when the sample size T → ∞, but k remains fixed. The differences between the resulting values and those corresponding to the maximum likelihood estimator are exponentially decreasing functions of k. Several modifications of the estimator are discussed and found consistent, but asymptotically inefficient.     

收入水平对居民保险消费的影响研究--基于65个国家(或地区)的实证分析

实证分析表明,人均收入水平较低和较高的国家(或地区),居民的边际保险消费倾向较低,而人均收入水平居中的国家(或地区),居民的边际保险消费倾向较高。这一结论,对于扩大我国居民当前的保险消费具有重要的启示。     

The struggle for space: Past and future of the space race

This article is geared toward shedding some more light on what may be the next space race and its contours.Space flight is undoubtedly a human achievement of the second half of the 20th century, and probably the most audacious one of the past century. The space race started suddenly in the 1950s and has grown explosively during the following two decades, but decreased steadily after the 1970s. After the 1990s, however, we have seen a shy rebirth of space-related activities, when many other actors (states) entered the stage, adding up to the agonizing role of the two-actor piece that we have witnessed during the so-called Cold War.The opening years of the 21st century provided a more complex narrative for space exploration. At the start of the new millennium a new technosphere [1] emerged, dominated by what is used to be called as the Information and Communications Technologies (ICT), with the Internet playing the leading role among the bandwagon of technological novelties that appeared during the twilight of space activities. In despite of the fact that artificial satellites represent the very backbone of the global communications system, space activities seem to play a secondary role amidst the apparently accelerated rate of change concerning the technological systems of the present technosphere. But, as it is demonstrated in this paper, things are changing, and very probably a renewed space race will unfold in the coming decades.A question may be placed: what happened? Why the Earth stood still with regard to the race toward the cosmos? Answer: futurists, even prestigious ones like Herman Kahn and Arthur Clarke, did not consider the existence of socioeconomic long waves (Kondratieff waves, or K-waves for short) with their two decades long economic downturn, which has contributed to the deceleration of space-related activities.Analyzing the worldwide evolving scenario of space-related activities during the last eighty years under the framework of the succeeding K-waves and applying some technological forecasting tools, namely the logistic analysis, technological surveillance and intensive data mining, scrutinizing more than 7500 events occurred in the period 1930–2010 related with space activities, it is demonstrated that the space race like the one that we have witnessed until now is a natural growth process that has saturated at the dawn of this century. The same analysis demonstrates that a new growth process in this field might be nowadays under way with contours very different from that imagined by futurists and science fiction writers sixty years ago. Also the main trends in the usage of launching vehicles and satellites are framed and discussed in this paper.     

Consumer Quality Perception in Traditional Food: Parmigiano Reggiano Cheese

Abstract

The paper aims to classify the quality cues and attributes of grated Parmigiano Reggiano cheese, an Italian traditional food cheese, exploring if they affect consumers’ quality perceptions and expectations. Analysis is based on a questionnaire administered in hypermarkets where grated Parmigiano Reggiano is sold. A factor analysis, using varimax rotation, and a cluster analysis, were performed, using the Stata 12 software package. The clusters used were: geographical origin and packaging (cluster 1); price, brand and quality certification (cluster 2); all sensory attributes (cluster 3); and a combination of sensory attributes with price, brand, and quality certification (cluster 4). This is the first study to examine the quality cues and attributes affecting quality perception and expectations of cheese for grated Parmigiano Reggiano from a consumer perspective. It is also the first to classify cheese attributes following a quality approach, encompassing previously studied sensory and other attributes.     

Cause-Brand Community: Toward Consumer Citizenship

Brand communities have been proven to be successful with commercial brands. However, a review of the literature indicated that brand community has not been studied in charity organizations. To shed light on this issue, a qualitative research was conducted among stakeholders of an internationally well-known charity organization using three different techniques: in-depth interviews, netnography, and nonparticipant observation at the charity’s brandfest. The results suggest that cause-brand communities exist, sharing the same elements of commercial-brand communities, but the two have some unique characteristics, such as the existence of different stakeholders and small communities that demonstrate an extreme commitment, the promotion of consumer citizenship among them, and the lack of oppositional brand loyalty. A cause-brand community has important managerial implications as it helps build the charity’s brand equity; at the same time, a well-known brand supports the construction of the brand community.     

The contribution of granular and fundamental comparative advantage to European Union countries' export specialisation

This paper analyses the contribution of fundamental comparative advantage (a country-specific component) and granular comparative advantage (a firm-specific component) to European Union countries' export specialisation. We find that, on average, granular comparative advantage may explain export specialisation in 29% of industries, which account for 47% of total exports. We also show that 60% of the variation in export specialisation across countries and industries may be explained by granular comparative advantage. These results highlight that some outstanding firms may play a very important role in explaining European Union countries' export specialisation.     

Dissecting interbank risk using basis swap spreads

This paper analyses interbank risk using the information content of basis swap (BS) spreads, floating-to-floating interest rate swaps whose payments are associated with euro deposit rates for alternative tenors. To identify the impact of shocks affecting interbank risk, we propose an empirical model that decomposes BS quotes into their expected and unexpected components. These unobservable constituents of BS spreads are estimated by solving a signal extraction problem using a particle filter. We find that expected components covariate with aggregate liquidity and risk aversion while systemic risk arises as the main driver behind unexpected fluctuations. Our empirical findings suggest that macroprudential analysis emerges as a key device to ease asset pricing in a new multi-curve scenario.