Foreign Banks and Credit Volatility: The Case of Latin American Countries

The number of foreign banks in Latin America increased substantially over the period 1995–2001, prompting a debate on the potential consequences for host countries. Discussions focused on efficiency, the impact on competition and product market diversification in the banking industry, and the quality of the regulatory environment, among other issues. Against this background, this paper uses ARCH techniques to test the impact of foreign banks on both the level and the volatility of real private bank credit in a panel of eight Latin American countries, using quarterly data over the period 1995–2001. The empirical findings show that, together with financial development, the presence of foreign banks has contributed to reducing real credit volatility, improving the buffer shock function of the banking sector.     

The Role of Fair Value Accounting in Promoting Government Accountability

A key factor to improve the financial accountability of governments is the existence of a set of generally accepted financial reporting of standards, such as IPSAS issued by the IFAC, which seek to enhance information transparency. This paper examines the capability of fair value accounting to improve, through financial transparency, government accountability, analysing the possible effect of the implementation of this measurement basis on understandability, comparability and timeliness—three qualitative characteristics linked to the relevance of financial reporting. This paper further considers whether the difficulties involved in achieving FV estimations could affect government financial accountability. The findings indicate that FVA implementation could enhance accountability by improving understandability, comparability and timeliness in governmental financial reporting, although the use of objective measures to estimate the FV of assets is fundamental. In addition, the type of assets and the existence of an active market are crucial to improving the comparability of financial statements under FVA, whereas improving timeliness could be limited by the possibility of estimating FV measures in‐house.     

Determinants of the satisfaction of firms with the competencies of university students: a Spanish case study

Spanish universities pay little attention to business demands with regard to workforce training and to the research that has been developed in this area. The present study analyses the effect of various factors on firms’ satisfaction with the education provided by universities. The factors include the content of the student's major subject of study and social, methodological and participation skills. The data were obtained from a survey of businesses. Although the results obtained show that all of the factors have an impact on overall satisfaction, they are not of equal importance. University managers may be able to use the information obtained from this study as a basis for designing and implementing action that might improve employers’ level of satisfaction, which has considerable positive consequences. Moreover, the study's methodology could be applied to other outputs of universities, such as the research performed.     

Generalized cumulative residual entropy and record values

The Shannon entropy of a random variable has become a very useful tool in Probability Theory. In this paper we extend the concept of cumulative residual entropy introduced by Rao et al. (in IEEE Trans Inf Theory 50:1220–1228, 2004). The new concept called generalized cumulative residual entropy (GCRE) is related with the record values of a sequence of i.i.d. random variables and with the relevation transform. We also consider a dynamic GCRE obtained using the residual lifetime. For these concepts we obtain some characterization results, stochastic ordering and aging classes properties and some relationships with other entropy concepts.     

Plant level evidence on product mix changes in Chilean manufacturing

This article analyzes changes in the product mix by Chilean manufacturing plants in the period 1996–2003. Three quarters of the surviving plants changed the set of products produced and more than three quarters of the exporting plants changed the mix of products they exported during the sample period. Plants that changed their product mix contributed 85% of the aggregate growth in real sales of surviving plants between 1996 and 2003. Finally, and in contrast to the US evidence, there is a negative correlation between revenue per product and the number of products. Apart from this, new evidence consistent with recent models of multi-product heterogeneous firms and trade is provided.     

Assessing gender differences in ‘quick response’ code loyalty promotion acceptance

This study sheds light on quick response (QR) code loyalty promotion in terms of gender. Based on self-construal and gender scheme theories, we posit that the level of both involvement and social anxiety plays a crucial role in the gender effects of loyalty formation for promoted services. A scenario-based study in Japan with 667 consumers is constructed and examines two types of services: bank and supermarket. The findings suggest that, for high involvement (bank), compared with women, males act as competitive gamers who assume greater risk and seek attractive rewards with which to beat corporations, even under high social anxiety conditions. This finding seems consistent with independent self-construal among males. However, there is no significant difference for low involvement (supermarket). The implications are discussed and limitations recognized.     

PROFILE OF A WINE TOURIST AND THE CORRESPONDENCE BETWEEN DESTINATION AND PREFERRED WINE: A STUDY IN ARAGON,SPAIN

Most of the existing characteristics of wine tourists have been based on the point of view of wineries or have been based on the tourists who have visited wineries. It is therefore necessary to establish a more general profile of wine tourists. In conjunction with this, a more in‐depth look must be taken at the motivations for visiting a destination. These motivations can include the production area of a preferred wine. The correspondence between the production area of a preferred wine and the destination selected by a tourist has been taken as a given in the research performed to date, but it has not been studied in depth. The results obtained show that the profile of a wine tourist can be divided into two groups, thereby considering the variables of gender, income, age, belonging to a wine club, wine consumption habits, and involvement in activities related to wine. Moreover, in the analyzed case there is positive correspondence between the place of origin of a preferred wine and the destination selected when participating in wine tourism.     

Changes in the intellectual structure of strategic management research: a bibliometric study of the Strategic Management Journal, 1980–2000

The aim of this paper is to identify the works that have had the greatest impact on strategic management research and to analyze the changes that have taken place in the intellectual structure of this discipline. The methodology is based on the bibliometric techniques of citation and co‐citation analysis which are applied to all the articles published in the Strategic Management Journal from its first issue in 1980 through 2000. Copyright © 2004 John Wiley & Sons, Ltd.     

不平等就是不健康

文森特·纳瓦罗(V icente N avarro)是约翰斯—霍普金斯大学布卢姆博格公共健康学院的教授和普姆蓓—费布拉大学(P om peiiFabra U niversity)的政治社会科学教授。同时,他还兼任国际健康服务杂志的主编。他在约翰斯—霍普金斯大学医学院2003级毕业典礼上演讲指出,“不平等就是不健康”。以下为纳瓦罗教授演讲的主要内容。“不平等就是不健康”,其原因除了不平等的加剧通常会伴随着贫困的加剧(它仅仅是部分正确的)外,更在于不平等本身就会产生这样的消极影响,即社会群体之间和个体之间的差距以及这种差距导致的社会凝聚力(cohesion)不足会…     

Earnings Quality in a Bubble Period: The Case of Construction Activity Firms in Spain

Housing bubbles may result in deep crises that affect all economic systems. This study investigates how the recent housing bubble in Spain has affected earnings quality during the whole bubble. To this end, we use data on mostly private construction activity firms in Spain, that is, construction and real estate companies. Earnings quality is studied by means of the predictive ability of earnings, conservatism, discretionary accruals and real earnings management. The results indicate a progressive decrease in the quality of financial reporting as the bubble develops, as managers try to conceal an underlying downward trend. We further show that earnings quality continues to decline even after the bubble bursts. Overall, this contribution, together with those of other environments, may suggest that, in a bubble context, we have to take care of firms’ earnings quality even some years before the crisis comes to the fore.