SEBI index: Measuring the commitment to the principles of social banking

As a result of the financial crisis, ethical banking has become a visible phenomenon that has aroused the interest of those clients that are disappointed with conventional banking, as well as that of the scientific community. However, research on ethical banking has just started, with several subjects pending consensus, such as the proper definition or identification of banks considered to be ethical. In view of the above, the objective of this study is, first and foremost, to define the common characteristics of all banks affiliated to the movement; empirically, we shall quantify the level of commitment with the same and, thus, as a result of this quantification, obtain a ranking that classifies the selected banks according to the scores obtained. Regarding the methodology used, the quantification of the level of commitment with ethical banking is done through a new index called SEBI (Social and Ethical Banking Index), designed from the characteristics defined in the study and applied to the banks identified as ethical due to being a part of the main network of this type of banking: The Global Alliance for Banking on Values (GABV).     

A characterization of virtual Bayesian implementation

We provide a characterization of virtual Bayesian implementation in pure strategies for environments satisfying no-total-indifference. A social choice function in such environments is virtually Bayesian implementable if and only if it satisfies incentive compatibility and a condition we term virtual monotonicity. The latter is weaker than Bayesian monotonicity—known to be necessary for Bayesian implementation. Virtual monotonicity is weak in the sense that it is generically satisfied in environments with at least three alternatives. This implies that in most environments virtual Bayesian implementation is as successful as it can be (incentive compatibility is the only condition needed).     

The relationship between Entrepreneurial Orientation,Market Orientation and Performance in University Spin-Offs

The paper aims to examine the relationship between Entrepreneurial Orientation (EO), Market Orientation (MO) and performance in University Spin-Offs (USOs). Initially, the paper, assesses the existence of a moderating effect of MO in the relationship between EO and performance, next, it analyses the mediation role of MO between EO and performance. To strengthen paper results, we test our hypotheses on a cross-sectional sample of 162 Italian USOs using both perceived and objective performance. Findings suggest that there is no synergistic effect of MO and EO as mutually independent constructs. Instead, our evidences support the idea that EO and MO in USOs occur within the same learning process. Both EO and MO support USO performance, but MO cannot occur without EO as an antecedent condition. At the same time, a significant portion of the EO contribution to performance occurs through MO.

     

Balanced sampling of boxes from batches for assessing quality of fruits and vegetables in EU countries

Quality & Quantity - The best evaluation for the proportion of defective units in a batch of fruits and vegetables can be achieved by an exhaustive checking of all the boxes in the batch, that...     

Multifactor productivity and its determinants: an empirical analysis for Mexican manufacturing

The aim of this paper is twofold. First, we estimate production functions for the Mexican manufacturing sector and for 14 comprehensive groups, allowing us to construct various measures of multifactor productivity. Second, we analyse some of the determinants of productivity growth. We find that, on the one hand, there is a positive relationship between market concentration and technology adoption; on the other hand, both technology adoption and human capital promote productivity, whilst market concentration exerts a negative influence on it. Our results suggest that, once controlling for the effect on technology adoption, more concentration impacts negatively productivity growth.     

RESEARCH NETWORKS AS INFRASTRUCTURE FOR KNOWLEDGE DIFFUSION IN EUROPEAN REGIONS

This paper concentrates on the role of research network infrastructure in fostering the dissemination of innovation-related knowledge. It examines the structure of collaborative networks and of knowledge transfer between research, innovation and deployment activities in the field of information and communication technology for the European Union as a whole and for several European regions. Research networks complement diffusion networks by providing additional links and by increasing the number of the organisations involved in sharing and exchanging knowledge. Two types of actors are key players in these networks: hubs and gatekeepers. Hubs maintain the bulk of ties in the networks also helping the smaller and more isolated members remain connected. Gatekeepers bridge research and diffusion networks. Such organisations naturally offer greater policy leverage in establishing a European knowledge infrastructure. Moreover, strengthened inter-network connectivity among research and diffusion activities (deployment) would raise the effectiveness of European research in terms of accelerating innovation.     

Inference on factor structures in heterogeneous panels

This paper develops an estimation and testing framework for a stationary large panel model with observable regressors and unobservable common factors. We allow for slope heterogeneity and for correlation between the common factors and the regressors. We propose a two stage estimation procedure for the unobservable common factors and their loadings, based on Common Correlated Effects estimator and the Principal Component estimator. We also develop two tests for the null of no factor structure: one for the null that loadings are cross sectionally homogeneous, and one for the null that common factors are homogeneous over time. Our tests are based on using extremes of the estimated loadings and common factors. The test statistics have an asymptotic Gumbel distribution under the null, and have power versus alternatives where only one loading or common factor differs from the others. Monte Carlo evidence shows that the tests have the correct size and good power.     

Equilibrium with endogenous technological changes: Theory and applications

In this paper we use a continuous-time general equilibrium model to analyze the problem of evaluating new irreversible investment opportunities that take the form of technological changes. Being a new technology, by definition, not perfectly correlated with the existing ones, the traditional spanning assumption invoked by the Real Option literature is not applicable in this context and a general equilibrium approach provides a more suitable framework. We analyze the problem of optimal consumption and investment of the representative individual in the context of the Cox Ingersoll and Ross (1895) model. We characterize the solution of the model under different assumptions about the utility function of the representative individual and about the parameters describing the technologies in the economy. A major result obtained from the model is the possibility of jumps in the equilibrium rate of return at the time in which technological changes are implemented. This is particularly interesting considering the fact that such jumps are obtained endogenously from the solution of the optimization problem and not imposed by “ad hoc” assumptions on the evolution of some variables.

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Riassunto Un modello di equilibrio economico generale in tempo continuo è utilizzato per analizzare il problema di valutare una nuova, irreversibile, opportunità di investimento che si presenta sotto forma di innovazione tecnologica. Essendo, per definizione, la nuova tecnologia non perfettamente correlata con le tecnologie esistenti, la letteratura delle “opzioni reali” non è applicabile ed un modello di equilibrio economico generale fornisce un ambiente più adatto allo studio del problema. Facendo uso del modello di Cox Ingersoll and Ross (1985) si fornisce una soluzione sotto diverse ipotesi riguardanti la struttura delle preferenze e la natura dell'innovazione tecnologica. Un interessante risultato è la derivazione di possibili discontinuità nel tasso di interesse di equilibrio in corrispondenza dell'adozione della nuova tecnologia.

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I would like to express my gratitude to Vasant Naik, David Peterson, Raman Uppal and especially Burton Hollifield and Tan Wang for helpful discussions and suggestions.