The use of quasi-experiments in the social sciences: a content analysis

This article examines the use of various research designs in the social sciences as well as the choices that are made when a quasi-experimental design is used. A content analysis was carried out on articles published in 18 social science journals with various impact factors. The presence of quasi-experimental studies was investigated as well as choices in the design and analysis stage. It was found that quasi-experimental designs are not very often used in the inspected journals, and when they are applied they are not very well designed and analyzed. These findings suggest that the literature on how to deal with selection bias has not yet found its way to the practice of the applied researcher.     

Growth dynamics of dedicated biotechnology firms in transition economies. Evidence from the Baltic countries and Poland

Countries undergoing the difficult transition from state ownership to market economies have characteristics which are often portrayed by scholars as adverse to the development of SMEs. Others nonetheless suggest that the performance of such firms can be positively influenced by business strategies. To develop a better understanding of the relation between these two seemingly different standpoints, this paper investigates the effects of (1) human capital; (2) administration system for start-ups; (3) financial capital; and (4) intellectual property rights on the emerging biotechnology industry in Estonia, Latvia, Lithuania and Poland and considers the strategic response of two highly successful dedicated biotechnology firms (DBFs): Bioton in Poland and Fermentas in Lithuania. The results suggest that the decision to implement an internationalization strategy (and alliances with foreign partners) in association with the production of low cost, high quality products can drive the growth dynamics of SMEs.     

Reduced form modeling of limit order markets

This paper proposes a parametric approach for stochastic modeling of limit order markets. The models are obtained by augmenting classical perfectly liquid market models with a few additional risk factors that describe liquidity properties of the order book. The resulting models are easy to calibrate and to analyse using standard techniques for multivariate stochastic processes. Despite their simplicity, the models are able to capture several properties that have been found in microstructural analysis of limit order markets. Calibration of a continuous-time three-factor model to Copenhagen Stock Exchange data exhibits, for example, mean reversion in liquidity as well as the so-called crowding out effect, which influences subsequent mid-price moves. Our dynamic models are also well suited for analysing market resilience after liquidity shocks.     

La Caisse d'Épargne Caixa

Within the updating of commercial and business procedures of the savings and credit bank, the Desjardins Movement has studied foreign models including the Caixa. In spite of notable differences, among others concerning the legal status, both institutions share several common characteristics. After comparing the strategy, structure and culture of both organisations, the author analyses the Caixa's experience (emergence and introduction of the business reengineering; technological, organizational and institutional changes) in order to draw conclusions for the renewal process of the Desjardins Movement.