Diversification for general copula dependence

We generalize the extreme value analysis for Archimedean copulas (see Alink , Löwe and Wüthrich , 2003) to the non-Archimedean case: Assume we have d ≥2 exchangeable and continuously distributed risks X ₁,…, X _d . Under appropriate assumptions there is a constant q _d such that, for all large u , we have . The constant q _d describes the asymptotic dependence structure. Typically, q _d will depend on more aspects of this dependence structure than the well-known tail dependence coefficient.     

The Impact of Chinese Exports on Global Import Prices*

This paper evaluates the evidence bearing on the question of whether China's buoyant export growth has led to significant changes in the import prices, and thus inflation performance, of its trading partners. This evidence suggests that the impact of Chinese exports on global import prices has been, while non‐ negligible, fairly modest. We identify a statistically significant effect of US imports from China on US import prices, but given the size of this effect and the relatively low share of imports in US GDP, the ultimate impact on US consumer prices has likely been quite small. Moreover, imports from China had little apparent effect on US producer prices. Finally, using a multi‐country database of trade transactions, we estimate that, since 1993, Chinese exports lowered annual import inflation in a large set of economies by 0.25 percentage point or less on average.     

Spillovers and the growth of local industries

In this paper we investigate the nature and directions of inter-industry dynamic linkages across Italian manufacturing sectors. We perform a very disaggregated analysis in order to identify, for each 3-digit industry, which composition of industrial activity is more conducive to growth. We find that diversity matters for growth, but each industry needs its own diversity. We provide some evidence of clustering of industries based on dynamic externalities. We find that many spillovers occur within input-output relationships. They often originate in downstream sectors favouring the growth of upstream industries. Lastly, the importance of spillovers does not depend on the technological intensity of the industry.     

Brand-anchored discrete choice experiment (BDCE) vs. direct attribute rating (DAR): An empirical comparison of predictive validity

The image of a brand provides a key driver of brand equity. To build and control a strong brand image though, brand managers require a valid procedure to measure it. This article empirically compares the predictive validity of two measurement techniques to assess brand image: First, a brand-anchored discrete choice experiment (BDCE) which is based on a brand-anchored conjoint approach where brands serve as the levels for any attribute and which was originally introduced as ranting-based approach by Louviere and Johnson Journal of Retailing, 66, 359–382 (1990) and further extended to a BDCE by Eckert et al. International Journal of Research in Marketing, 29, 256–264 (2012). Second, a direct attribute rating (DAR) approach which is commonly used for commercial applications of brand image measurement. An empirical study using a representative sample of the German beer market shows that BDCE shows significantly higher levels of predictive validity (i.e., higher correlations with the actual market shares of the brands under investigation) than the widely used DAR method.     

Predictors of ethical decisions regarding insider trading

This paper examines potential predictors of ethical decisions regarding insider trading. An interactionist perspective is taken, in which person variables, situational variables, and the interaction of these two sets of variables are viewed as influencing ethical decisions. The results of our study support such a perspective. Ethical decisions regarding insider trading appear to be a function of a complex set of interacting variables related to both the person and the situation. The implications of these findings are discussed.David E. Terpstra is Hearin-Hess Professor of Management at the University of Mississippi. A frequent contributor to management and psychological journals, his current research interests involve business ethics, sexual harassment, and human resource management issues.Mario G. C. Reyes is an Assistant Professor of Finance at the University of Idaho. His research and publications have been primarily in the areas of market efficiency, portfolio management, and financial econometrics. He has participated in the Authur Anderson & Co. Conference on Teaching Business Ethics.Donald W. Bokor's research interests are in the domain of organizational structure and development with implications on human behavior and strategic management.     

Highway to Economic Growth? Competition in Public Works Tenders in the Democratic Republic of Congo

The Democratic Republic of Congo (DRC) is one of the poorest countries in the world. The construction sector will play an essential part to bring the country on the path of economic growth, and competition within the sector is crucial to achieve this goal. In this paper, we analyse the effect of competition in public works tenders in the DRC, using a unique and newly assembled database on public works contracts. We find that the number of participating bidders significantly reduces contract prices, confirming our prior hypothesis that competitive pressure can enhance the overall performance of the sector. Further, we account for the possibility of heteregenous tender participants, finding that the competition effect can vary with the degree of bidders' heterogeneity.     

Techno-economics for multi-service fixed access networks

The paper presents techno-economic results for fixed access networks which have been achieved within the IST MUSE (Multi Service Access Everywhere; http://www.ist-muse.org) integrated project in the first phase. The article summarises the results from studies of two major use cases, Network Migration Cases and the Native Ethernet approach. The results are based on a common framework. A specific attention is paid to the first mile deployment scenarios including Fibre to the Cabinet (FTTCab) and Point-to-Point optical networks (PtP). It has been observed that the migration from a best effort access network to a Quality of Service (QoS) enabled multi-service architecture based on Ethernet or IP forwarding is favourable in comparison with an ATM-based evolution scenario. Service enabling new network functionalities like Quality of Service (QoS), multicast and Internet (IP) based auto-configurations are moving closer to subscribers. This leads to an increased intelligence in access networks and related potential Capital Expenditures (CAPEX) savings of about 25% in aggregation networks.     

The structure of the German economy

Exploiting the information contained in an economy’s input-output matrix and using the novel approach developed by Fisher and Marshall (2011), we calculate Rybczynski effects and Stolper–Samuelson effects for Germany in 2007. We show how sectoral output and factor remuneration react to exogenous changes of factor endowments and product prices, respectively. These calculations are implemented using two different models comprising one with labour and capital as the classical production factors and one where we introduce patent stock as an additional factor of production. In the former, we further differentiate between a scenario where all production factors are mobile and one with sector-specific capital. In the latter analysis, we measure the impact of innovation-targeting policy action for sectoral output. Positive Rybczynski effects of patents and high-skilled workers are strongest in knowledge-intensive sectors, while other sectors contract. The introduction of patents as a further production factor has only minor influence on the Rybczynski effects of other factors.     

IAMOT and Education: Defining a Technology and Innovation Management (TIM) Body-of-Knowledge (BoK) for graduate education (TIM BoK)

Whether it is called Management of Technology and Innovation (MOTI), Management of Technology (MOT), Engineering Technology Management (ETM) or Technology and Innovation Management (TIM), the TIM field is rapidly growing and diverse. This diversity is built upon disparate university locations of TIM programs; TIM’s emerging nature, its wide appeal as well as unique researcher and practitioner viewpoints. This has created a plethora of education materials, benchmark programs and pedagogical thought. Yet the field is growing so rapidly that no single source has yet been established which clearly identifies which topics and educational materials represents its basic Body of Knowledge (BoK). If this is so, then there is cause for concern.We review TIM pedagogy studies, TIM research, and the economic realities that initiated and continue to demand TIM education for managers. We leverage the five-year body of knowledge development activities of the International Association for the Management of Technology (IAMOT) education committee. We then develop a TIM BoK topic list and survey stakeholders that include: academics, industrial professionals and government policy makers. We found that there is a need for and convergence on a comprehensive TIM BoK source. The result is a TIM BoK source document that can be utilized to improve and monitor TIM educational programs around the world.     

The Relationship Between Spiritual Well-Being and Ethical Orientations in Decision Making: An Empirical Study with Business Executives in Australia

The purpose of this study was to determine the applicability of Buddhist practices in today’s workplaces. The findings were supported by interviews with Buddhist masters and Buddhist business practitioners, as well as literature review, through phenomenological analysis. As a means of presenting the main reasons why Buddhist practices should be considered in contemporary workplaces, a SWOT analysis is presented. In this analysis, a number of strengths for using Buddhist practices in workplaces are listed such as pro-scientific, greater personal responsibility, and healthy detachment, while potential weaknesses such as non-harming, equanimity, and no competition are also reviewed. Both the strengths and the weaknesses could be listed in reverse if applied to a different extent. Among the opportunities were issues such as re-educating the world of business, enhancing personal ownership and a healthier society, while the threats comprised issues such as creating different imbalances, disinterest, and stationary development.