Using patent information for designing new product and technology: keyword based technology roadmapping

With the rapid change in markets and technologies, it is becoming essential for firms to develop new products constantly. This can most successfully be achieved by using technology roadmaps (TRMs), which are effective tools for connecting product and technology planning. However, TRMs generally tend to overstate the qualitative and expert-dependent knowledge rather than incorporating quantitative and objective information. This paper proposes a new approach where patent data are used in a quantitative methodology to support reliable decision-making in roadmapping processes. In this study, text-mining techniques were utilized to extract the relevant information on which portfolio, co-word, and network analyses were carried out. The results were three types of product-technology maps that can be applied to specific roadmapping steps. The suggested approach is expected to yield useful information about roadmapping, and help improve the overall effectiveness and quality of the technique.     

When is dependence on other organizations burdensome? The effect of asymmetric dependence on internet firm failure

Although critical resource providers offer ample access benefits to deficient firms, dependence on these resource providers is burdensome because dependency places deficient firms into a vulnerable position, especially when the dependency is asymmetric. Thus, we ask: Is it better to balance dependence among critical resource providers or asymmetrically depend on one if there is more than one resource provider? We use a unique context of the internet industry where satellite internet firms depend on portals that provide Web traffic and find that asymmetric dependence on portals increases the likelihood of failure, but market leaders suffer less from asymmetric dependence, while satellite internet firms with higher dependence on portals suffer more from asymmetric dependence. Copyright © 2014 John Wiley & Sons, Ltd.     

The financial system and the Pasinetti theorem

Palley (Inside debt, aggregate demand, and the Cambridge theoryof distribution, Cambridge Journal of Economics, vol. 20, no.4, 465–74, 1996; Financial institutions and the Cambridgetheory of distribution, Cambridge Journal of Economics, vol.26, no. 2, 275–7, 2002) considers the Pasinetti theoremin the context of the credit money system where banks generatedebts endogenously, and claims that the theorem ceases to holdin such a system, being valid only in the loanable funds system.This paper traces the root of Palley's claim to his assumptionregarding the ownership of banks, sets out an alternative (morerealistic) ownership arrangement, and thereby restores the Pasinettitheorem unscathed in the credit money system (at least in thekind Palley must have considered). The paper, however, uncoversthe case where the theorem indeed collapses and discusses thereason for it: the hoarding of a non-interest-bearing asset.     

Transpacific Trade Imbalances: Causes and Cures

This paper explores the causes of the transpacific trade imbalances using an empirical global model. It also evaluates the impact of various policies to reduce these imbalances. We find the fundamental cause of trade imbalance since 1997 is changes in saving‐investment gaps, attributed to the surge of the US fiscal deficits and the decline of East Asia's private investment after the 1997 financial crisis. Our simulation results show that a revaluation of East Asia's exchange rates by 10 per cent (effectively a shift in monetary policy) cannot resolve the imbalances. We find East Asia's concerted efforts to stimulate aggregate demand can have significant impacts on trade balances globally, but the impact on the US trade balance is not large. US fiscal contraction is estimated to have large impacts on the US trade position overall and on the bilateral trade balances with East Asian economies. These results suggest that in order to improve the transpacific imbalance, macroeconomic adjustment will need to be made on both sides of the Pacific.     

Banks and the world’s major banking centers, 2000

We update earlier articles on the determinants of interpenetration of financial centers by banks and analyze the substantial changes that have occurred between 1990 and 2000. First, the number of banks and the number of offices in other centers has fallen by over 20 percent since 1990. Second, aggregate interconnectedness has held steady between 1990 and 2000, though there is an increasing asymmetry. Third, Tokyo has lost rank as a center, while Hong Kong and Singapore have continued to gain importance. Fourth, Frankfurt, rather than gaining importance with the advent of the euro, has apparently lost importance. Lastly, some explicit or implicit agreements between banks from different countries not to compete in each other's markets have continued to wane, though intra-European interpenetration remains relatively low. JEL no. F30, G15, G21     

IS THERE A SIGNALING EFFECT OF UNDERWRITER REPUTATION?

In this article we examine the effect of underwriter reputation on the abnormal return due to an announcement to issue seasoned new equity. After controlling for other factors that relate asymmetric information to abnormal returns, underwriter reputation still significantly reduces the magnitude of the negative announcement effect. We also develop a procedure to extract a signaling component from the measure of underwriter reputation. We show that the signaling component of underwriter reputation positively and significantly affects abnormal returns. This result supports the notion that issuing firms use underwriter reputation as an effective instrument to signal that their stocks are not overvalued. JEL classification: D82, G24, G30     

Measuring education over time: A comparison of old and new measures of eduction from the Current Population Survey

An established practice by economists when using the Current Population Survey (CPS) data on educational attainment is to use the highest grade completed. However, results shown in this paper suggest that it is better to treat those who attended the 13th grade but did not complete the grade as having some college education rather than associating them with those who only have a high school diploma.     

Cultural Differences in Consumer Responses to Celebrities Acting Immorally: A Comparison of the United States and South Korea

Journal of Business Ethics - Scandals involving celebrities’ moral transgressions are common in both Western and Eastern cultures. Existing literature, however, has been primarily based on...