Filtral preorders and opportunity inequality

We compare profiles of opportunity sets by means of set-inclusion filtral preorders (SIFPs). Some significant results of the classic theory of income inequality are reproduced in the SIFP-framework.     

The early stages of reform in Polish manufacturingStructural adjustment, ownership and size

This paper argues that a significant adjustment process has taken place in Polish industry in the early stages of the market-oriented reforms. We analyse comprehensive data on two-digit and three-digit manufacturing industries, disaggregated by firm ownership and size. By focusing on a decomposition of labour productivity growth, we obtain results which suggest that structural determinants of the recovery have outweighed cyclical ones. With regard to firm ownership and economic performance, we find that the productive response of state enterprises has been markedly different from that of private firms, with the latter outperforming the former. Finally, our results indicate that size matters, at least among private firms, and our results provide mild evidence of increasing returns.
JEL classification: D21, E63, P21.     

Threshold uncertainty in the private-information subscription game

We introduce threshold uncertainty, à la Nitzan and Romano (1990), into a private-values model of voluntary provision of a discrete public good. Players are allowed to make any level of contribution toward funding the good, which is provided if the cost threshold is reached. Otherwise, contributions are refunded. Conditions ensuring existence and uniqueness of a Bayesian equilibrium are established. Further restricting the threshold uncertainty to a uniform distribution, we show the equilibrium strategies are very simple, even allowing for any number of players with asymmetric distributions of values. Comparative statics with respect to changes in players' distributions are derived, allowing changes in both the intensity and the dispersion of values. For example, increased uncertainty, in the sense of mean-preserving spreads of players' distributions of values, increases equilibrium contributions. Finally, we show the equilibrium is interim incentive inefficient. The sharpness of our results greatly contrasts with the more qualified insights of earlier private-values models with known cost threshold, which relied on there being two symmetric players and generally exhibited multiple equilibria.     

Technological Regimes and Schumpeterian Patterns of Innovation

This paper proposes that the specific pattern of innovative activities in an industry can be explained as the outcome of different technological (learning) regimes . A technological regime is defined by the particular combination of technological opportunities, appropriability of innovations, cumulativeness of technical advances and properties of the knowledge base. Building upon the distinction between Schumpeter Mark I and Schumpeter Mark II industries, this paper provides empirical estimates of the relationships between indicators of the Schumpeterian patterns of innovation (concentration of innovative activities, stability in the hierarchy of innovators and importance of new innovators) and indicators of the variables defining technological regimes.     

Completing the technology transfer process: M&As of science-based IPOs

This paper investigates the valuation and merger and acquisition (M&A) dynamics of the population of 254 biotech firms that went public in Europe between 1990 and 2009. Among these, we identify a high proportion (40%) of firms affiliated with a university or another public research organization. After controlling for intellectual capital and other possible determinants, we find that affiliation with a university is recognized as beneficial by investors. This affiliation enhances the valuation of the firms and the probability of being targeted in subsequent M&As, particularly in cross-border deals. We conclude that following the initial public offering acquisitions by incumbent firms are mechanisms to finalize the technology transfer process started in a research institute. Our findings allow us to derive implications for venture investors, academic entrepreneurs, university managers, and policymakers.     

The impact of outward FDI on the home country's labour demand and skill composition

The present paper adds to the literature investigating the effects of outward FDI on the home country employment and skill composition. Considering the “industrial region” as the unit of the analysis, we capture both direct and indirect effects of foreign production on the parent company and its environment. The empirical evidence refers to the internationalisation of production by Italian firms throughout the period 1996–2002, and it shows that foreign activities have a negative impact upon the demand for low skilled workers in the parent company's “industrial region”, but also on the demand for high skilled workers when FDI are addressed to high income countries.     

New Tools to Foster Corporate Socially Responsible Behavior

According to the Green Paper presented by the European Commission in July 2001, corporate social responsibility (CSR) is “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis” (Commission of the European Communities, 2001b, p. 6). On this basis, in 2002, the Italian Government, and especially the Italian Ministry of Welfare, launched an initiative called CSR-SC (social commitment) in order to foster the proactive social role of Italian enterprises, with great attention on SME involvement. The technical partner of the Italian Ministry of Welfare for this initiative is Bocconi University. The goal of this contribution is to present the main results of CSR–SC research project developed by Bocconi University. The paper provides a detailed picture of the general scheme designed to carry out the research project and a review of the different methodologies used to support the solutions proposed.     

Purchasing management in the luxury industry: organization and practices

Traditional supply chain models were developed mainly for non-luxury companies and find very little correspondence in the field of luxury, which is considered here as a business super-area including heterogeneous enterprises, belonging to different sectors, which have in common customers characterized by the “need for luxury”. The objective of this paper is to investigate, through a multiple case-study research, peculiar purchasing and supply management practices put in place by luxury firms and to provide a classification of the most recurring approaches. Relevant dimensions (i.e. product complexity and sale volume) to classify luxury firms practices have been used: as a result, four groups of companies have been identified and their purchasing practices described.     

On the Ramsey equilibrium with heterogeneous consumers and endogenous labor supply

In this paper, we address the stability issue, stressing the role of labor supply, in a Ramsey model with heterogeneous households subject to borrowing constraints. Making labor supply endogenous leads us to prove the existence of two kinds of steady state: the one where everybody supplies labor, the other where only the most patient agent refrains from working. Going beyond models with inelastic labor supply, we show how preferences of impatient agents affect the saddle-path stability of each type of steady state and the occurrence of endogenous cycles. When their elasticity of intertemporal substitution in consumption exceeds one, instability and cycles are less likely, requiring lower degrees of capital-labor substitution. Conversely, elasticity values below one promote the emergence of fluctuations. We end the paper by showing the existence of the intertemporal equilibrium under market incompleteness, using a local approach based on the first-order conditions.     

Supply Determinants of Mining Companies: Evidence for Gold and other Minerals in South Africa

Supply determinants of mining companies have been identified in several factors, with no consensus on their relative importance. These factors, which include mineral commodity prices, the institutional framework, geological characteristics, the scale of mine operations, and specific features of the controlling holdings, can influence the objectives of the mines, and their ability to achieve these objectives. Following a brief overview of alternative literature hypotheses concerned with mineral supply determinants, statistical and econometric analyses are applied to partly pooled cross-mine data over the period 1984–95, for gold and other major export minerals in South Africa. — Des déterminants de l’offre des sociétés minières ont été identifiés dans différents facteurs sans qu’un consensus se dégage quant à leur importance relative. Ces facteurs, au nombre desquels figurent les prix des produits minéraux, le cadre institutionnel, les caractéristiques géographiques, la taille de l’exploitation minière et les caractéristiques de la société de holding majoritaire, peuvent influer sur les objectifs des mines et sur leur aptitude à atteindre ces objectifs. Après une brève revue des hypothèses sous-tendant diverses théories relatives aux déterminants de l’offre des produits minéraux, une analyse statistique et économétrique est effectuée à partir de données partiellement communes, portant sur la période 1984–95, concernant l’or et d’autres importants produits minéraux d’exportation en Afrique du Sud.