Spatial distribution of employment opportunities in the city of Santa Cruz de Tenerife

The analysis of spatial mismatches in access to employment remains a very important area of labour market literature. A particular case is that of the mismatches in urban labor markets, which can result in substantial differences in the employment opportunities available in city centre and suburbs. This study examines the spatial mismatches present in the labour market of Santa Cruz de Tenerife. To that end, the results of a survey taken in 2003-2004 with a sample of 2000 city residents were reviewed. Results confirm the importance of transport policy for city residents; they suggest that public transport linking the different districts to the city centre should be reviewed.     

Dynamic cost indexing – Managing airline delay costs

This paper develops a decision-support tool for managing flight delay costs in the pre-departure and airborne phases of a flight. The dynamic cost indexing tool trades accelerated fuel burn against ‘cost of time’ and environmental impact. Many airlines have significant barriers to quantify the various components of ‘cost of time’. There are no industry standards for defining and interfacing the necessary tools. Dynamic estimation of passenger delay costs, delay recovery decision windows and air traffic control cooperation are key constraints. Short-term opportunities for saving fuel and/or reducing environmental impacts are identified.     

Customers' cognitive patterns of assurance: a dual approach

Assurance has been identified as a key service quality dimension but has not attracted theoretical and empirical attention on a distinct basis. The present pilot study adopts both qualitative and quantitative methods to look at how distinct customer groups (internal and external) perceive assurance in particular when they evaluate service quality. Evidence comes from 83 individuals of the medical staff and 79 patients at an outpatient unit. The novelty of the present study lies in the combination of means–end analysis with a probabilistic model to ground the conceptually appealing composite structure of assurance on a more concrete attribute foundation. Findings suggest that while the groups under investigation realize different benefits in achieving assurance, they share a common guide when prioritizing service-related attributes, namely the professional capacity of personnel. Overall, assurance proves itself to be critical, at least for the healthcare sector.     

Improving customer-focused marketing capabilities and firm financial performance via marketing exploration and exploitation

Evidence within the marketing literature has shown that marketing capabilities are important drivers of firm performance. However, very little is known about how firms improve their marketing capabilities via the embedding of new market knowledge. Organizational learning theory provides us with a theoretical lens through which we can examine how existing customer-focused marketing capabilities may be improved and new customer-focused marketing capabilities may be created via marketing exploitation and exploration capabilities. In addition, this study investigates whether ambidexterity in marketing exploration and exploitation exists and finds that firms cannot do both at high levels without risking a negative impact on customer-focused marketing capabilities. This study also presents findings demonstrating how improving the two customer-focused marketing capabilities in our study, brand management and customer relationship management, impacts objective financial performance.     

Securitization without adverse selection: The case of CLOs

In this paper, we investigate whether securitization was associated with risky lending in the corporate loan market by examining the performance of individual loans held by collateralized loan obligations. We employ two different data sets that identify loan holdings for a large set of CLOs and find that adverse selection problems in corporate loan securitizations are less severe than commonly believed. Using a battery of performance tests, we find that loans securitized before 2005 performed no worse than comparable unsecuritized loans originated by the same bank. Even loans originated by the bank that acts as the CLO underwriter do not show under-performance relative to the rest of the CLO portfolio. While some evidence exists of under-performance for securitized loans originated between 2005 and 2007, it is not consistent across samples, performance measures, and horizons. Overall, we argue that the securitization of corporate loans is fundamentally different from securitization of other assets classes because securitized loans are fractions of syndicated loans. Therefore, mechanisms used to align incentives in a lending syndicate are likely to reduce adverse selection in the choice of CLO collateral.     

A destination VAT for CIS trade

This paper was originally produced as a co-operative study between the Fiscal Affairs Department and the European II Department of the International Monetary Fund. It is intended for inclusion in a special issue on fiscal policy of the journal MOCT-MOST, Economic Policy in Transitional Economies (Kluwer Academic Publishers). The authors would like to thank Henri Lorie, of the European II Department, and John Crotty and James Walsh, of the Fiscal Affairs Department, for their extensive contributions to the analysis. They also wish to thank the numerous staff members of the two departments who made factual contributions to this effort.