Import Competition, Productivity, and Restructuring in UK Manufacturing

We discuss the literature on the importance of entry and exitfor raising productivity growth. Using micro data for the UKfor a period from 1980 to 2000, we find that the share of productivitygrowth accounted for by entry and exit has increased considerably:from around 25 per cent in the 1980s to around 50 per cent inthe 1990s. We then ask to what extent increased globalization—measuredas sectoral import penetration—might have explained thisand find effects from both globalization and information andcommunication technology.     

International Technology Transfer by Small and Medium Sized Enterprises

This paper attempts to summarize the key issues involved in the international transfer of technology by small and medium-sized enterprises. All the evidence suggests that small and medium-sized enerprises will not, in aggregate, be the major suppliers and transferrers of technology in the world economy, but they can fill crucial niche roles. The success of these niche roles will be partly determined by the key relationship between firm size and industry size and by small and medium sized enterprises being able to ride the dynamics of the industry.     

Portfolio efficiency of a dynamic capital asset pricing model

In the present study we show that, based on equally weighted portfolios of continuously listed Finnish and Swedish stocks, aDynamic Model of Capital Asset Pricing (DCAPM) outperforms the static Capital Asset Pricing Model (CAPM) in the Super Criterion Test. It is demonstrated that the portfolio efficiency of the dynamic model is improved, when using a properly defined transition matrix in the Kalman Filtering Algorithm.The advice and encouragement of Professor Leif Nordberg (Department of Statistics, Åbo Akademi University) is gratefully acknowledged. I thank Jaana Aaltonen for her assistance in monitoring the computer programs. I also thank an anonymous referee for his valuable comments and suggestions for improving the quality of the paper.     

Analyse der Marktaussichten von Biogasanlagen

Without guaranteed compensation, granted by the German Renewable Energy Sources Act (Erneuerbare Energien Gesetz/EEG), biogas plants compete with all other plant types on the market for electrical energy. However, exchange-based electricity products do not currently permit an economically viable operation of biogas plants owing to their cost situation.     

Can outstanding dividend payments be estimated by American options?

Based on historical market data for American options on a stock and no-arbitrage bounds on future dividends they can!      

Using Technology to Encourage Critical Thinking and Optimal Decision Making in Risk Management Education

This article draws a link between the risk management failures in the financial services industry and the educational philosophy and teaching constraints at business schools. An innovative application of prediction market technology within business education is proposed as a method that can be used to encourage students to think about risk in an open and flexible way. This article explains how prediction markets also provide students with the necessary experience to critically evaluate and stress‐test quantitative risk modeling techniques later in their academic and professional careers.