Goal! Profit Maximization Versus Win Maximization in Soccer

In this paper we estimate the best responses of soccer clubs to the choices of other clubs in Spanish and English leagues over the period 1994–2004. We find that choices are more closely approximated by win maximization than by profit maximization in both leagues. We examine club characteristics that might explain variations in choices between Spanish clubs.      

Closure and divestiture by foreign entrants: the impact of entry and post‐entry strategies

We analyze the longevity of foreign entrants explicitly considering two possible ways of exit: firm closure and capital divestiture. We find that entry and post‐entry strategies affect the longevity of firms and of foreign equity holdings, but in different manners. While the ownership arrangements and organizational structure affect the likelihood of divestment, they exert no significant effect upon closure. The entry mode exerts opposite effects on the two modes of exit, greenfield entrants being more likely to shutdown, but less likely to be divested. Only human capital affects closure and divestment in the same manner. Firms with large endowments of human capital are less likely to exit, irrespective of the exit mode considered. Copyright © 2000 John Wiley & Sons, Ltd.     

Ways to improve pioneer new ventures' performance in the ICT industry

This paper analyses how marketing capabilities and low cost orientation improve the performance obtained by technology new ventures that enter the market early. In a sample of 104 new ventures of the Information and Communications Technology (ICT) industry, the authors have developed a regression analysis allowing them to demonstrate the direct and indirect effects proposed in the hypotheses. The results obtained show that early entry into the market has a positive influence on new venture performance, as the joint moderator effect of marketing capabilities and low cost orientation is greater than the effect of each variable taken on its own. Furthermore, this study explores if the effects of the analysed factors are different between telecommunications and electronic and computer new ventures. This study shows that marketing capabilities and low cost strategy are complements rather than substitutes in moderating the relationship between entry timing and new venture's performance, especially for the telecommunications new ventures.     

Interviewing and surveying over the phone: a reflexive account of a research on parenting

This paper is on the role that the phone plays in a mixed-methods empirical research. In the current sociological literature, the phone is a methodological object associated with quantitative fieldwork, while little is said on the phone as a tool for qualitative research. We reflect here on a case study on the use of parental leaves by fathers in Spain, which included the phone as the only communication tool between researchers and subjects. We collect out own experience as interviewers in the qualitative phase of the research project, and interviewed surveyors working in the field. We analyze the discursive data following grounded theory principles and compare the use of both techniques in the data gathering process, including sampling and design. Thus, we consider interviewing and surveying as mediated communication situations. Our findings show that the value of the phone as a tool for research is a matter of adequacy to a given methodology, rather than an issue of validity, reliability, or credibility.     

Regionalism as Industrial Policy: Evidence from MERCOSUR

This paper empirically explores whether trade preferences can be used as a substitute for industrial policy and help countries achieve their industrialization objectives at the expense of other regional members. Results show that Mercado Común del Sur (MERCOSUR) preferences obtained by Brazilian exporters have led to an increase in exports of relatively sophisticated products in which Brazil does not enjoy a global comparative advantage. On the contrary, smaller members of MERCOSUR export to the region products in which they have strong comparative advantages and with relatively low levels of sophistication. This suggests that MERCOSUR has helped Brazil achieve its industrialization objectives, but has not contributed to the industrialization of its smaller members.     

On the evolution of monopoly pricing in Internet-assisted search markets

This study examines the evolution of prices in markets with Internet price-comparison search engines. The empirical study analyzes laboratory data of prices available to informed consumers, for two industry sizes and two conditions on the sample (complete and incomplete). Distributions are typically bimodal. One of the two modes of distribution, corresponding to monopoly pricing, tends to attract such pricing strategies increasingly over time. The second one, corresponding to interior pricing, follows a decreasing trend. Monopoly pricing can serve as a means of insurance against more competitive (but riskier) behavior. In fact, experimental subjects who initially earn low profits due to interior pricing are more likely to switch to monopoly pricing than subjects who experience good returns from the start.     

Boom,slump, sudden stops,recovery, and policy options. Portugal and the Euro

Over the past 20 years, Portugal has gone through a boom, a slump, a sudden stop, and now a recovery. Unemployment has decreased, but remains high, and output is still far below potential. Competitiveness has improved, but more is needed to keep the current account in check as the economy recovers. Private and public debt are high, both legacies of the boom, the slump and the sudden stop. Productivity growth remains low. Because of high debt and low growth, the recovery remains fragile. We review the history and the main mechanisms at work. We then review a number of policy options, from fiscal consolidation to fiscal expansion, cleaning up of non-performing loans, labor market reforms, product market reforms, and euro exit. We argue that at this point, the main focus of macroeconomic policy should be twofold. The first is the treatment of non-performing loans, the second is product market reforms and reforms aimed at increasing micro-flexibility in the labor market. Symmetrically, we also argue that at this point, some policies would be undesirable, among them faster fiscal consolidation, measures aimed at decreasing nominal wages and prices, and euro exit.     

Predicting Efficiency in Angolan Banks: A Two‐Stage TOPSIS and Neural Networks Approach

This paper presents an efficiency assessment of the Angolan banks using Technique for Order Preference by Similarity to the Ideal Solution (TOPSIS). TOPSIS is a multi‐criteria decision‐making technique similar to data envelopment analysis, which ranks a finite set of units based on the minimisation of distance from an ideal point and the maximisation of distance from an anti‐ideal point. In this research, TOPSIS is used first in a two‐stage approach to assess the relative efficiency of Angolan banks using the most frequent indicators adopted by the literature. Then, in the second stage, neural networks are combined with TOPSIS results as part of an attempt to produce a model for banking performance with effective predictive ability. The results reveal that variables related to cost structure have a prominent negative impact on efficiency. Findings also indicate that the Angolan banking market would benefit from higher level of competition between institutions.     

Alice’s dilemma

Mathematician Lewis Carroll used Alice’s adventures in wonderland to introduce what may happen in the singularity of a black hole. Physicists still debate whether the singularity is a window to another universe, like Alice’s mirror, or a deadly trap. Although we are not endangered by black holes, we may soon face another type of singularity, one derived from an overwhelming scientific progress. Extrapolating from last century’s scientific progress, this century will be marked by unprecedented technological breakthroughs. As technologies allow for greater increases in scientific output, the result will be an explosion in scientific progress that will reshape human civilization. We may reach a point, a singularity, where humankind will undergo a deeper change than in the past 100,000 years. In addition to incalculable benefits, technology also yields weapons of increasing destruction. Soon, knowledge may be the only resource necessary to build weapons of mass destruction. Due to the both creative and destructive nature of the human mind, the dilemma is whether the technological singularity will be a bridge to wonderland or if it will mean the end of human civilization.