R & D expenditures and import competition: Some evidence for the U.S.

Zusammenfassung F & E-Ausgaben und Importkonkurrenz. Einige Befunde für die USA. - Die Verfasser untersuchen den Einflu? der Importkonkurrenz auf die F & E-Aktivit?ten der amerikanischen Industrie. Die theoretische Diskussion deutet daraufhin, da? eine verst?rkte Importkonkurrenz die F & E-Ausgaben nur in hochtechnologischen Industriezweigen erh?ht, w?hrend Industrien mit geringerer Technologie wahrscheinlich als Antwort andere Strategien w?hlen. Der empirische Befund für die Jahre 1972-87 scheint diese Annahme zu best?tigen.

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Résumé Des dépenses pour la R & D et la concurrence de l’importation: Quelques preuves pour les Etats Unis. - Dans cette étude les auteurs examinent l’effet de la concurrence de l’importation sur l’activité de R & D dans l’industrie américaine. La discussion théorique propose qu’une intensification de la concurrence de l’importation augmenterait les dépenses pour la R & D seulement dans les industries d’une technologie supérieure tandis que les industries d’une technologie inférieure probablement choisiraient une réaction différente. Les preuves empiriques pour les années 1972 à 1987 semblent confirmer cette proposition.

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Resurnen Gasto en I & D e importaciones competitivas: alguna evidencia para los EE UU. - En este trabajo se investiga el impacto de importaciones competitivas sobre la actividad de I & D en la industria de los EE UU. La discusión teórica sugiere que un aumento de la competencia por parte de las importaciones podria elevar el gasto en I & D de las industrias de tecnología avanzada, mientras que en las industrias de menor nivel tecnológico la respuesta podría ser diferente. La evidencia empírica para los a?os 1972–1987 parece confirmar esta propositión.

     

Rekommunalisierung versus Neukonzessionierung der Energieversorgung

The current trend back to municipal utilities (??remunicipalisation??) in the German energy system shows very different approaches and variants in the real cases. Converting the distribution network from privately-owned distribution companies to municipally-owned entities often forms the starting point of such restructuring processes. Ecological or regional development motivations are at the forefront of public debates. The authors emphasize the importance of energy economic aspects of this problem. Advantages and disadvantages of remunicipalisation projects depend strongly on the specific regional circumstances. Important factors are the potentials for cooperation and expansion of the business activities. Moreover, the price which has to be paid for taking over the network infrastructure has to be taken into account as the decisive parameter: The price for buying or renting the network and the possible revenues on the backdrop of incentive-based regulation define the economic viability for the municipality. Many of the often heard arguments pro remunicipalisation, such as the objective of decentralized energy supply, labour effects and municipal contributions to climate protection, do not fully convince in the end; as well the fiscal status of many municipalities in Germany is severe. Nonetheless remunicipalisation must not be rejected in general because there is no general proof for welfare losses resulting from these projects. In fact, it depends mainly on local influencing factors to what extent municipalities should be or become active in the field of energy supply. Among the most important aspects the preferences of the citizens, the environmental and political aims of the municipality (so far they are defined) and the available resources of the municipal decision making persons and bodies must be mentioned. However, in economic terms the leeway for the municipality remains restricted by the costs of operating the network and tariff regulation.     

How large is liquidity risk in an automated auction market?

We introduce a new empirical methodology that models liquidity risk over short time periods for impatient traders who submit market orders. Using Value-at-Risk type measures, we quantify the liquidity risk premia for portfolios and individual stocks traded on the automated auction market Xetra. The specificity of our approach relies on the adequate econometric modelling of the potential price impact incurred by the liquidation of a portfolio. We study the sensitivity of liquidity risk towards portfolio size and traders' time horizon, and interpret its diurnal variation in the light of market microstructure theory.

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On a class of law invariant convex risk measures

We consider the class of law invariant convex risk measures with robust representation r_h,p(X)=sup_fò₀¹ [AV@R_s(X)f(s)-f^p(s)h(s)] ds\rho_{h,p}(X)=\sup_{f}\int_{0}^{1} [AV@R_{s}(X)f(s)-f^{p}(s)h(s)]\,ds, where 1≤p<∞ and h is a positive and strictly decreasing function. The supremum is taken over the set of all Radon–Nikodym derivatives corresponding to the set of all probability measures on (0,1] which are absolutely continuous with respect to Lebesgue measure. We provide necessary and sufficient conditions for the position X such that ρ _h,p (X) is real-valued and the supremum is attained. Using variational methods, an explicit formula for the maximizer is given. We exhibit two examples of such risk measures and compare them to the average value at risk.     

Commonalities in the order book

This paper uses data from one of the most important European stock markets and shows that, in line with predictions from theoretical market microstructure, a small number of latent factors captures most of the variation in stock specific order books. We show that these order book commonalities are much stronger than liquidity commonality across stocks. The result that bid and ask side as well as the visible and hidden parts of the order book exhibit quite specific dynamics is interpreted as evidence that open order book markets attract a heterogeneous trader population in terms of asset valuations and impatience. Quantifying the informational content of the extracted factors with respect to the evolution of the asset price, we find that the factor information shares are highest (about 10%) for less frequently traded stocks. We also show that the informational content of hidden orders is limited.

Antecedents to supplier integration in the automotive industry: A multiple-case study of foreign subsidiaries in China

Supplier integration has become an important concept for improving supply chain performance. The aim of this paper is to identify factors that facilitate and inhibit supplier integration in the context of the Chinese automotive industry. An inductive approach based on grounded theory was chosen as the research methodology, where data was collected through 30 detailed case interviews with subsidiaries of foreign automotive companies operating in China. The results indicate that buyer-side leadership is an important antecedent for building motivation, trust, and commitment among suppliers and for shaping their mindsets. This, in turn, facilitates strategic alignment and enables suppliers to build collaborative capabilities, which are finally shown to be a key enabler for successful supplier integration.