Does Co‐authorship Lead to Higher Academic Productivity?

In recent decades, co‐authorship and policies aimed at inducing academic collaboration have increased simultaneously. Assuming that intellectual collaboration is exogenously determined, prior studies found a negative relationship between co‐authorship and productivity. I examine a panel data on economists publishing from 1970 to 2011 to test the causal effect of intellectual collaboration on intellectual output. As characteristics of the individual and her opportunity set are endogenously related to both collaboration and productivity, I instrument the amount of co‐authorship by the common research interest between an author and her potential co‐authors. After controlling for endogenous co‐authorship formation, unobservable heterogeneity and time varying factors, the effect of intellectual collaboration on individual performance becomes positive.     

Crises and human capital accumulation

Abstract.  This paper studies the effects of crises on human capital formation. Theoretically, a crisis undermines total factor productivity, which reduces the return to working and to accumulating physical capital. If the crisis is temporary, young agents will study now and work later. Human capital rises. To test our model we rely on inflation crises as our main empirical proxy. Using GMM panel procedures, our analysis for 86 countries in 1970–2000 confirms the positive effects of crises on human capital. Our main findings survive several robustness tests. JEL classification: E31, D90     

Valuation in Emerging Markets: A Simulation Approach

Most of the foundations of valuation theory have been designed for use in developed markets. Because of the greater, and in some cases different, risks associated with emerging markets (although recent experience might suggest otherwise), investors and corporate managers are often uncomfortable using traditional methods. The typical way of capturing emerging-market risks is to increase the discount rate in the standard valuation model. But, as the authors argue, such adjustments have the effect of undermining some of the basic assumptions of the CAPM-based discounted cash flow model. The standard theory of capital budgeting suggests that estimates of unconditional expected cash flows should be discounted at CAPM discount rates (or betas) that reflect only “systematic,” or “nondiversifiable,” market-wide risks. In practice, however, analysts tend to take what are really estimates of “conditional” expected cash flows—that is, conditional on the firm or its country avoiding a crisis—and discount them at higher rates that reflect not only systematic risks, but diversifiable risks that typically involve a higher probability of crisis-driven costs of default. But there is almost no basis in theory for the size of the increases in discount rates. In this article, the authors propose that analysts in emerging markets avoid this discount rate problem by using simulation techniques to capture emerging-market risks in their estimates of unconditional expected cash flows—in other words, estimates that directly incorporate the possibility of an emerging-market crisis and its consequences. Having produced such estimates, analysts can then discount them using the standard Global CAPM.     

The relationship between Entrepreneurial Orientation,Market Orientation and Performance in University Spin-Offs

The paper aims to examine the relationship between Entrepreneurial Orientation (EO), Market Orientation (MO) and performance in University Spin-Offs (USOs). Initially, the paper, assesses the existence of a moderating effect of MO in the relationship between EO and performance, next, it analyses the mediation role of MO between EO and performance. To strengthen paper results, we test our hypotheses on a cross-sectional sample of 162 Italian USOs using both perceived and objective performance. Findings suggest that there is no synergistic effect of MO and EO as mutually independent constructs. Instead, our evidences support the idea that EO and MO in USOs occur within the same learning process. Both EO and MO support USO performance, but MO cannot occur without EO as an antecedent condition. At the same time, a significant portion of the EO contribution to performance occurs through MO.