Modelling Electricity Prices: International Evidence*

This article analyses the evolution of electricity prices in deregulated markets. We present a general class of models that simultaneously takes into account several factors: seasonality, mean reversion, GARCH behaviour and time‐dependent jumps. The models are applied to daily equilibrium spot prices of eight electricity markets. Eight different nested models were estimated to compare the relative importance of each factor in each of the eight markets. We find strong evidence that electricity equilibrium prices are mean‐reverting, with volatility clustering (GARCH) and with jumps of time‐dependent intensity, even after adjusting for seasonality.     

Co-creation with clients of hotel services: the moderating role of top management support

Hotels can strengthen their competitiveness by expanding their innovation process beyond the boundaries of the firm to exploit the valuable knowledge and skills of their customers. This study examines the effects of new service (NS) co-creation with customers in the hotel industry on NS performance, as well as the moderating role of top management support. The research also explores the main barriers faced by hotels to co-create service innovations. Partial least squares structural equation modelling results indicate that Customer co-creation exerts a direct impact on NS market outcomes and NS development (NSD) speed, which in turn favours NS quality. NS quality translates into better NS customer-related outcomes as well as in improved NS market outcomes. Top management support enhances the effect of Customer co-creation on the NSD speed. The main barrier to NS co-creation in hotels is to find customers interested in devoting time to this activity or with the appropriate knowledge and experience.     

S&P Downgrade Positive for China's Stock Market in the Long Run

The Standard & Poor's(S&P) rating agency announced Friday night(August 5) that it has downgraded the U.S.debt from a stellar AAA rating by a notch to AA+,and lowered the outlook on the new U.S.credit rating to negative, indicating that another downgrade was possible within one year or two.After the downgrade,it was largely expected     

Technological Collaboration: Bridging the Innovation Gap between Small and Large Firms*

This paper analyzes how technological collaboration acts as an input to the innovation process and allows small and medium‐sized enterprises to bridge the innovation gap with their bigger counterparts. Based on a large longitudinal sample of Spanish manufacturing firms, the results show that though technological collaboration is a useful mechanism for firms of all sizes to improve innovativeness, it is a critical factor for the smallest firms. The impact of this collaboration varies depending on innovation output and type of partner. Specifically, the impact of collaboration in small and medium‐sized firms is more significant for product than process innovations. Regarding type of partner, vertical collaboration—with suppliers and clients—has the greatest impact on firm innovativeness, though this effect is clearer for medium‐sized enterprises than for the smallest firms.     

ESTIMATION OF VALUE AT RISK AND RUIN PROBABILITY FOR DIFFUSION PROCESSES WITH JUMPS

In this paper we give upper bounds for both the Value at Risk   VaR _α,  0 < α < 1  , and for ruin probabilities associated with the supremum of a process driven by a Brownian motion and a compound Poisson process. We obtain lower bounds for the same Value at Risk, and for different cases we discuss the behavior of the bounds for small α. We prove our bounds are "asymptotically" optimal, as α tends to zero. The ruin probabilities obtained are related to other bounds found in recent literature.     

Factors influencing repeat visits to a destination: The influence of group composition

This paper is an analysis of the likelihood for repeat visits to a sun and sand destination by tourists. For this purpose, an empirical study was conducted using tourists who had visited the destination. The analysis took into account the travelling group composition. The results showed that, for the total tourist sample, overall satisfaction had the biggest influence on the decision of whether to revisit a destination, while the least important influence was the tourist's perceived image. These influences varied, however, when different travelling group compositions were considered. The results are of vital importance in tourism management policies, because they can contribute to the better design and development of tourism promotion strategies.     

中国精英对中欧关系现状和前景看法

2010年5月至8月,在欧盟第七框架项目解析中国人对欧盟的看法的资助下,中国社会科学院研究生院联合中国人民大学等机构针对中国精英就中欧关系现状和前景及与此相关的问题看法进行了调查。调查数据显示:第一,精英对欧盟的知晓率比较低。第二,在信息渠道选择上,互联网、电视和报纸是三大主要工具,不同工具对中欧关系看法具有一定的影响。第三,中国精英对欧盟保持较好的印象。第四,精英认为欧盟的国际政治和经济影响力仅次于美国,且均强于中国。第五,精英对中欧关系现状和前景的看法日趋谨慎和保守。第六,通过回归分析可以发现,教育、收入、学习和工作经历等变量对精英的欧洲观有着明显影响。第七,学者和媒体工作者对中欧关系的现状和前景的看法和评价,均比其他群体更为积极和乐观。     

Effects of Collaborative Communication on NPD Collaboration Results: Two Routes of Influence

Although NPD collaboration with external partners has become the next generation in NPD practice, the discussion concerning how to organize collaboration so as to obtain better results is far from over. Since communication is the most important element in successful interfirm exchange, this study focuses on the impact of collaborative communication and its facets—frequency, formality, reciprocal feedback, and rationality—on NPD collaboration results. In order to explain how collaborative communication can best be managed to enhance NPD collaboration results, this research combines the relational and resource‐based views, proposing the existence of two routes of influence: the direct resource‐based route and the indirect relational route mediated by trust. Using a sample of 207 NPD collaboration projects of innovative firms, empirical findings indicate that reciprocal feedback–rationality and frequency play an important role in product quality and adherence to budget and schedule, respectively, even without trust. Moreover, the trust between partners substantially reinforces the positive influence of reciprocal feedback–rationality on NPD collaboration results and makes the effect of formality significant. Therefore, the two alternative routes are confirmed as important paths to new product success, which provides relevant managerial implications.     

La oralidad y la escritura en el proceso de aprendizaje Aplicación del método aprende a escuchar,pensar y escribir

Research design is quasi-experimental, field, with four longitudinal assessments for two groups (one experimental and one control) of students with irregularity student. Intervention, learns listen-think-write (lltw) method. population, 488 students. With a sample conditioned (students with irregular registration) of 170 students from two university careers of accounting and administration, both manner, 24.3 years old. Material, Raven’s Progressive Matrices test and Learning strategies ACRA test. The impact obtained by the intervention (LLTW) was 23%, significant difference between follow-up evaluation 6 and 12 months. Regarding the improvement of learning skills in post-test measurement showed a general increase in average by 28%. Also it is necessary to say, the decline was failed subjects in the two groups evolving 12 months in control group was 3 to 4 and the experimental group was 1 to 2.