Can Fundamentals Explain Cross-Country Correlations of Asset Returns?

Previous studies show that existing correlations between national returns are higher than correlations between the national growth rates of fundamental variables. This paper examines the ability of intertemporal asset pricing models to explain cross-country correlations of national returns. We find that when capital markets are assumed to be fully integrated, a simple intertemporal general equilibrium model is able to explain the observed co-variability of domestic asset returns but generates too little variability in those returns. Results improve considerably if a less restrictive version is employed. In that setting, both domestic variability and cross-country co-variability of returns are consistent with capital market integration. JEL no. G12, G15, E44     

Energy intake and productivity of Guatemalan sugarcane cutters: An empirical test of the efficiency wage hypothesis part II

This paper examines additional evidence of an empirical test of the productivity-consumption relation of the efficiency wage hypothesis. A cross-sectional analysis showed sharply diminishing productivity returns to higher levels of daily energy intake of Guatemalan sugarcane cutters. No positive and consistent energy supplementation effect on the daily supply of work units could be demonstrated in a time-series analysis. Energy supplementation did not have a delayed impact on worker productivity. It is concluded that increased energy availability may not necessarily result in increased productivity of rural workers who are moderately energy deficient.     

Market Research for the Optimization of the Consumers Response to the Recent Award of a Protected Geographical Indication to a Local Product,Beans from “La Bañeza-León” (Spain)

Abstract

In Europe several low involvement food products with reduced productions have been awarded with a PGI or PDO during the last few years. The beans from La Bañeza-León (Spain) are an example of this and received a PGI in September 2005. The general objective was to appraise the effect that the award of the PGI to such kinds of food products has in consumers, in order to optimize the managerial and public policies, and to get maximum advantage from the PGI distinction in the commercialization of them. For low involvement products with PGI, the general guidelines should be to keep the prices as low as possible, to develop intensive public information campaigns about the award of the PGI, and to offer the product in medium or high involvement restaurants, in order to reach those consumers willing to pay more for the product, that are mainly in the age range of 36 to 45 years. It is also discussed that the PGI label would have more interest than a private brand. Specifically for beans from “La Bañeza-León,” the PGI Council should urgently tackle a promotional campaign about the product and the PGI award that should reach to most of the consumers in the target markets, taking into account that as the distance from the production area increases the knowledge of the product decreases. This campaign should help the consumer to clearly identify the beans from the PGI by using an attractive logo, and to inform them that the beans from the PGI are superior than substitutive beans in taste and cooking time. Finally, public campaigns that promote the consumption of beans among youth would be necessary.     

Individual entrepreneurial orientation and performance: the mediating role of international entrepreneurship

This paper analyses the role that individual entrepreneurial orientation (IEO) plays in the success of international entrepreneurship moves. We focus on the mediation effect of international entrepreneurship in the relationship between IEO and firm performance. We argue that entrepreneurial experience constitutes an important source of IEO and propose an objective measure of IEO. The hypotheses are empirically analysed using a 22-year panel of family SMEs. Our results confirm the hypotheses and provide a better understanding of the role of IEO in the success of corporate strategies such as internationalisation. Specifically, IEO is found to improve firm performance indirectly by increasing the speed of internationalisation, and this effect is non-linear. Our study contributes to the literature by extending international entrepreneurship literature by offering a more complete view of the causes and consequences of IEO. Finally, our results also contribute to the literature on family firm heterogeneity.

     

The influence of transformational leadership and organizational identification on intrapreneurship

Managers play a vital role in encouraging and supporting the initiatives of individual employees to explore new opportunities, to develop new products or to improve work procedures for the benefit of the organization. This study examines the influence of manager leadership styles on employee intrapreneurial behavior and the mediating role of organizational identification. Partial Least Squares modeling was used to analyze the data from 186 employees belonging to several Spanish public and private organizations. The results show that transformational leadership has a positive impact on employee intrapreneurial behavior, whereas transactional leadership negatively influences it. Furthermore, these effects are found to be partially mediated by organizational identification.     

Exploring career advantages of highly skilled migrants: a study of Indian academics in the UK

We draw on Bourdieu's theory of practice to examine a group of Indian academics' accounts of their careers in a research-intensive university. Using the concepts of habitus and capital, we argue that international staff are very well placed to craft a career in the increasingly market driven UK academic context, challenging the discourse of disadvantage associated with the careers of international academics as well as other highly skilled migrants. Central in our analysis is the transferability of capitals between different fields and the importance of understanding capital as part of the multiple fields that agents belong to. However, drawing attention to the changing rules of the research-intensive university system, we also suggest that these academics' career trajectory may not continue to yield positive results.     

What do we [not] know about technology entrepreneurship research?

This study aims to review what we do (and do not) know about technology entrepreneurship (TE) research to date. Based on a categorized bibliometric analysis resulting from a systematic review of 135 scientific articles published in refereed journals over the past 27 years (1986–2013), we identify the core domains of TE, its intellectual structure, the scientific journals with a major impact in this field of research, and the affiliation and collaboration networks within it. Specifically, through a detailed analysis of article co-citations within the TE area, this study provides co-citation networks of authors, journals, and their respective clusters, revealing their rankings in terms of contributions to the TE literature. This comprehensive analysis can be used to enhance our understanding of TE and support further research in this field.     

Two‐Sided Matching: How Corporate Issuers and Their Underwriters Choose Each Other

In this article, the authors update and confirm the findings of a 2005 article that was the first to view corporate underwriter choices as the outcome of a two‐sided matching process in which issuers look to the abilities of the underwriters offering their services and underwriters focus on the quality of the issuers that wish to use their services. This view offers a contrast with both the conventional representation of issuer‐underwriter associations as one‐sided decisions (by either issuers or underwriters) and the classical economist's representation of a competitive market in which prices serve as the primary market‐clearing mechanism. In their examination of both initial public offerings (IPOs) and seasoned equity offerings (SEOs) during the period 1980–2010, the authors continue to find strong evidence that higher‐quality issuers associate with more reputable underwriters and lower‐quality issuers match with lower reputation underwriters. Moreover, when examining cases of underwriter switching between an IPO and SEOs by the same issuer, they find that cases involving the largest divergence in the relative rankings of issuer and underwriter were the most likely to produce a change of underwriter—and that issuers that experienced larger post‐ IPO increases in quality were more likely to find more reputable underwriters for their SEOs (than for their IPOs). The authors also find that the larger the number of offerings brought to market in a given year, the smaller the market share of the top‐tier underwriters, likely reflecting the willingness of the most reputable underwriters to turn down business to maintain quality and reputation. Finally, the most reputable underwriters appear to benefit from the fact that the issuers whose IPOs they underwrite end up raising larger amounts of capital, both at the time of the IPO and in the larger and more frequent seasoned offerings by such issuers that come after the IPO. This evidence in support of two‐sided matching suggests that, especially for high‐quality issuers, the reputation of the underwriters they contract with for security offerings is likely to be more important than the underwriting fees they incur. What's more, the authors' finding that the most reputable underwriters are less likely to lose high‐quality clients and have more stable market share—and that the higher‐quality issuers they attract end up raising larger amounts of capital over their lives as public companies—suggests that underwriters' investments in building and preserving their reputations have a large expected payoff.     

Applying conjoint analysis in economic evaluations: an application to menorrhagia

The increased demand for health care, coupled with limited resources, means that decisions have to be made concerning the allocation of scarce health care resources. This paper considers how conjoint analysis (CA) can be used to aid this decision making process. It is shown how the technique can be used to estimate marginal rates of substitution between attributes, willingness to pay (WTP) if cost is included as an attribute and overall utility scores for different ways of providing a service. The technique is applied to consider women's preferences for two surgical procedures in the treatment of menorrhagia: hysterectomy and conservative surgery. The results suggest conservative surgery is preferred to hysterectomy, as indicated by higher utility scores for the former and a marginal WTP of 7593 to have conservative surgery rather than hysterectomy. The internal validity of CA was also shown. It is concluded that CA is a potentially useful instrument for policy makers. However, numerous methodological issues need addressing before the technique becomes an established instrument within economic evaluations.     

Climate change and its marginalizing effect on agriculture

The agriculture of some areas considered marginal in the EU agricultural context is being questioned due to its low productivity and growing dependence on economic aid programs Common Agricultural Policy (CAP). This study shows that climate change increases these areas marginalisation of since worsens crop growth conditions. The influence of climate change on the agricultural sector is analyzed using the Multicriteria Decision Paradigm with information provided by the Erosion-Productivity Impact Calculator (EPIC) and a General Circulation Model (GCM) as inputs for multicriteria mathematical programming models. The results obtained show climate change effects on the crop portfolio. Further results suggest that climate change effects are not only economics and environmental, reducing the suitable area for crops, but also social as it causes loss of jobs in the agricultural sector.