Is a Policy of Free Movement of Workers Sustainable?

In this paper, we study the costs and benefits of the adoption of a policy of free movement of workers. For countries to agree on uncontrolled movements of workers, short‐run costs must be outweighed by the long‐term benefits of better labor‐market flexibility and income smoothing. We show that such a policy is less likely to be adopted when workers are more impatient and less risk‐averse, when production technologies display stronger decreasing returns, and when countries trade a significant share of their products.     

Jump tails,extreme dependencies,and the distribution of stock returns

We provide a new framework for estimating the systematic and idiosyncratic jump tail risks in financial asset prices. Our estimates are based on in-fill asymptotics for directly identifying the jumps, together with Extreme Value Theory (EVT) approximations and methods-of-moments for assessing the tail decay parameters and tail dependencies. On implementing the procedures with a panel of intraday prices for a large cross-section of individual stocks and the S&P 500 market portfolio, we find that the distributions of the systematic and idiosyncratic jumps are both generally heavy-tailed and close to symmetric, and show how the jump tail dependencies deduced from the high-frequency data together with the day-to-day variation in the diffusive volatility account for the “extreme” joint dependencies observed at the daily level.     

Measures of Marketing Success: A Comparison Between China and the United Kingdom

Despite the importance of assessing business performance, there is little research on the measures used to evaluate marketing effectiveness. This paper replicates in China some UK research into the relative importance of categories of marketing metrics, e.g., financial and non-financial, customer and competitive. The Chinese results are compared with those from the UK. In China, respondents saw financial metrics as less important than their UK counterparts and they appeared to be more marketing oriented, but the difference of consumer orientation across departments of firms in China appears larger than in UK. In both countries the importance given to metrics categories were consistent with orientation, while in China there is no relationship between consumer orientation and the important of direct customer metrics as in UK, but the relationship between competition orientation and the measurement of direct customers was found in China.     

Cellular clouds

This paper progresses an analysis of what it means to be a cellular network operator and what form the ownership and control of future cellular networks may take. Alternative modes of ownership may allow for the creation of more flexible cellular networking environments in which competition for packages of resources, that is, the licenced spectrum, the RAN and core network, ensures that the most efficient and innovative architectures, services and applications are delivered to the consumer. This paper develops the concept of the Cellular Network Cloud and Utility Cellular Networking as a means to explore the possibilities for such revolution in the way in which cellular networks are owned and operated. Changes to current industry practices which would help to meet the objectives of more flexible and competitive network ownership and control are proposed.     

How do large multinational companies implement open innovation?

This paper addresses a major gap in reported research on open innovation (OI): how do companies implement open innovation? To answer this question a sample of 43 cross-sector firms were reviewed for their OI implementation approaches. The study analyzed how firms moved from practising closed to open innovation, classifying the adoption path according to the impetus for the adoption of the OI paradigm and the coordination of the OI implementation. The way firms adopted OI was found to vary according to (1) their innovation requirements, (2) the timing of the implementation and (3) their organizational culture.