Filter Tests In Nasdaq Stocks

This study examines the performance of filter and dual moving-average crossover trading rules applied to Nasdaq stocks. We find that trading rules conditioned on a stock's past price history perform poorly, but those based on past movements in the overall Nasdaq Index tend to earn statistically significant abnormal returns. Since there is a high level of transaction costs in this market, these abnormal returns are generally not economically significant. However, there are indications that pursuing some of these strategies can be worthwhile in carefully selected subsets of stocks.     

Policy Implications of the Trade and Wages Debate

This paper examines the choice of policies to redistribute income in response to an increase in inequality caused by a rise in the differential wage paid to skilled labor compared with unskilled labor. The main issue is whether the appropriate policy response depends on whether the cause of the increased skill differential is 'trade'—increased competition with low-skilled workers abroad—or technological change. The analysis is conducted within the context of a two-sector Heckscher–Ohlin trade model augmented to allow endogenous determination of the level of skill.     

SPECIAL INTERESTS AND FINANCIAL LIBERALIZATION: THE CASE OF MEXICO

Financial liberalization is often believed to enhance economic growth. Yet in many cases a few powerful incumbents seem to capture most of the gains from the reform. In this paper, I construct a model with endogenous formation of special interest groups that could reap most of the benefits of financial liberalization. In particular, these groups lobby to limit entry by other firms, while taking advantage of improved borrowing opportunities. I then use the model to study the Mexican financial liberalization of 1988. Analysis of firm‐level panel data on manufacturing plants reveals patterns suggested by the model. Specifically, large firms in more concentrated or more corrupt sectors benefit more from liberalization. In addition, domestically owned firms gain more than firms with foreign ownership. I also propose a new way to measure corruption at the industry level based on the Mexican 10% profit sharing rule.     

Two are Better Than One: The Link Between Management Systems and Business Performance

Little is known about the complementary performance benefits associated with facilities’ combined use of both quality management systems (QMSs) and environmental management systems (EMSs), and how these performance benefits might differ from those associated with facilities’ use of only one of these management systems (or neither). We suggest that complementarities arise because each management system fosters the development of internal capabilities that facilitates the adoption and routine operationalization of the other, while maintaining differentiated goals that enhance strategic value. We examine these relationships using a sample of 2619 manufacturing facilities operating within six OECD countries, while controlling for self‐selection issues. Our findings support the idea of complementarity, in that facilities that adopt both QMS and EMS are more associated with positive business performance than facilities that adopt either a QMS or an EMS on its own, or no management system. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment     

Routing design for less-than-truckload motor carriers using Ant Colony Optimization

One of the most important challenges that confronts less-than-truckload carriers serving many-to-many distribution networks consists of determining how to consolidate flows of small shipments. The objective is to determine a route for each origin–destination pair that minimizes the cost while still guaranteeing a certain level of service. This research studies different aspects of the problem and provides a metaheuristic algorithm (based on Ant Colony Optimization techniques) capable of solving real-life problems in a reasonable computational time. The viability of the approach has been tested with a real case in Spain and encouraging results have been obtained.