HOW DO SPATIAL SPILLOVERS DIFFUSE IN SCIENCE–INDUSTRY INTERACTIONS? THE CASE OF FRENCH BIOTECH SECTOR

The objective of this article is to study the interactions that exist between public research and private research in the French biotechnology sector. These interactions are observable at a double level. On the one hand, public research can influence private research, and conversely. Researchers of these two spheres develop important relations of cooperation. We then seek to identify these mutual influences and to measure their spatial dimension. Using asymptotic least squares method, we show that spillovers can diffuse through cooperation in upstream and downstream phases of the innovation process. On the other hand, spillovers resulting from public or private research, when measured by an external stock of knowledge, would be located, in so far as they exist.     

投资者情绪对我国股市行业收益率的动态影响作用——基于固定效应广义最小二乘法的研究

本文使用2005--2011年我国股市行业收益率数据并构造投资者情绪指标,利用VAR格兰杰因果检验和固定效应广义最小二乘法分析投资者情绪对我国股市的动态影响。实证结果发现,2005--2011年的两次股票市场大幅度涨跌中,我国投资者情绪和股票收益率存在双向因果关系;投资者情绪在3个月内会对股票收益率有正面的影响,此后12个月内其正向影响作用出现了明显的负向反转,其中具有较高账面市值比和占有较高经济地位的交通运输业、信息技术业和制造业等国家基础行业容易受到投资者乐观情绪的影响而出现大幅度涨跌。     

A Formative Approach to Modeling Residents’ Perceived Impacts of Casino Development

This study uses a formative modeling approach rather than the more common reflective modeling approach to operationalize residents’ perceived benefits/costs. Partial least square structural equation modeling was adopted to model the predicting effects of perceived benefits/costs on residents’ support for casino development. Additionally, the mediating role of satisfaction with life was examined. Drawing from a survey administered to 1047 Macao residents, this study reveals that only perceived economic and environmental benefits affect support for casino development. The mediating effect is not confirmed. Meaningful implications are provided for policymakers and casino operators.     

Valuing employee reload options under the time vesting requirement

Upon the exercise of an employee stock option, the embedded reload provision entitles the holder to receive additional units of new options from the employer. The number of units of new options received is equal to the number of shares tendered as payment of strike and the new strike is set at the prevailing stock price. The reload provision may be subject to a time vesting requirement, that is, after each exercise, the employee is prohibited from exercising the reload until the end of a vesting period. In this paper, we construct an efficient numerical algorithm that computes the market value of the employee reload options under a time vesting requirement. Also, we explore the analytic properties of the price functions and optimal exercise policies of the employee reload options.     

The Strategic Implications of Asset and Liability Allocation in the Turkish Banking Industry

This study aims to analyze whether banks' deviation from the mainstream in terms of asset and liability allocation enables them to perform better than their competition. Overall, deviation in the liability structure seems to have a significant impact on performance. In a second regression, the results obtained from the analysis of liability allocation are further examined by focusing on the effects of the deposit base on bank performance. Our analysis brings out the significance of liability allocation and of the effect of deposit strategies as a primary source of funding. The major difference of this study from the existing literature is that we focus primarily on both asset and liability allocation strategies of banks, and we further analyze the components of the liability structure to evaluate the impact of liability deviation on the banking strategy.     

Fourier-analytic measures for heavy-tailed insurance losses

We propose a family of three ‘Fourier-analytic’ measures to extend the conventional concepts of standard deviation, variance, and coefficient of variation to insurance losses with arbitrarily heavy tails. After motivating and computing their mathematical forms, we apply the proposed measures to the case of Lévy-stable loss portfolios. Finally, the new measures are used to study the diversification properties of heavy-tailed losses.     

A Measure for Companies' Customer Portfolio Management

Purpose/Contribution: Customer portfolio management (CPM) is one of the key areas of customer-relationship and network management in business markets. However, there is scant research about the implementation of this concept in business. This article contributes to this conceptually rich but empirically nascent field of CPM research by (1) conceptualizing customer portfolio management, (2) forming a measure for it, (3) validating the suggested measure, and (4) suggesting implications for future research and management.

Methodology: A CPM construct is proposed based on the synthesizing of the theory and the findings from a qualitative field study of companies' management practices. The suggested construct is formative and consists of the following four dimensions: analysis efforts, analysis design, responsiveness efforts, and responsiveness design. Hence, this conceptualization takes into account both the strength and style of companies' CPM practices. The measure is validated following Diamantopoulos and Winklhofer's (2001) Diamantopoulos, A. and Winklhofer, H. 2001. Index construction with formative indicators: An alternative to scale development. Journal of Marketing Research, 38(2): 269–277. [Crossref], [Web of Science ®] , [Google Scholar] guidelines for developing formative measures. Together with the content validity established in the conceptual phase of the research, the results from a cross-industry survey of 212 companies give support to the construct validity of the suggested CPM measure. Partial least squares modeling is applied in validating the measure.

Implications: This study gives an extensive, up-to-date review of customer portfolio management and provides measures for future research on companies' CPM practices and performance. Further, the theory and the field study highlighted several central topics that should be addressed in future CPM studies. The resulting managerial implications derive from the discussion on the key aspects of developing CPM practices in business.     

E-commerce in Least Developing Countries: Summary Evidence and Implications

ABSTRACT

We undertook a review and classification of research on electronic commerce (e-commerce) in developing countries. We analyzed 181 articles published in a broad range of journals covering e-commerce, global information technology, and development issues. The analysis provides a roadmap that not only indicates the current state of e-commerce for development research but also identifies gaps and priorities for future research. This will be of significant value to both academics and practitioners who are working on, or plan to work on, e-commerce in developing countries.     

一种考虑稳定性的动态综合评价新模型

针对动态综合评价需要考虑被评对象的稳定性问题,提出了一种综合考虑指标权重、时间权 重和稳定性的动态综合评价模型。定义了稳定因子来表征被评对象指标的稳定程度,采用离 差最大化的方法确定指标权重,提出了一种基于极小范数时间权重确定方法。将所提模型应 用于军事IP网络评价,结果表明该模型能够把被评对象的稳定性反映到评价结果中。