Lending technologies,banking relationships,and firms’ access to credit in Italy: the role of firm size

This paper analyses the role of lending technologies and banking relationships on firms’ credit access in Italy. Using EFIGE firm-level data, we show that the depth and strength of firm–bank relationships have heterogeneous effects on credit demand and rationing probabilities depending on the size of the borrower. Multiple banking relationships alleviate financial constraints for small firms, while borrowing from a large number of lenders hinders access to credit for large companies. Small and medium-sized enterprises with a higher share of debt with the main bank have a lower probability of being credit denied, as debt concentration contributes to overcome the opacity problems typical of the SMEs. Long-lasting relationships, by reducing information asymmetries, significantly improve access to credit for small and large firms. Conversely, we find that medium-sized enterprises are more exposed to financing constraints as relationship duration increases, due to possible lock-in effects. Finally, firms maintaining banking relationships based on transactional technologies are more likely to be credit denied, while the use of relationship lending technologies improves credit availability for both small and large enterprises.     

Which research in converging technologies should taxpayers fund? Exploring societal aspects

Contributions of social sciences and humanities to the debate on converging technologies at the nanoscale are mostly seen as conservative and pessimistic about the potential of science and technology to bring anything good to society. In this paper, it is argued that our global society cannot do without the contributions of nano-scientists and engineers to ensure the long-term sustainable development to the benefit of humanity. However, the community of traditional stakeholders in research policy (researchers, research policy-makers and industry) should take further steps outside its 'ivory tower' or 'old boys' 'network' and focus on a research agenda set by all stakeholders in public. The argument will be developed in a case study of converging technologies used in combating infectious diseases, comparing the priorities in current research programmes in Europe to the priorities identified by the World Health Organization.     

The role of WiBro: Filling the gaps in mobile broadband technologies

This paper analyzes WiBro, one of the emerging wireless technologies for portable Internet services (PIS), which are designed to enable mobile broadband access. Based on an empirical examination of consumer preferences for mobile broadband technologies and an estimation of the future demand for WiBro, this study proposes that WiBro should fill the gaps between competing mobile broadband technologies, such as 3G and WLAN.     

Productivity and Employment in the Information Economy: What Kaldor’s and Verdoorn’s Growth Laws Can Teach the US

During the last decade of the 20th century the US economy experienced the longest economic boom since World War II. Information and communication technologies (ICT) are seen as one of the main reasons for this development and it is still an open question how ICT will affect growth and employment in the future. To evaluate this process Kaldors growth laws, especially Verdoorns law are reconsidered. It will be discussed which changes in the Verdoorn-Coefficient (VC) and the employment threshold (ET) can be expected due to ICT. Induced technical progress and increasing returns to scale could make future economic growth to be less labor-intensive. A simple OLS estimation using data for the US non-farm sector indicates that the VC increased in the second half of the 1990s. Thus, more output growth is required to keep employment constant.The author gratefully acknowledges the most valuable comments from two anonymous referees and the participants of the Annual Meeting of the Austrian Economic Association (NOeG) at the Vienna University of Economics (WU), May 21–22, 2004. Any remaining errors are my own.     

A review of experience curve analyses for energy demand technologies

Transitioning towards a sustainable energy system requires the large-scale introduction of novel energy demand and supply technologies. Such novel technologies are often expensive at the point of their market introduction but eventually become cheaper due to technological learning. In order to quantify potentials for price and cost decline, the experience curve approach has been extensively applied to renewable and non-renewable energy supply technologies. However, its application to energy demand technologies is far less frequent. Here, we provide the first comprehensive review of experience curve analyses for energy demand technologies. We find a widespread trend towards declining prices and costs at an average learning rate of 18 ± 9%. This finding is consistent with the results for energy supply technologies and for manufacturing in general. Learning rates for individual energy demand technologies are symmetrically distributed around the arithmetic mean of the data sample. Absolute variation of learning rates within individual technology clusters of 7 ± 4%-points and between technology clusters of 7 ± 5%-points both contribute to the overall variability of learning rates. Our results show that technological learning is as important for energy demand technologies as it is for energy supply technologies. Applying the experience curve approach to forecast technology costs involves, however, unresolved uncertainties, as we demonstrate in a case study for the micro-cogeneration technology.     

Investor Relations （IR） in Business Communication on the Example of Poland

This paper focuses on investor relations （IR） as an element of companies＇ communication with the external environment. It shows the place and role of IR in communication with the general market, and the stock exchange market in particular. The study is illustrated with an example of IR in Poland, a relatively new European Union （EU） member state and an emerging market. As can be seen, IR goes beyond the traditionally understood maintenance of communication with the capital market. It is also shown that the main role of IR ought to be the reduction of investment risk and enhancement of the companies＇ value, which is of particular significance in light of the current globalization of capital markets. It has been found that Polish companies, especially those listed on the Warsaw Securities Exchange （WSE）, commonly rely on IR as a means of communication with the environment. And yet, as the results of the analysis show, the quality of that communication is still far from satisfactory, despite efforts undertaken by various external entities to encourage more focus on the development of IR, or understanding of the company＇s relevant staff of its important role.     

A review of research on risk and safety modelling in civil aviation

Safety is considered as some of the most important operational characteristics of contemporary civil aviation. An extensive regulatory structure has been established to supplement the private airline, airport and air navigation systems, incentives to limit the risks of flying. This paper reviews the research on risk and safety modelling in civil aviation. In such a context, the basic concepts and definitions of risk, safety and their evaluation are described. The review focuses on four categories of models for safety assessment: causal for aircraft and air traffic control/management operations, collision risk, human factor error and third-party risk.