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on Economics of Strategic Management |
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Issue of 2009‒08‒02
ten papers chosen by Joao Jose de Matos Ferreira University of the Beira Interior |
| By: | Cyril Caillault (Fortis Investments - Fortis investments); Dominique Guegan (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I, EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris) |
| Abstract: | Using non-parametric and parametric models, we show that the bivariate distribution of an Asian portfolio is not stable along all the period under study. We suggest several dynamic models to compute two market risk measures, the Value at Risk and the Expected Shortfall: the RiskMetrics methodology, the Multivariate GARCH models, the Multivariate Markov-Switching models, the empirical histogram and the dynamic copulas. We discuss the choice of the best method with respect to the policy management of bank supervisors. The copula approach seems to be a good compromise between all these models. It permits taking financial crises into account and obtaining a low capital requirement during the most important crises. |
| Keywords: | Value at Risk ; Expected Shortfall ; Copulas ; Risk management ; GARCH models ; Markov switching models |
| Date: | 2009–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-00375765_v1&r=cse |
| By: | Grancay, Martin |
| Abstract: | The paper introduces a concept of airport competitiveness index. The index consists of numerous indicators grouped into four categories: market potential, infrastructure, charges and recent traffic results. Another important factor we take into account is safety. We find that from the selected sample the most competitive airports are Singapore Changi, New York Kennedy, Newark Liberty and Dubai International. U.S. and South-East Asian airports in general are among the most competitive. |
| Keywords: | airport; air traffic; airport competitiveness index |
| JEL: | L93 |
| Date: | 2009–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:16488&r=cse |
| By: | Goedhuys, Micheline; Sleuwaegen, Leo |
| Abstract: | This paper studies the growth performance of a large set of entrepreneurial firms in ten manufacturing sectors of eleven Sub-Saharan African countries. The focus of the paper is on identifying those entrepreneurs. attributes and firm characteristics that tend to generate a significant number of high-growth firms in these countries. To this end, we use a quantile regression, which provides a more complete estimation of the growth distribution of firms conditional on different attributes. The results indicate that especially firms that engage in product innovation, have their own transport means and are connected to the internet through their own website are characterized by higher growth rates and display a more skewed distribution to the right, hosting a higher number of high-growth firms. The effect of the last two variables, which relate to distance-bridging modes of infrastructure, points to the self-reinforcing growth effects. |
| Keywords: | quantile regression, high-growth firms, firm growth, Africa |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:rp2009-11&r=cse |
| By: | Jeanne Hagenbach (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I); Frédéric Koessler (PSE - Paris-Jourdan Sciences Economiques - CNRS : UMR8545 - Ecole des Hautes Etudes en Sciences Sociales - Ecole Nationale des Ponts et Chaussées - Ecole Normale Supérieure de Paris - ENS Paris) |
| Abstract: | We consider situations in which individuals would like to choose an action which is close to that of others, as well as close to a state of nature, with the ideal proximity to the state varying across agents. Before this coordination game is played, a cheap-talk communication stage is offered to the individuals who decide to whom they reveal their private information about the state. The information transmission occurring in the communication stage is characterized by a strategic communication network. We provide an explicit link between players' preferences and the equilibrium strategic communication networks. A key feature of our equilibrium characterization is that whether communication takes place between two agents not only depends on the conflict of interest between these agents, but also on the number and preferences of the other agents with whom they communicate. Apart from some specific cases, the equilibrium communication networks are quite complex despite our simple one-dimensional description of preference heterogeneity. In general, strategic communication networks cannot be completely Pareto-ranked, but expected social welfare always increases as the communication network expands. |
| Keywords: | Cheap talk ; coordination ; incomplete information ; networks |
| Date: | 2009–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-00367692_v1&r=cse |
| By: | Laura Magazzini; Fabio Pammolli; Massimo Riccaboni; Maria Alessandra Rossi |
| Abstract: | The prominent role played by patents within the pharmaceutical domain is unquestionable. In this paper we take an unusual perspective and focus on a relatively neglected implication of patents: the effect of patent-induced information disclosure (of both successes and failures) on the dynamics of R&D and market competition. The study builds upon the combination of two large datasets, linking the information about patents to firm level data on R&D projects and their outcome. Two case studies in the fields of anti-inflammatory compounds and cancer research complement our analysis. We show the important role played by patent disclosure in shaping firms technological trajectories through the possibility of reciprocal monitoring in a context of parallel research efforts, and suggest the importance of enhancing the diffusion of information concerning failures, not only to avoid wasteful duplication of innovative efforts, but also as a tool for the identification of promising research trajectories. This paper is the result of the "R&D competition" research project carried out jointly with Adrian Towse and Martina Garau of the Office of Health Economics, London, UK. A preliminary draft of the paper has been presented to the DRUID Summer Conference 2006 (Copenhagen), and to the 11th ISS Conference (Sophia-Antipolis). |
| JEL: | D23 D83 O34 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:trt:rockwp:053&r=cse |
| By: | Enrico Sorisio (Centre for Technology, Innovation and Culture, University of Oslo) |
| Abstract: | The main aim of this paper is to study innovative activity, as measured by patent indicators, in pharmaceutical and biotechnological sectors in the Nordic Countries. The biotech sector in general and pharmaceutical in particular is one of the areas selected for strategic investments in every Nordic country. In terms of patents granted by country of inventors Denmark plays a leading role followed by Sweden, while patenting activity in Finland and Norway is lower. A concentration of patents towards a relative small number of assignees (mainly large biotech and pharmaceutical companies based in Denmark and Sweden) is also observed. Norwegian patents, as measured by patent citations indices, are more “important” than those of the other countries, as well as in terms of relative size of innovations. Although there are other contributing factors, our data suggest that geographical proximity to large pharmaceutical companies plays a role in determining the relative success of national policies, and also that new investment policies in countries where large biotech or pharmaceutical companies are not established can yield positive returns in terms of innovation growth. |
| Keywords: | Patent data, Innovation, Biotechnology, Pharmaceutical industry, Patent citations, Nordic Countries |
| JEL: | O31 O34 L65 C20 |
| Date: | 2009–07 |
| URL: | http://d.repec.org/n?u=RePEc:tik:inowpp:20090722&r=cse |
| By: | Spyros Arvanitis (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Thomas Bolli (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | This paper compares the determinants and the effects of innovation cooperation on innovation performance at firm level in five European countries: Belgium, Germany, Norway, Portugal and Switzerland. In a first step we analyse cooperation agreements with national and international partners and in a second step cooperation with enterprises and research institutions. In a third step we investigate the impact of all four categories of cooperation on innovation performance. |
| Keywords: | national innovation cooperation, international innovation cooperation, innovation performance |
| JEL: | O30 |
| Date: | 2009–07 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:09-232&r=cse |
| By: | Anna J. Wieczorek; Marko P. Hekkert; Ruud E.H.M. Smits |
| Abstract: | In this paper we review major theoretical (neoclassical economics, evolutionary, systemic and knowledge-based) insights about innovation and we analyse their implications for the characteristics of contemporary innovation policy and instruments. We show that the perspectives complement each other but altogether reveal the need to redefine the current general philosophy as well as the modes of operationalisation of contemporary innovation policy. We argue that systemic instruments ensuring proper organisation of innovation systems give a promise of increased rates and desired (more sustainable) direction of innovation. |
| Keywords: | systemic instruments, innovation policy, innovation theory, policy mix, innovation system, sustainability |
| Date: | 2009–07 |
| URL: | http://d.repec.org/n?u=RePEc:uis:wpaper:0912&r=cse |
| By: | Spyros Arvanitis (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | Starting point of our analysis is the empirical fact that firms pursue different goals when getting engaged in R&D collaborations, often more than one goal at the same time. Given that firms are driven by different motives for R&D cooperation, the aim of this article is to investigate the differences related to different motives with respect (a) to the factors influencing the likelihood of R&D cooperation as postulated by theory; and (b) to the impact of R&D cooperation on firm innovativeness and firm productivity. On the whole, distinguishing various cooperation motives appears to be fruitful because it allows more differentiated insights with respect to the importance of factors determining cooperation that would remain hidden behind the overall variable “R&D cooperation yes/no”. Not only R&D cooperation in general but also cooperation driven by each of the seven motives considered in this paper correlate positively with the sales share of innovative products. With respect to innovativeness the characterization of cooperation by the driving motive did not add much more insights that it could be gained through the overall variable ‘R&D cooperation yes/no’. Technology-motivated collaborative activities show a weaker tendency to positive direct effects on productivity than cost-motivated cooperation. In this case, the distinction of several cooperation motives yields some additional insights as compared to the overall cooperation variable. |
| Keywords: | R&D cooperation, absorptive capacity, incoming spillovers, innovation |
| JEL: | O30 |
| Date: | 2009–07 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:09-233&r=cse |
| By: | Antonelli Cristiano (University of Turin); Ferraris Gianluigi |
| Abstract: | The paper elaborates the notion of innovation as an emerging property of complex system dynamics and presents an agent-based model of an economy where systemic knowledge interactions among heterogeneous agents are crucial for the generation of new technological knowledge and the introduction of innovations. In this approach external knowledge is an indispensable input,together with internal learning and research activities, into the generation of new knowledge. The introduction of innovations is analyzed as the result of systemic interactions among myopic agents that are credited with an extended procedural rationality that includes forms of creative reaction. The creative reaction of agents may lead to the introduction of productivity enhancing innovations. This takes place only when the structural and institutional characteristics of the system are such that agents, reacting to out-ofequilibrium conditions, can actually take advantage of external knowledge available within the innovation system into which they are embedded. Building upon agentbased simulation techniques the paper explores the effects that alternative configurations of the intellectual property right regimes play in assessing the chances to generate new technological knowledge and shows how the different architectural configurations of the structure into which knowledge interactions take place affect the rates of introduction of technological innovations. The results of the simulation model suggest that the dissemination of knowledge favors the emergence of creative reactions and hence faster rates of introduction of technological innovations. |
| Date: | 2009–07 |
| URL: | http://d.repec.org/n?u=RePEc:uto:labeco:200911&r=cse |