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on Economics of Strategic Management |
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Issue of 2014‒12‒08
twenty-two papers chosen by João José de Matos Ferreira Universidade da Beira Interior |
| By: | Erika Raquel Badillo (Department of Econometrics. University of Barcelona); Rosina Moreno (Department of Econometrics. University of Barcelona) |
| Abstract: | This paper aims to estimate the impact of research collaboration with partners in different geographical areas on innovative performance. By using the Spanish Technological Innovation Panel, this study provides evidence that the benefits of research collaboration differ across different dimensions of the geography. We find that the impact of extra-European cooperation on innovation performance is larger than that of national and European cooperation, indicating that firms tend to benefit more from interaction with international partners as a way to access new technologies or specialized and novel knowledge that they are unable to find locally. We also find evidence of the positive role played by absorptive capacity, concluding that it implies a higher premium on the innovation returns to cooperation in the international case and mainly in the European one. |
| Keywords: | Innovation cooperation; Technological partners; Geographical location; Performance; Absorptive Capacity; Spanish firms JEL classification: L25; O31; O33; R1 |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:aqr:wpaper:201416&r=cse |
| By: | Antonelli, Cristiano; Colombelli, Alessandra (University of Turin) |
| Abstract: | This paper contributes the economics of knowledge and innovation with the analysis of the knowledge cost function and sheds light on the determinants of the large variance in the cost of innovation across firms. The amount and the structure of external knowledge and the internal stocks of knowledge that firms can access and use in the generation of new technological knowledge help firms to reduce the costs of innovations. The empirical section is based upon a panel of companies listed on UK and the main continental Europe financial markets (Germany, France and Italy) for the period 1995 – 2006, for which information about patents have been gathered. The econometric analysis of the costs of knowledge considers the unit costs of patents on the right hand side, and on the left hand side next to R&D expenditures, the stock of knowledge internal and external to each firm. In order to articulate the different facets of the external knowledge that is made accessible by proximity with firms co-localized in the same region (NUTS2), we further include other variables proxying for regional variety, complementarity and similarity. The results confirm that the stock of internal knowledge and the access to external knowledge play a key role in reducing the actual cost of the generation of new technological knowledge at the firm level. |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:uto:dipeco:201427&r=cse |
| By: | Serena Frazzoni; Maria Luisa Mancusi (Università Cattolica del Sacro Cuore; Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore); Zeno Rotondi; Maurizio Sobrero; Andrea Vezzulli |
| Abstract: | This paper assesses the role of relationship lending in explaining simultaneously the innovation activity of Small and Medium Enterprises (SME), their probability to export (i.e. the extensive margin) and their share of exports on total sales conditional on exporting (i.e. the intensive margin). We adopt a measure of informational tightness based on the ratio of firm’s debt with its main bank to firm’s total assets. Our results show that the strength of the bank-firm relation has a positive impact on both SME’s probability to export and their export margins. This positive effect is only marginally mediated by the SME’s increased propensity to introduce product innovation. We further discuss the financial and non-financial channels through which the intensity of bank-firm relationship supports SMEs’ international activities. |
| Keywords: | margins of export, bank-firm relationships, innovation, localized knowledge spillovers |
| JEL: | F10 G20 G21 O30 |
| Date: | 2014–11 |
| URL: | http://d.repec.org/n?u=RePEc:ctc:serie1:def18&r=cse |
| By: | Bronwyn H. Hall; Vania Sena |
| Abstract: | We use an extended version of the well-established Crepon, Duguet and Mairesse model (1998) to model the relationship between appropriability mechanisms, innovation and firm-level productivity. We enrich this model in several ways. First, we consider different types of innovation spending and study the differences in estimates when innovation spending (rather than R&D spending) is used to predict innovation in the CDM model. Second, we assume that a firm simultaneously innovates and chooses among different appropriability methods (formal or informal) to protect the innovation. Finally, in the third stage, we estimate the impact of the innovation output conditional on the choice of appropriability mechanisms on firms' productivity. We find that firms that innovate and rate formal methods for the protection of Intellectual Property (IP) highly are more productive than other firms, but that the same does not hold in the case of informal methods for the protection of a firm's IP, except possibly for large firms as opposed to SMEs. We also find that this result is strongest for firms in the services, trade, and utility sectors, and negative in the manufacturing sector. |
| JEL: | L25 O30 O34 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:20514&r=cse |
| By: | Buse, Stephan; Tiwari, Rajnish |
| Abstract: | Aim of this study is to analyse product-related innovation strategies of German Hidden Champions (globally leading, mid-sized companies) in the BRIC countries, especially in the fast growing and still unsaturated markets of China and India. With the help of an empirical survey we discover that the BRIC markets are perceived to be of high and growing strategic importance. An overwhelming majority of the surveyed firms market their global, adapted, or exclusively developed products in those countries. The survey reveals that companies very often target high-end, premium segments with global products developed at the headquarters. With such a strong focus on affluent customers Hidden Champions run the risk of ignoring very large customers groups that seek affordable excellence in products (frugal innovation). |
| Keywords: | Global Innovation Management,Internationalization of R&D,Innovation Strategy,R&D-Strategy,Hidden Champions |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:tuhtim:85&r=cse |
| By: | Bartelsmann, Eric; Dobbelaere, Sabien; Peters, Bettina |
| Abstract: | This paper examines how productivity effects of human capital and innovation vary at different points of the conditional productivity distribution. Our analysis draws upon two large unbalanced panels of 6,634 enterprises in Germany and 14,586 enterprises in the Netherlands over the period 2000-2008, considering 5 manufacturing and services industries that differ in the level of technological intensity. Industries in the Netherlands are characterized by a larger average proportion of high-skilled employees and industries in Germany by a more unequal distribution of human capital intensity. In Germany, average innovation performance is higher in all industries, except for low-technology manufacturing, and in the Netherlands the innovation performance distributions are more dispersed. In both countries, we observe non-linearities in the productivity effects of investing in product innovation in the majority of industries. Frontier firms enjoy the highest returns to product innovation whereas for process innovation the most negative returns are observed in the best-performing enterprises of most industries. We find that in both countries the returns to human capital increase with proximity to the technological frontier in industries with a low level of technological intensity. Strikingly, a negative complementarity e¤ect between human capital and proximity to the technological frontier is observed in knowledge-intensive services, which is most pronounced for the Netherlands. Suggestive evidence suggests an interpretation of a winner-takes-all market in knowledge-intensive services. |
| Keywords: | Human capital,innovation,productivity,quantile regression |
| JEL: | C10 I20 O14 O30 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:14064&r=cse |
| By: | Neil Lee; Andrés Rodríguez-Pose |
| Abstract: | Creative cities are seen as important sites for the generation of new ideas, products and processes. Yet, beyond case studies of a few high-profile cities, there is little empirical evidence on the link between local creative industries concentration and innovation. This paper addresses this gap with an analysis of around 1,300 UK SMEs. The results suggest that firms in local economies with high shares of creative industries employment are significantly more likely to introduce entirely new products and processes than firms elsewhere, but not innovations which are simply new to the firm. This effect is not exclusive to creative industries firms and seems to be largely due to firms in medium sized, rather than large, cities. The results imply that creative cities may have functional specialisations in new content creation and so firms are more innovative in them. |
| Keywords: | Creativity, Creative Cities, Creative Industries, Cities, Innovation |
| JEL: | O31 O38 R1 R11 R58 |
| Date: | 2014–11 |
| URL: | http://d.repec.org/n?u=RePEc:egu:wpaper:1422&r=cse |
| By: | Zhang, Jian; Vialle, Pierre |
| Abstract: | Founded in 1987 as a sales agent of PBX (private branch exchange), Huawei has become one of the world's leaders in the ICT Industry. It initially had little technological and management knowledge, but competed with the incumbents including Sino-foreign joint ventures (JVs), state-owned firms, and foreign vendors. In 2013, Huawei has become the world's largest telecom network infrastructure vendor. It operates business in more than 140 countries, and foreign markets represent two thirds of its revenue. It is one of a few vendors able to provide end-to-end telecommunications equipment and solutions. 44% of the 140,000 employees are R&D engineers, and 10% to 20% of its annual revenue is invested in R&D. In a recently published analysis of patents 'Patent Power 2012' by IEEE Spectrum, Huawei is the only Asian firm in the top 20 in communication/internet equipment category. As other Chinese firms, Huawei has benefitted from specific country factors, and in particular from the impact of policies. The Chinese public policy has skilfully used inter-organisational relationships and networks in order to develop a Chinese 'knowledge pool' with worldwide connections (Vialle 2007, 2009). the development of the University system, the close links between research centres and industry, the development of JVs, and focused research projects, have created a system which is not only able to acquire, produce and diffuse publicly available and rather codified knowledge, but also to convert tacit knowledge endogenously generated by industrial activity into a more codified form. One benefit for Chinese Telecom companies has been the large availability of relatively cheap qualified manpower. |
| Keywords: | Huawei,China,Telecommunications,catching-up,latecomer |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itse14:101379&r=cse |
| By: | Segarra Blasco, Agustí, 1958-; Teruel, Mercedes |
| Abstract: | Based on four different public R&D calls from the Catalan government, this article evaluates the propensity of entrants and young firms to apply for R&D public grants and, as compared to their counterparts, their capacity for obtaining subsides. This analysis is particularly relevant since entrants and young firms encounter greater market difficulties. Our sample contains 22,139 firms and corresponds to a merge of two databases: one from the Catalan agency responsible for promoting private innovation (ACC1Ó) and the other from the Mercantile Register. Merging these databases has two advantages. Firstly, participants and non-participants in the public R&D call (“InnoEmpresaâ€) are included and, secondly, it provides us with information at firm and project level. The period of observation is between 2006 and 2010, since some explanatory variables are lagged by one period. We apply a two-step methodology. Our results show that entrants and young firms show a lower propensity to apply for R&D subsidies and to obtain R&D public grants. Firm size, exports and participation in a previous call show a positive impact on the likelihood of applying, and firms located in the Barcelona metropolitan area have a greater propensity to apply. Additionally, project quality and R&D cooperative reports presented jointly with other partners have a positive impact on the likelihood of obtaining the R&D subsidy. Finally, firms that have previously obtained an R&D subsidy do not exhibit a greater propensity for obtaining subsequent grants. Keywords: R&D subsidies, entrants and young firms Classification JEL: L53, L25, O38 |
| Keywords: | Subvencions, Empreses -- Creació, Política industrial, Empreses -- Dimensió -- Catalunya, Innovacions tecnològiques -- Política governamental, 332 - Economia regional i territorial. Economia del sòl i de la vivenda, |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:urv:wpaper:2072/242276&r=cse |
| By: | Richard B. Freeman |
| Abstract: | Globalization of scientific and technological knowledge has reduced the US share of world scientific activity; increased the foreign-born proportion of scientists and engineers in US universities and in the US labor market; and led to greater US scientific collaborations with other countries. China's massive investments in university education and R&D has in particular made it a special partner for the US in scientific work. These developments have substantial implications for US science and technology policy. This paper discusses several policies that U.S. policy makers might consider in responding to the changing global world of science and technology. These include aligning immigration policies more closely to the influx of international students; granting fellowships to students working on turning scientific and technological advances into commercial innovations; and requiring firms with R&D tax credits or other government R&D funding to develop "impact plans" to use their new knowledge to produce innovative products or processes. |
| JEL: | F22 I25 O15 O33 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:20521&r=cse |
| By: | Jackie Krafft (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS : UMR7321 - Université Nice Sophia Antipolis (UNS)); Francesco Quatraro (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS : UMR7321 - Université Nice Sophia Antipolis (UNS)); Pier-Paolo Saviotti (GAEL - Grenoble Applied Economic laboratory - Aucune) |
| Abstract: | The paper investigates the co-evolutionary patterns of the dynamics of technological alliances and of the structure of the knowledge base in the pharmaceutical sector. The main hypothesis under scrutiny is that technological alliances represent a key resource for firms in knowledge intensive sectors to cope with dramatic changes in the knowledge base, marked by the introduction of discontinuities opening up new technological trajectories. Using patent information and data on technological alliances drawn from the CATI-MERIT database, we compare the evidence concerning the so-called triad regions, i.e. United States, Europe and Japan. The empirical results support the existence of a life cycle in biotechnology affecting the pharmaceutical industry. Furthermore, the dynamics of alliances is found to depend on (i) the phase of the biotechnology life cycle, (ii) the strength of the region in biotechnology and (iii) the general features of the economic environment of the region. |
| Date: | 2014–03–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01070561&r=cse |
| By: | Maria Elo (Turku School of Economics, University of Turku & ZenTra) |
| Abstract: | Many underlying developments of globalization should be investigated. Diaspora networks represent an invisible actor in international business (IB), and embody a channel and arena for transnational entrepreneurship (TE). Thus, understanding the development of contemporary diaspora networks and exploring their business potential is important. These networks impact multiple aspects of economic activity, such as investment, entrepreneurship, innovation, expansion, internationalization and creation of international businesses. Despite the multifaceted influence of diaspora networks, little empirical research on their effects has been conducted. This gap may originate in the lack of theoretical and conceptual rigor. In short, the term “diaspora network” remains to be fully discovered in international business. This paper contributes to the literature by increasing the understanding of diaspora networks by reviewing the current literature. The purpose is to enrich the conceptual and theoretical development of IB and TE by connecting them to the emerging field of diaspora entrepreneurship. The paper discusses diaspora networks, illustrates extant theories and research findings, and suggests issues for further research. |
| Keywords: | Diaspora networks, review, international business, international entrepreneurship |
| JEL: | F22 |
| Date: | 2014–11 |
| URL: | http://d.repec.org/n?u=RePEc:zen:wpaper:40&r=cse |
| By: | Winters, John V. (Oklahoma State University) |
| Abstract: | This paper examines the effects of foreign- and native-born STEM graduates and non-STEM graduates on patent intensity in U.S. metropolitan areas. I find that both native and foreign-born STEM graduates significantly increase metropolitan area patent intensity, but college graduates in non-STEM fields have a smaller and statistically insignificant effect on patenting. These findings hold for both cross-sectional OLS and 2SLS regressions. I also use time-differenced 2SLS regressions to estimate the effects of STEM-driven increases in native and foreign college graduate shares and again find that both native and foreign STEM graduates have statistically significant and economically large effects on innovation. Together these results suggest that policies that increase the stocks of both foreign and native STEM graduates increase innovation and provide considerable economic benefits to regions and nations. |
| Keywords: | STEM, innovation, patents, human capital, higher education |
| JEL: | I25 J24 J61 O31 R12 |
| Date: | 2014–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp8575&r=cse |
| By: | Welfens, Paul J. J. (University of Wuppertal); Irawan, Tony (University of Wuppertal) |
| Abstract: | The role of product innovations is growing in the world economy, and the EU and the US are key players here. The analysis presented herein explains product innovations in the EU25 for the period 2006-2012, namely through lagged R&D (relative to GDP), cumulated FDI inflows (relative to the host country capital stock) and cumulated FDI inflows (relative to the host country capital stock), joint internet intensity, broadband intensity and potential competition. For the first time we can offer a broad analysis of product innovation dynamics in Europe which should be the basis for not only better supply-side policy in EU countries and growth policy, respectively, but it also suggests a strong role for international digital communication in relation to product innovation dynamics. Moreover, the approach provides new important arguments in favor of the TTIP negotiations between the US and the EU and it suggests a broader analytical link between trade, FDI, innovation, employment and output growth. |
| Keywords: | innovation, foreign direct investment, TTIP negotiation |
| JEL: | F21 F15 O31 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp8507&r=cse |
| By: | Cuong Le Van (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne, EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris, VCREME - VanXuan Center of Research in Economics, Management and Environment - VanXuan Center of Research in Economics, Management and Environment); Anh Ngoc Nguyen (DEPOCEN - Development and Policies Research Center); Ngoc-Minh Nguyen (DEPOCEN - Development and Policies Research Center) |
| Abstract: | We study the impact of social capital in both simple theoretical and empirical model with the main assumption is the price of physical capital is a decreasing function of social capital. In our theoretical model, there exists a critical value such that firm will not invest in social capital if its saving is lower than the critical value and otherwise. Moreover, the output depends positively and non-linearly on the social capital. Our empirical model that captures the impact of physical capital, human capital, and social capital using the database from Survey of Small and Medium Scale Manufacturing Enterprises (SMEs) in Vietnam 2011, confirms the conclusions of the theoretical model. |
| Keywords: | Social capital; optimal growth |
| Date: | 2014–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-01021376&r=cse |
| By: | Skouby, Knud Erik; Lynggaard, Per; Windekilde, Iwona; Henten, Anders |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itse14:101421&r=cse |
| By: | Stijn Claessens; Neeltje van Horen |
| Abstract: | Although cross-border bank lending has fallen sharply since the crisis, extending our bank ownership database from 1995-2009 up to 2013 shows only limited retrenchment in foreign bank presence. While banks from OECD countries reduced their foreign presence (but still represent 89% of foreign bank assets), those from emerging markets and developing countries expanded abroad and doubled their presence. Especially advanced countries hit by a systemic crisis reduced their presence abroad, with far flung and relatively small investments more likely to be sold. Poorer and slower growing countries host fewer banks today, while large investments less likely expanded. Conversely, faster host countries’ growth and closeness to potential investors meant more entry. Lending by foreign banks locally grew more than cross-border bank claims did for the same home-host country combination, and each was driven by different factors. Altogether, our evidence shows that global banking is not becoming more fragmented, but rather is going through some important structural transformations with a greater variety of players and a more regional focus. |
| Keywords: | Cross-border banking;Loans;Foreign banks;Globalization;International banking;Global Financial Crisis 2008-2009;Foreign banks, financial globalization, global financial crisis, cross-border banking, financial fragmentation |
| Date: | 2014–10–27 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:14/197&r=cse |
| By: | Hess, Sebastian |
| Abstract: | The global trend of agro-industrialisation is increasingly transforming farms and firms into specialist component suppliers within a multi-stage food processing chain. The trade-in-tasks theory predicts in this context that declining costs for cross-country outsourcing of certain stages of the production process (tasks) generates intra-industry trade and may increase the competitiveness of the final product. Based on this theory, a conceptual framework was established and empirically applied to the EU27 pig industry. The results suggest that the average EU country could increase the competitiveness of its processed meat exports; one potential source of these gains can be structural change among pig farms in other EU countries, which is utilized through vertical intra-industry trade in live pigs. In contrast, changes in outsourcing costs since 2002 due to changes in EU membership or due to the adoption of the Euro appeared non-significant in panel regressions. |
| Keywords: | Outsourcing, Trade-in-Tasks, Intra-Industry Trade, Structural Change, Livestock Production/Industries, |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:ags:gewi14:187438&r=cse |
| By: | Vassili Joannides (GDF - Gestion, Droit et Finance - Grenoble École de Management (GEM)); Nicolas Berland (DRM - Dauphine Recherches en Management - CNRS : UMR7088 - Université Paris IX - Paris Dauphine) |
| Abstract: | Purpose - This paper contributes to the sociology-of-science type of accounting literature, addressing how accounting knowledge is established, advanced and extended. Design/methodology/approach - The research question is answered through the example of research into linkages between accounting and religion. Adopting an Actor-Network Theory (ANT) approach, we follow the actors involved in the construction of accounting as an academic discipline through the controversies in which they engage to develop knowledge. Findings - We show that accounting knowledge is established, advanced and developed through the ongoing mobilisation of nonhumans (journals) who can enrol other humans and nonhumans. We show that knowledge advancement, establishment and development is more contingent on network breadth than on research paradigms, which appear as side-effects of positioning vis-à- vis a community. Research limitations - In our analysis, we followed humans and were able to let them share their strategies with us and validate our ex post facto reading of their papers. We were unable to do the same with nonhumans because of their intrinsic properties. Practical implications - This paper provides scholars with analytical tools that could help them position their research projects within a scientific network and understand the need for interactions with other actors in establishing, advancing and developing knowledge. Originality value - The originality of this paper is twofold. Firstly, we apply ANT to accounting knowledge, whereas the accounting literature applies it to the spread of management accounting ideas, methods and practices. Secondly, we develop an original methodology for data collection by inviting authors from the network to give a reflexive account of their writings at the time they joined the network. Well diffused in sociology and philosophy, such an approach is, albeit, original in accounting research. |
| Keywords: | Research network; Accounting research; Knowledge; Actor-network theory; Controversies; Translation; Knowledge management |
| Date: | 2013–05–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-00824632&r=cse |
| By: | Ziggers, Gerrit Willem |
| Abstract: | The purpose of this paper is to provide firms in the food and agricultural sector a model that enables them to assess their corporate social initiatives in conjunction with their stakeholders. Building on the concepts of corporate social responsibility (CSR), corporate social performance (CSP) and the relational view the paper argues that firms can improve the results of their corporate social initiatives by setting up a dialogue with their stakeholders and to relate this to their internal organizational delivery system. The CSP model is based on the SERVQUAL methodology. The model addresses how a potential (mis)match between a firm’s CSR initiative and stakeholders expectations and experiences is related to four gaps in the firm’s internal organizational delivery system and how this effects the firm’s CSP. CSP measurement is a fundamental part of a firm’s strategy if one accepts the tenet that firm survival and growth depends on the ability of firms to meet the needs of their stakeholders and to manage corporate image. It is to the firm to make stakeholder’s expectations transparent and plan action in alignment with the firm’s business strategy. The paper contributes to a more comprehensive understanding of CSP measurement by linking a firm’s CSP to the firm’s delivery system. It addresses how CSP can evolve over time by putting the dialogue with stakeholders central. |
| Keywords: | SERVQUAL, Corporate Social Responsibility, relational capabilities, Corporate Social Performance, Agribusiness, Agricultural and Food Policy, Institutional and Behavioral Economics, |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iefi13:164732&r=cse |
| By: | Yang, Tsung Yu |
| Keywords: | Environmental Economics and Policy, International Development, International Relations/Trade, |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea14:170059&r=cse |
| By: | Nicolas S. Lambert; Michael Ostrovsky; Mikhail Panov |
| Abstract: | We study trading behavior and the properties of prices in informationally complex markets. Our model is based on the single-period version of the linear-normal framework of Kyle (1985). We allow for essentially arbitrary correlations among the random variables involved in the model: the value of the traded asset, the signals of strategic traders and competitive market makers, and the demand from liquidity traders. We show that there always exists a unique linear equilibrium, characterize it analytically, and illustrate its properties in a series of examples. We then use this characterization to study the informational efficiency of prices as the number of strategic traders becomes large. If liquidity demand is positively correlated (or uncorrelated) with the asset value, then prices in large markets aggregate all available information. If liquidity demand is negatively correlated with the asset value, then prices in large markets aggregate all information except that contained in liquidity demand. |
| JEL: | D53 D82 D84 G12 G14 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:20516&r=cse |