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on Project, Program and Portfolio Management |
| By: | Marcel Boyer; M. Martin Boyer; René Garcia |
| Abstract: | We characterize a firm as a nexus of activities and projects with their associated cash flow distributions across states of the world and time periods. We propose a characterization of the firm where variations in the market price of risk induce adjustments in the value-maximizing combination of projects. Changing the portfolio of projects generates coordination costs. We propose a new role for financial risk management based on the idea that the use of financial derivatives may reduce coordination costs. We find empirical support for this new rationale for the use of financial derivatives, after controlling for the traditional variables explaining the need for financial risk management. <P>Nous caractérisons une entreprise comme un ensemble d'activités et de projets avec leurs flux financiers par état et période. Nous proposons une caractérisation de l'entreprise où les variations dans le prix de marché du risque induisent des ajustements dans la combinaison optimale d’activités ou de projets. Les modifications du portefeuille de projets génèrent des coûts de coordination. Nous proposons un nouveau rôle pour la gestion financière des risques en proposant que l'utilisation de titres financiers puisse réduire les coûts de coordination. Ce nouveau rôle de la gestion financière des risques est vérifié empiriquement, une fois pris en compte les facteurs explicatifs traditionnels de la gestion financière des risques. |
| Keywords: | Risk Management, firm value, coordination problems, hedging, value at risk., Gestion des risques, valeur d’entreprise, problèmes de coordination, hedging, valeur à risque. |
| Date: | 2011–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:cir:cirwor:2011s-48&r=ppm |
| By: | Néstor Duch-Brown (Universitat de Barcelona & IEB); José García-Quevedo (Universitat de Barcelona & IEB); Daniel Montolio (Universitat de Barcelona & IEB) |
| Abstract: | The effectiveness of R&D subsidies can vary substantially depending on their characteristics. Specifically, the amount and intensity of such subsidies are crucial issues in the design of public schemes supporting private R&D. Public agencies determine the intensities of R&D subsidies for firms in line with their eligibility criteria, although assessing the effects of R&D projects accurately is far from straightforward. The main aim of this paper is to examine whether there is an optimal intensity for R&D subsidies through an analysis of their impact on private R&D effort. We examine the decisions of a public agency to grant subsidies taking into account not only the characteristics of the firms but also, as few previous studies have done to date, those of the R&D projects. In determining the optimal subsidy we use both parametric and non-parametric techniques. The results show a non-linear relationship between the percentage of subsidy received and the firms’ R&D effort. These results have implications for technology policy, particularly for the design of R&D subsidies that ensure enhanced effectiveness. |
| Keywords: | R&D, public subsidies, evaluation |
| JEL: | O38 H32 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:2011/6/doc2011-12&r=ppm |
| By: | Aurora A. C. Teixeira (CEF.UP, Faculdade de Economia, Universidade do Porto; INESC Porto, OBEGEF); Margarida Catarino (Faculdade de Economia, Universidade do Porto) |
| Abstract: | Despite the large number of publications related to business cooperation in R&D and the wide perception of the importance of intermediary institutions in the R&D cooperation process, empirical studies on its role are scarce, scattered and fragmented. Moreover, the academic work developed in this area is basically of a theoretical nature, whereas the international perspective of R&D cooperation is seldom approached. Departing from a unique database that includes 473 R&D cooperation projects developed within the 6th Framework Programme, involving firms and intermediaries from all European Union countries, this paper gauges the determinants of the importance attached to Intermediaries, through a direct survey to the organizations involved. Based on an estimation of the multivariate model, this study demonstrates that the importance given to Intermediaries depends more on project features than on the characteristics of the participating organizations. In particular, the nationality of participating organizations and the promoter emerged with a strong explanatory power: ceteris paribus, projects with at least one participant from the United Kingdom tend to assign greater importance to intermediaries in international R&D cooperation. Unambiguously, results evidence that the innovating capacity of an organization emerges (both positively and significantly) associated with a greater importance attached to Intermediaries. |
| Keywords: | R&D Cooperation; Intermediaries; International projects; Europe |
| JEL: | O32 O52 |
| Date: | 2011–05 |
| URL: | http://d.repec.org/n?u=RePEc:mde:wpaper:0038&r=ppm |
| By: | Okamuro, Hiroyuki; Nishimura, Junichi |
| Abstract: | Despite various expected advantages, university-industry research collaboration (UIC), a relationship between two different worlds, often faces serious difficulties. Thus, the performance of UIC depends on the research partners’ strategies to bridge the gaps between them according to the institutional environment. In Japan, UIC has developed rapidly since the late 1990s based on drastic institutional changes regarding universities. We pay special attention to the role of the university intellectual property (IP) policy introduced after 2003 and empirically examine its impact on the performance of UIC projects. A clear and equitable IP policy that can be applied flexibly to the needs of partners would be optimal for a UIC to be efficiently managed. Otherwise, the project might face serious conflicts of interests and low incentive for cooperation. Using a sample of Japanese firms from our original survey, we find that the IP policy of partner universities indeed has a positive and significant impact on various performances of UIC projects, controlling for firm and project characteristics and considering potential selection bias from UIC participation. |
| Keywords: | university, intellectual property policy, research collaboration, project performance, Japan |
| JEL: | D23 L24 O32 O34 |
| Date: | 2011–05 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hitcei:2011-1&r=ppm |
| By: | Huang, Can (UNU-MERIT, and Maastricht University); Wu, Yilin (Center for Applied Statistic and School of Statistics, Renmin University of China) |
| Abstract: | We analyze the nanotechnology patent applications filed in China from 1998 to 2008 and find that the extraordinary nanotechnology development in China has been primarily promoted by the public sector but not driven by industry and market force. This finding implies that developing countries such as China with public research capacity and commitment to technological development can make rapid progress in basic research of emerging technologies, but it remains uncertain whether and when local industry can benefit from public R&D investment to actively develop indigenous innovation. |
| Keywords: | New Technologies, Nanotechnology, Asia, China, R&D, Patents, State-led R&D, Innovation, R&D Investment |
| JEL: | O14 O33 O38 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:unumer:2011013&r=ppm |