A Note on Wavelet Correlation and Cointegration

In a recent paper Leong-Huang:2010 {Journal of Applied Statistics 37, 215–233} proposed a wavelet-correlation-based approach to test for cointegration between two time series. However, correlation and cointegration are two different concepts even when wavelet analysis is used. It is known that statistics based on nonstationary integrated variables have non-standard asymptotic distributions. However, wavelet analysis offsets the integrating order of nonstationary series so that traditional asymptotics on stationary variables suffices to ascertain the statistical properties of wavelet-based statistics. Based on this, this note shows that wavelet correlations cannot be used as a test of cointegration.

Financial and Economic Report of a Specific Business Group

As a result of the natural evolution of the economy, ever-changing, unpredictable and cyclical, companies must adapt as far as possible to the changes that have taken place in order to continue with their normal operating activities. Likewise, they should also try to maintain a structure for long-term growth, trying at all times to generate the maximum value. The main objective of this project is to provide financial advisory services to a business group, trying to forward solutions and measures that according to the author can be effective. For this end, the situation of the group in question is analysed from early 2008 to the present day, examining its evolution, what steps have been taken together with their corresponding results and the economic-financial situation of the company at the end of last year. Contact with the company was kept throughout the process of analysis and assessment trying to take advantage of the feedback generated so that the appropriate measures can be adopted if the management considers it to be adequate.

Learning and management skills: the internationalization of Grupo Arcor. Analysis from a process-based approach

This paper analyzes the path of the international expansion of Grupo Arcor, an Argentine multinational company specializing in confectionery. The objective is to entify corporate strategies and business learning that led this Latin American firm to establish itself as one of the leading manufacturers in confectionery industry ,particularly in the 21st Century. The analysis is primarily qualitative in order to identify the economic dimension as a determinant in the internationalization process; a processbased approach from the Uppsala Model is used for this. However, the study is also complemented with a regression analysis to test if the firm was driven to expand internationally by the expectations on the degree of globalization of the industry and the accumulation of experience in foreign markets, and if the company was influenced by psychic distance in choosing the location of its investment; given the influence of these variables in Grupo Arcor business strategies. Our findings suggest that Grupo Arcor, was able to become global due to strategies such as vertical integration, diversification of products and geographical markets (based on psychic distance) and indeed some strategies were consequence of the globalization of the sector and the accumulation of experience in foreign markets.