Could innovative teams provide the necessary flexibility to compete in the current context?

[EN] In the modern era firms should look for a sustainable and profitable business model. They operate in highly volatile and competitive markets. Innovation is a key element that allows firms to survive in these complex environments. Accordingly, some companies are developing human resource models that align to the actual competitive context. For instance, they establish democratic systems, flexible work practices, they focus on responsibility and initiative and increase the self-control of team members. In this framework, firms tend to use resources such as creativity, capacity for innovation or development of human talent. Therefore, innovative teams are able to adapt and react to turbulent, complex and dynamic environments, which allow them to handle in a more efficient way several subtasks. This fact gives rise to a higher effectiveness in the activities of firms. This paper analyze the characteristics and performance of multifunctional teams, virtual teams, open-innovation teams and self-managing teams. It also study the case of Semco, a company that is characterized by its innovative practices in human resources management and focus on responsibility and initiative and increase the self-control of team members.

Environmental taxes and the Double dividend hypothesis

In this End of Degree Dissertation I built a basic economic model, where two perfectly competitive markets interact, as a tool to understand, illustrate and evaluate environmentalfiscal reforms that have already been implemented or have been announced in many developed countries. Thus, in this dissertation I try to explain as simply as possible the theorical aspects of the “double dividend” hyphotesis and provide a numerical example with illustrative purpose.

Should Fiscal Policy be different in a Non-Competitive Framework?

Published as an article in: Journal of Monetary Economics, 2003, vol. 50, issue 6, pages 1311-1331.

Competitive issue of money & abolition of central banks

The aim of this work is to analyze the main characteristics of the current financial system and to investigate the arising of critical voices with respect this system. In particular, we analyze some historical facts that have been important in the creation of this financial order. We analyze the new digital currency, known as Bitcoin, as the basic ingredient in the formation of a new alternative and decentralized international financial system. In 10 years Bitcoin has expanded its influence to many economic activities. We also analyzed briefly the classic liberal theory that criticizes the intervention of governments in the markets. Finally, we consider relevant the arising of a group of countries (BRICS) that may challenge the current system where the position of USA is privileged.

Optimal Minimum Wage in a Competitive Economy: an Alternative Modelling Approach

This paper analyzes whether a minimum wage can be an optimal redistribution policy when distorting taxes and lump-sum transfers are also available in a competitive economy. We build a static general equilibrium model with a Ramsey planner making decisions on taxes, transfers, and minimum wage levels. Workers are assumed to differ only in their productivity. We find that optimal redistribution may imply the use of a minimum wage. The key factor driving our results is the reaction of the demand for low skilled labor to the minimum wage law. Hence, an optimal minimum wage appears to be most likely when low skilled households are scarce, the complementarity between the two types of workers is large or the difference in productivity is small. The main contribution of the paper is a modelling approach that allows us to adopt analysis and solution techniques widely used in recent public finance research. Moreover, this modelling strategy is flexible enough to allow for potential extensions to include dynamics into the model.

La internacionalización de la empresa manufacturera española: Efectos del capital humano genérico y específico

[ES] La eficiencia y capacidad competitiva de las organizaciones depende —además de otros factores— de la calidad del capital humano de que disponen. Así, el objetivo de este trabajo es analizar el efecto del capital humano de la empresa tanto en la decisión de entrar en los mercados internacionales como en la intensidad de ventas realizadas en dichos mercados utilizando modelos de regresión logit y tobit. El trabajo empírico se realiza sobre una muestra de empresas manufactureras españolas. El capital humano se evalúa desde una doble óptica, por un lado se considera la formación genérica de los empleados y por otro lado la formación específica de los mismos. Los resultados muestran que la formación genérica y la específica tienen un efecto positivo y significativo tanto sobre la decisión de entrar en los mercados internacionales como en la intensidad de ventas realizadas en dichos mercados.

Proceso del desarrollo exportador de la PYME colombiana

[ES] Las Pymes colombianas, al igual que las de América Latina, afrontan una serie de barreras para la exportación asociadas a la carencia de recursos y capacidades organizacionales y directivas, las cuales hacen que su permanencia en los mercados internacionales sea cuestionable. Al no superar tales barreras y mostrar una posición competitiva más fuerte difícilmente éstas podrán penetrar y sobrevivir en los mercados internacionales y aprovechar las grandes oportunidades que ofrece el mercado mundial. Especialmente, aquéllas que surgen como resultado de los acuerdos de integración y de los sistemas de preferencia suscritos y otorgados a Colombia.

Competitive Pressure and Job Interview Lying: A Game Theoretical Analysis

We consider a job contest in which candidates go through interviews (cheap talk) and are subject to reference checks. We show how competitive pressure - increasing the ratio of "good" to "bad" type candi- dates - can lead to a vast increase in lying and in some cases make bad hires more likely. As the number of candidates increases, it becomes harder to in- duce truth-telling. The interview stage becomes redundant if the candidates, a priori, know each others' type or the result of their own reference check. Finally, we show that the employer can bene t from committing not to reject all the applicants.

Analysis of volatility transmissions in integrated and interconnected markets: The case of the Iberian and French markets

This paper models the mean and volatility spillovers of prices within the integrated Iberian and the interconnected Spanish and French electricity markets. Using the constant (CCC) and dynamic conditional correlation (DCC) bivariate models with three different specifications of the univariate variance processes, we study the extent to which increasing interconnection and harmonization in regulation have favoured price convergence. The data consist of daily prices calculated as the arithmetic mean of the hourly prices over a span from July 1st 2007 until February 29th 2012. The DCC model in which the variances of the univariate processes are specified with a VARMA(1,1) fits the data best for the integrated MIBEL whereas a CCC model with a GARCH(1,1) specification for the univariate variance processes is selected to model the price series in Spain and France. Results show that there are significant mean and volatility spillovers in the MIBEL, indicating strong interdependence between the two markets, while there is a weaker evidence of integration between the Spanish and French markets. We provide new evidence that the EU target of achieving a single electricity market largely depends on increasing trade between countries and homogeneous rules of market functioning.

Long memory in return structures from developed markets

[En]The present study aimed at investigating the existence of long memory properties in ten developed stock markets across the globe. When return series exhibit long memory, the series realizations are not independent over time and past returns can help predict future returns, thus violating the market efficiency hypothesis. It poses a serious challenge to the supporters of random walk behavior of the stock returns indicating a potentially predictable component in the series dynamics. We computed Hurst-Mandelbrot’s Classical R/S statistic, Lo’s statistic and semi parametric GPH statistic using spectral regression. The findings suggest existence of long memory in volatility and random walk for logarithmic return series in general for all the selected stock market indices. Findings are in line with the stylized facts of financial time series.

Financial Futures Markets and Their Impact on the Real Economy in Middle and Low Income Countries

This project analyses the influence of the futures market on middle and low income countries. In it, I attempt to show that investments made by large investment funds in this market, as well as by certain pension plans, bring major consequences whose effects are more evident in less developed countries. The cornerstones of the work are as follows; to attempt to see the existing relationship between the commodity futures market and its underlying assets; analysing products such as wheat, rice and corn in-depth, because these are the most basic foodstuffs at a global level; to determine how an increase in trading in these markets can affect the lives of people in the poorest countries; to analyse investor concern regarding the consequences that their investments may have. Throughout the project we will see how large speculators use production forecasting models to determine the shortage of a commodity in order to take a position in the futures market to profit from it. In addition we will see how an increase in trading in this market causes an increase in the price of the underlying asset in the spot market. As for investor concern, I can say it is negligible, but the idea of running pension plans or investment funds that follow some social criteria has been welcomed by those interviewed, which makes me think that different legislation is possible. This legislation will only come into existence if it is demanded by the people. A fact that now becomes complicated because without a minimum financial basis, they cannot even know how the large investment funds trade with hunger in the world. The day when most people understand how large speculators profit from famine will be the day to put pressure on governments to begin to put limits on speculation. This makes financial awareness necessary in order to achieve a curb in excessive speculation.

On the economics of the "meeting competition defense" under the Robinson-Patman Act

Documento de trabajo

Socioeconomic status, parental support, motivation and self-confidence in youth competitive sport

World Conference on Psychology and Sociology 2012

El resultado internacional de las nuevas empresas. Una visión relacional asociada a la orientación al mercado de la red

[ES] Este trabajo profundiza en el estudio de los factores que influyen en la competitividad internacional de las nuevas empresas internacionales y, en consecuencia, en su resultado internacional. Aunando las disciplinas del emprendedurismo y del marketing internacional, se trata de remarcar la importancia del conocimiento relacional a través de la influencia de la orientación al mercado de la red en los resultados internacionales logrados por estas empresas en base al efector mediador de las ventajas competitivas. Los resultados obtenidos del contraste de hipótesis, mediante modelos de ecuaciones estructurales y análisis multi-muestra, confirman que la orientación al mercado de la red resulta determinante en la obtención de resultados internacionales superiores por parte de las nuevas empresas. Esta influencia se produce de forma indirecta a partir del efecto mediador de las ventajas competitivas en diferenciación y costes desarrolladas por las mismas. Este estudio extiende la investigación pasada en torno al emprendedurismo internacional, incluyendo nuevas aportaciones propias de la disciplina del marketing respecto a los antecedentes de la competitividad y los resultados de las nuevas empresas internacionales en los mercados exteriores. Además, los resultados obtenidos animan a emprendedores en el contexto internacional a considerar el valor explícito de otros factores distintos al conocimiento experiencial, que la empresa adquiere de forma gradual conforme se incrementa su experiencia en el mercado exterior, para darse cuenta del valor potencial que el conocimiento relacional asociado a la orientación al mercado de la red tiene como antecedente para la consecución de ventajas competitivas en el mercado internacional.