Foreign ownership and productivity dynamics

In analyzing the distinctive contribution of foreign subsidiaries anddomestic firms to productivity growth in aggregate Belgian manufacturing,this paper shows that foreign ownership is an important source of firmheterogeneity affecting productivity dynamics. Foreign firms havecontributed disproportionately large to aggregate productivity growth,but more importantly reallocation processes differ significantly betweenthe groups of foreign subsidiaries and domestic firms.

A leverage theory of reputation building with co-branding: Complementarity in reputation building

We present a leverage theory of reputation building with co-branding. We showthat under certain conditions, co-branding that links unknown firms in a new sectorwith established firms in a mature sector allows the unknown firms to signal a highproduct quality and establish their own reputation. We compare this situationwith a benchmark in which both sectors are new and firms signal their qualityonly with prices. We investigate how this comparison is affected by the nature ofthe technology linking the two sectors and a cross-sector inference problem thatconsumers might face in identifying the true cause of product failure. We find thatco-branding facilitates the process in which a Þrm in the new sector to signal itsproduct quality only if the co-branding sectors produce complementary inputs andconsumers face a cross-sector inference problem. We apply our insight to economicsof superstars, multinational firms and co-authorship.

Multinationals, technology networks and international takeovers

We formulate a knowlegde--based model of direct investment through mergers and acquisitions. M&As are realized to create comparative advantages by exploiting international synergies and appropriating local technology spillovers requiring geographical proximity, but can also represent a strategic response to the presence of a multinational rival. The takeover fee paid tends to increase with the strength of local spillovers which can thus work against multinationalization. Seller's bargaining power increases the takeover fee, but does not influence the investment decision. We characterize losers and winners from multinationalization, and show that foreign investment stimulates research but could result in a synergy trap reducing multinationals' profits.

Foreign direct investments and spillovers through workers' mobility

We analyze a model where a multinational firm can use its superiortechnology in a foreign subsidiary only after appropriate trainingof local managers. Technological spillovers from foreign directinvestment arise when such managers are later hired by a localfirm. Benefits for the host economy may also take the form of therent that trained managers receive by the foreign affiliate toprevent them from moving to local competitors. We study conditionsunder which technological spillovers occur. We also show that undercertain circumstances the multinational firm might find it optimalto resort to export instead of foreign direct investment, to avoiddissipation of its intangible assets.

International accounting harmonisation - A comparison of Spain, Sweden and Austria

Despite attempts to secure harmonisation of accounting practice,significant variations in accounting rules and practice continueto arise in European countries, variations which give rise tocompliance costs for multinational companies.Firstly, this paper considers the relevance of internationalaccounting harmonisation for European business. It then proceedsto examine accounting regulation in three countries: Spain, Swedenand Austria, highlighting the key regulatory issues of the 'trueand fair' view requirement and the link between taxation andaccounting. The three countries are selected because of theinteresting contrasts which they provide; these contrasts areexamined in detail in the paper.The work is based upon a series of interviews carried out withleading accounting practitioners in the three countries during1996-97.The paper concludes that there are significant obstacles toaccounting harmonisation in Europe and that there is potentialfor continuing diversity of national accounting practice.

¿Las patentes aceleran o retrasan la comercialización de nuevos medicamentos en los países en desarrollo?

Este trabajo analiza el impacto de las patentes en la dinámica de introducción de nuevos medicamentos en diferentes mercados nacionales. El estudio de un conjunto de mercados de medicamentos contra el VIH/SIDA en una muestra de países en desarrollo indica que las patentes sólo aceleran significativamente la introducción de los nuevos medicamentos después de que hayan pasado entre 1 y 4 años desde su lanzamiento mundial. Las patentes impiden que se introduzcan copias locales de los nuevos medicamentos comercializados por las grandes multinacionales, y la falta de competencia y los mayores precios de introducción resultantes ofrece a las multinacionales mayores ingresos en la comercialización de nuevos medicamentos mientras dura la patente. Sin embargo, el incentivo económico que debería acelerar la disponibilidad de nuevos medicamentos parece operar con cierto retraso

¿Las patentes aceleran o retrasan la comercialización de nuevos medicamentos en los países en desarrollo?

Este trabajo analiza el impacto de las patentes en la dinámica de introducción de nuevos medicamentos en diferentes mercados nacionales. El estudio de un conjunto de mercados de medicamentos contra el VIH/SIDA en una muestra de países en desarrollo indica que las patentes sólo aceleran significativamente la introducción de los nuevos medicamentos después de que hayan pasado entre 1 y 4 años desde su lanzamiento mundial. Las patentes impiden que se introduzcan copias locales de los nuevos medicamentos comercializados por las grandes multinacionales, y la falta de competencia y los mayores precios de introducción resultantes ofrece a las multinacionales mayores ingresos en la comercialización de nuevos medicamentos mientras dura la patente. Sin embargo, el incentivo económico que debería acelerar la disponibilidad de nuevos medicamentos parece operar con cierto retraso

The International Universities Walking Project: Development of a Framework for Workplace Intervention Using the Delphi Technique

Background: This paper aimed to use the Delphi technique to develop a consensus framework for a multinational, workplace walking intervention. Methods: Ideas were gathered and ranked from eight recognized and emerging experts in the fields of physical activity and health, from universities in Australia, Canada, England, the Netherlands, Northern Ireland, and Spain. Members of the panel were asked to consider the key characteristics of a successful campus walking intervention. Consensus was reached by an inductive, content analytic approach, conducted through an anonymous, three-round, e-mail process. Results: The resulting framework consisted of three interlinking themes defined as “design, implementation, and evaluation.” Top-ranked subitems in these themes included the need to generate research capacity (design), to respond to group needs through different walking approaches (implementation), and to undertake physical activity assessment (evaluation). Themes were set within an underpinning domain, referred to as the “institution” and sites are currently engaging with subitems in this domain, to provide sustainable interventions that reflect the practicalities of local contexts and needs. Conclusions: Findings provide a unique framework for designing, implementing, and evaluating walking projects in universities and highlight the value of adopting the Delphi technique for planning international, multisite health initiatives.

Thrombin-receptor antagonist vorapaxar in acute coronary syndromes

Background: Vorapaxar is a new oral protease-activatedreceptor 1 (PAR-1) antagonist that inhibits thrombin-induced platelet activation. Methods: In this multinational, double-blind, randomized trial, we compared vorapaxar with placebo in 12,944 patients who had acute coronary syndromes without ST-segment elevation. The primary end point was a composite of death from cardiovascular causes, myocardial infarction, stroke, recurrent ischemia with rehospitalization, or urgent coronary revascularization. RESULTS: Follow-up in the trial was terminated early after a safety review. After a median follow-up of 502 days (interquartile range, 349 to 667), the primary end point occurred in 1031 of 6473 patients receiving vorapaxar versus 1102 of 6471 patients receiving placebo (KaplanMeier 2-year rate, 18.5% vs. 19.9%; hazard ratio, 0.92; 95% confidence interval [CI], 0.85 to 1.01; P = 0.07). A composite of death from cardiovascular causes, myocardial infarction, or stroke occurred in 822 patients in the vorapaxar group versus 910 in the placebo group (14.7% and 16.4%, respectively; hazard ratio, 0.89; 95% CI, 0.81 to 0.98; P = 0.02). Rates of moderate and severe bleeding were 7.2% in the vorapaxar group and 5.2% in the placebo group (hazard ratio, 1.35; 95% CI, 1.16 to 1.58; P<0.001). Intracranial hemorrhage rates were 1.1% and 0.2%, respectively (hazard ratio, 3.39; 95% CI, 1.78 to 6.45; P<0.001). Rates of nonhemorrhagic adverse events were similar in the two groups. Conclusions: In patients with acute coronary syndromes, the addition of vorapaxar to standard therapy did not significantly reduce the primary composite end point but significantly increased the risk of major bleeding, including intracranial hemorrhage. (Funded by Merck; TRACER ClinicalTrials.gov number, NCT00527943.)

Territorio en mutación: la industria textil-confección como factor de desarrollo local en Galicia

La industria textil y de la confección ha experimentado en Galicia un muy notable proceso de expansión en las últimas décadas. Esta actividad se localiza de modo específico en determinadas localidades y espacios, donde se configuran sistemas productivos locales, mientras en el resto su presencia es más débil. Otra de las características del sector es el contraste existente entre dos modelos empresariales: el vinculado al grupo multinacional Inditex y aquel asociado a un grupo de empresas de menor entidad, pero de gran capacidad competitiva en los segmentos de calidad asociados al diseño. El presente análisis presenta como objetivos: presentar las estrategias empresariales de los dos mode los productivos existentes, individualizar aquellos factores de carácter socioeconómico y territorial que han favorecido el desarrollo de la actividad e identificar las principales implicaciones territoriales que el sector ha generado en aquellas localidades donde su presencia es más significativa.

Cultures en contacte a Catalunya

En el actual escenario mundial, interconectado en el circuito de la mundialización cultural, con poblaciones cada vez más heterogéneas a causa de los desplazamientos internos y extracomunitarios, el contacto de civilizaciones provoca tensiones y efectos múltiples y conectados en cadena en el ámbito económico, social, político y cultural. En este sentido, la cuestión que centra los debates es la problemática resultante de la vida, en común o en paralelo, en un mismo territorio, de las culturas que historicamente están ya asentadas con las que van llegando, que son (muy) diferentes. En nuestro estado multinacional, Cataluña tiene unas condiciones óptimas para ser observada como un paradigma, porque forma parte de este circuito mundializado; porque es un punto de llegada de una parte importante de la actual inmigración comunitaria y extracomunitaria; porque, además, tiene ya como bagaje una experiencia, no tan lejana, de recepción de emigrantes culturalmente distantes, de la que se desprenden tendencias interesantes para orientar el presente y consolidar en el futuro el escenario multicultural que ya se empieza a vertebrar.

Thrombin-receptor antagonist vorapaxar in acute coronary syndromes

Background: Vorapaxar is a new oral protease-activated-receptor 1 (PAR-1) antagonist that inhibits thrombin-induced platelet activation. Methods: In this multinational, double-blind, randomized trial, we compared vorapaxar with placebo in 12,944 patients who had acute coronary syndromes without ST-segment elevation. The primary end point was a composite of death from cardiovascular causes, myocardial infarction, stroke, recurrent ischemia with rehospitalization, or urgent coronary revascularization. RESULTS: Follow-up in the trial was terminated early after a safety review. After a median follow-up of 502 days (interquartile range, 349 to 667), the primary end point occurred in 1031 of 6473 patients receiving vorapaxar versus 1102 of 6471 patients receiving placebo (Kaplan-Meier 2-year rate, 18.5% vs. 19.9%; hazard ratio, 0.92; 95% confidence interval [CI], 0.85 to 1.01; P = 0.07). A composite of death from cardiovascular causes, myocardial infarction, or stroke occurred in 822 patients in the vorapaxar group versus 910 in the placebo group (14.7% and 16.4%, respectively; hazard ratio, 0.89; 95% CI, 0.81 to 0.98; P = 0.02). Rates of moderate and severe bleeding were 7.2% in the vorapaxar group and 5.2% in the placebo group (hazard ratio, 1.35; 95% CI, 1.16 to 1.58; P<0.001). Intracranial hemorrhage rates were 1.1% and 0.2%, respectively (hazard ratio, 3.39; 95% CI, 1.78 to 6.45; P<0.001). Rates of nonhemorrhagic adverse events were similar in the two groups. Conclusions: In patients with acute coronary syndromes, the addition of vorapaxar to standard therapy did not significantly reduce the primary composite end point but significantly increased the risk of major bleeding, including intracranial hemorrhage. (Funded by Merck; TRACER ClinicalTrials.gov number, NCT00527943.)

El fútbol y el negocio del entretenimiento global. Los clubes como multinacionales del ocio

El artículo tiene como objetivo analizar el proceso de expansión internacional de los clubes más ricos del fútbol español durante la primera década del siglo XXI, Real Madrid y FC Barcelona. Después de que los clubes de la Premier League inglesa fueran los primeros en crear una estrategia de branding internacional, otras ligas y organizaciones deportivas han adoptado sus mismos sistemas de gestión empresarial. En España, el Real Madrid y el FC Barcelona son el ejemplo más evidente, por su número de fans en todo el mundo, por sus acuerdos internacionales en la comercialización de sus productos con otras organizaciones y por la presencia que tienen sus marcas en todo el mundo gracias a las inversiones de sus fundaciones en escuelas de fútbol en concepto de Responsabilidad Social Corporativa. Por eso, ambos clubes, Real Madrid y FC Barcelona, pueden calificarse de nuevas multinacionales del ocio.

Passport to a profession in the degree of pharmacy: how to integrate university students into the real world of work: "Passport to a profession in Pharmacy"

The incorporation of the Spanish university system into the European Higher Education Areahas brought about a series of adaptations. Among the recommendations is the inclusion ofan external training period in a company, which has resulted in significant changes in thedegree syllabus in order to balance the theoretical and practical education required by thestudents. This new framework has been legally confirmed by the Spanish Government and, inthe case of the University of Barcelona, by the publication of internal guidelines. Takingadvantage of this new opportunity to adapt the Pharmacy degree to real-world problems inindustry, the Dean’s team of the Faculty of Pharmacy, with the support of the Facultyadministrative staff and the Students Advisory Service, have assumed the challenge ofincluding a new subject in the syllabus entitled Training in Companies.In parallel, a new activity has been set up to ensure that the students choose the mostsuitable company department/job for them and to help them pass the company interview.Under the name of Passport to a Profession, a series of ten explanatory talks has beenscheduled every academic year. These talks deal with a broad range of topics aimed atproviding the students with the basic tools they will need to make the most of a companytraining period and to make headway in the professional world when they finish theirdegree. In addition, three Faculty of Pharmacy-Pharmaceutical company workshops and tworound-table conferences have been held in the last two years in order to bring the universityand industry together. Notably, the project to provide students with company training isexpanding on an international level, with two to three undergraduate students contractedevery year by a United Kingdom-based multinational pharmaceutical company.The statistical data of the whole process has been analysed for a more in-depthunderstanding of the activity and to improve the programme.

Regulation of Port Charges in Spain: Global versus Local Competition

This article examines the determinants of traffic volumes and the revenues per tonne generated by Spain’s port authorities. The interest of the study lies on the strong differences between port authorities in a context of strict regulation but that provides some scope for price competition. We find that port charges influence the amount of traffic that a port is able to generate. Furthermore, we find clear evidence of local price competition and report mixed results for global competition. Revenues per tonne are higher in ports operating more international regular lines and with multinational terminal operators, while they are lower in ports with nearby competing facilities and where the market share of the dominant shipping firm is high.