Application of theoretical models to financial innovation

The present paper is aimed at providing a general strategic overview of the existing theoretical models that have applications in the field of financial innovation. Whereas most financialdevelopments have relied upon traditional economic tools, a new stream of research is defining a novel paradigm in which mathematical models from diverse scientific disciplines are being applied to conceptualize and explain economic and financial behavior. Indeed, terms such as ‘econophysics’ or ‘quantum finance’ have recently appeared to embrace efforts in this direction. As a first contact with such research, the project will present a brief description of some of the main theoretical models that have applications in finance and economics, and will try to present, if possible, potential new applications to particular areas in financial analysis, or new applicable models. As a result, emphasiswill be put on the implications of this research for the financial sector and its future dynamics.

High-growth firms and innovation: an empirical analysis for Spanish firms

This paper analyses the effect of R&D investment on firm growth. We use an extensive sample of Spanish manufacturing and service firms. The database comprises diverse waves of Spanish Community Innovation Survey and covers the period 2004–2008. First, a probit model corrected for sample selection analyses the role of innovation on the probability of being a high-growth firm (HGF). Second, a quantile regression technique is applied to explore the determinants of firm growth. Our database shows that a small number of firms experience fast growth rates in terms of sales or employees. Our results reveal that R&D investments positively affect the probability of becoming a HGF. However, differences appear between manufacturing and service firms. Finally, when we study the impact of R&D investment on firm growth, quantile estimations show that internal R&D presents a significant positive impact for the upper quantiles, while external R&D shows a significant positive impact up to the median. Keywords : High-growth firms, Firm growth, Innovation activity. JEL Classifications : L11, L25, L26, O30

Innovar, renovar, avaluar

[eng] The new educational context in which we are involved and the facilities of the TIC (Communication Information Technologies) have led to the necessary modification of didactic approach that during years has been used for Pharmaceutical Technology teaching. However, changes/updating and innovation require a simultaneous reflection in order to avoid excessive dispersion of the approach and to channel adequately the pedagogic and didactic effort. On the other hand, it is necessary to evaluate the above initiatives to determinate if these one are on the right track. The Pharmaceutical Technology Teaching Innovation Group of the University of Barcelona has been formed and consolidated in this point of view. In this work, a review of studies carried on by the group, in the exposed purposes, from the beginning of their activities is presented. [spa] El nuevo contexto docente en el que estamos inmersos así como las posibilidades de las TIC (Tecnologías de la Información y de la Comunicación) han conllevado la necesaria modificación de los planteamientos didácticos que durante años han servido de base para las enseñanzas de la Tecnología Farmacéutica. Sin embargo, la renovación/actualización e innovación precisan de una simultánea reflexión a fin de evitar una excesiva dispersión del enfoque y para encauzar adecuadamente el esfuerzo pedagógico y didáctico. Por otra parte, es necesario evaluar dichas iniciativas para determinar si están bien encaminadas. El Grupo de Innovación Docente de Tecnología Farmacéutica de la Universidad de Barcelona se ha creado y consolidado desde esta óptica. En este trabajo se presentan un conjunto de estudios que el grupo ha llevado a cabo, con los fines expuestos, desde el comienzo de sus actividades.

Innovar, renovar, avaluar

[eng] The new educational context in which we are involved and the facilities of the TIC (Communication Information Technologies) have led to the necessary modification of didactic approach that during years has been used for Pharmaceutical Technology teaching. However, changes/updating and innovation require a simultaneous reflection in order to avoid excessive dispersion of the approach and to channel adequately the pedagogic and didactic effort. On the other hand, it is necessary to evaluate the above initiatives to determinate if these one are on the right track. The Pharmaceutical Technology Teaching Innovation Group of the University of Barcelona has been formed and consolidated in this point of view. In this work, a review of studies carried on by the group, in the exposed purposes, from the beginning of their activities is presented. [spa] El nuevo contexto docente en el que estamos inmersos así como las posibilidades de las TIC (Tecnologías de la Información y de la Comunicación) han conllevado la necesaria modificación de los planteamientos didácticos que durante años han servido de base para las enseñanzas de la Tecnología Farmacéutica. Sin embargo, la renovación/actualización e innovación precisan de una simultánea reflexión a fin de evitar una excesiva dispersión del enfoque y para encauzar adecuadamente el esfuerzo pedagógico y didáctico. Por otra parte, es necesario evaluar dichas iniciativas para determinar si están bien encaminadas. El Grupo de Innovación Docente de Tecnología Farmacéutica de la Universidad de Barcelona se ha creado y consolidado desde esta óptica. En este trabajo se presentan un conjunto de estudios que el grupo ha llevado a cabo, con los fines expuestos, desde el comienzo de sus actividades.

Innovation and Regulation in ICT. Keys for Development

The expansion of broadband speed and coverage over IP technology, which extend over transport and terminal access networks, has increased the demand for applications and content which by being provided over it, uniformly give rise to convergence. These shifts in technologies and enterprise business models are giving rise to the necessity for changing the perspective and scope of the Universal Service and of the regulation frameworks, with this last one based in the same principles as always but varying its application. Several aspects require special and renewed attention, such as the definition of relevant markets and dominant operators, the role of packages, interconnection of IP networks, network neutrality, the use of the spectrum with a vision of value for the citizenship, the application of the competition framework, new forms of licensing, treatment of the risk in the networks, changes in the regulatory authorities, amongst others. These matters are treated from the perspective of the actual trends in the world and its conceptual justification.

Productivity and innovation spillovers: Micro evidence from Spain

This article analyses the impact that innovation expenditure and intrasectoral and intersectoral externalities have on productivity in Spanish firms. While there is an extensive literature analysing the relationship between innovation and productivity, in this particular area there are far fewer studies that examine the importance of sectoral externalities, especially with the focus on Spain. One novelty of the study, which covers the industrial and service sectors, is that we also consider jointly the technology level of the sector in which the firm operates and the firm size. The database used is the Technological Innovation Panel, PITEC, which includes 12,813 firms for the year 2008 and has been little used in this type of study. The estimation method used is Iteratively Reweighted Least Squares method, IRLS, which is very useful for obtaining robust estimations in the presence of outliers. The results confirm that innovation has a positive effect on productivity, especially in high-tech and large firms. The impact of externalities is more heterogeneous because, while intrasectoral externalities have a poitive and significant effect, especially in low-tech firms independently of size, intersectoral externalities have a more ambiguous effect, being clearly significant for advanced industries in which size has a positive effect.

A relational approach to the geography of innovation: a typology of regions

The aim of this study was to devise a method for computing a composite indicator that measures the regional degree of exposure to external knowledge sources. On the basis of this indicator, we propose a typology of regions according to their potential capacity to access extra-local items of knowledge, which might help them to recombine complementary elements of such an asset to produce a higher number of new ideas. Building on various research streams that have been relatively independent to date, we summarize a non-exhaustive instrumental list of recent studies that motivates our approach and the construction of our complex indicator, which can be used to appraise the extent to which each region is in an optimal position to access external innovative resources.

Research networks and inventors’ mobility as drivers of innovation evidence from Europe

We investigate the importance of the labour mobility of inventors, as well as the scale, extent and density of their collaborative research networks, for regional innovation outcomes. To do so, we apply a knowledge production function framework at the regional level and include inventors’ networks and their labour mobility as regressors. Our empirical approach takes full account of spatial interactions by estimating a spatial lag model together, where necessary, with a spatial error model. In addition, standard errors are calculated using spatial heteroskedasticity and autocorrelation consistent estimators to ensure their robustness in the presence of spatial error autocorrelation and heteroskedasticity of unknown form. Our results point to the existence of a robust positive correlation between intraregional labour mobility and regional innovation, whilst the relationship with networks is less clear. However, networking across regions positively correlates with a region’s innovation intensity.

La formulación magistral: adquisición de compètencias mediante ABP y estrategias no presenciales

[cast] La formulación magistral, una de las actividades profesionales más representativas del farmacéutico, consiste en la elaboración, de acuerdo con una prescripción médica, de un medicamento personalizado, adaptado a un paciente concreto, en un compromiso profesional de solucionar un problema de salud específico. La amplia oferta de medicamentos industriales ha reducido considerablemente esta actividad, que a pesar de todo, debe considerarse una herramienta de futuro en sintonía con la tendencia personalizadora actual de la medicina y las necesidades del paciente. Los conocimientos y competencias requeridas para dicha actividad profesional se introducen actualmente en la carrera de Farmacia mediante una asignatura optativa. En el presente trabajo se presenta el planteamiento metodológico diseñado por el Grupo de Innovación Docente de Tecnología Farmacéutica (GIDTF) y el grupo e-Galenica, ambos de la Universidad de Barcelona, para esta asignatura. Dicha metodología esta basada en el Aprendizaje Basado en Problemas (ABP) incluyendo tutorías y prácticas de campo, apoyada en estrategias no presenciales como foro de debate, recursos on-line, cuestionarios y tareas de autoevaluación a través de la plataforma Moodle del Campus Virtual de la UB. Se evalúan asimismo los resultados académicos y las respuestas de los estudiantes a las encuestas realizadas en relación al sistema de impartición de la asignatura. [eng] The pharmaceutical compounding, one of the most representative professional activities of pharmacists, involves the preparation of an individualized medicine tailored to a specific patient in a professional commitment to solve a specific health problem, according to a prescription. The wide range of industrial medicine has significantly reduced this activity, which nevertheless should be considered a tool of the future in line with the current trend of personalizing medicine and patient needs. The knowledge and competences required for this professional activity are introduced to the students of Pharmacy through an optional subject. In this paper we present the ethodological approach developed for this subject by the Teaching Innovation Group of pharmaceutical Technology (GIDTF) and e-Galenica group, both from the University of Barcelona. This methodology is based on Problem-Based Learning (PBL) including tutorials and practices in other centres, supported by out of class strategies as discussion forum, online resources, self-assessment questionnaires and work through the platform Moodle of Virtual Campus UB. The academic performance and student responses to surveys in relation to the didactic methodology are also assessed.

Population ageing and ICT: An exploratory review of technology innovation trough digital applications

The multidimensional process of physical, psychological, and social change produced by population ageing affects not only the quality of life of elderly people but also of our societies. Some dimensions of population ageing grow and expand over time (e.g. knowledge of the world events, or experience in particular situations), while others decline (e.g. reaction time, physical and psychological strength, or other functional abilities like reduced speed and tiredness). Information and Communication Technologies (ICTs) can help elderly to overcome possible limitations due to ageing. As a particular case, biometrics can allow the development of new algorithms for early detection of cognitive impairments, by processing continuous speech, handwriting or other challenged abilities. Among all possibilities, digital applications (Apps) for mobile phones or tablets can allow the dissemination of such tools. In this article, after presenting and discussing the process of population ageing and its social implications, we explore how ICTs through different Apps can lead to new solutions for facing this major demographic challenge.

Innovation and horizontal mergers in a vertically related industry

This paper analyzes the effects of horizontal mergers on innovation and consumer welfare in a vertically related industry context, in which downstream firms compete for customers with a differentiated final good and can undertake R&D activities to reduce their unit costs. Upstream and downstream horizontal mergers can take place. The results suggest that competition authorities aiming to promote innovation and consumer welfare should treat upstream and downstream mergers differently, since horizontal mergers between upstream firms are detrimental to innovation and consumer welfare. By contrast, policy makers should evaluate the market characteristics under downstream integration. We show that downstream horizontal mergers can be both innovation and consumer welfare enhancing in the short run, when the markets are sufficiently small. Keywords: Horizontal Mergers. Innovation. Vertical Relations. JEL Classification Numbers: L22, L41, O32

Does absorptive capacity determine collaborative research returns to innovation? A geographical dimension

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.

eLab, a Personal Learning Environment for the Green Open Innovation Platform

Open Innovation is a relatively new concept which involves a change of paradigm in the R+D+i processes of companies whose aim is to create new technologies or new processes. If to this change, we add the need for innovation in the new green and sustainability economy, and we set out to create a collaborative platform with a learning space where this can happen, we will be facing an overwhelming challenge which requires the application of intelligent programming technologies and languages at the service of education.The aim of the Green IDI (Green Open Innovation) ¿ Economic development and job creation vector in SMEs, based on the environment and sustainability project is to create a platform where companies and individual researchers can perform open innovation processes in the field of sustainability and the environment.The Green IDI (Green Open Innovation) project is funded under the program INNPACTO by the Ministry of Science and Innovation of Spain and is being developed through a consortium formed by the following institutions: GRUPO ICA; COMPARTIA; GRUPO INTERCOM; CETAQUA and the Instituto de Investigación en Inteligencia Artificial (IIIA) from Consejo Superior de Investigaciones Científicas (CSIC). Also the consortium include FUNDACIÓ PRIVADA BARCELONA DIGITAL; PIMEC and UNIVERSITAT OBERTA DE CATALUNYA (UOC).Sustainability and positive action for the environment are considered the principle vector of economic development for companies. As Nicolás Scoli says (2007) ¿in short, preventing unnecessary consumption and the efficient consumption of resources means producing greater wealth with less. Both effects lead to reduced pollution linked to production and consumption¿.The Spanish Sustainable Development Strategy (EEDS) plan defends consumption and sustainable production linked to social and economic development by adhering to the commitment not to endanger ecosystems and abolishing the idea that economic growth is directly proportional to the deterioration of the environment.Uniting the Open Innovation and New Green Economy concepts leads to the "Green Open Innovation¿ Platform creation project.This article analyses the concept of open innovation and defines the importance of the new green and sustainable economy. Lastly, it proposes the creation of eLab. The eLab is defined as an Open Green Innovation Platform personal and collaborative education space which is fed by the interactions of users and which enables innovation processes based on new green economy concepts to be carried out.The creation of a personal learning environment such as eLab on the Green Open Innovation Platform meets the need to offer a collaborative space where platform users can improve their skills regarding the environment and sustainability based on collaborative synergies through Information and Communication Technologies.

Do innovation and human capital explain the productivity gap between small and large firms?

Empirical evidence is compelling that large firms are more productive than small firms. The hypothesis in this paper is that the productivity differences between small and large firms are associated with two of the main determinants of a firm’s performance: the human and technological capital that firms incorporate. We suggest that the contribution of these factors in explaining the productivity-size gap might not only be due to the fact that large firms make a more extensive use of them, but also because large firms obtain higher returns from their investment in human and technological capital. The evidence we obtain for a comprehensive sample of Spanish manufacturing firms (1990-2002) supports this hypothesis, which has important implications for the effectiveness of policies designed to improve productivity in SMEs by stimulating innovation and the use of more skilled workers.

Gender diversity and innovation in manufacturing and service firms

Traditionally, researchers have considered the innovation process as being gender neutral. However, recently some studies have begun to take gender diversity into account as a determinant of firms’ innovation. This paper aims to analyse how the effect of gender diversity on innovation output at firm level is sensitive to team size. Using the Spanish PITEC (Panel de Innovación Tecnológica) from 2007 to 2012 for innovative manufacturing and service firms, we estimate a multivariate probit model to analyse how gender diversity both in R&D teams and in the total workforce affect product, process, marketing and organizational innovations. Our results show that gender-diverse teams increase the probability of innovating, and this capacity is positively related team size. Gender diversity, in both the R&D department and the total workforce, has a larger positive impact on the probability of carrying out product and organizational innovations in larger teams than it does in smaller teams. This effect is less clear-cut in the case of marketing and process innovation, where the impact is only significant for micro and small firms. Finally, size effects are of greater importance when we distinguish between the manufacturing and service sectors. JEL Code: O30, O31, J16