Organizational form and business performance

This project deals with the generation of profitability and the distribution of its benefits. Inspired by Davis (1947, 1955), we define profitability as the ratio of revenue to cost. Profitability is not as popular a measure of business financial performance as profit, the difference between revenue and cost. Regardless of its popularity, however, profitability is surely a useful financial performance measure. Our primary objective in this project is to identify the factors that generate change in profitability. One set of factors, which we refer to as sources, consists of changes in quantities and prices of outputs and inputs. Individual quantity changes aggregate to the overall impact of quantity change on profitability change, which we call productivity change. Individual price changes aggregate to the overall impact of price change on profitability change, which we call price recovery change. In this framework profitability change consists exclusively of productivity change and price recovery change. A second set of factors, which we refer to as drivers, consists of phenomena such as technical change, change in the efficiency of resource allocation, and the impact of economies of scale. The ability of management to harness these factors drives productivity change, which is one component of profitability change. Thus the term sources refers to quantities and prices of individual outputs and inputs, whose changes influence productivity change or price recovery change, either of which influences profitability change. The term drivers refers to phenomena related to technology and management that influence productivity change (but not price recovery change), and hence profitability change.

Impacte de la crisi econòmica en una destinació de sol i platja: cas Platja d’Aro

La crisi econòmica és un fet molt recent, però pel qual mai s’està preparat. El gran allau de notícies tant en mitjans televisius, com de radio, diaris, etc., els quals en parlen constantment, ha motivat la curiositat per esbrinar si la crisi econòmica està afectant al sector turístic i de quina manera. Com és sabut, des de fa ja uns anys es parla de les destinacions en crisi, d’un turisme de sol i platja en crisi, ja que les noves destinacions estan fent ombra a aquelles que durant els 70 i 80 van tenir un boom i una gran acceptació, la qual cosa fa pensar que la situació actual de la crisi econòmica pot fer agreujar aquest estat de davallada del turisme de masses

La Política europea de España 2007-08

El presente working paper es la versión española del capítulo escrito por las autoras sobre la política europea de España para un anuario alemán sobre construcción europea (W. Weidenfeld y W. Wessels (Hrsg.). Jahrbuch der Europäischen Integration 2007/08, Institut fur Europäische Politik. Europa Union Verlag, en prensa). Esther Barbé escribe dicho capítulo para el Jahrbuch regularmente desde el año 1990.

La Política europea de España 2006-2007

El presente working paper es la versión española del capítulo escrito por la autora sobre la política europea de España para un anuario alemán sobre construcción europea (W. Weidenfeld y W. Wessels (Hrsg.). Jahrbuch der Europäischen Integration 2006/07, Institut fur Europäische Politik. Europa Union Verlag, en prensa). La autora escribe dicho capítulo para el Jahrbuch regularmente desde el año 1990. Producto de dichos textos es el libro de la autora que lleva por título La política europea de España, Barcelona, Ariel, 1999. En dicho libro se recogen aspectos conceptuales y de análisis en profundidad que sirven de marco al presente texto, cuyas características responden al objetivo de la publicación (alemana) en la que apareció: un anuario de seguimiento de la construcción europea de carácter coyuntural.

Política turística de Girona: 1976-2007

Es pretén fer una descripció de la política turística de la ciutat de Girona en el període 1976-2007. Es defineixen 6 objectius: estudiar el concepte de política turística, estudiar l’evolució del boom turístic dels 60 fins al turisme de qualitat dels 90, observar el repartiment de competències entre les diferents administracions, observar l’actual política turística de l’Ajuntament de Girona, descriure els fets que han influït en la política turística de la ciutat de Girona, i comparar la política turística estatal i la de Girona en aquest període

Financial constraints and the failure of innovation projects

Theoretical and empirical approaches have stressed the existence of financial constraints in innovative activities of firms. This paper analyses the role of financial obstacles on the likelihood of abandoning an innovation project. Although a large number of innovation projects are abandoned before their completion, the empirical evidence has focused on the determinants of innovation while failed projects have received little attention. Our analysis differentiates between internal and external barriers on the probability of abandoning a project and we examine whether the effects are different depending on the stage of the innovation process. In the empirical analysis carried out for a panel data of potential innovative Spanish firms for the period 2004-2010, we use a bivariate probit model to take into account the simultaneity of financial constraints and the decision to abandon an innovation project. Our results show that financial constraints most affect the probability of abandoning an innovation project during the concept stage and that low-technological manufacturing and non-KIS service sectors are more sensitive to financial constraints.

The Impacts of social networks on immigrants' employment prospect: the spanish case 1997-2007

This paper studies the extent to which social networks influence the employment stability and wages of immigrants in Spain. By doing so, I consider an aspect that has not been previously addressed in the empirical literature, namely the connection between immigrants' social networks and labor market outcomes in Spain. For this purpose, I use micro-data from the National Immigrant Survey carried out in 2007. The analysis is conducted in two stages. First, the impact of social networks on the probability of keeping the first job obtained in Spain is studied through a multinomial logit regression. Second, quantile regressions are used to estimate a wage equation. The empirical results suggest that once the endogeneity problem has been accounted for, immigrants' social networks influence their labor market outcomes. On arrival, immigrants experience a mismatch in the labor market. In addition, different effects of social networks on wages by gender and wage distribution are found. While contacts on arrival and informal job access mechanisms positively influence women's wages, a wage penalty is observed for men.

Behavioral aspects of investment fund's markets: are good managers lucky or skilled?

It is generally accepted that financial markets are efficient in the long run a lthough there may be some deviations in the short run. It is also accepted that a good portfolio manager is the one who beats the market persistently along time, this type of manager could not exist if markets were perfectly efficient According to this in a pure efficient market we should find that managers know that they can not beat the market so they would undertake only pure passive management strategies. Assuming a certain degree of inefficiency in the short run, a market may show some managers who tr y to beat the market by undertaking active strategies. From Fama’s efficient markets theory we can state that these active managers may beat the market occasionally although they will not be able to enhance significantly their performance in the long run. On the other hand, in an inefficient market it would be expected to find a higher level of activity related with the higher probability of beating the market. In this paper we follow two objectives: first, we set a basis to analyse the level of efficiency in an asset invest- ment funds market by measuring performance, strategies activity and it’s persistence for a certain group of funds during the period of study. Second, we analyse individual performance persistence in order to determine the existence of skilled managers. The CAPM model is taken as theoretical background and the use of the Sharpe’s ratio as a suitable performance measure in a limited information environment leads to a group performance measurement proposal. The empiri- cal study takes quarterly data from 1999-2007 period, for the whole population of the Spanish asset investment funds market, provided by the CNMV (Comisión Nacional del Mercado de Valores). This period of study has been chosen to ensure a wide enough range of efficient market observation so it would allow us to set a proper basis to compare with the following period. As a result we develop a model that allows us to measure efficiency in a given asset mutual funds market, based on the level of strategy’s activity undertaken by managers. We also observe persistence in individual performance for a certain group of funds

Financial constraints and the failure of innovation projects

Theoretical and empirical approaches have stressed the existence of financial constraints in innovative activities of firms. This paper analyses the role of financial obstacles on the likelihood of abandoning an innovation project. Although a large number of innovation projects are abandoned before their completion, the empirical evidence has focused on the determinants of innovation while failed projects have received little attention. Our analysis differentiates between internal and external barriers on the probability of abandoning a project and we examine whether the effects are different depending on the stage of the innovation process. In the empirical analysis carried out for a panel data of potential innovative Spanish firms for the period 2004-2010, we use a bivariate probit model to take into account the simultaneity of financial constraints and the decision to abandon an innovation project. Our results show that financial constraints most affect the probability of abandoning an innovation project during the concept stage and that low-technological manufacturing and non-KIS service sectors are more sensitive to financial constraints. Keywords: barriers to innovation, failure of innovation projects, financial constraints JEL Classifications: O31, D21