Keeping up with the Joneses: An international asset pricing model

We derive an international asset pricing model that assumes local investorshave preferences of the type "keeping up with the Joneses." In aninternational setting investors compare their current wealth with that oftheir peers who live in the same country. In the process of inferring thecountry's average wealth, investors incorporate information from the domesticmarket portfolio. In equilibrium, this gives rise to a multifactor CAPMwhere, together with the world market price of risk, there existscountry-speciffic prices of risk associated with deviations from thecountry's average wealth level. The model performs signifficantly better, interms of explaining cross-section of returns, than the international CAPM.Moreover, the results are robust, both for conditional and unconditionaltests, to the inclusion of currency risk, macroeconomic sources of risk andthe Fama and French HML factor.

Interactive local bandwidth choice

A tool for user choice of the local bandwidth function for a kernel density estimate is developed using KDE, a graphical object-oriented package for interactive kernel density estimation written in LISP-STAT. The bandwidth function is a cubic spline, whose knots are manipulated by the user in one window, while the resulting estimate appears in another window. A real data illustration of this method raises concerns, because an extremely large family of estimates is available.

Finance versus costs for teaching hospitals in Spain

In this paper we analyse the observed systematic differences incosts for teaching hospitals (THhenceforth) in Spain. Concernhas been voiced regarding the existence of a bias in thefinancing of TH s has been raised once prospective budgets arein the arena for hospital finance, and claims for adjusting totake into account the legitimate extra costs of teaching onhospital expenditure are well grounded. We focus on theestimation of the impact of teaching status on average cost. Weused a version of a multiproduct hospital cost function takinginto account some relevant factors from which to derive theobserved differences. We assume that the relationship betweenthe explanatory and the dependent variables follows a flexibleform for each of the explanatory variables. We also model theunderlying covariance structure of the data. We assumed twoqualitatively different sources of variation: random effects andserial correlation. Random variation refers to both general levelvariation (through the random intercept) and the variationspecifically related to teaching status. We postulate that theimpact of the random effects is predominant over the impact ofthe serial correlation effects. The model is estimated byrestricted maximum likelihood. Our results show that costs are 9%higher (15% in the case of median costs) in teaching than innon-teaching hospitals. That is, teaching status legitimatelyexplains no more than half of the observed difference in actualcosts. The impact on costs of the teaching factor depends on thenumber of residents, with an increase of 51.11% per resident forhospitals with fewer than 204 residents (third quartile of thenumber of residents) and 41.84% for hospitals with more than 204residents. In addition, the estimated dispersion is higher amongteaching hospitals. As a result, due to the considerable observedheterogeneity, results should be interpreted with caution. From apolicy making point of view, we conclude that since a higherrelative burden for medical training is under public hospitalcommand, an explicit adjustment to the extra costs that theteaching factor imposes on hospital finance is needed, beforehospital competition for inpatient services takes place.

Expertise and finance: Mergers motivated by technological change

This paper argues that a large technological innovation may lead to a merger wave by inducing entrepreneurs to seek funds from technologically knowledgeable firms -experts. When a large technological innovation occurs, the ability of non-experts (banks) to discriminate between good and bad quality projects is reduced. Experts can continue to charge a low rate of interest for financing because their expertise enables them to identify good quality projects and to avoid unprofitable investments. On the other hand, non-experts now charge a higher rate of interest in order to screen bad projects. More entrepreneurs, therefore, disclose their projects to experts to raise funds from them. Such experts are, however, able to copy the projects and disclosure to them invites the possibility of competition. Thus the entrepreneur and the expert may merge so as to achieve product market collusion. As well as rationalizing mergers, the model can also explain various forms of venture financing by experts such as corporate investors and business angels.

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.

Adjustment to target capital, finance and growth

Does financial development result in capital being reallocated more rapidly to industries where it is most productive? We argue that if this was the case, financially developed countries should see faster growth in industries with investment opportunities due to global demand and productivity shifts. Testing this cross-industry cross-country growth implication requires proxies for (latent) global industry investment opportunities. We show that tests relying only on data from specific (benchmark) countries may yield spurious evidence for or against the hypothesis. We therefore develop an alternative approach that combines benchmark-country proxies with a proxy that does not reflect opportunities specific to a country or level of financial development. Our empirical results yield clear support for the capital reallocation hypothesis.

Eficacia local de la cooperación europea. El caso de América latina y Perú (2007-2013).

Este estudio analiza en un primer tiempo los conceptos de desarrollo local, de eficacia de la ayuda, de gobernanza, y de cooperación descentralizada. Presenta luego la noción de eficacia local de la cooperación y expone varios modos de valuación de aquella. En un segundo tiempo sintetiza la situación económica y política de los territorios de América latina y de Perú en particular, y en una tercera parte analiza los programas europeos de cooperación y sus implementaciones en la Región en cuanto a su eficacia local.

Marcas territoriales y desarrollo local en la Cataluña interior. Estudio de caso: Territoris serens (el Lluçanès)

La denominada «reestructuración rural» pasa ineludiblemente por la transformación de la economía de sector primario que tradicionalmente ha sustentado al campo. En los últimos tiempos, se experimenta una clara tercerización de la economía rural, en muy buena medida capitalizada por la industria turística. En este sentido, surge la necesidad de repensar la ruralidad, de construirla socialmente a partir de la proyección de imaginarios comunicados interna y externamente mediante la ayuda de marcas territoriales. El presente trabajo tiene como objetivo prioritario explorar de qué forma la marca espacial Territoris serens permite la creación de una imagen competitiva para la agrupación territorial del Lluçanès, por medio de la difusión de relatos asociados a diversos valores intangibles encabezados por la serenidad, el paisaje y, por ende, la identidad territorial. La revisión de la literatura referida a marcas de territorio, el análisis de la producción documental vinculada a Territoris serens y la organización de un grupo focal de discusión permitirá dirimir el proceso de transformación de territorios en marcas, en aras de conseguir, en nombre de la competitividad, un renovado y posmoderno «sentido de lugar

Consumo y convergencia mediática de la prensa local en Cataluña

Los nuevos hábitos de consumo de medios en el marco de la convergencia digital están propiciando un cambio en las estrategias de los medios de comunicación. Mientras unos usuarios siguen prefiriendo la radio, la televisión y la prensa tradicional para informarse otros participan de la experiencia digital en internet (blogs, redes sociales...) y dispositivos móviles, etc. En este panorama es complicado precisar dónde nace y termina el contenido o hasta qué punto es la participación del usuario quien (re) construye la información; así los contenidos mutan y se diluyen en varios soportes. En este contexto, la prensa local también vive las consecuencias del nuevo paradigma y asume los retos del reacomodo del sector ante la nueva realidad. Esta comunicación presenta las conclusiones del estudio cualitativo con entrevistas en profundidad a los responsables de medios locales en Cataluña sobre sus usuarios, contenidos y soportes en el marco de la convergencia digital.

Programació d'una aplicació gràfica per l'anàlisi de senyals usant LDB (Local Discriminant Bases) i MLDB (Modified LDB)

Tot seguit presentem un entorn per analitzar senyals de tot tipus amb LDB (Local Discriminant Bases) i MLDB (Modified Local Discriminant Bases). Aquest entorn utilitza funcions desenvolupades en el marc d’una tesi en fase de desenvolupament. Per entendre part d’aquestes funcions es requereix un nivell de coneixement avançat de processament de senyals. S’han extret dels treballs realitzats per Naoki Saito [3], que s’han agafat com a punt de partida per la realització de l’algorisme de la tesi doctoral no finalitzada de Jose Antonio Soria. Aquesta interfície desenvolupada accepta la incorporació de nous paquets i funcions. Hem deixat un menú preparat per integrar Sinus IV packet transform i Cosine IV packet transform, tot i que també podem incorporar-n’hi altres. L’aplicació consta de dues interfícies, un Assistent i una interfície principal. També hem creat una finestra per importar i exportar les variables desitjades a diferents entorns. Per fer aquesta aplicació s’han programat tots els elements de les finestres, en lloc d’utilitzar el GUIDE (Graphical User Interface Development Enviroment) de MATLAB, per tal que sigui compatible entre les diferents versions d’aquest programa. En total hem fet 73 funcions en la interfície principal (d’aquestes, 10 pertanyen a la finestra d’importar i exportar) i 23 en la de l’Assistent. En aquest treball només explicarem 6 funcions i les 3 de creació d’aquestes interfícies per no fer-lo excessivament extens. Les funcions que explicarem són les més importants, ja sigui perquè s’utilitzen sovint, perquè, segons la complexitat McCabe, són les més complicades o perquè són necessàries pel processament del senyal. Passem cada entrada de dades per part de l’usuari per funcions que ens detectaran errors en aquesta entrada, com eliminació de zeros o de caràcters que no siguin números, com comprovar que són enters o que estan dins dels límits màxims i mínims que li pertoquen.

Benchmarking for routines and organizational knowledge

We use best practice benchmarking rationales to propose a dynamic research design that accounts for the endogenous components of across-firms heterogeneous routines to study changes in performance and their link to organizational knowledge investments. We thus contribute to the operationalization of management theoretical frameworks based on resources and routines. The research design employs frontier measures that provide industry-level benchmarking in organizational settings, and proposes some new indicators for firm-level strategic benchmarking. A profit-oriented analysis of the U.S. technology industry during 2000-2011 illustrates the usefulness of our design. Findings reveal that industry revival following economic distress comes along with wider gaps between best and worst performers. Second stage analyses show that increasing intangibles stocks is positively associated with fixed target benchmarking, while enhancing R&D spending is linked to local frontier progress. The discussion develops managerial interpretations of the benchmarking measures that are suitable for control mechanisms and reward systems.

Generating functions for the numbers of Abelian extensions of a local field

The aim of this paper is to give an explicit formula for the num- bers of abelian extensions of a p-adic number field and to study the generating function of these numbers. More precisely, we give the number of abelian ex- tensions with given degree and ramification index, and the number of abelian extensions with given degree of any local field of characteristic zero. Moreover, we give a concrete expression of a generating function for these last numbers

Topological computation of local cohomology multiplicities.

We express the Lyubeznik numbers of the local ring of a complex isolated singularity in terms of Betti numbers of the associated real link.

Con la secularización «se abrió el campo; el que quería venía». La formación de un grupo dirigente en el ámbito local boliviano, 1938/39-1948

Objetivo del artículo es estudiar los cambios más significativos producidos en la región de Guarayos (Noroeste del departamento de Santa Cruz, Bolivia) como consecuencia de la secularización de las misiones franciscanas en la zona, aprobada en 1938/39, y la implantación de la Delegación Nacional de Guarayos encargada de completar el proceso de incorporación de la población guaraya a la «nacionalidad». En particular, se analiza el papel desempeñado por los «administradores », nuevos «gestores» de los territorios y bienes que entre 1939 y 1948 detentaron todo el poder en cada uno de los poblados y fueron los responsables principales de la decadencia económica y despoblación de la región con la connivencia de sus superiores jerárquicos y la incapacidad del Estado para hacerse presente en la convulsa política boliviana del período marcada por continuados golpes militares.