The optimal behaviour of firms facing stochastic costs

This paper aims at assessing the optimal behavior of a firm facing stochastic costs of production. In an imperfectly competitive setting, we evaluate to what extent a firm may decide to locate part of its production in other markets different from which it is actually settled. This decision is taken in a stochastic environment. Portfolio theory is used to derive the optimal solution for the intertemporal profit maximization problem. In such a framework, splitting production between different locations may be optimal when a firm is able to charge different prices in the different local markets.

Human capital in export-based internationalisation. "Managerial determinants and their influence upon the export behaviour of the firm: four case-studies of catalan exporting SMEs"

Export activities are a major source of economic growth and are considered important both at the national level and for individual businesses. Moreover, in the case of SMEs, they gain particular relevance, exporting being the most common foreign market entry mode for these firms. The decision maker’s role in the export activity is crucial, particularly in the case of SMEs. However, the extant literature on internationalization is characterized by a lack of consensus among scholars as to what constitutes the managerial factor in determining exporting. Therefore, this study focuses on the following issue: Which are the decision maker’s characteristics and perceptions that may influence the export behaviour of Catalan SMEs? To address this question a multiple case study method is applied across four Catalan exporting SMEs. The methodology chosen for analysing the empirical data is relying on the proposition testing approach while the investigation is conducted including both within and cross-case analysis. The findings show that high educational level, language skills, high risk tolerance, innovativeness as well as strongly perceived export stimuli as compared to low and easy to overcome export barriers positively influence the export involvement and development of SMEs. The study provides further insights into the research topic by jointly studying managerial characteristics and perceptions. Additionally, the majority of research on exporting topics has been carried out in the USA, so there is a clear need of investigation in the field in other countries, moreover in Spain where the exporting activities have not been as widely studied.

Understanding the religious behaviour of Muslims in the Netherlands and the UK

The position of Muslims in Western societies is the subject of intense study and debate. However, remarkably little attention has been paid to the practice of European Muslims and how Muslim religiosity relates to conventional measures of social and economic integration. In this paper we draw on theories of secularization, assimilation, revitalization and integration to explore the correlates of attendance at religious meetings for Muslims of different backgrounds in the Netherlands and the UK. We conclude that patterns of religiosity and secularisation cannot be generalised across national contexts.

Asymptotic behaviour of the density in a parabolic SPDE

Consider the density of the solution $X(t,x)$ of a stochastic heat equation with small noise at a fixed $t\in [0,T]$, $x \in [0,1]$.In the paper we study the asymptotics of this density as the noise is vanishing. A kind of Taylor expansion in powers of the noiseparameter is obtained. The coefficients and the residue of the expansion are explicitly calculated.In order to obtain this result some type of exponential estimates of tail probabilities of the difference between the approximatingprocess and the limit one is proved. Also a suitable local integration by parts formula is developped.

Vibrational behaviour of bcc Cu-based shape memory alloys close to the martensitic transition

Experimental data from ultrasonic and inelastic neutron scattering measurements are analyzed for different families of Cu-based shape-memory alloys. It is shown that the transition occurs at a value, independent of composition and alloy family, of the ratio between the elastic constants associated with the two shears necessary to accomplish the lattice distortion from the bcc to the close-packed structure. The zone boundary frequency of the TA2[110] branch evaluated at the transition point (TM), weakly depends, for each family, on composition. A linear relationship between this frequency and the inverse of the elastic constant C', both quantities evaluated at TM, has been found, in agreement with the prediction of a Landau model proposed for martensitic transformations.

The infrared behaviour of the static potential in perturbative QCD

The definition of the quark-antiquark static potential is given within an effective field theory framework. The leading infrared divergences of the static singlet potential in perturbation theory are explicitly calculated.

Crystallization behaviour of some melt spun Nd-Fe-B alloys

The kinetics of crystallization of four amorphous (or partially amorphous) melt spun Nd-Fe-B alloys induced by thermal treatment is studied by means of differential scanning calorimetry and scanning electron microscopy, In the range of temperatures explored experimentally, the crystallization process is thermally activated and generally proceeds in various stages. The Curie temperature and the crystallization behavior have been measured. The apparent activation energy of crystallization of most of the crystallization stages has been determined for each melt spun alloy. The explicit form of the kinetic equation that best describes the first stage of crystallization has been found. It follows in general the Johnson-Mehl-Avrami-Erofe'ev model, but clear deviations to that model occur for one alloy. Scanning electron microscopy demonstrates that preferentially hetereogeneous nucleation occurs at the ribbon surface which was in contact with the wheel. From crystallization kinetics results the lower part of the experimental time-temperature-transformation curves for all studied alloys are deduced and extrapolated to the high temperature limit of their range of validity, also deduced.

Courtship and mating behaviour of the Mediterranean corn borer, Sesamia nonagrioides (Lepidoptera: Noctuidae)

Se describe la secuencia de cortejo y apareamiento de machos y hembras de Sesamia nonagrioides (Lefèbvre) en el laboratorio. Esta secuencia no varió en presencia o ausencia de plantas de maíz. Se estudió la capacidad de atracción de un sexo sobre el otro atando el individuo de un sexo y dejando libre al complementario. La secuencia de cortejo y apareo de las hembras atadas fue la misma que la de las no atadas, pero los machos atados permanecieron absolutamente inactivos. La edad de los adultos (1 día versus 2 días) no afectó al porcentaje de apareamiento. Se encontraron diferencias en la hora del inicio de la llamada de las hembras y en la edad de las hembras en la primera llamada entre la población estudiada y lo descrito para una población griega, diferencias que podrían estar relacionadas con el origen geográfico. Se discute el papel de los penachos abdominales de los machos en el vuelo de cortejo, rechazándose que estimulen el comportamiento de llamada de las hembras o que las atraigan. Cuando no se aplicaron feromonas, el porcentaje de apareamiento en el laboratorio o en el campo no varió cuando aumentó la densidad de la población. Sin embargo, en los campos en que se aplicó confusión sexual, el porcentaje de apareamiento aumentó al aumentar la densidad de adultos. En la discusión se aportan algunas consecuencias para la investigación de la composición de las feromonas y su uso para el seguimiento de plagas y el control mediante confusión sexual.

Activity patterns and foraging behaviour of Audouin's gulls at the Ebro Delta, NW Mediterranean.

Twenty Audouin´s gulls, Larus audouinii, breeding in the Ebro Delta (NW Mediterranean) were radio-tracked in 1998 to study their foraging behaviour and activity patterns. Some detrimental effects of tagging on the breeding success of the birds were detected, especially when both members of the pair were tagged. The results were actually constrained by the low number of locations due to natural breeding failure and failure in tag emission, as well as the adverse effect of tagging. However, through a combination of aircraft surveys at sea and a fixed station for automatic tracking of the presence of the birds at the colony, novel individual-based information of home ranges and activity patterns was obtained. Trawler fishing activity seemed to influence both the foraging range and habitat use: while trawlers operated, gulls overlapped their fishing grounds with vessels, probably to scavenge on discards. Very few locations were obtained during a trawling moratorium period, although they were all recorded in coastal bays and terrestrial habitats. During the trawling activity period, gulls ranged over a minimum convex polygon area of 2900 km2. Gulls were tracked up to 40 km from the colony, but some individuals were observed beyond 150 km while still breeding. Arrivals and departures from the colony were in accordance with the trawling timetable. However, most birds also showed some nocturnal foraging activity, probably linked to active fishing of clupeoids (following diel migrations) or to the exploitation of purse-seine fishing activity. Foraging trips lasted on average 15 hours: males performed significantly shorter trips than females, which spent more time outside the colony. The proportion of nocturnal time involved in the foraging trips was the same for males and females, but whilst all males initiated their trips both during the day and at night, some females only initiated their trips during the day. Hatching success was found to be related to foraging effort by males. Gulls spent on average ca. 38% of their time budget outside the nesting territory, representing the time devoted mainly to flying, foraging and other activities.