Asymmetries in Business Cycles

Esta disertación busca estudiar los mecanismos de transmisión que vinculan el comportamiento de agentes y firmas con las asimetrías presentes en los ciclos económicos. Para lograr esto, se construyeron tres modelos DSGE. El en primer capítulo, el supuesto de función cuadrática simétrica de ajuste de la inversión fue removido, y el modelo canónico RBC fue reformulado suponiendo que des-invertir es más costoso que invertir una unidad de capital físico. En el segundo capítulo, la contribución más importante de esta disertación es presentada: la construcción de una función de utilidad general que anida aversión a la pérdida, aversión al riesgo y formación de hábitos, por medio de una función de transición suave. La razón para hacerlo así es el hecho de que los individuos son aversos a la pérdidad en recesiones, y son aversos al riesgo en auges. En el tercer capítulo, las asimetrías en los ciclos económicos son analizadas junto con ajuste asimétrico en precios y salarios en un contexto neokeynesiano, con el fin de encontrar una explicación teórica de la bien documentada asimetría presente en la Curva de Phillips.

Unleashing Competition in EU Business Services. CEPS Policy Brief No. 284, 24 September 2012

In most EU member states, the business services industry has booked no productivity growth during the last two decades. The industry’s performance in the other member states was weaker than that of its US counterparts. Exploring what may be causing this productivity stagnation, this policy brief reports that weak competition has contributed to the continuing malaise in European business services. The study analyzed the persistence (over time) of firm-level inefficiencies. The evidence further suggests that competition between small firms and large firms in business services is weak. Markets for business services work best in countries with flexible regulation on employment change and with low regulatory costs for firms that start up or close down a business. Countries that are more open to foreign competition perform better in terms of competitive selection and productivity. The policy simulations in this paper show that greater import openness strengthens competition in business services markets. The largest positive impact comes from lower regulatory barriers for growing and shrinking firms. More particularly, competitive selection would be fostered by a reduction of administrative and regulatory costs related to labour contracts, bankruptcy and start-up requirements. A key element of the European Commission’s Europe-2020 strategy is the Single European Market for Services. Business services form one of the largest industries in Europe – and given its productivity stagnation, it deserves to be a priority target of the Europe-2020 strategy. Improving the way the business services market functions may have large positive knock-on effects for the EU economy.

Construction management contracts: law and practice

The context of construction management (CM) reveals that this method of procurement is as much a management philosophy as a contract structure. It is important to consider legal and contractual issues in this context. The interplay between management and law is complex and often misunderstood. Before considering specific issues, the use of contractual remedies in business agreements is discussed. In addition, the extent to which standardising a form of contract detracts or contributes to the success of projects is also considered. The dearth of judicial decisions, and the lack of a standard form, render it difficult to be specific about legal issues. Therefore, the main discussion of legal issues is centred around a recently completed research project which involved eliciting the views of a cross-section of experienced construction management clients, consultants and trade contractors. These interviews are used as the basis for highlighting some of the most important legal points to consider when setting up CM projects. The interviews revealed that the advantage of CM is the proximity of the client to the trade contractors and the disadvantage is that it depends on a high degree of professionalism and experience; qualities which are unfortunately difficult to find in the UK construction industry.

Learning across business sectors: Knowledge sharing between aerospace and construction

This report addresses the extent that managerial practices can be shared between the aerospace and construction sectors. Current recipes for learning from other industries tend to be oversimplistic and often fail to recognise the embedded and contextual nature of managerial knowledge. Knowledge sharing between business sectors is best understood as an essential source of innovation. The process of comparison challenges assumptions and better equips managers to cope with future change. Comparisons between the aerospace and construction sectors are especially useful because they are so different. The two sectors differ hugely in terms of their institutional context, structure and technological intensity. The aerospace sector has experienced extensive consolidation and is dominated by a small number of global companies. Aerospace companies operate within complex networks of global interdependency such that collaborative working is a commercial imperative. In contrast, the construction sector remains highly fragmented and is characterised by a continued reliance on small firms. The vast majority of construction firms compete within localised markets that are too often characterised by opportunistic behaviour. Comparing construction to aerospace highlights the unique characteristics of both sectors and helps explain how managerial practices are mediated by context. Detailed comparisons between the two sectors are made in a range of areas and guidance is provided for the implementation of knowledge sharing strategies within and across organisations. The commonly accepted notion of ‘best practice’ is exposed as a myth. Indeed, universal models of best practice can be detrimental to performance by deflecting from the need to adapt continuously to changing circumstances. Competitiveness in the construction sector too often rests on efficiency in managing contracts, with a particular emphasis on the allocation of risk. Innovation in construction tends to be problem-driven and is rarely shared from project to project. In aerospace, the dominant model of competitiveness means that firms have little choice other than to invest in continuous innovation, despite difficult trading conditions. Research and development (R&D) expenditure in aerospace continues to rise as a percentage of turnovers. A sustained capacity for innovation within the aerospace sector depends crucially upon stability and continuity of work. In the construction sector, the emergence of the ‘hollowed-out’ firm has undermined the industry’s capacity for innovation. Integrated procurement contexts such as prime contracting in construction potentially provide a more supportive climate for an innovation-based model of competitiveness. However, investment in new ways of working depends upon a shift in thinking not only amongst construction contractors, but also amongst the industry’s major clients.

Managing multiple markets: big firms and PFI contracts

The Private Finance Initiative (PFI) is frequently portrayed as a vehicle for change for the UK construction sector. Significant change in the working practices of construction companies is predicted as new business models based on whole-life value creation emerge. This paper shifts the focus of discussion from projected ideals and possible developments to the current situation. More specifically, it focuses on the challenges that large firms participating in both PFI and traditional markets face. The analysis focuses on the relations between business units and on day-to-day challenges to greater long-term commitment, through life-service provision and increased integration between construction and service provision. The paper offers insights into the effects of PFI on construction practice and their implications for theorizing on organizational and strategic change. It suggests abandoning a simplistic model of the centralized, homogenous firm and instead capturing the dynamics of decentralized, large firms working in multiple markets on a variety of projects. This would assist in the provision of more realistic and fruitful models of how to realize the PFI vision.

The cost of choice: how corporate real estate managers evaluate business space options

Firms are faced with a wider set of choices when they identify a need for new office space. They can build or purchase accommodation, lease space for long or short periods with or without the inclusion of services, or they can use “instant office” solutions provided by serviced office operators. But how do they evaluate these alternatives and are they able to make rational choices? The research found that the shortening of business horizons lead to the desire for more office space on short-term contracts often with the inclusion of at least some facilities management and business support services. The need for greater flexibility, particularly in financial terms, was highlighted as an important criteria when selecting new office accommodation. The current office portfolios held were perceived not to meet these requirements. However, there was often a lack of good quality data available within occupiers which could be used to help them analyse the range of choices in the market. Additionally, there were other organisational constraints to making decisions about inclusive real estate products. These included fragmentation of decisions-making, internal politics and the lack of assessment of business risk alongside real estate risk. Overall therefore, corporate occupiers themselves act as an interial force to the development of new and innovative real estate products.

Handling Mitigating Circumstances for Electronic Contracts

Electronic contracts are a means of representing agreed responsibilities and expected behaviour of autonomous agents acting on behalf of businesses. They can be used to regulate behaviour by providing negative consequences, penalties, where the responsibilities and expectations are not met, i.e. the contract is violated. However, long-term business relationships require some flexibility in the face of circumstances that do not conform to the assumptions of the contract, that is, mitigating circumstances. In this paper, we describe how contract parties can represent and enact policies on mitigating circumstances. As part of this, we require records of what has occurred within the system leading up to a violation: the provenance of the violation. We therefore bring together contract-based and provenance systems to solve the issue of mitigating circumstances.

Determining the Trustworthiness of New Electronic Contracts

Expressing contractual agreements electronically potentially allows agents to automatically perform functions surrounding contract use: establishment, fulfilment, renegotiation etc. For such automation to be used for real business concerns, there needs to be a high level of trust in the agent-based system. While there has been much research on simulating trust between agents, there are areas where such trust is harder to establish. In particular, contract proposals may come from parties that an agent has had no prior interaction with and, in competitive business-to-business environments, little reputation information may be available. In human practice, trust in a proposed contract is determined in part from the content of the proposal itself, and the similarity of the content to that of prior contracts, executed to varying degrees of success. In this paper, we argue that such analysis is also appropriate in automated systems, and to provide it we need systems to record salient details of prior contract use and algorithms for assessing proposals on their content. We use provenance technology to provide the former and detail algorithms for measuring contract success and similarity for the latter, applying them to an aerospace case study.

Information systems contracts and relationships: A Spanish perspective

Despite the proliferation of academic research on information systems outsourcing, not many studies analyze the characteristics of outsourcing contracts. This research aims to provide an in-depth description of information systems outsourcing. An additional objective is to examine how these characteristics evolve over time. Finally, this study reports on the usefulness of measuring such characteristics over time to assess the maturity level of the information systems outsourcing. This study gathers the data from the responses of the information systems managers of the largest Spanish firms to a questionnaire. This longitudinal study covers 12 years of research and compares authors' previous research results with the results of this study.

Story case-business law ...

Previously pub. under title: Business law--case method.

Minority business opportunities : U.S. Dept. of Transportation program.

Mode of access: Internet.

Small Business Innovation Development Act [microform] : hearings before the Committee on Science and Technology, U.S. House of Representatives, Ninety-seventh Congress, second session, January 26, 27, 28, 1982.

"No. 135."

H.R. 5612, amend the Small Business Act to extend the Current SBA 8(a) pilot program [microform] : hearing before the Select Committee on Small Business, United States Senate, Ninety-sixth Congress, second session, on H.R. 5612, to amend the Small Business Act to extend the current SBA 8(a) pilot program, August 4, 1980.

Reuse of record except for individual research requires license from Congressional Information Service, Inc.

International procurement code [microform] : hearings before the Subcommittee on Government Procurement of the Select Committee on Small Business, United States Senate, Ninety-sixth Congress, first session ... April 3 and 12, 1979.

Reuse of record except for individual research requires license from Congressional Information Service, Inc.

Disadvantaged business enterprise/women business enterprise contractors' manual /

Prepared for Illinois Dept. of Transportation, Bureau of Small Business Enterprises in cooperation with Illinois Dept. of Transportation Employees ... [et al.]