An empirical analysis on the efficiency of the microfinance investment market

This paper empirically analyzes the market efficiency of microfinance investment funds. For the empirical analysis, we use an index of the microfinance investment funds and apply two kinds of variance ratio tests to examine whether or not this index follows a random walk. We use the entire sample period from December 2003 to June 2010 as well as two sub-samples which divide the entire period before and after January 2007. The empirical evidence demonstrates that the index does not follow a random walk, suggesting that the market of the microfinance investment funds is not efficient. This result is not affected by changes in either empirical techniques or sample periods.

Market efficiency of commodity futures in India

This paper aims to examine the market efficiency of the commodity futures market in India, which has been growing phenomenally for the last few years. We estimate the long-run equilibrium relationship between the multi-commodity futures and spot prices and then test for market efficiency in a weak form sense by applying both the DOLS and the FMOLS methods. The entire sample period is from 2 January 2006 to 31 March 2011. The results indicate that a cointegrating relationship is found between these indices and that the commodity futures market seems to be efficient only during the more recent sub-sample period since July 2009.

The Japanese and Chinese models of industrial organisation : fighting for supremacy in the Vietnamese motorcycle industry

This paper explores the consequences of the emerging rivalry between Japanese and Chinese manufacturers. It focuses specifically on industrial organisation, one of the key factors that underlie the competitiveness of manufacturing industries. The question to be asked is what happens when distinctive models of industrial organisation, coming from Japan and China, clash in a developing country. An in-depth longitudinal analysis of the Vietnamese motorcycle industry adopting a modified version of the global value chain governance theory shows that a decade-long industrial transformation resulted in organisational diversity. The implications of the analysis for the literature on industrial organisation are discussed.

Competition between firms in developing and developed countries

We analyze competition in emerging markets between firms in developing and developed countries from the viewpoint of the boundaries of the firm. Although indigenous firms generally face a disadvantage in technology compared with foreign firms, they have an advantage in marketing as local firms. Moreover, they have opportunities to leave weaker fields to independent specialized firms and use lower wages. On the other hand, foreign firms also have their own advantages and disadvantages for growth. Therefore, entry conditions for indigenous firms can vary greatly depending on the situation. We classify these conditions into eight cases by developing a model and showing each boundary choice for indigenous firms.

Boundaries of firms and catching up by latecomers in global production networks : the case of a Mexican auto-parts manufacturer

For manufacturing firms in developing countries, there are high barriers to entry and to catching up with competitors in their global production networks (GPNs). This paper examines the case of a Mexican auto-parts manufacturer that succeeded in catching up in the automotive GPN. The author proposes that the door to GPNs is open thanks to frequent changes in the boundaries of firms, and also stresses the importance of the necessary conditions that generate opportunities, including institutional settings that facilitate market entry and catching up, and capability building by firms hopeful of entry.

Food quality awareness : cases from shrimp producers in Thailand and vegetable producers in Vietnam

The high number of import rejections of food commodities suggests that producers in exporting countries are not complying with established standards. To understand why this is the case, we explore the behavior of producers and consumers in developing countries. First, we examine the successful transformation of production practices adopted by shrimp producers in Thailand. In support of the dramatic change in practices, we observe an important role played by the public sector in providing a means to visualize chemical residues and to control processes upstream of the supply chain via a registration system and a traceability system called Movement Document. Furthermore, very active information sharing by the private sector contributes to the dissemination of useful technical and market information among producers. We also examine the knowledge and perceptions of consumers with respect to food safety in Vietnam. We find that consumers in Hanoi and Ho Chi Minh City behave differently toward the third-party certification VietGAP, probably owing to differences in the history of market mechanisms between the two cities.

Knowledge Management and Leadership in the Higher Education: A First Approach

Today, it is more and more important to develop competences in the learning process of the university students (that is to say, to acquire knowledge but also skills, abilities, attitudes and values). This is because professional practice requires that the future graduates design and market products, defend the interests of their clients, be introduced in the Administration or, even, in the Politics. Universities must form professionals that become social and opinion leaders, consultants, advisory, entrepreneurs and, in short, people with capacity to solve problems. This paper offers a tool to evaluate the application for the professor of different styles of management in the process of the student’s learning. Its main contribution consists on advancing toward the setting in practice of a model that overcomes the limitations of the traditional practices based on the masterful class, and that it has been applied in Portugal and Spain.

Survey and brain storming studies about machines, constructions, human and environmental risk consideration in the careers of the Universidad Politécnica of Madrid

The Universidad Politécnica of Madrid (UPM) includes schools and faculties that were for engineering degrees, architecture and computer science, that are now in a quick EEES Bolonia Plan metamorphosis getting into degrees, masters and doctorate structures. They are focused towards action in machines, constructions, enterprises, that are subjected to machines, human and environment created risks. These are present in actions such as use loads, wind, snow, waves, flows, earthquakes, forces and effects in machines, vehicles behavior, chemical effects, and other environmental factors including effects of crops, cattle and beasts, forests, and varied essential economic and social disturbances. Emphasis is for authors in this session more about risks of natural origin, such as for hail, winds, snow or waves that are not exactly known a priori, but that are often considered with statistical expected distributions giving extreme values for convenient return periods. These distributions are known from measures in time, statistic of extremes and models about hazard scenarios and about responses of man made constructions or devices. In each engineering field theories were built about hazards scenarios and how to cover for important risks. Engineers must get that the systems they handle, such as vehicles, machines, firms or agro lands or forests, obtain production with enough safety for persons and with decent economic results in spite of risks. For that risks must be considered in planning, in realization and in operation, and safety margins must be taken but at a reasonable cost. That is a small level of risks will often remain, due to limitations in costs or because of due to strange hazards, and maybe they will be covered by insurance in cases such as in transport with cars, ships or aircrafts, in agro for hail, or for fire in houses or in forests. These and other decisions about quality, security for men or about business financial risks are sometimes considered with Decision Theories models, using often tools from Statistics or operational Research. The authors have done and are following field surveys about risk consideration in the careers in UPM, making deep analysis of curricula taking into account the new structures of degrees in the EEES Bolonia Plan, and they have considered the risk structures offered by diverse schools of Decision theories. That gives an aspect of the needs and uses, and recommendations about improving in the teaching about risk, that may include special subjects especially oriented for each career, school or faculty, so as to be recommended to be included into the curricula, including an elaboration and presentation format using a multi-criteria decision model.

Infrastructure Finance in Developing Countries by State and Multilateral Development Banks

Infrastructure concession is an alternative widely used by governments to increase investment. In the case of the road sector, the main characteristics of the concessions are: long-term projects, high investments in the early years of the contract and high risks. A viability analysis must be carried out for each concession and consider the characteristics of the project. When the infrastructure is located in a developing country, political and market growth uncertainties should be add in the concession project analysis, as well as economic instability, because they present greater risks. This paper is an analysis of state bank participation in road infrastructure finance in developing countries. For this purpose, we studied road infrastructure financing and its associated risks, and also the features of developing countries. Furthermore, we considered the issue of state banks and multilateral development banks that perform an important role by offering better credit lines than the private banks, in terms of cost, interest and grace period. Based on this study, we analyzed the Brazilian Development Bank - BNDES – and their credit supply to road infrastructure concessions. The results show that BNDES is the main financing agent for long-term investment in the sector, offering loans with low interest rates in Brazilian currency. From this research we argue that a single state bank should not alone support the increasing demand for finance in Brazil. Therefore, we conclude that there is a need to expand the supply of credit in Brazil, by strengthening private banks in the long-term lending market.

Augmenting PROV with Plans in P-PLAN: Scientific Processes as Linked Data

Provenance models are crucial for describing experimental results in science. The W3C Provenance Working Group has recently released the PROV family of specifications for provenance on the Web. While provenance focuses on what is executed, it is important in science to publish the general methods that describe scientific processes at a more abstract and general level. In this paper, we propose P-PLAN, an extension of PROV to represent plans that guid-ed the execution and their correspondence to provenance records that describe the execution itself. We motivate and discuss the use of P-PLAN and PROV to publish scientific workflows as Linked Data.

Measurement and characterization of interoperability between devices with SpaceWire communications

This Master Final Project is intended to show the process developed to the functional and electrical characterization between different devices that use the SpaceWire space communications standard integrated into an evaluation board designed for this purpose. In order to carry out this characterization, firstly, a study to understand the SpaceWire standard is done. After that, another study for the understanding of the demonstration board with its different interfaces and IPs of SpW is done. According to this, it is expected to find out how the SpW devices are structured, especially at FPGA level, and how is the communication between them. Based on the knowledge obtained about SpaceWire and the SpW devices integrated into the evaluation board, the set of measurements and the strategy to validate electrical interoperability between the different devices are defined, as well as to perform functional checks required to ensure its proper understanding. Furthermore, it will let check whether the standard is met and search the limit of operation within a communication system representative of existing equipment in a satellite. Once finished the test plan and implemented on the representative hardware, the board will be considered characterized at SpW level and a report with the conclusions reached about the operation of the SpW interfaces in the board and constraints found will be done. RESUMEN. El presente Trabajo Fin de Máster pretende mostrar el proceso realizado para la caracterización eléctrica y funcional entre distintos dispositivos que utilizan el estándar de comunicaciones espaciales SpaceWire integrados en una tarjeta de evaluación diseñada para tal efecto. Para poder llevar a cabo dicha caracterización, en primer lugar, se realiza un estudio para el conocimiento del estándar SpaceWire. A continuación, se lleva a cabo otro estudio para el conocimiento de la tarjeta de demostración en la que se encuentran los distintos interfaces e IPs de SpW. Con esto último, se pretende conocer como están estructurados los dispositivos SpW, sobre todo a nivel de FPGA, y como se realiza la comunicación entre ellos. En base a los conocimientos adquiridos acerca de SpaceWire y los dispositivos SpW de la tarjeta de evaluación, se definen el conjunto de medidas y la estrategia a seguir para validar eléctricamente la interoperabilidad entre los distintos dispositivos, así como para realizar las comprobaciones funcionales necesarias para asegurar su correcto entendimiento. Además, con ello se podrá comprobar si se cumple el estándar y se podrá también buscar el límite de operación dentro de un sistema de comunicaciones representativo de los equipos existentes en un satélite. Realizado el plan de pruebas y aplicado sobre el hardware representativo se podrá dar por caracterizada la tarjeta a nivel SpW y realizar un informe con las conclusiones alcanzadas acerca del funcionamiento de los interfaces SpW de la tarjeta y las limitaciones encontradas.

Climate Change and Restoration of Degraded Land

The United Nations Climate Change Conference, Durban 2011, delivered a breakthrough on the international community's response to climate change. In the second largest meeting of its kind, the negotiations advanced, in a balanced fashion, the implementation of the Convention and the Kyoto Protocol, the Bali Action Plan, and the Cancun Agreements. The outcomes included a decision by Parties to adopt a universal legal agreement on climate change as soon as possible, and no later than 2015. One of the decisions adopted by COP 17 and CMP 7 regard to the land use, land-use change and forestry, and invites the Intergovernmental Panel on Climate Change to review and, if necessary, update supplementary methodologies for estimating anthropogenic greenhouse gas emissions by sources and removals by sinks resulting from land use, land-use change and forestry activities under Article 3, paragraphs 3 and 4, of the Kyoto Protocol. Land degradation is a human-induced or natural process which negatively affects the productivity of land within an ecosystem. The direct causes of land degradation are geographically specific. Climate change, including changes in short-term variation, as well as long-term gradual changes in temperature and precipitation, is expected to be an additional stress on rates of land degradation. Book Topics: • Introduction to Climate Change and Land Degradation • Change Mitigation • Climate Change and Waste Land Restoration • Water Management and Planning • Erosion and Hydrological Restoration • Forest Fire Land Restoration • Polluted Soils Restoration • Combating Climate Change by Restoration of Degraded Land • Research Matters – Climate Change Governance • Advanced Statistics Climate Change and Restoration of Degraded Land is of interests to academics, engineers, consultans, designers and professionals involved in restoration of degraded lands projects.

Definición del modelo de negocio y plan de marketing de un hotel de Madrid

El objetivo de este proyecto es el desarrollar el plan de negocio para analizar la viabilidad de un hotel situado en el centro de Madrid. El Plan de negocio pretende lograr un conocimiento objetivo sobre la idea del proyecto que se quiere poner en marcha, a la vez que sirve como base para conseguir recursos y capacidades necesarios para implementar el plan y obtener la financiación. ABSTRACT The aim of this project is to develop a business plan to analyze the feasibility of an hotel located in the city center of Madrid. The Business Plan aims to achieve an objetive knowledge about the project idea which intends to set in motion, at the same time serving as a basis to get resources and the necessary capabilities to implement the plan and obtain the financing.

Climate Change, Water Scarcity in Agriculture and The Country-Level Economic Impacts. A Multimarket Analysis

Climate Change, Water Scarcity in Agriculture and the Country-Level Economic Impacts. A Multimarket Analysis. Abstract: Agriculture could be one of the most vulnerable economic sectors to the impacts of climate change in the coming decades. Considering the critical role that water plays for agricultural production, any shock in water availability will have great implications for agricultural production, land allocation, and agricultural prices. In this paper, an Agricultural Multimarket model is developed to analyze climate change impacts in developing countries, accounting for the uncertainty associated with the impacts of climate change. The model has a structure flexible enough to represent local conditions, resource availability, and market conditions. The results suggest different economic consequences of climate change depending on the specific activity, with many distributional effects across regions

Diseño de un instrumento de evaluación de la gestión de recursos humanos. Aplicación en pymes industriales

El punto de partida para que una empresa mejore su competitividad es la evaluación de su gestión; para ello, es necesario contar con instrumentos que de manera objetiva, evalúen la gestión y proporcionen una guía para la mejora continua de los procesos. Este trabajo de investigación presenta el diseño y aplicación de un instrumento para evaluar la gestión de recursos humanos en las pymes industriales. Es un instrumento adaptado a la cultura, mercado, características y especificidades propias de las pymes del sector industrial del Estado Bolívar, Venezuela. Los items de evaluación fueron divididos en cuatro bloques de acuerdo al ciclo Planificar, Hacer, Verificar, Actuar y su validación estadística fue realizada mediante la técnica de análisis multivariante. Una vez validada, se aplicó la herramienta a trescientos setenta y cinco individuos del área de Recursos Humanos en ciento veinticinco Pymes industriales. Los resultados indican que los aspectos de tipo funcional son los que conducen la gestión en lugar de las razones estratégicas de la empresa, y en general, no existe plan de carrera ni sistema de evaluación de desempeño. La caracterización aportada por este estudio permite a las empresas evaluadas conocer cuales son los factores a mejorar en su gestión.The starting point for a company to improve its competitiveness is the evaluation of their management; for this it is necessary to have instruments that objectively evaluate and provide management guidance for continuous process improvement. This research paper presents the design and implementation of a tool to assess the human resource management in industrial SMEs. It is an instrument adapted to the culture, market characteristics and needs of SMEs in the Bolivar State, Venezuela. The evaluation items were divided into four blocks according to the Plan, Do, Check, Act cycle and its statistical validation was performed using the technique of multivariate analysis. Once validated, the tool was applied to hundred seventy five individuals of Human Resources belonging to hundred twenty five industrial SMEs. The results indicate that aspects of functional type are the leading management rather than strategic reasons, and in general, there is no career plan and system performance evaluation. The characterization provided by this study evaluated allows companies to know what factors to improve their management.