Running Hot and Cold: Economic Liberalization and Foreign Direct Investment in Latin America by Sector

This article examines the effects of market–oriented economic reforms on foreign direct investment (FDI) flows to Latin America from 1985 to 2006. In contrast with most existing scholarship, we disaggregate FDI into its destination in the primary resource, manufacturing, and service sectors allowing us to determine that different kinds of investments exhibit distinct behavior. Notably, manufacturing FDI appears to be erratic; previous investment is not a predictor of current investment. FDI across sectors is associated with varying policy environments, with service and primary resource investment attracted to hosts with policies associated with more stable economic and political contexts. Overall, manufacturing FDI appears to function more like “hot” portfolio investment and is less likely to provide some of the positive spillover effects thought to be associated with more permanent FDI. These findings have an array of implications for economic, development, and industrial policies throughout Latin America and the developing world.

Applications for wireless sensor networks : tracking with binary proximity sensors

El interés cada vez mayor por las redes de sensores inalámbricos pueden ser entendido simplemente pensando en lo que esencialmente son: un gran número de pequeños nodos sensores autoalimentados que recogen información o detectan eventos especiales y se comunican de manera inalámbrica, con el objetivo final de entregar sus datos procesados a una estación base. Los nodos sensores están densamente desplegados dentro del área de interés, se pueden desplegar al azar y tienen capacidad de cooperación. Por lo general, estos dispositivos son pequeños y de bajo costo, de modo que pueden ser producidos y desplegados en gran numero aunque sus recursos en términos de energía, memoria, velocidad de cálculo y ancho de banda están enormemente limitados. Detección, tratamiento y comunicación son tres elementos clave cuya combinación en un pequeño dispositivo permite lograr un gran número de aplicaciones. Las redes de sensores proporcionan oportunidades sin fin, pero al mismo tiempo plantean retos formidables, tales como lograr el máximo rendimiento de una energía que es escasa y por lo general un recurso no renovable. Sin embargo, los recientes avances en la integración a gran escala, integrado de hardware de computación, comunicaciones, y en general, la convergencia de la informática y las comunicaciones, están haciendo de esta tecnología emergente una realidad. Del mismo modo, los avances en la nanotecnología están empezando a hacer que todo gire entorno a las redes de pequeños sensores y actuadores distribuidos. Hay diferentes tipos de sensores tales como sensores de presión, acelerómetros, cámaras, sensores térmicos o un simple micrófono. Supervisan las condiciones presentes en diferentes lugares tales como la temperatura, humedad, el movimiento, la luminosidad, presión, composición del suelo, los niveles de ruido, la presencia o ausencia de ciertos tipos de objetos, los niveles de tensión mecánica sobre objetos adheridos y las características momentáneas tales como la velocidad , la dirección y el tamaño de un objeto, etc. Se comprobara el estado de las Redes Inalámbricas de Sensores y se revisaran los protocolos más famosos. Así mismo, se examinara la identificación por radiofrecuencia (RFID) ya que se está convirtiendo en algo actual y su presencia importante. La RFID tiene un papel crucial que desempeñar en el futuro en el mundo de los negocios y los individuos por igual. El impacto mundial que ha tenido la identificación sin cables está ejerciendo fuertes presiones en la tecnología RFID, los servicios de investigación y desarrollo, desarrollo de normas, el cumplimiento de la seguridad y la privacidad y muchos más. Su potencial económico se ha demostrado en algunos países mientras que otros están simplemente en etapas de planificación o en etapas piloto, pero aun tiene que afianzarse o desarrollarse a través de la modernización de los modelos de negocio y aplicaciones para poder tener un mayor impacto en la sociedad. Las posibles aplicaciones de redes de sensores son de interés para la mayoría de campos. La monitorización ambiental, la guerra, la educación infantil, la vigilancia, la micro-cirugía y la agricultura son solo unos pocos ejemplos de los muchísimos campos en los que tienen cabida las redes mencionadas anteriormente. Estados Unidos de América es probablemente el país que más ha investigado en esta área por lo que veremos muchas soluciones propuestas provenientes de ese país. Universidades como Berkeley, UCLA (Universidad de California, Los Ángeles) Harvard y empresas como Intel lideran dichas investigaciones. Pero no solo EE.UU. usa e investiga las redes de sensores inalámbricos. La Universidad de Southampton, por ejemplo, está desarrollando una tecnología para monitorear el comportamiento de los glaciares mediante redes de sensores que contribuyen a la investigación fundamental en glaciología y de las redes de sensores inalámbricos. Así mismo, Coalesenses GmbH (Alemania) y Zurich ETH están trabajando en diversas aplicaciones para redes de sensores inalámbricos en numerosas áreas. Una solución española será la elegida para ser examinada más a fondo por ser innovadora, adaptable y polivalente. Este estudio del sensor se ha centrado principalmente en aplicaciones de tráfico, pero no se puede olvidar la lista de más de 50 aplicaciones diferentes que ha sido publicada por la firma creadora de este sensor específico. En la actualidad hay muchas tecnologías de vigilancia de vehículos, incluidos los sensores de bucle, cámaras de video, sensores de imagen, sensores infrarrojos, radares de microondas, GPS, etc. El rendimiento es aceptable, pero no suficiente, debido a su limitada cobertura y caros costos de implementación y mantenimiento, especialmente este ultimo. Tienen defectos tales como: línea de visión, baja exactitud, dependen mucho del ambiente y del clima, no se puede realizar trabajos de mantenimiento sin interrumpir las mediciones, la noche puede condicionar muchos de ellos, tienen altos costos de instalación y mantenimiento, etc. Por consiguiente, en las aplicaciones reales de circulación, los datos recibidos son insuficientes o malos en términos de tiempo real debido al escaso número de detectores y su costo. Con el aumento de vehículos en las redes viales urbanas las tecnologías de detección de vehículos se enfrentan a nuevas exigencias. Las redes de sensores inalámbricos son actualmente una de las tecnologías más avanzadas y una revolución en la detección de información remota y en las aplicaciones de recogida. Las perspectivas de aplicación en el sistema inteligente de transporte son muy amplias. Con este fin se ha desarrollado un programa de localización de objetivos y recuento utilizando una red de sensores binarios. Esto permite que el sensor necesite mucha menos energía durante la transmisión de información y que los dispositivos sean más independientes con el fin de tener un mejor control de tráfico. La aplicación se centra en la eficacia de la colaboración de los sensores en el seguimiento más que en los protocolos de comunicación utilizados por los nodos sensores. Las operaciones de salida y retorno en las vacaciones son un buen ejemplo de por qué es necesario llevar la cuenta de los coches en las carreteras. Para ello se ha desarrollado una simulación en Matlab con el objetivo localizar objetivos y contarlos con una red de sensores binarios. Dicho programa se podría implementar en el sensor que Libelium, la empresa creadora del sensor que se examinara concienzudamente, ha desarrollado. Esto permitiría que el aparato necesitase mucha menos energía durante la transmisión de información y los dispositivos sean más independientes. Los prometedores resultados obtenidos indican que los sensores de proximidad binarios pueden formar la base de una arquitectura robusta para la vigilancia de áreas amplias y para el seguimiento de objetivos. Cuando el movimiento de dichos objetivos es suficientemente suave, no tiene cambios bruscos de trayectoria, el algoritmo ClusterTrack proporciona un rendimiento excelente en términos de identificación y seguimiento de trayectorias los objetos designados como blancos. Este algoritmo podría, por supuesto, ser utilizado para numerosas aplicaciones y se podría seguir esta línea de trabajo para futuras investigaciones. No es sorprendente que las redes de sensores de binarios de proximidad hayan atraído mucha atención últimamente ya que, a pesar de la información mínima de un sensor de proximidad binario proporciona, las redes de este tipo pueden realizar un seguimiento de todo tipo de objetivos con la precisión suficiente. Abstract The increasing interest in wireless sensor networks can be promptly understood simply by thinking about what they essentially are: a large number of small sensing self-powered nodes which gather information or detect special events and communicate in a wireless fashion, with the end goal of handing their processed data to a base station. The sensor nodes are densely deployed inside the phenomenon, they deploy random and have cooperative capabilities. Usually these devices are small and inexpensive, so that they can be produced and deployed in large numbers, and so their resources in terms of energy, memory, computational speed and bandwidth are severely constrained. Sensing, processing and communication are three key elements whose combination in one tiny device gives rise to a vast number of applications. Sensor networks provide endless opportunities, but at the same time pose formidable challenges, such as the fact that energy is a scarce and usually non-renewable resource. However, recent advances in low power Very Large Scale Integration, embedded computing, communication hardware, and in general, the convergence of computing and communications, are making this emerging technology a reality. Likewise, advances in nanotechnology and Micro Electro-Mechanical Systems are pushing toward networks of tiny distributed sensors and actuators. There are different sensors such as pressure, accelerometer, camera, thermal, and microphone. They monitor conditions at different locations, such as temperature, humidity, vehicular movement, lightning condition, pressure, soil makeup, noise levels, the presence or absence of certain kinds of objects, mechanical stress levels on attached objects, the current characteristics such as speed, direction and size of an object, etc. The state of Wireless Sensor Networks will be checked and the most famous protocols reviewed. As Radio Frequency Identification (RFID) is becoming extremely present and important nowadays, it will be examined as well. RFID has a crucial role to play in business and for individuals alike going forward. The impact of ‘wireless’ identification is exerting strong pressures in RFID technology and services research and development, standards development, security compliance and privacy, and many more. The economic value is proven in some countries while others are just on the verge of planning or in pilot stages, but the wider spread of usage has yet to take hold or unfold through the modernisation of business models and applications. Possible applications of sensor networks are of interest to the most diverse fields. Environmental monitoring, warfare, child education, surveillance, micro-surgery, and agriculture are only a few examples. Some real hardware applications in the United States of America will be checked as it is probably the country that has investigated most in this area. Universities like Berkeley, UCLA (University of California, Los Angeles) Harvard and enterprises such as Intel are leading those investigations. But not just USA has been using and investigating wireless sensor networks. University of Southampton e.g. is to develop technology to monitor glacier behaviour using sensor networks contributing to fundamental research in glaciology and wireless sensor networks. Coalesenses GmbH (Germany) and ETH Zurich are working in applying wireless sensor networks in many different areas too. A Spanish solution will be the one examined more thoroughly for being innovative, adaptable and multipurpose. This study of the sensor has been focused mainly to traffic applications but it cannot be forgotten the more than 50 different application compilation that has been published by this specific sensor’s firm. Currently there are many vehicle surveillance technologies including loop sensors, video cameras, image sensors, infrared sensors, microwave radar, GPS, etc. The performance is acceptable but not sufficient because of their limited coverage and expensive costs of implementation and maintenance, specially the last one. They have defects such as: line-ofsight, low exactness, depending on environment and weather, cannot perform no-stop work whether daytime or night, high costs for installation and maintenance, etc. Consequently, in actual traffic applications the received data is insufficient or bad in terms of real-time owed to detector quantity and cost. With the increase of vehicle in urban road networks, the vehicle detection technologies are confronted with new requirements. Wireless sensor network is the state of the art technology and a revolution in remote information sensing and collection applications. It has broad prospect of application in intelligent transportation system. An application for target tracking and counting using a network of binary sensors has been developed. This would allow the appliance to spend much less energy when transmitting information and to make more independent devices in order to have a better traffic control. The application is focused on the efficacy of collaborative tracking rather than on the communication protocols used by the sensor nodes. Holiday crowds are a good case in which it is necessary to keep count of the cars on the roads. To this end a Matlab simulation has been produced for target tracking and counting using a network of binary sensors that e.g. could be implemented in Libelium’s solution. Libelium is the enterprise that has developed the sensor that will be deeply examined. This would allow the appliance to spend much less energy when transmitting information and to make more independent devices. The promising results obtained indicate that binary proximity sensors can form the basis for a robust architecture for wide area surveillance and tracking. When the target paths are smooth enough ClusterTrack particle filter algorithm gives excellent performance in terms of identifying and tracking different target trajectories. This algorithm could, of course, be used for different applications and that could be done in future researches. It is not surprising that binary proximity sensor networks have attracted a lot of attention lately. Despite the minimal information a binary proximity sensor provides, networks of these sensing modalities can track all kinds of different targets classes accurate enough.

Localization and Tracking in Energy-Constrained Networks with Dynamic Connectivity

Systems used for target localization, such as goods, individuals, or animals, commonly rely on operational means to meet the final application demands. However, what would happen if some means were powered up randomly by harvesting systems? And what if those devices not randomly powered had their duty cycles restricted? Under what conditions would such an operation be tolerable in localization services? What if the references provided by nodes in a tracking problem were distorted? Moreover, there is an underlying topic common to the previous questions regarding the transfer of conceptual models to reality in field tests: what challenges are faced upon deploying a localization network that integrates energy harvesting modules? The application scenario of the system studied is a traditional herding environment of semi domesticated reindeer (Rangifer tarandus tarandus) in northern Scandinavia. In these conditions, information on approximate locations of reindeer is as important as environmental preservation. Herders also need cost-effective devices capable of operating unattended in, sometimes, extreme weather conditions. The analyses developed are worthy not only for the specific application environment presented, but also because they may serve as an approach to performance of navigation systems in absence of reasonably accurate references like the ones of the Global Positioning System (GPS). A number of energy-harvesting solutions, like thermal and radio-frequency harvesting, do not commonly provide power beyond one milliwatt. When they do, battery buffers may be needed (as it happens with solar energy) which may raise costs and make systems more dependent on environmental temperatures. In general, given our problem, a harvesting system is needed that be capable of providing energy bursts of, at least, some milliwatts. Many works on localization problems assume that devices have certain capabilities to determine unknown locations based on range-based techniques or fingerprinting which cannot be assumed in the approach considered herein. The system presented is akin to range-free techniques, but goes to the extent of considering very low node densities: most range-free techniques are, therefore, not applicable. Animal localization, in particular, uses to be supported by accurate devices such as GPS collars which deplete batteries in, maximum, a few days. Such short-life solutions are not particularly desirable in the framework considered. In tracking, the challenge may times addressed aims at attaining high precision levels from complex reliable hardware and thorough processing techniques. One of the challenges in this Thesis is the use of equipment with just part of its facilities in permanent operation, which may yield high input noise levels in the form of distorted reference points. The solution presented integrates a kinetic harvesting module in some nodes which are expected to be a majority in the network. These modules are capable of providing power bursts of some milliwatts which suffice to meet node energy demands. The usage of harvesting modules in the aforementioned conditions makes the system less dependent on environmental temperatures as no batteries are used in nodes with harvesters--it may be also an advantage in economic terms. There is a second kind of nodes. They are battery powered (without kinetic energy harvesters), and are, therefore, dependent on temperature and battery replacements. In addition, their operation is constrained by duty cycles in order to extend node lifetime and, consequently, their autonomy. There is, in turn, a third type of nodes (hotspots) which can be static or mobile. They are also battery-powered, and are used to retrieve information from the network so that it is presented to users. The system operational chain starts at the kinetic-powered nodes broadcasting their own identifier. If an identifier is received at a battery-powered node, the latter stores it for its records. Later, as the recording node meets a hotspot, its full record of detections is transferred to the hotspot. Every detection registry comprises, at least, a node identifier and the position read from its GPS module by the battery-operated node previously to detection. The characteristics of the system presented make the aforementioned operation own certain particularities which are also studied. First, identifier transmissions are random as they depend on movements at kinetic modules--reindeer movements in our application. Not every movement suffices since it must overcome a certain energy threshold. Second, identifier transmissions may not be heard unless there is a battery-powered node in the surroundings. Third, battery-powered nodes do not poll continuously their GPS module, hence localization errors rise even more. Let's recall at this point that such behavior is tight to the aforementioned power saving policies to extend node lifetime. Last, some time is elapsed between the instant an identifier random transmission is detected and the moment the user is aware of such a detection: it takes some time to find a hotspot. Tracking is posed as a problem of a single kinetically-powered target and a population of battery-operated nodes with higher densities than before in localization. Since the latter provide their approximate positions as reference locations, the study is again focused on assessing the impact of such distorted references on performance. Unlike in localization, distance-estimation capabilities based on signal parameters are assumed in this problem. Three variants of the Kalman filter family are applied in this context: the regular Kalman filter, the alpha-beta filter, and the unscented Kalman filter. The study enclosed hereafter comprises both field tests and simulations. Field tests were used mainly to assess the challenges related to power supply and operation in extreme conditions as well as to model nodes and some aspects of their operation in the application scenario. These models are the basics of the simulations developed later. The overall system performance is analyzed according to three metrics: number of detections per kinetic node, accuracy, and latency. The links between these metrics and the operational conditions are also discussed and characterized statistically. Subsequently, such statistical characterization is used to forecast performance figures given specific operational parameters. In tracking, also studied via simulations, nonlinear relationships are found between accuracy and duty cycles and cluster sizes of battery-operated nodes. The solution presented may be more complex in terms of network structure than existing solutions based on GPS collars. However, its main gain lies on taking advantage of users' error tolerance to reduce costs and become more environmentally friendly by diminishing the potential amount of batteries that can be lost. Whether it is applicable or not depends ultimately on the conditions and requirements imposed by users' needs and operational environments, which is, as it has been explained, one of the topics of this Thesis.

Climate Change: Balancing economic and environmental concerns. CEPS Commentary, 3 October 2014

In surveying the portfolio for climate change assigned to Commissioner-designate Arias Cañete, Andrei Marcu finds in this CEPS Commentary that the approach proposed in the European Commission’s January 2014 package offers a sound basis on which to proceed overall, but he specifies that it needs to be put in a context where the causes and symptoms are correctly identified. He singles out timing and governance as other important elements and discusses their practical implications.

Family Portfolio Entrepreneurship

This paper seeks to extend our understanding of the growing field of Portfolio Entrepreneurship, the simultaneous ownership and engagement in several business activities (Westhead & Wright 1998; Carter & Ram 2003). Portfolio entrepreneurship has been identified as an important factor in both new venture creation and the economic landscape in general (Rosa & Scott 1996; 1999). We follow Carter and Ram's (2003) call to explore portfolio entrepreneurship within the family context. Specifically we address the why (cause) and how (process) of family portfolio entrepreneurship through comparative qualitative cases.

Portfolio diversification and filter rule profits

Previously, it has been shown that the profits from a simple market timing trading rule applied to a portfolio of shares can be affected by the inter-relationships between the returns of the component securities. In this short letter, the results from applying a more sophisticated 'filter' rule to the same data are reported. Unlike the simple trading rule, the filter rule does produce some evidence of economic profits.

The impact of portfolio diversification on trading rule profits:some evidence for UK share portfolios

This paper demonstrates how the autocorrelation structure of UK portfolio returns is linked to dynamic interrelationships among the component securities of that portfolio. Moreover, portfolio return autocorrelation is shown to be an increasing function of the number of securities in the portfolio. Since the security interrelationships seemed to be more a product of their history of non-synchronous trading than of systematic industry-related phenomena, it should not be possible to exploit the high levels of return persistence using trading rules. We show that rules designed to exploit this portfolio autocorrelation structure do not produce economic profits.

A socio-economic approach to online vision graph generation and handover in distributed smart camera networks

In this paper we propose an approach based on self-interested autonomous cameras, which exchange responsibility for tracking objects in a market mechanism, in order to maximise their own utility. A novel ant-colony inspired mechanism is used to grow the vision graph during runtime, which may then be used to optimise communication between cameras. The key benefits of our completely decentralised approach are on the one hand generating the vision graph online which permits the addition and removal cameras to the network during runtime and on the other hand relying only on local information, increasing the robustness of the system. Since our market-based approach does not rely on a priori topology information, the need for any multi-camera calibration can be avoided. © 2011 IEEE.

Socio-economic vision graph generation and handover in distributed smart camera networks

In this article we present an approach to object tracking handover in a network of smart cameras, based on self-interested autonomous agents, which exchange responsibility for tracking objects in a market mechanism, in order to maximise their own utility. A novel ant-colony inspired mechanism is used to learn the vision graph, that is, the camera neighbourhood relations, during runtime, which may then be used to optimise communication between cameras. The key benefits of our completely decentralised approach are on the one hand generating the vision graph online, enabling efficient deployment in unknown scenarios and camera network topologies, and on the other hand relying only on local information, increasing the robustness of the system. Since our market-based approach does not rely on a priori topology information, the need for any multicamera calibration can be avoided. We have evaluated our approach both in a simulation study and in network of real distributed smart cameras.

Essays of strategic alliance portfolio configuration—Its performance properties, strategic antecedents and consequential effects on multinational firms' continuing foreign expansion

This dissertation focused on an increasingly prevalent phenomenon in today's global business environment—strategic alliance portfolio. Building on resource-based view, resource dependency theory and real options theory, this dissertation adopted a multi-dimensional perspective to examine the performance implications, strategic antecedents of alliance portfolio configuration, and its strategic effects on firms' decision-making on their continuing foreign expansion. The dissertation consisted of three interrelated essays, each of which dealt with a specific research question. In the first essay I applied a two-dimensional construct that embraces both alliance relations' and alliance partners' attributes to illustrate alliance portfolio configuration. Based on this framework, a longitudinal study was conducted attempting to explore the performance properties of alliance portfolio configuration. The results revealed that alliance diversity and partner diversity have different relative contributions to firms' economic performance. The relationship between alliance portfolio configuration and firm performance was shaped by degree of multinationality in a curvilinear pattern. The second essay attempted to identify the firm level driving forces of alliance portfolio configuration and how these forces interacting with firms' internationalization influence firms' strategic choices on alliance portfolio configuration. The empirical results indicated that past alliance experience, slack resource and firms' brand images are three critical determinants shaping alliance portfolios, but those shaping relationships are conditioned by firms' multinationality. The third essay primarily employed real options theory to build a conceptual framework, revealing how country-, alliance portfolio-, firm-, and industry level factors and their interactions influence firms' strategic decision-making on post-entry continuing expansion in foreign markets. The two empirical studies were resided in global hospitality and travel industries and use panel data to test the relevant theoretical models. Overall, the dissertation advanced and enriched the theoretical domain of alliance portfolio. It particularly shed valuable insights on three fundamental questions in the domain of alliance portfolio research, namely "if and how alliance portfolios contribute to firms' economic performance"; "what determines the appearance of alliance portfolios”; and "how alliance portfolios affect firms' strategic decision-making". This dissertation also extended the international business and strategic management research on service multinationals' foreign expansion and performance.

The Motif Tracking Algorithm

The search for patterns or motifs in data represents a problem area of key interest to finance and economic researchers. In this paper we introduce the Motif Tracking Algorithm, a novel immune inspired pattern identification tool that is able to identify unknown motifs of a non specified length which repeat within time series data. The power of the algorithm comes from the fact that it uses a small number of parameters with minimal assumptions regarding the data being examined or the underlying motifs. Our interest lies in applying the algorithm to financial time series data to identify unknown patterns that exist. The algorithm is tested using three separate data sets. Particular suitability to financial data is shown by applying it to oil price data. In all cases the algorithm identifies the presence of a motif population in a fast and efficient manner due to the utilisation of an intuitive symbolic representation. The resulting population of motifs is shown to have considerable potential value for other applications such as forecasting and algorithm seeding.