Concorrência e mudança técnica: aportes e limites dos modelos neo-schumpeterianos evolucionários de dinâmica industrial

This paper makes a critical survey of some recent evolutionary economic literature dealing with industrial dynamics. Although the evolutionary models of industrial dynamics has explored the relationships among market structure and the innovation process within an analytical context that emphasize non-linearity, behavioral asymmetries and the existence of selective process in the competitive dynamics of markets, have been capable of offering compatible results with industrial organization stylized facts, a lot of limitations in technical change description pointed out have able to alter in a crucial way the results attained.

The Impact of Acquisitions on Share Pricing and Long Term Performance – Empirical Evidence from the Global Automotive Industry

Automotive industry has faced intense consolidation pressure, which has lead to increasing number of M&As. However, empirical evidence has given controversial results suggesting that most of M&As are value destructive for acquiring companies and for acquiring companies’ shareholders. The objective of this master’s thesis is to examine how acquiring companies’ shareholders react to acquisition announcement and is the reaction in line with the long-term performance. This study uses empirical evidence from automotive industry, which has been characterized as an industry that holds large amount of vertical and horizontal synergies. Transaction data consists of 65 acquisitions made by publicly listed companies between 2008-2010. The short-term impact is tested by applying event study methodology while the long term operative performance is examined with accounting study methodology. The event study results indicate that during the three days after acquisition (t= 0-2), the acquiring firms’ stocks generate an abnormal return of 1.22% on average across all acquisitions. When long term performance is studied it is evident that acquiring companies perform better than the industry median pre- and post-transaction but there is no statistically significant evidence that the performance has increased. The only performance ratio indicating statistically significant decrease is Return on Equity (ROE). On long-term horizontal acquisitions seem to outperform conglomerate ones but otherwise deal characteristics do not have any statistically significant impact.

Behaviour and life history of a large carpenter bee (Xylocopa virginica) in the northern extent of its range

Large carpenter bees (Hymenoptera: Apidae: Xylocopa) have traditionally been thought of as exhibiting solitary or occasionally communal colony social organization. However, studies have demonstrated more complex fonns of social behaviour in this genus. In this document, I examine elements ofbehaviour and life history in a North American species at the northern extreme of its range. Xylocopa virginica was found to be socially polymorphic with both solitary and meta-social or semi-social nests in the same population. In social nests, there is no apparent benefit from additional females which do not perfonn significant work or guarding. I found that the timing of life-history events varies between years, yet foraging effort only differed in the coldest and wettest year of2004 the study. Finally, I that male X virginica exhibit female defence polygyny, with resident and satellite males. Resident males maintain their territories through greater aggression relative to satellites.

What happens in the first 200 ms of word reading : ERP studies on visual word recognition with top-down and bottom-up approaches /

In this thesis, three main questions were addressed using event-related potentials (ERPs): (1) the timing of lexical semantic access, (2) the influence of "top-down" processes on visual word processing, and (3) the influence of "bottom-up" factors on visual word processing. The timing of lexical semantic access was investigated in two studies using different designs. In Study 1,14 participants completed two tasks: a standard lexical decision (LD) task which required a word/nonword decision to each target stimulus, and a semantically primed version (LS) of it using the same category of words (e.g., animal) within each block following which participants made a category judgment. In Study 2, another 12 participants performed a standard semantic priming task, where target stimulus words (e.g., nurse) could be either semantically related or unrelated to their primes (e.g., doctor, tree) but the order of presentation was randomized. We found evidence in both ERP studies that lexical semantic access might occur early within the first 200 ms (at about 170 ms for Study 1 and at about 160 ms for Study 2). Our results were consistent with more recent ERP and eye-tracking studies and are in contrast with the traditional research focus on the N400 component. "Top-down" processes, such as a person's expectation and strategic decisions, were possible in Study 1 because of the blocked design, but they were not for Study 2 with a randomized design. Comparing results from two studies, we found that visual word processing could be affected by a person's expectation and the effect occurred early at a sensory/perceptual stage: a semantic task effect in the PI component at about 100 ms in the ERP was found in Study 1 , but not in Study 2. Furthermore, we found that such "top-down" influence on visual word processing might be mediated through separate mechanisms depending on whether the stimulus was a word or a nonword. "Bottom-up" factors involve inherent characteristics of particular words, such as bigram frequency (the total frequency of two-letter combinations of a word), word frequency (the frequency of the written form of a word), and neighborhood density (the number of words that can be generated by changing one letter of an original word or nonword). A bigram frequency effect was found when comparing the results from Studies 1 and 2, but it was examined more closely in Study 3. Fourteen participants performed a similar standard lexical decision task but the words and nonwords were selected systematically to provide a greater range in the aforementioned factors. As a result, a total of 18 word conditions were created with 18 nonword conditions matched on neighborhood density and neighborhood frequency. Using multiple regression analyses, we foimd that the PI amplitude was significantly related to bigram frequency for both words and nonwords, consistent with results from Studies 1 and 2. In addition, word frequency and neighborhood frequency were also able to influence the PI amplitude separately for words and for nonwords and there appeared to be a spatial dissociation between the two effects: for words, the word frequency effect in PI was found at the left electrode site; for nonwords, the neighborhood frequency effect in PI was fovind at the right elecfrode site. The implications of otir findings are discussed.

International volunteers at a Costa Rican organic farm : sheepish volunteers, proud tourists and unwitting developers

This thesis analyzes the practices and experiences of two groups of Canadian volunteers who visited the organic fanning and "alternative development" project ofFinca la Flor (FLF) in central Costa Rica. Using both participant observation and in-depth interviews with volunteers and other people involved with FLF, I examine volunteers' understandings of their involvement with the fann. I argue that three discursive fonnations are instrumental in shaping this particular volunteering encounter. Specifically, interpretation of these Canadian volunteers' experiences inspires the argument that the emerging practice of international volunteering (or voluntourism) exists at the intersection of discourses of development, volunteering and tourism, all of which both reflect and maintain problematic North-South relationships. The analysis shows that in spite ofFLF's construction as an (alternative / sustainable) international-development project, and in spite of volunteers' initial conceptualization of their trip as "volunteering," volunteers tend to act and describe their time at FLF in ways that look more like tourism than like volunteer labor or international development. Likewise, although FLF claims to principally be focused on alternative development, and merely to open up this authentic development space to volunteers for their participation, the organization in both practice and discourse seems primarily to construct a tourist experience and cater to the needs of foreigners as tourists. Discourses of development and volunteering do infonn the practices offann personnel and volunteers at FLF, but they become subordinated to the more dominant discourse of tourism as the volunteers' and fann management's ideals of development and volunteering capitulate to become focused on satisfying volunteers' (perceived or "real") touristic desires. The FLF participants I studied may have entered the encounter as volunteers, but they departed the site having been tourists.

The Welland Canals Foundation, Honourable William Hamilton Merritt and the St. Catharines Historical Society and Museum, 1971-1990, n.d.

‘The Father of Canadian Transportation’ is a term commonly associated with William Hamilton Merritt. Although he is most known for being one of the driving forces behind the building of the first Welland Canal, he was many things throughout his life; a soldier, merchant, promoter, entrepreneur and politician to name a few. Born on July 3, 1793 at Bedford, Westchester County, N.Y. to Thomas Merritt and Mary Hamilton, Merritt’s family relocated to Canada shortly after in 1796. The move came after Merritt’s father petitioned John Graves Simcoe for land in Upper Canada after serving under him in the Queen’s Rangers during the American Revolution. The family quickly settled into their life at Twelve Mile Creek in St. Catharines. Merritt’s father became sheriff of Lincoln County in 1803 while Merritt began his education in mathematics and surveying. After some brief travel and further education Merritt returned to Lincoln County, in 1809 to help farm his father’s land and open a general store. While a farmer and merchant, Merritt turned his attention to military endeavours. A short time after being commissioned as a Lieutenant in the Lincoln militia, the War of 1812 broke out. Fulfilling his duty, Merritt fought in the Battle of Queenston Heights in October of 1812, and numerous small battles until the Battle of Lundy’s Lane in July 1814. It was here that Merritt was captured and held in Cheshire, Massachusetts until the war ended. Arriving back in the St. Catharines area upon his release, Merritt returned to being a merchant, as well as becoming a surveyor and mill owner. Some historians hypothesize that the need to draw water to his mill was how the idea of the Welland Canals was born. Beginning with a plan to connect the Welland River with the Twelve mile creek quickly developed into a connection between the Lakes Erie and Ontario. Its main purpose was to improve the St. Lawrence transportation system and provide a convenient way to transport goods without having to go through the Niagara Falls portage. The plan was set in motion in 1818, but most living in Queenston and Niagara were not happy with it as it would drive business away from them. Along with the opposition came financial and political restraints. Despite these factors Merritt pushed on and the Welland Canal Company was chartered by the Upper Canadian Assembly on January 19, 1824. The first sod was turned on November 30, 1824 almost a year after the initial chartering. Many difficulties arose during the building of the canal including financial, physical, and geographic restrictions. Despite the difficulties two schooners passed through the canal on November 30, 1829. Throughout the next four years continual work was done on the canal as it expended and was modified to better accommodate large ships. After his canal was underway Merritt took a more active role in the political arena, where he served in various positions throughout Upper Canada. In 1851, Merritt withdrew from the Executive Council for numerous reasons, one of which being that pubic interest had diverted from the canals to railways. Merritt tried his hand at other public works outside transportation and trade. He looked into building a lunatic asylum, worked on behalf of War of 1812 veterans, aided in building Brock’s monument, established schools, aided refugee slaves from the U.S. and tried to establish a National Archives among many other feats. He was described by some as having “policy too liberal – conceptions too vast – views too comprehensive to be comprehensible by all”, but he still made a great difference in the society in which he lived. After his great contributions, Merritt died aboard a ship in the Cornwall canal on July 5, 1862. Dictionary of Canadian Biography Online http://www.biographi.ca/EN/ShowBio.asp?BioId=38719 retrieved October 2006 Today numerous groups carry on the legacy of Merritt and the canals both in the past and present. One such group is the Welland Canals Foundation. They describe themselves as: “. . . a volunteer organization which strives to promote the importance of the present and past Welland Canals, and to preserve their history and heritage. The Foundation began in 1980 and carries on events like William Hamilton Merritt Day. The group has strongly supported the Welland Canals Parkway initiative and numerous other activities”. The Welland Canals Foundation does not work alone. They have help from other local groups such as the St. Catharines Historical Society. The Society’s main objective is to increase knowledge and appreciation of the historical aspects of St. Catharines and vicinity, such as the Welland Canals. http://www.niagara.com/~dmdorey/hssc/dec2000.html - retrieved Oct. 2006 http://www.niagara.com/~dmdorey/hssc/feb2000.html - retrieved Oct. 2006

Office of the City Clerk, St. Catharines Records, 1928-1974, n.d.

The site of present-day St. Catharines was settled by 3000 United Empire Loyalists at the end of the 18th century. From 1790, the settlement (then known as "The Twelve") grew as an agricultural community. St. Catharines was once referred to Shipman's Corners after Paul Shipman, owner of a tavern that was an important stagecoach transfer point. In 1815, leading businessman William Hamilton Merritt abandoned his wharf at Queenston and set up another at Shipman's Corners. He became involved in the construction and operation of several lumber and gristmills along Twelve Mile Creek. Shipman's Corners soon became the principal milling site of the eastern Niagara Peninsula. At about the same time, Merritt began to develop the salt springs that were discovered along the river which subsequently gave the village a reputation as a health resort. By this time St. Catharines was the official name of the village; the origin of the name remains obscure, but is thought to be named after Catharine Askin Robertson Hamilton, wife of the Hon. Robert Hamilton, a prominent businessman. Merritt devised a canal scheme from Lake Erie to Lake Ontario that would provide a more reliable water supply for the mills while at the same time function as a canal. He formed the Welland Canal Company, and construction took place from 1824 to 1829. The canal and the mills made St. Catharines the most important industrial centre in Niagara. By 1845, St. Catharines was incorporated as a town, with the town limits extending in 1854. Administrative and political functions were added to St. Catharines in 1862 when it became the county seat of Lincoln. In 1871, construction began on the third Welland Canal, which attracted additional population to the town. As a consequence of continual growth, the town limits were again extended. St. Catharines attained city status in 1876 with its larger population and area. Manufacturing became increasingly important in St. Catharines in the early 1900s with the abundance of hydro-electric power, and its location on important land and water routes. The large increase in population after the 1900s was mainly due to the continued industrialization and urbanization of the northern part of the city and the related expansion of business activity. The fourth Welland Canal was opened in 1932 as the third canal could no longer accommodate the larger ships. The post war years and the automobile brought great change to the urban form of St. Catharines. St. Catharines began to spread its boundaries in all directions with land being added five times during the 1950s. The Town of Merritton, Village of Port Dalhousie and Grantham Township were all incorporated as part of St. Catharines in 1961. In 1970 the Province of Ontario implemented a regional approach to deal with such issues as planning, pollution, transportation and services. As a result, Louth Township on the west side of the city was amalgamated, extending the city's boundary to Fifteen Mile Creek. With its current population of 131,989, St. Catharines has become the dominant centre of the Niagara region. Source: City of St. Catharines website http://www.stcatharines.ca/en/governin/HistoryOfTheCity.asp (January 27, 2011)

A DYNAMIC FRAMEWORK FOR THE RELATIONS BETWEEN FOREIGN EXCHANGE RATES, SAVINGS AND INVESTMENTS

The Meese-Rogoff forecasting puzzle states that foreign exchange (FX) rates are unpredictable. Since one country’s macroeconomic conditions could affect the price of its national currency, we study the dynamic relations between the FX rates and some macroeconomic accounts. Our research tests whether the predictability of the FX rates could be improved through the advanced econometrics. Improving the predictability of the FX rates has important implications for various groups including investors, business entities and the government. The present thesis examines the dynamic relations between the FX rates, savings and investments for a sample of 25 countries from the Organization for Economic Cooperation and Development. We apply quarterly data of FX rates, macroeconomic indices and accounts including the savings and the investments over three decades. Through preliminary Augmented Dickey-Fuller unit root tests and Johansen cointegration tests, we found that the savings rate and the investment rate are cointegrated with the vector (1,-1). This result is consistent with many previous studies on the savings-investment relations and therefore confirms the validity of the Feldstein-Horioka puzzle. Because of the special cointegrating relation between the savings rate and investment rate, we introduce the savings-investment rate differential (SID). Investigating each country through a vector autoregression (VAR) model, we observe extremely insignificant coefficient estimates of the historical SIDs upon the present FX rates. We also report similar findings through the panel VAR approach. We thus conclude that the historical SIDs are useless in forecasting the FX rate. Nonetheless, the coefficients of the past FX rates upon the current SIDs for both the country-specific and the panel VAR models are statistically significant. Therefore, we conclude that the historical FX rates can conversely predict the SID to some degree. Specifically, depreciation in the domestic currency would cause the increase in the SID.

The Backing of Government Debt and the Price Level

This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given fraction of the outstanding debt, say d, is backed by the present discounted value of current and future primary surpluses. The remaining debt is backed by seigniorage revenue. The parameter d characterizes the interdependence between fiscal and monetary authorities. It is shown that in a standard monetary economy, this policy rule implies that the price level depends not only on the money stock, but also on the proportion of debt that is backed with money. Empirical estimates of d are obtained for OECD countries using data on nominal consumption, monetary base, and debt. Results indicate that debt plays only a minor role in the determination of the price level in these economies. Estimates of d correlate well with institutional measures of central bank independence.

La mondialisation de l'economie et le role de l'Etat.

Cet article examine la nature, les cause et les effets de la globalisation, phenomene tres anciens et tres influence par le changement technologique.

Reproductive Tourism in Argentina: Clinic Accreditation and its Implications for Consumers, Health Professionals and Policy Makers

A subcategory of medical tourism, reproductive tourism has been the subject of much public and policy debate in recent years. Specific concerns include: the exploitation of individuals and communities, access to needed health care services, fair allocation of limited resources, and the quality and safety of services provided by private clinics. To date, the focus of attention has been on the thriving medical and reproductive tourism sectors in Asia and Eastern Europe; there has been much less consideration given to more recent ‘players’ in Latin America, notably fertility clinics in Chile, Brazil, Mexico and Argentina. In this paper, we examine the context-specific ethical and policy implications of private Argentinean fertility clinics that market reproductive services via the internet. Whether or not one agrees that reproductive services should be made available as consumer goods, the fact is that they are provided as such by private clinics around the world. We argue that basic national regulatory mechanisms are required in countries such as Argentina that are marketing fertility services to local and international publics. Specifically, regular oversight of all fertility clinics is essential to ensure that consumer information is accurate and that marketed services are safe and effective. It is in the best interests of consumers, health professionals and policy makers that the reproductive tourism industry adopts safe and responsible medical practices.

Work, personality and psychological distress : direct and moderating effects of the Big Five personality traits

L’objectif de ce mémoire est d’examiner les nombreuses associations qui existent entre les conditions de l’organisation du travail, les traits de personnalité et la détresse psychologique au travail. La question de recherche principale était : est-ce que les cinq grands traits de personnalité (Big Five personality traits) ont un effet modérateur sur la relation entre les conditions de l’organisation du travail et la détresse psychologique. De nombreuses autres questions ont aussi été considérées. Pour répondre aux vingt-et-une hypothèses proposées dans cette recherche, nous avons utilisé des données secondaires d’une étude transversale de 395 employés d’un service de police municipal. À la suite d’analyses multivariées, nous avons pu observer quatre associations significatives. Concernant les conditions de l’organisation du travail, nous avons trouvé que les demandes psychologiques en milieu de travail augment la détresse psychologique, tandis que le support d’un superviseur la diminue. En ce qui concerne, les traits de personnalité, nous avons trouvé qu’être névrotique (neuroticism) augmente la détresse psychologique. Finalement, nous avons trouvé un effet modérateur du trait de personnalité, être consciencieux (conscientiousness), sur la relation entre les demandes psychologiques et la détresse psychologique. Bref, nos résultats nous indiquent que les cinq grands traits de personnalité (Big Five personality traits) ont une influence mitigée sur la santé mentale en milieu de travail.

Essais sur les logiciels libres : licences doubles, effets de réseau, et concurrence

This thesis examines the microeconomic consequences of the arrival of open source in the software market. Specifically, it analyzes three features of open source software by using specific models of industrial organization. Open source software is free, and may be modified or duplicated by anyone. The first paper studies the entry of an open source software in a closed source software market. Using a model of horizontal differentiation, the analysis considers a closed source firm's investment in the quality of its software. The introduction of open source on the market reduces the firm's investment in quality and increases the price of its software. Moreover, the entry of open source software may reduce consumer welfare. Post-entry by an open source software, the reduction in market share lowers the firm's incentive to invest in quality. The second paper features vertical differentiation to study a monopolist selling supporting product to its software. The study begins by contrasting the supply of support by an open source provider and a closed source vendor. The model shows that in both cases the levels of support offered are the same. In addition, consumer welfare is higher and profit lower under an open source software. Then, the paper considers the competition in the provision of support. Here, the supply of high level support is greater than under a monopolist. Finally, the monopolist adopts a dual licensing strategy to extract more surplus from developers interested in modifying open source software and redistributing the resulting product. This technique, when the developers place high value on the source code, generates more profit if the monopolist chooses to publish as open source rather than closed source. The last paper studies how a closed source firm is affected by the introduction of an open source benefiting from contributions by users. A vertical differentiation model is used, and reveals that, when contribution of users is present, the closed source vendor may lower its price to a level where it forces the open source out of the market. The firm's lower price not only increases demand for its software, but also induces consumers into switching from open to closed source software therefore reducing the contribution of users.

Understanding the past to imagine the future : the history of industrial design practice in Alberta

La pratique du design industriel dans la province canadienne de l’Alberta est en pleine croissance. Ses activités sont principalement concentrées à Edmonton et à Calgary, qui sont les plus grandes villes de la province. On y trouve des studios de design de renom, des communautés de design complexes et des programmes universitaires de design bien établis. Cependant, la pratique du design industriel albertaine est sous-développée en comparaison avec celle du reste du Canada et il y a peu de recherches et de documentation sur le design industriel en Alberta. Dans ce projet de mémoire, la pratique du design industriel en Alberta a été explorée depuis une approche historique. Pour pallier le manque de documentation, la collecte de données a été faite par une recherche qualitative, des entretiens narratifs et une recherche quantitative statistique. Une base d’information historique sur le design industriel albertain a été établie puis située par rapport au développement de la pratique du design industriel ailleurs au Canada. Les facteurs, événements et tendances dans l’histoire de la pratique du design industriel en Alberta ont été identifiés. De plus, le développement de la pratique du design industriel de l’Alberta a été comparé à celui du Québec et de l’Ontario. Les retombées de cette étude indiquent que la pratique du design industriel en Alberta présente quatre domaines de spécialisations distincts se développant depuis les années 1980. La pratique du design industriel en Alberta est sous-développée en comparaison à celui du Québec et de l’Ontario, mais elle peut devenir plus compétitive, au niveau canadien, avec plus de soutien gouvernemental, de meilleures relations avec l’industrie manufacturière et les institutions académiques, une communauté de design plus unifiée et en portant une plus grande attention aux domaines les plus prometteurs de l’industrie. Ces informations supportent une meilleure compréhension de la pratique du design industriel en Alberta et pourront informer les praticiens, enseignants et administrateurs du domaine du design industriel dans la province. Finalement, le mémoire servira de base à d’autres projets de recherche sur les changements potentiels dans la pratique du design industriel en Alberta et l’étude du design canadien et des industries de design régionales.