El modelo de Markowitz en la gestión de carteras

[ES] Desde su aparición, el modelo de Markowitz ha sido un referente teórico fundamental en la selección de carteras de valores, dando lugar a múltiples desarrollos y derivaciones. Sin embargo, su utilización en la práctica entre gestores de carteras y analistas de inversiones no ha sido tan amplia como podría esperarse de su éxito teórico. Con este trabajo pretendemos demostrar que el modelo de Markowitz puede ser de gran utilidad en la práctica. A través de un estudio empírico queremos verificar si el modelo de Markowitz es capaz de proporcionar carteras que nos ofrezcan una mayor rentabilidad y un menor riesgo que la cartera representada por los índices IBEX-35 e IGBM. Así mismo, pretendemos comprobar la supuesta eficiencia de estos índices como representantes de la cartera de mercado teórica.

Proceedings of an international workshop on the value of computer-based engineering tools, held in Cambridge in April 1997

There is increasing adoption of computer-based tools to support the product development process. Tolls include computer-aided design, computer-aided manufacture, systems engineering and product data management systems. The fact that companies choose to invest in tools might be regarded as evidence that tools, in aggregate, are perceived to possess business value through their application to engineering activities. Yet the ways in which value accrues from tool technology are poorly understood.

This report records the proceedings of an international workshop during which some novel approaches to improving our understanding of this problem of tool valuation were presented and debated. The value of methods and processes were also discussed. The workshop brought together British, Dutch, German and Italian researchers. The presenters included speakers from industry and academia (the University of Cambridge, the University of Magdeburg and the Politechnico de Torino)

The work presented showed great variety. Research methods include case studies, questionnaires, statistical analysis, semi-structured interviews, deduction, inductive reasoning, the recording of anecdotes and analogies. The presentations drew on financial investment theory, the industrial experience of workshop participants, discussions with students developing tools, modern economic theories and speculation on the effects of company capabilities.

Does the Fed Model travel well?

ap Gwilym, Owain, et al., 'Does the Fed Model travel well?', Journal of Portfolio Management (2006) 33(1) pp.68-75 RAE2008

Investigating antecedents and consequences of brand identification

Purpose – This study aims to analyse the influences of prestige, satisfaction, and communication on brand identification and to show how brand identification influences word-of-mouth and brand repurchase. Design/methodology/approach – A theoretical model is developed and tested with a sample of car owners in the UK of two global car brands. Structural equation modelling was used with LISREL 8.54 and the maximum likelihood (ML) method. Findings – This paper draws mainly on the theory of social identity to provide a comprehensive understanding of conditions under which brand owners are likely to identify with their brand and the bases and consequences of such identification. It was shown that prestige, satisfaction, and communication effect brand identification. The study confirms that consumers' development of relationships via brand identification results in word of mouth about the brand and intentions to repurchase the brand. Furthermore, it was found that brand identification fully mediates the influences of prestige, satisfaction, and communication on word of mouth and brand repurchase. Research limitations/implications – The focus was on one country and one industry. Practical implications – Managers are provided with strategies that enhance the identification of their customers with their brand so that they can strengthen the customers' brand identification. Areas for future research are suggested. For instance, it could be interesting to test the model in a different industry and/or cultural context. Originality/value – Very few previous studies have looked at brand identification which is surprising considering it is such an important variable to influence word-of-mouth and brand repurchase. The study tests three antecedents to brand identification and two outcomes that have not been investigated previously. Overall, the study adds knowledge in this somewhat neglected area.

Help or hindrance? Supplier involvement and causal ambiguity within inter-organisational NPD teams

Suppliers are increasingly involved in buyer firms’ interorganizational new product development (NPD) teams. Yet the transfer of knowledge within this context may be subject to varying degrees of causal ambiguity, potentially limiting the effect of supplier involvement on performance. We develop a theoretical model exploring the effect of supplier involvement practices on the level of causal ambiguity within interorganizational NPD teams, and the subsequent impact on competitor imitation, new product advantage, and project performance. Our model also serves as a test of the paradox that causal ambiguity both inhibits imitation by competitors, but also adversely affects organisational outcomes. Results from an empirical study of 119 R&D intensive manufacturing firms in the United Kingdom largely support these hypotheses. Results from structural equation modeling show that supplier involvement orientation and long-term commitment lower causal ambiguity within interorganizational NPD teams. In turn, this lower causal ambiguity generates a new product advantage and increases project performance for the buyer firm, but has no significant effect on competitor imitation. Instead, competitor imitation is delayed by the extent to which the firm develops a new product advantage within the market. These results shed light on the causal ambiguity paradox showing that lower causal ambiguity during interorganizational new product development increases both product and project performance, but without reducing barriers to imitation. Product development managers are encouraged to utilize supplier involvement practices to minimise ambiguity in the NPD project, and to target their supplier involvement efforts on solving causally ambiguous technological problems to sustain a competitive advantage.