Search results for "Econometric"

Clustering and innovation: firm-level strategising and policy

2017

Efectos de la crisis económica sobre el emprendimiento en empresas de economía social en España: un análisis espacial

2017

En los últimos años, la desfavorable evolución de la coyuntura económica ha provocado intensos cambios estructurales y espaciales en la creación de empresas que cuestionan la validez de algunos supuestos básicos sobre dinámica emprendedora y desarrollo territorial. Por ello, el objetivo de este trabajo es analizar la existencia de patrones espaciales de creación de empresas de economía social en España y estudiar su evolución temporal durante dos etapas de intensos cambios: una de crecimiento (2002-2007) y otra de profunda crisis generalizada (2008-2013). A partir de la definición de un índice de agrupación de empresas de economía social aplicamos técnicas estadísticas basadas en econometrí…

Ethical Banking in Spain: Does an Organisational Identity Exist That Distinguishes It from Conventional Banking?

2020

Ethical banking has developed considerably in recent years. However, neither a universally accepted definition, nor a consensus by academicians about its typical characteristics yet exists to diffe...

Venture Capitalists' Decision to Syndicate.

2006

International audience; Financial theory, access to deal flow, selection, and monitoring skills are used to explain syndication in venture capital firms in six European countries. In contrast with U.S. findings, portfolio management motives are more important for syndication than individual deal management motives. Risk sharing, portfolio diversification, and access to larger deals are more important than selection and monitoring of deals. This holds for later stage and for early stage investors. Value adding is a stronger motive for syndication for early stage investors than for later stage investors, however. Nonlead investors join syndicates for the selection and value-adding skills of t…

Do Multinationals Deteriorate Developing Countries' Export Prices? The Impact of FDI on Net Barter Terms of Trade

2015

This paper explores the economic relationship between foreign direct investment (FDI) to developing countries and the export prices of the latter, measured by terms of trade. It is rst shown that economic theory suggests such a relationship for various reasons but is inconclusive about the direction of the eect. To address this open issue empirically, I analyze data on more than 50 developing countries throughout the period 1980 - 2008 using robust dynamic panel data methods. The results show that FDI had an economically relevant and statistically signicant positive impact on developing countries’ net barter terms of trade. A higher level of education in the developing country fosters this …

The land grabbing in the international scenario: the role of the EU in land grabbing

2016

The worldwide increase in population and consumption has produced a growing demand for food and energy in the rich and developing Countries. The resulting intensification of land investments, to cope with this need, has in many cases produced investments without transparency rules and it hasn't created real development for local people. The aim of this paper is to identify, through a cluster analysis, homogeneous groups of investor Countries in order to understand the role of the EU Member States in the context of land grabbing. The results show that the strategies adopted by the investors are driven by the need to achieve energy security and reduce CO2 emissions in order to cope with the p…

Commodity market based hedging against stock market risk in times of financial crisis: The case of crude oil and gold

2018

Based on daily data from 1989-2016 we find that the correlations between some relevant commodity market futures and equity returns in the aggregate U.S. market, and specifically in the energy sector stocks have changed strongly during the stock market crisis periods. The correlation between crude oil futures and aggregate U.S. equities increases in crisis periods, whereas in case of gold futures the correlation becomes negative, which supports the safe haven hypothesis of gold. For energy sector equities, the dynamics of hedge ratios does not support using either crude oil or gold futures for cross-hedging during stock market crises.

The contribution of granular and fundamental comparative advantage to European Union countries' export specialisation

2020

This paper analyses the contribution of fundamental comparative advantage (a country‐specific component) and granular comparative advantage (a firm‐specific component) to European Union countries' export specialisation. We find that, on average, granular comparative advantage may explain export specialisation in 29% of industries, which account for 47% of total exports. We also show that 60% of the variation in export specialisation across countries and industries may be explained by granular comparative advantage. These results highlight that some outstanding firms may play a very important role in explaining European Union countries' export specialisation.

Foreign sourcing and exporting

2020

The aim in this paper is analysing the role of sourcing intermediate inputs internationally on export decisions, distinguishing whether intermediate are sourced from firms belonging to the same business group or from independent suppliers. To analyse firm’s export decision, we use a specification that also accounts for sunk costs and the accumulated experience in export markets (i.e., foreign markets learning). We consider that importing intermediates might have direct and indirect effects (operating through productivity) on the export participation decision. The direct effects on exporting are isolated once we control for productivity and the effects of belonging to an international group.…

Bilateral De-Jure Exchange Rate Regimes and Foreign Direct Investment: A Gravity Analysis

2021

Abstract This paper introduces a novel dataset on bilateral de-jure exchange rate regimes. The new dataset accounts for the fact that officially pegging to one currency is uninformative about the exchange rate regime prevailing vis-a-vis other currencies, and it allows characterizing bilateral exchange rate regimes based on countries’ ex-ante announcements rather than ex-post observations. We use this data to estimate the effect of expected exchange rate volatility on foreign direct investment (FDI). Starting from a simple model that suggests that announced exchange rate stability enhances bilateral FDI flows, we provide empirical evidence that lends support to this claim: countries that ar…