Últimos itens adicionados do Acervo: Universidade Carlos III de Madrid

A Universidade Carlos III de Madrid foi fundada em 1989. É uma das seis universidades públicas da Comunidade de Madrid, em/na Espanha. Possui três campi: em Getafe, em Leganés e em Colmenarejo.

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Managerial turnover and worker turnover

Alfaro, José A.; Tribó, Josep A.
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /06/2001 Português
We study the influence of the manager's degree of consolidation within the firm over the firm's labor policy. We argue that non-consolidated (recently-appointed) managers are more worried about short-term results than consolidated managers are. This feature leads the former to bias the labor contracting favoring short-term contracts. This has two main consequences. First, a higher variation in the number of workers hired in each period. And second, a lower increase in unitary labor costs. To contrast these results, we use a database of 1.054 Spanish companies during the period (1994-98), and analyze their managerial turnover as well as their corresponding variation in the number of workers and in unitary labor costs. The theoretical results are confirmed, especially for highly-productive R and D-intensive firms.

Bank debt and market debt: an empirical analysis for Spanish firms

Casasola, María José; Tribó, Josep A.
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /03/2002 Português
This paper examines the effect on the firm's banking cost of the issue of debt securities. We argue over the existence of a positive relationship between the issue of market debt and the reduction of firm's banking cost. This idea relies on three main arguments: i) Banks can delegate to investors the supervision task, a feature that makes bank supervision less costly. ii) The issue of public debt increases firms' bargaining power in front of the banks, as the former can get funds through non-bank financing ch annels. iii) Banks with no prior information on the issuing firm may interpret the issue of debt securities as a positive signal of firm's quality. Additionally, we argue that the previous effects are less important for non-first issues and are sensible to the maturity of the bond issued. We empirically test these and other related theoretical results making use of a database of Spanish non-financial firms during the 1993-1998 period. We find empirical support for our theoretical contentions.

R&D investment and financial contracting in spanish manufacturig firms

Martínez-Ros, Ester; Tribó, Josep A.
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /03/2002 Português
This paper presents a model in which a firm with a degree of R and D specialization raises external funds to develop a two-period project that involves some non-verifiable returns (R and D-type of project). Taking into account a possible opportunistic behavior by the manager, we find out that the optimal firm's debt equity ratio is negatively related to the firm's degree of R and D specialization, its internal funds, and the output generated by the R and D project. Moreover, the expected R and D output of the firm is related negatively to the firm's leverage and positively to the firm's degree of R and D specialization as well as the amount of internal funds. The novelty of this work is to derive these results from strategic default consideration of the managers of firms specialized in R and D investments, as opposed to the standard collateral arguments concerning debt financing. This has a consequence of a lower growth of the firm's debt-equity ratio once we compare firms specialized on R and D investments with others non specialized in these activities. We confirm our main theoretical findings making use of a Spanish data set of manufacturing firms during the period 1990-94.

Product strategies and startups' survival in turbulent industries: evidence from the security software industry

Fosfuri, Andrea; Giarratana, Marco S.
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /10/2004 Português
This paper seeks to explore the drivers of startups' survival in turbulent industries, characterized by high rates of entry and exit, fragmented market shares, and a rapid pace of product innovation. Specifically, the paper aims to underscore the role played by post-entry product strategies, along with their interaction, beyond that of pre-entry conditions. Based on a sample of 270 startups that entered the Security Software Industry from 1989 till 1998, we find evidence that surviving entities are those that more aggressively adopt versioning and product portfolio strategies. Interesting enough, strategic learning seems to play a major role: Focusing on one of the two product strategies commands a higher survival probability than adopting a mixed strategy.

Market based compensation, trading and liquidity

Calcagno, Riccardo; Heider, Florian
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /11/2004 Português
This paper examines the role of trading and liquidity in a large competitive market with dispersed heterogenous information on market-based managerial compensation. The paper recognizes the endogenous nature of a firm's stock price - it is the outcome of self-interested speculative trading motivated by imperfect information about future firm value. Using the stock price as performance measure means bench-marking the manager's performance against the market's expectation of that performance. We obtain two main results: first, the degree of market-based compensation is proportional to the market depth, which is a measure of the ease of information trading. Secondly, using the dynamic trading model of Vives (1995) we show that if the investment horizon of informed traders decreases, at equilibrium the managerial e.ort reduces, and the optimal contract prescribes stock-compensation with longer vesting period.

Benefits of connecting rfid and lean principles in health care

Aguado Correa, Francisco; Álvarez Gil, María José; Barcos Redin, Lucia
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /07/2005 Português
The performance management process in health care is far behind compared to the manufacturing and service industries. Although nowadays the health care organizations are able to deal with a greater rank diseases, their cost, quality and delivery has essentially not improved significantly, and the difference with the other industries even seems to have increased. As opposed to this situation health care has a tremendous opportunity to deploy lean principles to reduce internal/external costs, improve patient safety, increase profits, reduce litigation and decrease the dependence on Government and Insurance. The application of these principles is being facilitated by the use of the new technologies. A new technology allowing personnel to constantly "see" what's happening with regards to patients schedule, backlog, workflow, inventory levels, resource utilization, quality, etc., is Radio Frequency Identification (RFID). The aim of this paper is to analyse the benefits that can be derived from the joint use of lean principles and RFID technology in health care.

The influence of blockholders on R and D investments intensity : evidence from Spain

Berrone, Pascual; Surroca, Jordi; Tribó, Josep A.
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /07/2005 Português
This article studies the relationship between the presence of large shareholders in the ownership structure of firms and R and D investment. In our analysis, we consider the influence of three types of blockholders: banks, non-financial corporations, and individuals. Moreover, we incorporate an additional feature largely ignored in previous research, namely the number of blockholders. Consistent with our theoretical contention, our results indicate that the impact of large shareholders on the R and D investment is (1) negative when blockholders are banks, (2) positive when blockholders are non- financial corporations, and (3) null when blockholders are individuals. In addition, we find a systematic negative relationship between the number of blockholders and R and D investment. Finally, we contribute to current literature by extending our analysis in two novel ways. First, we test the impact of each blockholder type contingent to the life-cycle stage of firms. Second, we analyze the influence that the combined effect between blockholder type and R and D investment has on the firm's economic performance. Results of these extensions provide relevant implications for policy makers and academic research.

Team formation and biased self-attribution

Corgnet, Brice
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /09/2005 Português
We analyze the impact of individuals' self-attribution biases on the formation of teams in the workplace. We consider a two periods model in which workers jointly decide whether to form a team or work alone. We assume workers' abilities are unknown. Agents update their beliefs about abilities after receiving a signal at the end of the first period. We show that allowing workers to learn about their abilities undermines cooperation when a fixed allocation of the group outcome is assumed. Consistent with the latter finding, we establish that making learning about workers' abilities less accessible increases workers' cooperation and welfare. When workers suffer from selfserving attribution, cooperation among agents is undermined whatever the allocation rule considered for the group outcome. We analyze possible solutions to insufficient teamwork. We find that team contracts based on a revelation game can improve cooperation as well as the presence of a manager in the team. Full efficiency is however never achieved. Our paper establishes a basic framework to analyze necessary psychological conditions for individuals to form teams. We apply our model to coauthorship and to organizational issues.

Coherence of the posterior predictive p-value based on the posterior odds.

Horra Navarro, J. de la; Rodríguez Bernal, M. T.
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /03/2001 Português
^aIt is well-known that classical p-values sometimes behave incoherently for testing hypotheses in the sense that, when $\Theta_{0} \subset \Theta_{0}{'}$, the support given to $\Theta_{0}$ is greater than or equal to the support given to $\Theta_{0}^{'}$ . This problem is also found for posterior predictive p-values (a Bayesian-motivated alternative to classical p-values). In this paper, it is proved that, under some conditions, the posterior predictive p-value based on the posterior odds is coherent, showing that the choice of a suitable discrepancy variable is crucial.

Bayesian robustness of the posterior predictive p-value.

Horra Navarro, J. de la; Rodríguez Bernal, M. T.
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /05/2001 Português
In this paper, the Bayesian robustness of the posterior predictive p-value is studied. First of all, it is proved that Lavine's linearization technique can be extended for analyzing this problem. Then, the result is applied to the E-contamination class of prior distributions.

Asymmetric long memory GARCH: a reply to Hwang's model

Ruiz, Esther; Pérez, Ana
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /11/2001 Português
Hwang (2001) proposes the FIFGARCH model to represent long memory asymmetric conditional variance. Although he claims that this model nests many previous models, we show that it does not and that the model is badly specified. We propose and alternative specification.

Singular random matrix decompositions: Jacobians.

Díaz García, José A.; González Farías, Graciela
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /09/2002 Português
For a singular random matrix Y, we find the Jacobians associated with the following decompositions; QR, Polar, Singular Value (SVD), L'U, L'DM and modified QR (QDR). Similarly, we find the Jacobinas of the following decompositions: Spectral, Cholesky's, L'DL and symmetric non-negative definite square root, of the cross-product matrix S = Y'Y.

Recursive estimation o dynamic models using cook's distance,with application to wind energy orecast

Sánchez, Ismael
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /11/2002 Português
This article proposes an adaptive forgetting factor for the recursive estimation of time varying models.The proposed procedure is based on the Cook's distance of the new observation.It is proven that the proposed procedure encompasses the adaptive features of classic adaptive forgetting factors and,therefore,has a larger adaptability than its competitors.The proposed forgetting factor is applied to wind energy forecast,showing advantages with respect to alternative procedures.

Pseudo-maximum likelihood estimation of a dynamic structural investment model

Sánchez Mangas, Rocío
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /12/2002 Português
This paper belongs to the recent investment literature focused on the modelling of microeconomic investment decisions. The increasing concern about this topic is related to the growing availability of microeconomic datasets which show the investment behavior taking place at the firm level. This behavior is far from the smooth capital adjustment pattern derived from the traditional investment models. Rather it is characterized by infrequent and lumpy adjustment. New investment models must be considered to capture this behavior. In this paper we formulate a dynamic structural investment model with irreversibility and nonconvex adjustment costs and try to stress the importance of these costs in the firms' investment decisions. From the methodological point of view, we set the investment decision on the dynamic programming framework. More specifically, we consider a discrete choice dynamic programming problem in which firms decide to invest or not to invest. The estimation strategy we adopt is the Nested Pseudo-Likelihood (NPL) algorithm recently proposed by Aguirregabiria and Mira (2002). It is an estimation method which has clear advantages over previous techniques proposed in this context. Up to our knowledge, this paper constitutes the first empirical application of this estimation method.

Generalized spectral tests for the martingale difference hypothesis

Escanciano, Juan Carlos; Velasco, Carlos
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /10/2003 Português
^aThis article proposes a test for the Martingale Difference Hypothesis (MDH) using dependence measures related to the characteristic function. The MDH typically has been tested using the sample autocorrelations or in the spectral domain using the periodogram. Tests based on these statistics are inconsistent against uncorrelated non-martingales processes. Here, we generalize the spectral test of Durlauf (1991) for testing the MDH taking into account linear and nonlinear dependence. Our test considers dependence at all lags and is consistent against general pairwise nonparametric Pitman's local alternatives converging at the parametric rate n^(-1/2), with n the sample size. Furthermore, with our methodology there is no need to choose a lag order, to smooth the data or to formulate a parametric alternative. Our approach can be easily extended to specification testing of the conditional mean of possibly nonlinear models. The asymptotic null distribution of our test depends on the data generating process, so a bootstrap procedure is proposed and theoretically justified. Our bootstrap test is robust to higher order dependence, in particular to conditional heteroskedasticity. A Monte Carlo study examines the finite sample performance of our test and shows that it is more powerful than some competing tests. Finally...

Cointegration tests based on record counting statistics

Aparicio, Felipe M.; Escribano, Álvaro
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /10/2003 Português
This paper presents of number of cointegration tests that exploit the statistical properties of the records from the original time series variables. We prove their consistency and obtain their asymptotic null distributions. Among the advantages of this novel methodology, the new tests are invariant with respect to the individual series' variances and also with respect to monotonic transformations applied to these series. In addition, these tests are robust against the presence of level breaks as long as the number of these breaks increases slowly enough with the sample size. Finally, an alternative scheme is proposed to deal with additive outliers, which prevent them from causing size distortions.

Numerical modeling of the impact behavior of new particulate-loaded composite materials

Arias Hernández, Ángel; Zaera, Ramón; López-Puente, Jorge; Navarro Ugena, Carlos
Fonte: Elsevier Publicador: Elsevier
Tipo: Artigo de Revista Científica Formato: application/pdf
Publicado em /07/2003 Português
Ballistic efficiency and cost are the main considerations in the design of lightweight armors. Metallic materials have the drawback of their high density. Mixed armors, of ceramic tiles backed by a metallic plate, are an efficient shield against low and medium caliber projectiles since they combine the light weight and high resistance of a ceramic with the ductility of a metal. The drawback is their high cost. The authors developed a new material composed of ceramic particles and a polymeric matrix. It fills the gap between metallic and ceramic materials and could be interesting for applications in which weight is not the primary concern and cost benefits are welcome. A model of the mechanical behavior of this composite is presented in this paper, implemented in a numerical code and validated by experimental results.; The authors are indebted to the Comunidad Autónoma de Madrid (Project 07N/0004/1998) for the financial support of this work.; 9 pages, 13 figures.-- Contributed to the 'Impact on Composites 2002' symposium, as part of the 14th US National Congress of Theoretical and Applied Mechanics (Virginia Polytechnic Institute and State University, Jun 23–28, 2002).

Poesía y música en el Quinientos: la fantasía aristocrática

Vega, María José
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em //2006 Português

Identifying successful marketing strategies by export regional destination

Lado, Nora; Martínez-Ros, Ester; Valenzuela, Ana
Fonte: Emerald Publicador: Emerald
Tipo: Artigo de Revista Científica Formato: application/pdf
Publicado em //2004 Português
This study develops a model that explains export sales volume by destination based on a company's export marketing strategy. A seemingly unrelated regression model (SURE) simultaneously estimates the explanatory value of the different elements of the marketing strategy, as well as company characteristics, such as experience, size and motivation to export, on entry decisions to six different regional markets made by exporting companies in a southern European country. The data were collected from a sample size of 2,264 exporting companies. Findings confirm the importance of exporting experience and proactiveness in determining high export sales volumes in every regional market except for those psychologically close. Nevertheless, different marketing strategies depending on the region lead to high export sales volumes. For example, low price strategies in the case of Latin America or differentiation strategies based on the augmented product in the case of the USA generate high export sales. Promotional expenditures are of higher importance for distant markets, but for closer markets channel development is the key.

Tra immigrazione e integrazione: la percezione dello straniero come risorso produttivo per la comunità

Todisco, Elisabetta
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf; application/octet-stream; application/octet-stream; application/octet-stream; text/plain
Publicado em //2005 Português