2,387 research outputs found
A CLUSTERING OF DJA STOCKS - THE APPLICATION IN FINANCE OF A METHOD FIRST USED IN GENE TRAJECTORY STUDY
Previously we employed the Gene Trajectory Clustering methodology to search for different associations of the stocks composing the DJA index, with the aim of finding different, logic clusters, supported by economic reasons, preferably different than theclustering model, data trajectory, cluster analysis
Learning in the Village Economy of Denmark. The role of Institutions and Policy in Sustaining Competitiveness.
The benefits of an international division of labour is never illustrated more clearly than in small developed nations like Denmark. Without many natural resources such countries can never be self sufficient and they need access to foreign markets in order for their firms to specialise and utilize economics of scale. The specialisation chosen is mainly in low-tech goods, where the risk of sudden domestically damaging changes in technology or demand are relatively small. Besides such general features of small developed nations, the Danish case has some special characteristics, which distinguishes it from many other nations and regions. One important feature is the century-old, deep-rooted egalitarian beliefs of the society which during the last century has intermixed with the growth of the public sector in shaping not only the welfare state, but also a strongly consensus-seeking political system - the negotiated economy - incorporating all major groups in the economy. Recently, the development towards a knowledge based world economy has increased the importance of another feature with an small egalitarian country: the kind of trust-relations, that come into existence, when everyone in an industry has known everybody else through many years. The international industrial competitiveness of the country's vast majority of small, export oriented firms are not only favoured by a reasonable adequate macro-economic policy but further enhanced by the ease in the exchange of information resulting from established trust-relations.International competitiveness, small nations, economic development, learning economy, informal institutions
Anatomy of cluster development in China: The case of health biotech clusters
Focussing on China's health biotech clusters the study explores the anatomy of interaction in as well as between various clusters. While the literature has identified the existence of a dense network of durable interactions among firms and between firms and academia at a particular location as one of the most important prerequisites for well-performing clusters, we show that network ties extending beyond regional boundaries are equally valuable for the innovative capacity of China's biotech firms. Analysing the demographic process of cluster emergence we show that there exist different types of biotech clusters in China, which are closely linked and exchange knowledge and technology amongst each other. It appears as if further analysis of these cross-cluster links may provide important insights of how learning and innovation works in China's health biotech industry. Although China's science parks and industrial bases may on an individual basis appear to be badly structured, the organization of China's health biotech industry turns out to be substantially enhanced once these external linkages are taken into consideration. --China,health biotechnology,cluster,entrepreneurship,localization
Health Biotechnology Innovation for Social Sustainability -A Perspective from China
China is not only becoming a significant player in the production of high-tech products, but also an increasingly important contributor of ideas and influence in the global knowledge economy. This paper identifies the promises and the pathologies of the biotech innovation system from the perspective of social sustainability in China, looking at the governance of the system and beyond. Based on The STEPS Centreâs âInnovation, Sustainability, Development: A New Manifestoâ, a â3Dâ approach has been adopted, bringing together social, technological and policy dynamics, and focusing on the directions of biotechnological innovation, the distribution of its benefits, costs and risks and the diversity of innovations evolving within it and alongside it
Networks and the Development of the Irish Biotechnology Sector
Biotechnology, an umbrella term describing combinations of engineering and scientific
knowledge from an array of disciplines used to produce products and processes from
living organisms, has been identified as a key sector for future economic developments
among industrialised and industrialising nations as it blurs traditional boundaries
between various industries. The Irish Government has introduced a series of initiatives
to facilitate the development of an internationally competitive indigenous biotechnology
sector since the late 1990s, yet no in-depth analysis of the sector relative to international
sectoral characteristics, structures, or policy themes have informed their design or
implementation. This thesis analyses the Irish sector in the context of global sectoral
developments by studying the Post-Fordist organisational structure of the international
sector, where biotechnology firms interact with various actors at different stages of the
sectoral value chain in a variety of innovative networks determined by place specific
actor and institution endowments that form local knowledge communities. Through
qualitatively investigating the Irish sector's actors and collaborative network structure,
the thesis analyses the implications of the nature and character of these elements for the
sector's future sustainability and development, and appraises existing Government
policies relating to sectoral developments. The thesis found that the on-going initiatives
have facilitated significant advances, yet have not addressed the legacy of pre-initiative
resource and skill capacity weaknesses, while the sectoral value chain is fragmented as
actors have developed poor networking arrangements due to their conservative natures,
and the relative absence of key sector actors, skills and resources. These issues
demonstrate that a complex overarching policy framework is required so as to engender
the long-term development of a regionally tailored, systems-based support ecosystem
which addresses existing structural weaknesses, and which facilitates and drives
entrepreneurial and innovative activities throughout the sector's value chain
Deep Time-Series Clustering: A Review
We present a comprehensive, detailed review of time-series data analysis, with emphasis on deep time-series clustering (DTSC), and a case study in the context of movement behavior clustering utilizing the deep clustering method. Specifically, we modified the DCAE architectures to suit time-series data at the time of our prior deep clustering work. Lately, several works have been carried out on deep clustering of time-series data. We also review these works and identify state-of-the-art, as well as present an outlook on this important field of DTSC from five important perspectives
Do institutions matter for technological change in transition economies? The case of the Russia's 89 regions and republics
We explore the impact of institutions on technological change in a transition economy. We use regional panel data for Russia's 89 regions and republics during the period of recovery and growth from 1998 to 2004 to show the impact of large variation in institutional development, ranging from full enforcement of property rights in the Northwest to red belt Communist regimes in the southeast. We find an unambiguous relationship between strong and sustained institutional development and technological change. We provide one model proxying the quality of institutions by the investment risk rating compiled by the rating agency ExpertRA Regions
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Financing Innovation
We review the recent literature on the financing of innovation, inclusive of large companies and new startups. This research strand has been very active over the past five years, generating important new findings, questioning some long-held beliefs, and creating its own puzzles. Our review outlines the growing body of work that documents a role for debt financing related to innovation. We highlight the new literature on learning and experimentation across multi-stage innovation projects and how this impacts optimal financing design. We further highlight the strong interaction between financing choices for innovation and changing external conditions, especially reduced experimentation costs
Identification des régimes et regroupement des séquences pour la prévision des marchés financiers
Abstract : Regime switching analysis is extensively advocated to capture complex behaviors
underlying financial time series for market prediction. Two main disadvantages in
current approaches of regime identification are raised in the literature: 1) the lack of
a mechanism for identifying regimes dynamically, restricting them to switching among
a fixed set of regimes with a static transition probability matrix; 2) failure to utilize
cross-sectional regime dependencies among time series, since not all the time series are
synchronized to the same regime. As the numerical time series can be symbolized into
categorical sequences, a third issue raises: 3) the lack of a meaningful and effective
measure of the similarity between chronological dependent categorical values, in order
to identify sequence clusters that could serve as regimes for market forecasting. In this
thesis, we propose a dynamic regime identification model that can identify regimes
dynamically with a time-varying transition probability, to address the first issue. For
the second issue, we propose a cluster-based regime identification model to account
for the cross-sectional regime dependencies underlying financial time series for market
forecasting. For the last issue, we develop a dynamic order Markov model, making
use of information underlying frequent consecutive patterns and sparse patterns, to
identify the clusters that could serve as regimes identified on categorized financial time
series. Experiments on synthetic and real-world datasets show that our two regime
models show good performance on both regime identification and forecasting, while
our dynamic order Markov clustering model also demonstrates good performance on
identifying clusters from categorical sequences.L'analyse de changement de rĂ©gime est largement prĂ©conisĂ©e pour capturer les comportements complexes sous-jacents aux sĂ©ries chronologiques financiĂšres pour la prĂ©diction du marchĂ©. Deux principaux problĂšmes des approches actuelles d'identifica-tion de rĂ©gime sont soulevĂ©s dans la littĂ©rature. Il sâagit de: 1) l'absence d'un mĂ©canisme d'identification dynamique des rĂ©gimes. Ceci limite la commutation entre un ensemble fixe de rĂ©gimes avec une matrice de probabilitĂ© de transition statique; 2) lâincapacitĂ© Ă utiliser les dĂ©pendances transversales des rĂ©gimes entre les sĂ©ries chronologiques, car toutes les sĂ©ries chronologiques ne sont pas synchronisĂ©es sur le mĂȘme rĂ©gime. Ătant donnĂ© que les sĂ©ries temporelles numĂ©riques peuvent ĂȘtre symbolisĂ©es en sĂ©quences catĂ©gorielles, un troisiĂšme problĂšme se pose: 3) l'absence d'une mesure significative et efficace de la similaritĂ© entre les sĂ©ries chronologiques dĂ©pendant des valeurs catĂ©gorielles pour identifier les clusters de sĂ©quences qui pourraient servir de rĂ©gimes de prĂ©vision du marchĂ©. Dans cette thĂšse, nous proposons un modĂšle d'identification de rĂ©gime dynamique qui identifie dynamiquement des rĂ©gimes avec une probabilitĂ© de transition variable dans le temps afin de rĂ©pondre au premier problĂšme. Ensuite, pour adresser le deuxiĂšme problĂšme, nous proposons un modĂšle d'identification de rĂ©gime basĂ© sur les clusters. Notre modĂšle considĂšre les dĂ©pendances transversales des rĂ©gimes sous-jacents aux sĂ©ries chronologiques financiĂšres avant dâeffectuer la prĂ©vision du marchĂ©. Pour terminer, nous abordons le troisiĂšme problĂšme en dĂ©veloppant un modĂšle de Markov d'ordre dynamique, en utilisant les informations sous-jacentes aux motifs consĂ©cutifs frĂ©quents et aux motifs clairsemĂ©s, pour identifier les clusters qui peuvent servir de rĂ©gimes identifiĂ©s sur des sĂ©ries chronologiques financiĂšres catĂ©gorisĂ©es. Nous avons menĂ© des expĂ©riences sur des ensembles de donnĂ©es synthĂ©tiques et du monde rĂ©el. Nous dĂ©montrons que nos deux modĂšles de rĂ©gime prĂ©sentent de bonnes performances Ă la fois en termes d'identification et de prĂ©vision de rĂ©gime, et notre modĂšle de clustering de Markov d'ordre dynamique produit Ă©galement de bonnes performances dans l'identification de clusters Ă partir de sĂ©quences catĂ©gorielles
Regional specialization in China's biopharmaceutical industry
Purpose: The purpose of this paper is to explore patterns as well as determinants of regional specialisation in China's biopharmaceutical industry. It identifies and characterizes different types of enterprises engaged in the biopharmaceutical sector in terms of their business organisation and regional set up. Design/methodology/approach: Based on data compilations not yet employed in academic analysis as well as personal interviews in China, structural determinants and driving forces of development are analysed against the background of the innovation systems literature. Findings: The geography of innovation in China's biopharmaceutical industry is determined by both, government policy and the strategic location decisions of entrepreneurs. While localâgovernment support of firm clustering has contributed to a dispersion of industrial activity throughout China, the firms networks are spanning clusters. Effectively, domestic firms are turning into multiâregional companies locating activities such as R&D and manufacturing at different clusters. Originality/value: The paper adds to the literature in so far as it throws light on an until now underâresearched field of China's innovation system. It identifies the concept of multiâregionalism among domestic nonâstate enterprises as an important parameter for understanding success and regional distribution of the industry
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