Disentangling the Effects of Corporate Disclosure on the Cost of Equity Capital: A Study of the Role of Intellectual Capital Disclosure

In this article, we investigate whether intellectual capital (IC) and financial disclosures jointly affect the firm’s cost of equity capital. In contrast to prior research, we disaggregate disclosures into IC and financial disclosures and examine whether the two disclosure types are jointly related to the cost of equity capital. We also investigate whether IC and financial disclosures have an interaction effect on the cost of equity capital. Using data for a sample of 125 U.K. firms, we find a negative relationship between the cost of equity capital and IC disclosure. We find that the relationship between financial disclosure and the cost of equity capital is magnified when combined with IC disclosure. In addition, we find that IC and financial disclosures interact in shaping their effects on the cost of equity capital. Further analyses suggest that the effect of financial disclosure on the cost of equity capital is augmented for firms characterized by a medium level of IC disclosure. These results provideimportant insights into the relationship between disclosures and cost of equity capital and have policy and practical implications

Corporate Valuation and Governance: Evidence from Colombia

This paper examines for the first time the association of different ownership and control measures and separation ratios with a firm`s value and performance for 108 non-financial firms that traded their stock during the period 1998 to 2002. Large blockholders were found to exert a positive influence upon a firm`s valuation and performance, which validates the positive monitoring approach of large shareholders, but it was also found that this relationship is not monotonic, implying that when separation of control and ownership tends to increase, a negative effect is exerted on firm`s valuation. This paper also reports the first estimates of a survey of corporate governance practices conducted in 2004 for 43 Colombian non-financial companies. The corporate governance index`s (CGI) scores suggest that implementation of good governance in Colombian firms has been slow and poor, as measured by an index average that is below half the maximum attainable value. Regrettably, it was not possible to find any support to recent theories that predict a positive association between good governance practices -as measured by the CGI - and performance. At most, there exists a positive relationship for the sub-index, but the results were not statistically significant in general.

The course of lectures on discipline “Intellectual property” (for the 5 year students of the specialty 8.03060101 “Management”)

Затверджено на засіданні кафедри менеджменту інноваційної діяльності та підприємнцтва. Протокол No 1 від 27 серпня 2015 р. Рекомендовано методичною комісією факультету управління і бізнесу у виробництві ТНТУ імені Івана Пулюя. Протокол No 6 від 26 лютого 2016 р.У методичних вказівках, у відповідності до робочої програми, сформовано лекційний матеріал з дисципліни “Інтелектуальна власність” для іноземних студентів спеціальності 8.03060101 “Менеджмент організацій та адміністрування”.Методичні вказівки призначені для допомоги іноземним студентам при вивченні курсу “Інтелектуальна власність”. У методичних вказівках містяться загальні теоретичні відомості, необхідні до вивчення даного курсу. Рекомендовано для іноземних студентів спеціальності 8.03060101 “Менеджмент організацій та адміністрування” з метою закріплення, поглиблення і узагальнення знань, одержаних студентами за час навчання та їх застосування до комплексного вирішення конкретного фахового завдання із дисципліни “Інтелектуальна власність”. Складено з урахуванням робочої програми вивчення курсу, методичних розробок інших вузів, а також матеріалів літературних джерел, наведених у рекомендованій літературі

Mapping the Evolution of "Clusters": A Meta-analysis

This paper presents a meta-analysis of the “cluster literature” contained in scientific journals from 1969 to 2007. Thanks to an original database we study the evolution of a stream of literature which focuses on a research object which is both a theoretical puzzle and an empirical widespread evidence. We identify different growth stages, from take-off to development and maturity. We test the existence of a life-cycle within the authorships and we discover the existence of a substitutability relation between different collaborative behaviours. We study the relationships between a “spatial” and an “industrial” approach within the textual corpus of cluster literature and we show the existence of a “predatory” interaction. We detect the relevance of clustering behaviours in the location of authors working on clusters and in measuring the influence of geographical distance in co-authorship. We measure the extent of a convergence process of the vocabulary of scientists working on clusters.Cluster, Life-Cycle, Cluster Literature, Textual Analysis, Agglomeration, Co-Authorship

An integrated MCDA software application for forest planning : a case study in southwestern Sweden

Forest planning in Sweden today translates not only into planning of timber production, but also for the provision of other functions and services. Multi-criteria decision analysis (MCDA) methods provide a way to take also non-monetary values into account in planning. The purpose of this study was to gain experience on how to use a forest decision support system combined with an MCDA tool in practical forestry. We used a new forest planning tool, PlanWise, which includes an integrated MCDA module, PlanEval. Using the software, the decision maker can compare different forest plans and evaluate them against his/her objectives in a structured and analytical manner. The analysis thus provides a ranking of the alternatives based on the individual preferences of the decision maker. PlanEval and the MCDA planning process are described in a case study, where the manager of a forest estate in southwestern Sweden used the program to compare different forest plans made for the estate. In the paper, we analyze possibilities and challenges of this approach and identify problems such as the adherence to formal requirements of MCDA techniques and the difficulty of comparing maps. Possibilities to expedite an MCDA planning process further are also discussed. The findings confirm that integration of an MCDA tool with a forest decision support system is valuable, but requires expert assistance to be successful

The 1985-94 global real estate cycle : its casues and consequences

The peak of the first global real estate boom was reached around 1990 in most Organization for Economic Cooperation and Development (OECD) countries. Asset inflation was massive: in office markets across Europe, capital values rose 400 percent between 1980 and 1990, accelerating after 1986 - while average consumer price inflation went up only 150 percent. Property values have declined sharply since 1990, with most property markets losing at least 20 percent in nominal terms the first year of the crash's onset. Cumulative drops in capital value often reached 50 percent by the end of 1993. This pattern of a sustained buildup, usually peaking in 1990, followed by a sharp fall in nominal values, has been encountered in most OECD markets and in several NIE countries. Real estate booms and busts are recurring events, says the author, but real estate volatility on the scale and with the intensity just experience is costly and destructive. Real resources are misallocated, and the impact on the banking system, on households, and on the economy can be lasting. The author surveys the global real estate cycle of 1985-94, trying to identify domestic and international factors that triggered this new phenomenon of global real estate volatility. The authors intent: Assuming that the globalization of financial markets is irreversible, can we separate unique factors from recurring ones in this first global cycle? Can we map generic policy lessons and identify policy priorities and research agendas? Can we identify factors that accentuate real estate price and investment volatility? Four domestic factors lay behind the unusual volatility of this first global cycle, says the author: the liberalization and deregulation of capital markets, a distorted incentive structure that often stimulated the use of debt, new macroeconomic tools and occasional policy errors, and the structure of the real estate sector itself. The wide-ranging survey includes a proposal for research in certain areas, and offers some diagnosis. For example: If the global real estate crash has publicized one thing, it is the poor quality of information on real estate markets.Banks&Banking Reform,Payment Systems&Infrastructure,Financial Intermediation,Environmental Economics&Policies,International Terrorism&Counterterrorism,Financial Intermediation,Environmental Economics&Policies,Housing Finance,Economic Theory&Research,Banks&Banking Reform

A cognitive attempt to understanding female entrepreneurial potential : the role of social norms and culture

This article analyzes the different perceptions of both male and female potential entrepreneur

Towards a Taxonomy of Firms Engaged in International R&D Cooperation Programs: The Case of Spain in Eureka

El proceso innovador enfrenta una serie de fallos de mercado y por esta razón – y por ser considerado uno de los principales agentes del crecimiento económico en el mundo – un significativo número de políticas gubernamentales y supra-nacionales son diseñadas para promover el progreso tecnológico. En Europa la situación no podría ser diferente y la “Paradoja Europea” es utilizada como principal argumento para la implementación de iniciativas relacionadas a la innovación. Junto con estas políticas hay una creciente preocupación con su continua evaluación, teniendo como objetivo proveer feedbacks para la adaptación y adecuación de estos programas con las necesidades de los agentes involucrados. En este sentido, el presente paper desarrolla una evaluación de los impactos del Programa Eureka para el caso de las empresas españolas participantes en esta iniciativa y con proyectos concluidos entre los años 2000-2005 (a través de análisis de los informes finales de los proyectos). Un total de 77 empresas fueron abordadas con métodos cuantitativos (correlaciones, testes chi-cuadrado, análisis discriminante y análisis de cluster). Los resultados demuestran que la participación española en Eureka suele tener altos niveles de logros tecnológicos. Los logros comerciales parecen estar definidos por la calidad del funcionamiento del proyecto y por la capacidad de las empresas en explotar sus resultados en el mercado ya antes del fin del proyecto. Una tipología introductoria de los participantes es propuesta en 3 conglomerados: (1) Risky Innovators; (2) Inventors; y (3) Consistent Innovators.Innovation is a process that faces several “market failure” situations and for this reason – and for being considered one of the main drivers of economic growth throughout the world – a large number of governmental and supranational policies are designed to foster technological progress. In Europe this situation could not be any different and the “European Paradox” is used as the main argument for the implementation of innovation related initiatives. Along with these policies, there is an increasing concern with their continuous evaluation aiming at providing valuable feedback for these program’s adaptation and adequacy to the player’s needs. In this sense, this paper develops an evaluation of Eureka Programme’s impact for the case of Spanish companies participating in this initiative and that had projects finished in the period 2000-2005 (analysis performed through the information contained in Eureka’s Final Reports). A total of 77 firms were assessed through quantitative methods, namely correlations, chi-square tests, discriminant models and cluster analysis. Findings show that Spain participates in Eureka mainly through SMEs, and that the overall rate of technological achievements is impressively good. Commercial achievements seem to be influenced mainly by the quality of the project’s functioning and the capacity of firm’s exploiting results in the industry by the end of the project. A basic typology of participants is offered in which three clusters are built: (1) Risky Innovators; (2) Inventors; and (3) Consistent Innovators.Innovation Policy; Eureka Programme; Spanish Innovation System; R&D Collaboration, Políticas de Innovación; Programa Eureka; Sistema de Innovación Español; Colaboración en I+D.

CAD, BIM, GIS and other tricks of the computer science in the education of the Building Engineer

Revisione internazionale- relazione a invito- chair sessione S8T The paper aims to develop some thoughts on the upgrade implemented in the disciplines of drawing from the latest forms of digital representation, commenting on the experiences under way in some university courses included in the learning curriculum provided to engineering students with regard to the course of study in Ingegneria Edile (Building Engineering, also known as Architectural or Construction Engineering) at the Politecnico di Torino. It's a matter of reasoning on what and how to suggest knowledge and practises in the experience of teaching that result as an improvement of skills and abilities appropriate for future commitments required by the job world. Method: Methodological reasons, subject contents and experiences positively carried out during the activities of the course of Representation Techniques and Data Management (in the post graduate "Laurea Magistrale") are treated, focusing on all the resources needed to conduct profitable operations training and first clarifying the specific skills and experience required for the teaching staff, essential qualities to ensure good results: all the activities organized to achieve the training objectives are based on the belief that early training is needed to trigger virtuous review processes for engineering practice and that opportunities to practice through simulations in the academic curriculum for future engineers can produce effects of greater permanence and enable an enhancement of learning outcomes. Result: The analysis, which is addressed primarily to illustrate the result of some of the outcomes of exercise activities leaded by students, brings attention to a solicitation that seems to be constraining and that concerns the system of relations required between operators of the design and construction process, which are requested to enter into shared aims while operating in the specificity of the various technical fields; in this sense, the tricks of the CAD, which is at the service of a geometric knowledge, measured and fulfilled by its attributes, the attention demanded by BIM, which builds a widespread and open network of relationship, the cunnings of the GIS, which has to gather dynamic information and alternative choices, appear to address areas of operational testing following a single purpose directed towards a better characterization of the process of conceptual development and a more advantageous control of the working method. Discussion & Conclusion: So, with the design and over the usual representations, we speak of computer tricks to say that to be understood as the necessary infrastructure to solicit and investigate the reasons of doing and how to solve the complexity of operating on the field, upon which students must impractical themselves to identify qualities and limits, whether they are exploring the reasons of the survey or the reasons bound with the design; certainly a renewal for the most usual ways of designing useful to produce different levels of knowledge and a new shared place for the exchange and discussion of the hypotheses, with what results