State tax revenue growth and volatility

Macroeconomic conditions and tax structures jointly determine the growth and volatility of state tax revenues. Since a variety of economic conditions exist among states, government policymakers should carefully anticipate and consider the possible impacts of proposed tax reform and revenue enhancements on the long-term growth and volatility of their unique tax revenue portfolios. In the short run, states generally cannot alter the volatility and growth rates of their economies. They can, however, change the composition of their tax portfolios to minimize the effects of the business cycle on their fiscal health. For this reason, state officials need to consider the natural tendencies of their economies when formulating tax policy. For example, states with volatile economies might want tax portfolios that minimize the impact of national macroeconomic trends; those with stable economies might consider adopting more aggressive tax portfolios that optimize their tax revenue growth/volatility combinations.Taxation ; State finance ; Revenue

Combining the production and the valorization of academic research: A qualitative investigation of enacted mechanisms.

The emergence of knowledge-based societies over the past decades has spurred research on the specific role of universities in innovation systems. The notion of academic entrepreneurship has gained acceptance among communities of researchers, practitioners and policy makers (Etzkowitz et al., 1998). At the same time, this acceptance seems impregnated by a constant alertness for the tensions that may arise. Concerns are uttered about shifts of the academic research agenda towards industry needs, resulting in fewer investments in basic research. Furthermore, the conflicting nature of the normative principles that guide academia and business has been warned for: competitive considerations and secrecy practices would stand in direct opposition to the principle of free dissemination of scientific knowledge (Dasgupta and David, 1987; Florida and Cohen, 1999; Geuna, 1999; Noble, 1977).Agency; Applicant; Assignee; Assignment; Business; Companies; Country; Data; EPO; Indicators; Information; Innovation; Institutional; Inventors; Methods; Order; Patent; Patent statistics; Patentee; Performance; Policy; Regions; Research; Researchers; Sector; Sector assignment; Technology; Time; University; USPTO; Innovation systems; Systems; Academic entrepreneurship; Community; Research agenda; Industry; Industries; Investments; Investment; Basic research; Principles; Dissemination; Knowledge;

Small buyer perspective on dependence in buyer-supplier relationships and purchasing strategy: A case study

Confidential unrtil 28 May 20182018-05-2

Crises and physical phases of a bipartite market model

We analyze the linear response of a market network to shocks based on the bipartite market model we introduced in an earlier paper, which we claimed to be able to identify the time-line of the 2009-2011 Eurozone crisis correctly. We show that this model has three distinct phases that can broadly be categorized as "stable" and "unstable". Based on the interpretation of our behavioral parameters, the stable phase describes periods where investors and traders have confidence in the market (e.g. predict that the market rebounds from a loss). We show that the unstable phase happens when there is a lack of confidence and seems to describe "boom-bust" periods in which changes in prices are exponential. We analytically derive these phases and where the phase transition happens using a mean field approximation of the model. We show that the condition for stability is αβ<1 with α being the inverse of the "price elasticity" and β the "income elasticity of demand", which measures how rash the investors make decisions. We also show that in the mean-field limit this model reduces to the Langevin model by Bouchaud et al. for price returns.First author draf

Attracting and embedding R&D by multinational firms: policy recommendations for EU new member states

This paper asks: what can governments of new member states do to encourage MNEs to invest in R&D? There are two types of MNE R&D. Innovation can be undertaken in order to adapt its existing products and services to local stimuli. This is 'demand-driven R&D'. Innovation can also be in stand-alone R&D facilities which are considerably more knowledgeintensive, and imply a considerably greater dependence on domestic knowledge sources and infrastructure. This is 'supply-side R&D'. These two types of R&D require somewhat different approaches, and necessarily imply different policy options. In this paper, furthermore, we focus on the MNE and the potential for linkages, and do not limit ourselves to FDI and spillovers. MNEs engage in a variety of other informal and non-equity agreements to engage in knowledge exchange. We also deliberately consider the scope and competence at the MNE subsidiary level. These two novelties are useful in helping highlight the point that the tendency to focus on FDI flows is flawed, since knowledge exchanges and innovation are establishment level phenomena. An MNE policy is required which must link FDI policy and industrial policy in tandem. This paper argues that it is most practical to recommend that new member states focus on attracting and fostering demand-driven R&D activities by MNEs. Furthermore, we recommend that governments reduce the emphasis on costs while increasing the emphasis on specialised locationbound knowledge assets, and setting up programmes that foster demand-oriented upgrading of public R&D and human capital.R&D, MNEs, EU expansion, human capital, new member states, innovation policies

Inter-dependencies on BPM Maturity Model Capability Factors in Deriving BPM Roadmap

Business Process Management (BPM) Maturity Model captures the “as-is” condition of the organization’s Process Capabilities (PC). Once an organization has defined their “as-is” condition, they are the best positioned to establish their BPM roadmap. The organization can then clearly plot which of the thirty process capabilities they need to improve or enhance to deliver the most overall value to the organization. The analysis determined that particular PC’s are not mutually exclusive but rather, interrelates with other process capabilities to drive greater operational maturity in organizations. Thus, this research study aims to provide an analysis in the interrelationship of each process capabilities and leveraging it for the future state of the organization. Each process capability, in the BPM Maturity Model, is analysed by utilising a Dependency Matrix, a dynamic causal model that establishes the relationship between process capabilities. Authors compiled a lexical definition of process capabilities, in terms of what it means for it to be in a state of “achieved”. By utilising the lexicon, predecessors and successors of process capabilities were identified and captured in a matrix grid. The result of the research is an identification of interrelationships between Process Capabilities. A Dependency Matrix which represents the interrelationships and contains the Predecessor and Successor to measure the effort for each Process Capabilities. Furthermore, the dependencies among the capabilities will empower organizations implementing BPM Maturity Model by providing them with a richer understanding of where they need to invest their focuses when creating their roadmap

Firms' contribution to open source software and the dominant skilled user

: Free/libre or open-source software (FLOSS) is nowadays produced not only by individual benevolent developers but, in a growing proportion, by firms that hire programmers for their own objectives of development in open source or for contributing to open-source projects in the context of dedicated communities. A recent literature has focused on the question of the business models explaining how and why firms may draw benefits from such involvement and their connected activities. They can be considered as the building blocks of a new modus operandi of an industry, built on an alternative approach to intellectual property management. Its prospects will depend on both the firms' willingness to rally and its ability to compete with the traditional “proprietary” approach. As a matter of fact, firms' involvement in FLOSS, while growing, remains very contrasting, depending on the nature of the products and the characteristics of the markets. The aim of this paper is to emphasize that, beside factors like the importance of software as a core competence of the firm, the role of users on the related markets - and more precisely their level of skills - may provide a major explanation of such diversity. We introduce the concept of the dominant skilled user and we set up a theoretical model to better understand how it may condition the nature and outcome of the competition between a FLOSS firm and a proprietary firm. We discuss these results in the light of empirical stylized facts drawn from the recent trends in the software industrySoftware ; Open Source ; Intellectual Property ; Competition ; Users

A critique on the proposed use of external sovereign credit ratings in Basel II

This paper deals with the proposed use of sovereign credit ratings in the "Basel Accord on Capital Adequacy" (Basel II) and considers its potential effect on emerging markets financing. It investigates in a first attempt the consequences of the planned revisions on the two central aspects of international bank credit flows: the impact on capital costs and the volatility of credit supply across the risk spectrum of borrowers. The empirical findings cast doubt on the usefulness of credit ratings in determining commercial banks' capital adequacy ratios since the standardized approach to credit risk would lead to more divergence rather than convergence between investment-grade and speculative-grade borrowers. This conclusion is based on the lateness and cyclical determination of credit rating agencies' sovereign risk assessments and the continuing incentives for short-term rather than long-term interbank lending ingrained in the proposed Basel II framework