Public selection and financing of R&D cooperative projects : credit versus subsidy funding.

In this article we develop an analytical model of the selection process for R&D cooperative projects, to study the factors that motivate public project selection and corresponding funding, using two different financial instruments: subsidies and credits. For this purpose, we propose a three stage empirical strategy to analyse the differential individual effects of several factors on the decisions taken by the public agency. This analysis is based on project level data from cooperative R&D project calls under the Spanish PROFIT initiative, for the period 20002003. The main results show that the public agency uses the two financial instruments to address different objectives. First, some projects close to the market are well supported through credits, while basic research projects receive only selective support in the form of subsidies. Second, there is significant diversity in the selection and funding of technological areas. Third, regarding the explicit goal of fostering cooperation, the public agency selectively favours partnerships with universities and technology institutes through the award of subsidies. However, there seems to be less incentive for large consortia. Fourth, there are significant regional differences among financed projects and, also, our data show sharp yearly fluctuationsPublic Funding; R&D Cooperation; Project selection; Credit; Subsidy;

Complementarities between universities and technology institutes : new empirical lessons and perspectives.

This paper investigates the different roles played by universities and technology institutes (TIs) as innovation partners of firms. Comparing the characteristics of Spanish firms collaborating with these agents allows us to better define complementarities among the target groups of these organizations. Our findings show that those firms collaborating with universities are bigger, have higher internal capabilities and are less dependent on their external relationships while firms collaborating with TIs are smaller, have weaker internal capabilities but are more open to their environment and thus more reliant on external sources. We point to the implications of these findings for regional development. Universities have a role as partners of more technologically advanced firms. TIs, on the other hand, partner those firms, which though also quite advanced, require more external help in their innovation processes. These results should help policy-makers in the definition of more complex regional strategies and the provision of tools aimed at different goals. Managers of universities, TIs and client firms should find these results of help in developing more positive collaborations with one anotherUniversities; Technology insitutes; Spanish firms; Collaboration;

Beyond formal R&D : taking advantage of other sources of innovation in low- and medium-technology industries.

This study deepens our knowledge of critical success factors in the innovation process of low- andmediumtechnology (LMT) industries. To accomplish this, it explores howthe innovation process in LMT firms may depend on non-formal R&D activities and the use of external sources. The empirical analysis is based on a representative panel of Spanish manufacturing firms. The results strongly support the view that non- R&D activities such as design, the use of advanced machinery and training are crucial to understanding the innovation process of any firm. The study finds, however, that the impact of these activities is especially important in LMT industries, particularly for the achievement of product innovations. The empirical evidence also reveals the importance of external sources such as the use of consultants, the hiring of personnel, collaboration agreements and external R&D, with the greatest differences between LMT and high-technology (HT) firms being observed in process innovationsLow- and medium-technology industries; Technological activities; External sources; Innovation outputs; Market characteristics;

Finite-size effects in intracellular microrheology

We propose a model to explain finite-size effects in intracellular microrheology observed in experiments. The constrained dynamics of the particles in the intracellular medium, treated as a viscoelastic medium, is described by means of a diffusion equation in which interactions of the particles with the cytoskeleton are modelled by a harmonic force. The model reproduces the observed power-law behavior of the mean-square displacement in which the exponent depends on the ratio between particle-to-cytoskeleton-network sizes.Comment: 6 pages 2 figures. To appear in the Journal of Chemical Physic

Corporate governance and the Mondragón cooperatives.

This paper builds upon recent advances in the corporate governance framework to extend and complement the economic literature on producer cooperatives. We argue that the problem of governance in a cooperative is twofold and consists in designing mechanisms and setting up institutions that (1) encourage workers to define a goal that maximizes workers’ welfare and (2) induce managers to pursue and internalize such a broad goal. When compared to capital-controlled firms, the agency problems become more complex and harder to solve in the cooperative framework. As empirical evidence of this problem and its corresponding solution, we illustrate the case of the Mondragón cooperatives, explaining in detail the incentive system and the control mechanisms now in place in this successful business group. The study of the governance architecture of Mondragón may help us to propose solutions to traditional problems of the cooperative firm and to reach a better understanding of both the governance of cooperatives and corporate governance in general.

Influence of Secondary Offerings on the Liquidity and Trading Activity of Stocks Outstanding

This paper examines the influence of secondary offerings (SOs) on the liquidity and trading activity of stocks outstanding. The results reveal that liquidity and trading activity increase after the execution of SOs. We observe that the offering discount is explained by the size of the offering and its retail composition. We have also shown that changes in liquidity and trading activity are explained by the retail composition of the offering, such that the choice of ownership structure is decisive in the level of liquidity afforded by SOs. The offering discount is one of the chosen methods of attracting small-scale investors and promoting share liquidity following these operations.secondary offerings (SOs), liquidity, trading activity, microstructure, capital structure

Beyond the Standard Model with effective lagrangians

We discuss some applications of the effective quantum field theory to the description of the physics beyond the Standard Model. We consider two different examples. In the first one we derive, at the one-loop level, an effective lagrangian for an extension of the Standard Model with a charged scalar singlet by "integrating out" the heavy scalar. In the second example we illustrate the use of general effective theories at the loop level