Corporate diversification and R&D intensity dynamics

We study the dynamic bidirectional relationship between firm R&D intensity and corporate diversification, using longitudinal data of Spanish manufacturing companies. Our empirical approach takes into account the censored nature of the dependent variables and the existence of firm-specific unobserved heterogeneity. Whereas we find a positive linear effect of R&D intensity on related diversification, the evidence about the effect of related diversification on R&D intensity takes the form of an inverted U. Hence, the effect of related diversification on R&D intensity is positive but marginally decreasing for moderate levels of related diversification, but such effect can turn out negative for high levels of related diversification. Additionally, the consequences of the dynamic relation are that the effects are substantially larger in the long-run than in the short-run

Exploring Male and Female Voices through Epistemic Modality and Evidentiality in Some Modern English Travel Texts on the Canaries

This article describes authorial voice through evidential and epistemic sentential devices in a corpus of 19th and early 20th century travel texts. The corpus contains four works written by female travellers and the other four by men. Therefore, apart from providing a catalogue of the strategies deployed by the authors in order to mark modality and evidentiality, we also report on expected differences in their frequencies of use in relation to the writer’s gender. In addition, the interest of this study lies in the fact that, to the best of our knowledge, no research on writer stance has previously been carried out in texts belonging to the genre of travel writing

On the Whitham Hierarchies: Reductions and Hodograph Solutions

A general scheme for analyzing reductions of Whitham hierarchies is presented. It is based on a method for determining the $S$-function by means of a system of first order partial differential equations. Compatibility systems of differential equations characterizing both reductions and hodograph solutions of Whitham hierarchies are obtained. The method is illustrated by exhibiting solutions of integrable models such as the dispersionless Toda equation (heavenly equation) and the generalized Benney system.Comment: 24 page

Corporate diversification and R&D intensity dynamics

We study the dynamic bidirectional relationship between firm R&D intensity and corporate diversification, using longitudinal data of Spanish manufacturing companies. Our empirical approach takes into account the censored nature of the dependent variables and the existence of firm-specific unobserved heterogeneity. Whereas we find a positive linear effect of R&D intensity on related diversification, the evidence about the effect of related diversification on R&D intensity takes the form of an inverted U. Hence, the effect of related diversification on R&D intensity is positive but marginally decreasing for moderate levels of related diversification, but such effect can turn out negative for high levels of related diversification. Additionally, the consequences of the dynamic relation are that the effects are substantially larger in the long-run than in the short-run.

Delay and energy consumption analysis of frame slotted ALOHA variants for massive data collection in internet-of-things scenarios

This paper models and evaluates three FSA-based (Frame Slotted ALOHA) MAC (Medium Access Control) protocols, namely, FSA-ACK (FSA with ACKnowledgements), FSA-FBP (FSA with FeedBack Packets) and DFSA (Dynamic FSA). The protocols are modeled using an AMC (Absorbing Markov Chain), which allows to derive analytic expressions for the average packet delay, as well as the energy consumption of both the network coordinator and the end-devices. The results, based on computer simulations, show that the analytic model is accurate and outline the benefits of DFSA. In terms of delay, DFSA provides a reduction of 17% (FSA-FBP) and 32% (FSA-ACK), whereas in terms of energy consumption DFSA provides savings of 23% (FSA-FBP) and 28% (FSA-ACK) for the coordinator and savings of 50% (FSA-FBP) and 24% (FSA-ACK) for end-devices. Finally, the paper provides insights on how to configure each FSA variant depending on the network parameters, i.e., depending on the number of end-devices, to minimize delay and energy expenditure. This is specially interesting for massive data collection in IoT (Internet-of-Things) scenarios, which typically rely on FSA-based protocols and where the operation has to be optimized to support a large number of devices with stringent energy consumption requirementsPeer ReviewedPostprint (published version

Combining distributed queuing with energy harvesting to enable perpetual distributed data collection applications

This is the peer reviewed version of the following article: Vazquez-Gallego F, Tuset-Peiró P, Alonso L, Alonso-Zarate J. Combining distributed queuing with energy harvesting to enable perpetual distributed data collection applications. Trans Emerging Tel Tech. 2017;e3195 , which has been published in final form at https://doi.org/10.1002/ett.3195. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.This paper presents, models, and evaluates energy harvesting–aware distributed queuing (EH-DQ), a novel medium access control protocol that combines distributed queuing with energy harvesting (EH) to address data collection applications in industrial scenarios using long-range and low-power wireless communication technologies. We model the medium access control protocol operation using a Markov chain and evaluate its ability to successfully transmit data without depleting the energy stored at the end devices. In particular, we compare the performance and energy consumption of EH-DQ with that of time-division multiple access (TDMA), which provides an upper limit in data delivery, and EH-aware reservation dynamic frame slotted ALOHA, which is an improved variation of frame slotted ALOHA. To evaluate the performance of these protocols, we use 2 performance metrics: delivery ratio and time efficiency. Delivery ratio measures the ability to successfully transmit data without depleting the energy reserves, whereas time efficiency measures the amount of data that can be transmitted in a certain amount of time. Results show that EH-DQ and TDMA perform close to the optimum in data delivery and outperform EH-aware reservation dynamic frame slotted ALOHA in data delivery and time efficiency. Compared to TDMA, the time efficiency of EH-DQ is insensitive to the amount of harvested energy, making it more suitable for energy-constrained applications. Moreover, compared to TDMA, EH-DQ does not require updated network information to maintain a collision-free schedule, making it suitable for very dynamic networks.Peer ReviewedPostprint (author's final draft

Goodbye, ALOHA!

©2016 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.The vision of the Internet of Things (IoT) to interconnect and Internet-connect everyday people, objects, and machines poses new challenges in the design of wireless communication networks. The design of medium access control (MAC) protocols has been traditionally an intense area of research due to their high impact on the overall performance of wireless communications. The majority of research activities in this field deal with different variations of protocols somehow based on ALOHA, either with or without listen before talk, i.e., carrier sensing multiple access. These protocols operate well under low traffic loads and low number of simultaneous devices. However, they suffer from congestion as the traffic load and the number of devices increase. For this reason, unless revisited, the MAC layer can become a bottleneck for the success of the IoT. In this paper, we provide an overview of the existing MAC solutions for the IoT, describing current limitations and envisioned challenges for the near future. Motivated by those, we identify a family of simple algorithms based on distributed queueing (DQ), which can operate for an infinite number of devices generating any traffic load and pattern. A description of the DQ mechanism is provided and most relevant existing studies of DQ applied in different scenarios are described in this paper. In addition, we provide a novel performance evaluation of DQ when applied for the IoT. Finally, a description of the very first demo of DQ for its use in the IoT is also included in this paper.Peer ReviewedPostprint (author's final draft

Testing the Forecasting Performance of Ibex 35 Option-implied Risk-neutral Densities

Published also as: Documento de Trabajo Banco de España 0504/2005.risk-neutral densities, forecasting performance

Option-Implied Preferences Adjustments and Risk-Neutral Density Forecasts

The main objective of this paper is to analyse the value of information contained in prices of options on the IBEX 35 index at the Spanish Stock Exchange Market. The forward looking information is extracted using implied risk-neutral density functions estimated by a mixture of two-lognormals and three alternative risk-adjustments: the classic power and exponential utility functions and a habit-based specification that allows for a counter-cyclical variation of risk aversion. Our results show that at four-week horizon we can reject the hypothesis that between October 1996 and March 2000 the risk-neutral densities provide accurate predictions of the distributions of future realisations of the IBEX 35 index at a four-week horizon. When forecasting through risk-adjusted densities the performance of this period is statistically improved and we no longer reject that hypothesis. All risk-adjusted densities generate similar forecasting statistics. Then, at least for a horizon of four-weeks, the actual risk adjustment does not seem to be the issue. By contrast, at the one-week horizon risk-adjusted densities do not improve the forecasting ability of the risk-neutral counterparts.forecasting performance, risk adjustment, option implied densities