Strategy and Structure: Explaning the Diversification Discount

In this paper we provide an explanation based on the conflict of interes between top management, middle management and shareholders of why firms adopt different diversification strategies and how they structure themselves to manage those diversification strategies. It es shown that when objectives are fully aligued, a descentralization organizational structure coupled with a related diversification strategy is adopted. Whereas when objectives are not fully aligned, firms send to be more centralized and more focused than when incentives are aligned. We use these results to suggest an explanation for the existence of diversification discount; i.e., the empirical observation that conglomerate firms trade at a discount relative to a portfolio of stand-alone firms in the same business segments that do not depend on inefficient internal capital allocations.

Network Formation and Cooperation

In this paper we adopt Granovetter's view expressed in his famous article ''Economic Action and Social Structure: The Problem of Embeddedness'' , where he argues that the concept of man in economics is extremely undersocialized because it ignores the importance of social networks. In so doing the incentives to mutual cooperation in social matching games in which the social network is endogenously determined are studied. The main result shows that in atomized societies where there is no information flows between different pairs of individuals and the rest of the society, individuals choose either to form the maximal number of links possible or to form no links. Whereas in embedded societies where information transmission is allowed, the type of social networks that arise take different architectures some of them symmetric and some of the asymmetric. This allows us to improve our understanding of a wide variety of phenomena as occupational mobility, informal credit markets in rural areas, cooperative formation, social capital, segmented labor markets, international trade and so on. In partricular, the model results are used to explain the concept of social capital , its benefits and costsnetwork Formation, Cooperation, Social Capital

Vertical Integration and Shared Facilities in Unregulated Industries

I this paper we consider a market situation in which initially there is an unintegrated monopoly upstream entry and vertical integration. The equilibrium entry mode -sharing the incumbent facility or building a new facility- is derived as well as the equilibrium market structure. Several policy prescriptions are set forth.Esencial facilities, shared facilities agreements, vertical integration, strategic substitutes

História exemplar: a Competição na Historiografia Romana

A great part of the perceived value of history in the ancient world was connected with its educational function. In one way or another, it was regarded as a beneficial guide to conduct or as magistra vitae (Cicero, De Oratore II, 36). To give political instruction and advice on the one hand (Polybius, I, 1, 2), and to provide exempla, were two major aims of history. This paper will argue that by narrating the history of the past, historians not only judged past actions or people, and provided useful moral examples to their contemporaries, but also stimulated a type of competition between past and present times. By recording good examples to be imitated and bad ones to be avoided, the Roman historians promoted the code of values of the maiores for their own time, fostered action and, to a certain extent, became significant indicators to Roman society. This competitive aspect of Roman historiography is illustrated here in three distinct categories, analysing the work of major Roman historians: Sallust, Livy and Tacitus.Uma grande parte do valor percebido da história no mundo antigo estava ligada à sua função educacional. De um modo ou de outro, ela foi considerada como um guia benéfico para a conduta ou como magistra vitae (CÍCERO, De OratoreII, 36). Dar instrução política e aconselhamento, por um lado (POLÍBIO, I, 1, 2), e fornecer exempla, por outro lado, eram os dois grandes objetivos da história. Este artigo argumentará que, ao narrar a história do passado, os historiadores não apenas julgavam ações ou pessoas do passado, e forneciam exemplos morais úteis a seus contemporâneos, mas também estimulavam um tipo de competição entre os tempos passado e presente. Ao registrar bons exemplos a serem imitados e maus a serem evitados, os historiadores romanos promoviam o código de valores dos maiores para seu próprio tempo, fomentavam a ação e, em certa medida, tornaram-se indicadores significativos para a sociedade romana. Esse aspecto competitivo da historiografia romana é ilustrado aqui em três categorias distintas, analisando o trabalho de grandes historiadores romanos: Salústio, Tito Lívio e Tácito

Redes Bayesianas para detección de roles de equipos en aprendizaje colaborativo soportado por computadoras

El trabajo colaborativo soportado por computadoras permite a los estudiantes que se encuentran en lugares remotos trabajar de manera conjunta en el mismo entorno virtual y permite la comunicación de ideas e información entre los integrantes del grupo. Sin embargo, como no todos los estudiantes son iguales, es importante estudiar las características de éstos para construir grupos de trabajo más productivos. La teoría de roles de equipo posibilita obtener buen desempeño en los equipos de trabajo considerando habilidades individuales, combinando las falencias de cada rol con las fortalezas de los otros. Generalmente, las personas tienen que completar extensos cuestionarios para poder determinar sus roles de equipo. En este trabajo, se propone un método alternativo para realizar esta detección a través de un sistema de aprendizaje colaborativo y a partir de la utilización de la técnica de Redes Bayesianas.Computer-supported collaborative learning allows students who are in different places to work together in the same virtual space, and supports the communication of ideas and information among learners. However, as not all students are identical, it is important to study users' characteristics to build more productive teams. Team Roles Theory allows obtaining very good team performance taking into account individual skills, combining the weaknesses of each role with the strengths of others. Originally, people have to complete extensive questionnaires to determine their team role. In this work we propose an alternative method to make this detection through a collaborative learning system and by using a Bayesian Network.Fil: Balmaceda, José María. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tandil. Instituto Superior de Ingeniería del Software. Universidad Nacional del Centro de la Provincia de Buenos Aires. Instituto Superior de Ingeniería del Software; ArgentinaFil: Schiaffino, Silvia Noemi. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tandil. Instituto Superior de Ingeniería del Software. Universidad Nacional del Centro de la Provincia de Buenos Aires. Instituto Superior de Ingeniería del Software; ArgentinaFil: Godoy, Daniela Lis. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tandil. Instituto Superior de Ingeniería del Software. Universidad Nacional del Centro de la Provincia de Buenos Aires. Instituto Superior de Ingeniería del Software; Argentin

The Year of the Four Emperors. Axiological Confusion in Tacitus’ Histories

Este trabajo trata sobre la confusión axiológica en las Historias de Tácito. A través del análisis de diferentes casos de la narrativa histórica, se busca demostrar cómo el historiador explica la manera en que emperadores, generales o soldados se encontraron en situaciones donde no fueron capaces de discernir lo que era bueno o malo para ellos. Para Tácito habría sido el miedo y la incertidumbre propios de las guerras civiles del año 69 d.C. lo que había originado una espiral específica de deslealtad y de traición que explicaría la confusión en el juicio moral de los agentes. Al intercalar ejemplos excepcionales de las virtudes que contrarrestan los vicios que alteran un razonamiento moral adecuado, Tácito prueba la presencia de modelos de conducta que consiguieron vencer la confusión y trabajar para su propio bien y el de Roma.  This paper deals with axiological confusion as seen in Tacitus’ Histories . Through the analysis of different cases in the historical narrative, it demonstrates Tacitus’ explanation of how emperors, generals or soldiers were brought to a state in which they were no longer able to discern what was good or bad for them. Tacitus saw fear and the uncertainty characteristic of the civil wars of AD 69 as originating a particular spiral of disloyalty and betrayal which accounted for the confusion in the agents’ moral judgement. By interspersing his narrative with outstanding examples of the virtues that counteracted the vices responsible for impairing correct moral reasoning, Tacitus showed models of conduct who managed to overcome the confusion and worked both for their own good and that of Rome

Using the Dipolar and Quadrupolar Moments to Improve Solar-Cycle Predictions Based on the Polar Magnetic Fields

The solar cycle and its associated magnetic activity are the main drivers behind changes in the interplanetary environment and Earth's upper atmosphere (commonly referred to as space weather and climate). In recent years there has been an effort to develop accurate solar cycle predictions, leading to nearly a hundred widely spread predictions for the amplitude of solar cycle 24. Here we show that cycle predictions can be made more accurate if performed separately for each hemisphere, taking advantage of information about both the dipolar and quadrupolar moments of the solar magnetic field during minimum

Acerca del test de la falsa creencia o de la creencia en un falso test: Dependencia del lenguaje

En este trabajo me gustaría analizar con mayor detalle uno de los factores clave que determinan diferencias en el desempeño de niños y adolescentes en los fbt: el lenguaje. En la primer parte, me dedicaré a señalar brevemente cuál es la manera en que tradicionalmente se interpretan los resultados en los fbt y trataré de reconstruir el argumento que relaciona a la habilidad para entender, manejar e identificar creencias falsas con la posesión de ToM. En la segunda parte, criticaré uno de los supuestos de este argumento mencionando evidencia empírica que parece indicar que sujetos sanos pueden fallar en el fbt aun teniendo la habilidad para manejar el concepto de falsa creencia. Luego señalaré que el desempeño en los fbt de sujetos con un déficit particular (la sordera de nacimiento) puede indicarnos que en este tipo de test están involucradas más competencias que las tradicionalmente aceptada. Finalmente, intentaré demostrar, a la luz de la evidencia expuesta, que es posible cumplir con lo que tradicionalmente se ha identificado como el requisito para superar el fbt (y a su vez, ser considerado como poseedor de ToM) y aun así no poder tener éxito en el test. Sugeriré que esto se debe a que el fbt es un test defectuoso por requerir para su correcta resolución de habilidades lingüísticas complejas