An analysis of the determinants of flood damages

In this paper we analyze mortality caused by 2,194 large flood events between 1985 and 2008 in 108 countries. Unlike previous studies that looked at natural-disaster mortality, we find that year-to-year changes in income and institutional determinants of vulnerability do not affect flood mortality directly. Income and institutions influence mortality only indirectly, through their impact on the intensity and frequency of floods. Population exposure affects the number of deaths both directly and indirectly. Higher population exposure results in more deaths once the flood has occurred, but it is associated with smaller floods. In developing countries it also reduces the count of floods.Natural Disasters, Floods, Mortality, Adaptation, Climate Change, Environmental Economics and Policy, International Development, Land Economics/Use, Risk and Uncertainty, Q54,

Entrepreneurial Orientation as a main Resource and Capability on Small Firm’s Growth

This research provides a useful framework for identifying a small firms’ propensity to engage in entrepreneurial orientation. We examine the impact of the Entrepreneurial Orientation (EO) as a main resource and capability on small firm' growth. The growth seems to come out as an important demonstration of the entrepreneurial orientation of small firms (Davidsson, 1989; Green and Brown, 1997; Janney and Gregory, 2006). Thus, this research builds on prior conceptual research that suggests a positive integration between entrepreneurial orientation and resource-based view. In the first instance, the research will focus on reviewing literature in the emerging area of entrepreneurial orientation as it applies to growth oriented small firms and resource-based view of the firm. Secondly, an empirical study was developed based on a stratified sample of small firms of manufacturing industry. Data were submitted to a multivariate statistical analysis and a linear regression model was performed in order to predict the influence of the resources and capabilities on small firms' growth. In this sense, we consider the construct growth as a dependent variable and the ones relates with resources and capabilities (entrepreneur resources, firm resources, networks and EO) as independent variables. The research results suggest a set of resources and capabilities that promote the growth of the small firms. Also, the EO seems to have a predictive value on growth. Explaining variables related with resources and capabilities and EO were identified as essential in growth oriented small firms. It was still possible to conclude that the entrepreneurial firms which grew seem to have resources and develop more capabilities and take advantage in the search for those competences. This attitude reflects on the EO of the firm. This study has important implication for both researchers and practitioners. It highlights the necessity of firms to develop superior EO of all their members and also to invest on better resources and consequently superior capabilities as a way of reaching higher levels of growth. While previous authors have attempted to analyse certain aspects of this process (linkage between entrepreneurial orientation and growth), this research developed a framework that combines these and others factors (resource-based view) pertinent to growth oriented small firms. The results support the necessity to identify explicative variables of multiple levels to explain the growth of small firms. The adoption of an entrepreneurial orientation as an indispensable variable to the growth oriented small firms seems pertinent.Resources-Based View, Entrepreneurial orientation, Growth of Small Firms

Comprehensive wealth, intangible capital, and development

Existing wealth estimates show that in most countries intangible capital is the largest share of total wealth. Intangible capital is calculated as the difference between total wealth and tangible (produced and natural) capital. This paper uses new estimates of total wealth, natural capital, and physical capital for a panel of countries to shed light on the constituents of the intangible capital residual. In a development-accounting framework, the authors show that factors of production are very successful in explaining the variation in output per worker when they use intangible capital instead of human capital as a factor of production. This suggests that intangible capital captures a broad range of assets typically included in the total factor productivity residual. Human capital is an important factor, both in statistical and economic terms, in regressions decomposing intangible capital.Economic Theory&Research,Banks&Banking Reform,Debt Markets,Investment and Investment Climate,Emerging Markets

Analysis of Spatial Variation in Flood Risk Perception

We use hedonic property models to estimate the spatial variation in flood risk in the city of Albany, GA. In addition to knowing whether a property is in the floodplain, we have a unique dataset with actual inundation maps from tropical storm Alberto that hit Albany in 1994. In the absence of information on the structural damages caused by a flood, having information on the actual inundated area can be useful to tease out information effect of a new flood from potential reconstruction cost. We find that the discount in actually inundated properties is larger which supports our hypothesis that homeowners respond better to what they have visualized (“seeing is believing”) and also the potential reconstruction cost in addition to information effect is capitalized in property prices.Flood Risk, Inundation, Spatial, Discount, Environmental Economics and Policy, Land Economics/Use, Q, R,

The Macroeconomic Impacts of Natural Disasters: New Evidence from Floods

We analyze the economic impacts of floods using new data on 3,184 large flood events in 118 countries between 1985 and 2008. We use panel vector auto-regressions to trace the dynamic response of output to three types of flood shocks. Our results robustly indicate that flood shocks tend to have a positive average impact on GDP growth, that this impact is limited to developing countries, that the effect is not confined to the agricultural sector, and that it is stronger when it is accompanied by an increase in gross fixed capital formation.Natural Disasters, Floods, VAR, Economic growth, Macroeconomic Shocks, Environmental Economics and Policy, International Development, Public Economics,

Dependência extremal: risco de contágio de valores extremos

O fenómeno da globalização, juntamente com um relaxamento na supervisão dos mercados financeiros, tornou-os mais vulneráveis e mais dependentes entre si. A ocorrência de grandes perdas em mercados fortes acaba por se reflectir ao nível das principais bolsas mundiais, e vice-versa. A necessidade de medir esta interdependência extremal conduziu ao aparecimento de diversos coeficientes no seio da teoria multivariada de valores extremos. Neste trabalho apresentam-se coeficientes para a dependência extremal entre dois vetores aleatórios, estendendo medidas existentes na literatura. A estimação ser´a também abordada e uma ilustração do conceito será feita com dados reais.This research was financed by FEDER Funds through “Programa Operacional Factores de Competitividade - COMPETE” and by Portuguese Funds through FCT - ”Fundação para a Ciência e a Tecnologia”, within the Project PEst-OE/MAT/UI0013/201

Domestic Impact of Internationalisation: The case of JM

The influence of internationalisation processes in the domestic activities of firms’ has not been considered as an important issue in existing models, because they tend to focus on a partial and restricted view of the firm. The purpose of this paper is to challenge that view by attempting a dynamic view of the firm is which primal importance is given to the relationship between international and domestic activities. The main research question is whether domestic activities can be significantly affected by international activities, namely knowledge transfer. Results confirm the dynamic approach adopted by firms however there are no definitive answers in terms of the domestic impact of internationalisation. Despite clear hints of evidence for the internationaldomestic relationship, there was no confirmation of this relationship at the financial level.

Employment and Life-Satisfaction: Insights from Ireland

Mainstream neoclassical economics takes it as given that the consumption of goods and services (output) is positively related to well-being. Work (labour-input) is assumed to be negatively related to well-being at the margin and so is only undertaken in exchange for payment. This view has been challenged for decades in the psychology and sociology literature and results suggests that employment status (especially unemployment) has profound effects on well-being, even at the margin. It is surprising then that several labour force status categories have been under researched in the literature to date. In this paper, using a sample of Irish adults carried out in 2001, we extend the current literature to examine the impacts of additional labour force status categories on life-satisfaction based on International Labour Organisation (ILO) classifications. These include part-time employment, disconnection from the labour force and being disabled, unable to work. Additionally, we expand the analysis of unemployment in the happiness literature and examine if the effects of unemployment and part-time employment on life satisfaction are conditioned by gender. Insights show that being part-time employed has a significant negative effect on life satisfaction, particularly for males. Being unemployed is found to have a significant negative effect on well-being, independent of gender and income, but no such effect is found for the local unemployment rate.

Configuration of Logistics Activities across Life-Cycle of the Firms and Performance: Proposal of a Conceptual Model

In the last years, broad changes have contributed to the enhancement of the importance of the logistics as a source of competitive advantage, not just for increasing the satisfaction of the clients, but also for improving the performance of the firms. Nevertheless, the response functions of the firms to the referred changes are different according to the life-cycle stage that they face. The present paper aims to present a conceptual model that explores the connection between the life-cycle firm’s stages, and the standard profile of logistics activities, and the correspondent impact on performance.Life Cycle; Logistics; Performance