SPANISH COMPANY FOREIGN MARKET ENTRY

The aim of this paper is to analyse the determinants of diversification mode (acquisition versus greenfield) through foreign direct investment considering various theories, such as those of mergers and acquisitions, transaction costs, the learning organisation, the institutional context of the company and the cultural environment of the host country, and to analyse the determinants of entry mode combining diversification mode with ownership structure decision (greenfield wholly-owned subsidiaries, greenfield joint ventures, full acquisition and partial acquisition) and proposing various research hypotheses. The methodology used estimates various binomial and multinomial logit models, over a sample of 141 Spanish manufacturing companies between 1998 and 2000, finding that entry mode into a foreign country through direct investment is mainly explained by related diversification, international and local experience, advertising intensity, cultural distance, company size and ownership structure. El propósito de este trabajo consiste en analizar, por un lado, los determinantesdel modo de diversificación (adquisición versus desarrollo interno) de la inversióndirecta en el exterior considerando diversas aproximaciones teóricas, como las defusiones y adquisiciones, costes de transacción, del aprendizaje organizativo, así comodel contexto institucional de la empresa y del entorno cultural del país receptor. Por otrolado, se examinan los determinantes de la inversión directa exterior combinando elmodo de diversificación con la estructura de la propiedad empresarial (adquisición total,adquisición parcial, filial de plena propiedad y filial de propiedad compartida)proponiendo diversas hipótesis de investigación. La metodología aplicada estimadiversos modelos logit, binomial y multinomial, sobre 141 empresas españolasmanufactureras entre 1998 y 2000, detectando que el modo de entrada medianteinversión directa exterior viene explicada por la diversificación relacionada, laexperiencia internacional y local de la empresa, la intensidad publicitaria, la distanciacultural, así como por el tamaño y estructura de la propiedad de la empresa.marketing internacional, modo de entrada, inversión directa en el exterior, joint-venture, adquisición. international marketing, entry mode, foreign direct investment, jointventure, acquisition

New receivers for DS-SS in time variant multipath channels based on the PN alignment concept

We present new combined blind equalization and detection schemes for a DS-SS system. The new proposed algorithms improve the bit error rate compared to traditional RAKE receivers in time-variant channels with multipath. This improvement is obtained in both simulated and a real ionospheric HF link. Its very low computational complexity makes them suitable to be implemented in real receivers.Peer ReviewedPostprint (published version

DSP-based ionospheric radiolink using DS-CDMA and on-line channel estimation

In this paper, a new blind multiuser detection algorithm is presented. It can both cancel multiuser interference and estimate the multipath channel response in a blind way. The method has been specially conceived for low coherence bandwidth channels such as the ionospheric channel and exhibits very low computational requirements. Real-time measurements from a fully digital HF radio-link are presented that confirm the reliability of the method for the ionospheric channel.Peer ReviewedPostprint (published version

Comparing univariate and multivariate models to forecast portfolio value-at-risk

This article addresses the problem of forecasting portfolio value-at-risk (VaR) with multivariate GARCH models vis-à-vis univariate models. Existing literature has tried to answer this question by analyzing only small portfolios and using a testing framework not appropriate for ranking VaR models. In this work we provide a more comprehensive look at the problem of portfolio VaR forecasting by using more appropriate statistical tests of comparative predictive ability. Moreover, we compare univariate vs. multivariate VaR models in the context of diversified portfolios containing a large number of assets and also provide evidence based on Monte Carlo experiments. We conclude that, if the sample size is moderately large, multivariate models outperform univariate counterparts on an out-of-sample basis.Market risk, Backtesting, Conditional predictive ability, GARCH, Volatility, Capital requirements, Basel II

Relación entre la sensibilidad a la ansiedad y el miedo a conducir

Conducir un vehículo es una tarea compleja que reviste cierto riesgo; ha dejado de ser una actividad esporádica para convertirse en cotidiana, desencadenando en muchos conductores experiencias desfavorables. El objetivo del presente estudio fueinvestigar acerca del valor explicativo y predictivo de la sensibilidad a la ansiedad y sus factores, así como de otras dimensiones de la ansiedad, como son la ansiedad general y la ansiedad fóbica en el desarrollo del miedo a conducir y de la fobia derivada de dicho miedo: la amaxofobia. Para ello se realizó un estudio correlacional, mediante la aplicación online de diversos cuestionarios a una muestra compuesta por 300 conductores. Los resultados mostraron que tanto la sensibilidad a la ansiedad como los rasgos de ansiedad general y fóbica están implicados en el desarrollo de la amaxofobia, sin embargo, ninguno de ellos alcanza un valor determinante por separado, obteniendo valores moderados, tanto explicativos como predictivos.Driving a vehicle is a complex task that carries a certain risk; it has ceased to be a sporadic activity to become daily, causing unfavorable experiences in many drivers. The aim of the present study was to investigate the explanatory and predictive value of sensitivity to anxiety and its factors, as well as other dimensions of anxiety, such as general anxiety and phobic anxiety in the development of fear of driving and the phobia derived from such fear: Amaxophobia. For this, a correlational study was carried out by means of the online application of several questionnaires to a sample composed of 300 drivers. The results showed that both anxiety sensitivity and general and phobic anxiety traits are involved in the development of amaxophobia, however, none of them reach a determinant value separately, obtaining moderate values both explanatory and predictive