1,917 research outputs found
At Last the Internationalization of Retail Banking? The Case of the Spanish Banks in Latin America
Since 1995 two Spanish banks -- Banco Santander Central Hispano and Banco Bilbao Vizcaya -- have become the largest foreign banks in retail banking in Latin America. This recent development merits careful analysis because foreign direct investment is rare in retail banking. We find that the Spanish banks are exhibiting asset-seeking, asset-exploiting, and oligopolistic behaviors, thus posing no serious challenge to established theories of foreign investment. We discuss the implications for research on cross-border banking.
Rapid internationalization and long-term performance: The knowledge link
Drawing on the knowledge-based view and organizational learning theory, we develop and test a set of hypotheses to provide a first attempt at analyzing the effect of speed of internationalization on long-term performance. Using a panel-data sample of Spanish listed firms (1986-2010), we find that there is an inverted U-shaped relationship between speed of internationalization and long-term performance. We also find that whereas technological knowledge steepens this relationship, the diversity of prior international experience flattens it. Our results contribute to the existing IB literature on the performance of FDI, cross-country knowledge transferability, and nonsequential entry
Bit-interleaved coded modulation in the wideband regime
The wideband regime of bit-interleaved coded modulation (BICM) in Gaussian
channels is studied. The Taylor expansion of the coded modulation capacity for
generic signal constellations at low signal-to-noise ratio (SNR) is derived and
used to determine the corresponding expansion for the BICM capacity. Simple
formulas for the minimum energy per bit and the wideband slope are given. BICM
is found to be suboptimal in the sense that its minimum energy per bit can be
larger than the corresponding value for coded modulation schemes. The minimum
energy per bit using standard Gray mapping on M-PAM or M^2-QAM is given by a
simple formula and shown to approach -0.34 dB as M increases. Using the low SNR
expansion, a general trade-off between power and bandwidth in the wideband
regime is used to show how a power loss can be traded off against a bandwidth
gain.Comment: Submitted to IEEE Transactions on Information Theor
Bit-Interleaved Coded Modulation Revisited: A Mismatched Decoding Perspective
We revisit the information-theoretic analysis of bit-interleaved coded
modulation (BICM) by modeling the BICM decoder as a mismatched decoder. The
mismatched decoding model is well-defined for finite, yet arbitrary, block
lengths, and naturally captures the channel memory among the bits belonging to
the same symbol. We give two independent proofs of the achievability of the
BICM capacity calculated by Caire et al. where BICM was modeled as a set of
independent parallel binary-input channels whose output is the bitwise
log-likelihood ratio. Our first achievability proof uses typical sequences, and
shows that due to the random coding construction, the interleaver is not
required. The second proof is based on the random coding error exponents with
mismatched decoding, where the largest achievable rate is the generalized
mutual information. We show that the generalized mutual information of the
mismatched decoder coincides with the infinite-interleaver BICM capacity. We
also show that the error exponent -and hence the cutoff rate- of the BICM
mismatched decoder is upper bounded by that of coded modulation and may thus be
lower than in the infinite-interleaved model. We also consider the mutual
information appearing in the analysis of iterative decoding of BICM with EXIT
charts. We show that the corresponding symbol metric has knowledge of the
transmitted symbol and the EXIT mutual information admits a representation as a
pseudo-generalized mutual information, which is in general not achievable. A
different symbol decoding metric, for which the extrinsic side information
refers to the hypothesized symbol, induces a generalized mutual information
lower than the coded modulation capacity.Comment: submitted to the IEEE Transactions on Information Theory. Conference
version in 2008 IEEE International Symposium on Information Theory, Toronto,
Canada, July 200
Europe, Spain, and the Future of Spanish Multinational Firms
The last fifteen years or so have witnessed a major transformation of Spanish businesses. After decades of protectionism and isolation, virtually all of them are now exposed to the winds of international competition; nearly a thousand have invested abroad in order to exploit the opportunities inherent in operating across borders. As a result, Spain has become one of the ten largest foreign direct investors in the world, with key consequences for the country\u27s economy, financial system, diplomacy, image and society, as well as for Europe
Analysis of a chemo-repulsion model with nonlinear production: The continuous problem and unconditionally energy stable fully discrete schemes
We consider the following repulsive-productive chemotaxis model: Let , find , the cell density, and , the chemical
concentration, satisfying \begin{equation}\label{C5:Am} \left\{ \begin{array}
[c]{lll} \partial_t u - \Delta u - \nabla\cdot (u\nabla v)=0 \ \ \mbox{in}\
\Omega,\ t>0,\\ \partial_t v - \Delta v + v = u^p \ \ \mbox{in}\ \Omega,\ t>0,
\end{array} \right. \end{equation} in a bounded domain , . By using a regularization technique, we prove the
existence of solutions of this problem. Moreover, we propose three fully
discrete Finite Element (FE) nonlinear approximations, where the first one is
defined in the variables , and the second and third ones by introducing
as an auxiliary variable. We prove some
unconditional properties such as mass-conservation, energy-stability and
solvability of the schemes. Finally, we compare the behavior of the schemes
throughout several numerical simulations and give some conclusions.Comment: arXiv admin note: substantial text overlap with arXiv:1807.0111
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