Interfirm co-operation and learning within SME networks - two cases from the Styrian Automotive cluster

Recent publications in the cluster-related literature have shown that interfirm links imply the potential to foster higher forms of learning within clusters. Especially networks deserve in this context a particular focus of attention. The purpose of this paper is to show essential conditions that should be present at cluster level in order to enable such forms of learning between the firms. This will be done in order to give a first advice for public and semi-public cluster institutions to facilitate interfirm collaborations and cluster related activities. Two case-studies of SME-networks selected from Styrian clusters will give the opportunity to get deeper insights into the conditions that enable clusters to bring forth double loop learning activities. In a first step particular criteria for the presence of double-loop learning will be established. In a second step the conditions for this specific type of learning will be dealt with. Among the categories of conditions that will be examined in detail are the relations and interactions in the network, the types of joint projects carried out between the firms and the specific organizational culture that prevails at the individual firm level. Key words: SME-networks, learning, organizational culture.

International Equity Flows and the Predictability of U.S. Stock Returns

We examined the link between international equity flows and U.S. stock returns. Based on the results of tests of in-sample and out-of-sample predictability of stock returns, we found evidence of a strong positive (negative) link between international equity flows and contemporaneous (one-month-ahead) stock returns. Our results also indicate that an investor, in real time, could have used information on the link between international equity flows and one-month-ahead stock returns to improve the performance of simple trading rules.International equity flows; predictability of stock returns; performance of trading rules; the United States

Material and immaterial dimensions of clusters. Cooperation and learning as infrastructure for innovation

The paper concentrates on forms of cooperation in a learning context and presents theory-based empirical results of interactive learning processes in different clusters. A general outline of institutional aspects of clusters and networks is given and more specific theories of interactive learning are focussed. An extensive comparison of forms of such learning processes is undertaken, and finally policy conclusions are be drawn.

Real-time macroeconomic data and ex ante predictability of stock returns

We report results on the ex ante predictability of monthly excess stock returns in Germany using real-time and revised macroeconomic data. Our real-time macroeconomic data cover the period 1994-2005. We report three results. 1) Real-time macroeconomic data did not contribute much to ex ante stock-return predictability. 2) The performance of an investor who had to rely on noisy real-time macroeconomic data would have been comparable to the performance of an investor who had access to revised macroeconomic data. 3) In real time, it is important for an investor to know which real-time variable to use for predicting stock returns. --Ex ante predictability of stock returns,real-time macroeconomic data,performance of investment strategies,Germany

Forecasting stock market volatility with macroeconomic variables in real time

We compared forecasts of stock market volatility based on real-time and revised macroeconomic data. To this end, we used a new dataset on monthly real-time macroeconomic variables for Germany. The dataset covers the period 1994-2005. We used a statistical, a utility-based, and an options-based criterion to evaluate volatility forecasts. Our main result is that the statistical and economic value of volatility forecasts based on real-time data is comparable to the value of forecasts based on revised macroeconomic data. --Forecasting stock market volatility,Real-time macroeconomic data,Evaluation of forecasting accuracy

Cross-sectional evidence on the relation between monetary policy, macroeconomic conditions and low-frequency inflation uncertainty

We examine how the interaction between monetary policy and macroeconomic conditions affects inflation uncertainty in the long-term. The unobservable inflation uncertainty is quantified by means of the slowly evolving long-term variance component of inflation in the framework of the Spline-GARCH model (Engle and Rangel, 2008). For a cross-section of 13 developed economies, we find that long-term inflation uncertainty is high if central bank governors are perceived as less inflation-averse and if the conduct of monetary policy is ad-hoc rather than rule-based

Symmetries and Triplet Dispersion in a Modified Shastry-Sutherland Model for SrCu_2(BO_3)_2

We investigate the one-triplet dispersion in a modified Shastry-Sutherland Model for SrCu_2(BO_3)_2 by means of a series expansion about the limit of strong dimerization. Our perturbative method is based on a continuous unitary transformation that maps the original Hamiltonian to an effective, energy quanta conserving block diagonal Hamiltonian H_{eff}. The dispersion splits into two branches which are nearly degenerated. We analyse the symmetries of the model and show that space group operations are necessary to explain the degeneracy of the dispersion at k=0 and at the border of the magnetic Brillouin zone. Moreover, we investigate the behaviour of the dispersion for small |k| and compare our results to INS data.Comment: 9 pages, 8 figures accepted by J. Phys.: Condens. Matte

Paraneoplastic cerebellar degeneration associated with lymphoepithelial carcinoma of the tonsil

Background: Paraneoplastic cerebellar degeneration (PCD) is a classical tumor-associated, immune-mediated disease typically associated with gynecological malignancies, small-cell lung-cancer or lymphoma. Case presentation: Here we present the case of a 38-year old male with an over 12 months rapidly progressive cerebellar syndrome. Extensive diagnostic workup revealed selective hypermetabolism of the right tonsil in whole-body PET. Histological examination after tonsillectomy demonstrated a lymphoepithelial carcinoma of the tonsil and the tongue base strongly suggesting a paraneoplastic cause of the cerebellar syndrome. To the best of our knowledge this is the first case of an association of a lymphoepithelial carcinoma, a rare pharyngeal tumor, with PCD. Conclusions: In cases of classical paraneoplastic syndromes an extensive search for neoplasms should be performed including whole-body PET to detect tumors early in the course of the disease