Productivity, Multinationals and Knowledge Spillovers: Evidence from the UK Retail Sector

This paper discusses the impact of foreign-ownership presence on the productivity performance of domestically-owned British retailers. In specific, we investigate the existence of productivity spillovers in the form of knowledge transfer. To guide our estimations, we develop a simple Hotelling model in which we show how the transfer of operational knowledge from MNE to non-MNE retailers, may result to an increase in the productivity of the latter and increased economic activity in the regions with relatively higher concentration of foreign investment. Our empirical estimations lend support to the assumptions upon which the theoretical model is built, while confirming the positive and highly significant impact of these spillovers on the productivity performance of domestic firms. More specifically, using data from the Annual Respondent Dataset (ARD), we find that positive spillovers exist but are mostly confined to the region in which foreign subsidiaries locate. Furthermore, the productivity benefit from regional FDI spillovers increases with the absorptive capacity of domestic retailers.FDI; Multinationals; Productivity; Retailing; Spillovers

Multinationals, R&D and productivity: Evidence for UK Manufacturing firms

In this study we analyze multinationality (domestic-based firms vs. multinationals) and foreignness (foreign vs. domestic firms) effects in the returns of R&D to productivity. We follow a two-step strategy. In the first step, we consistently estimate firm’s productivity by GMM and numerically compute the sample distribution of the R&D returns. In the second step, we use stochastic dominance techniques to make inferences on the multinationality and foreignness effects. Results for a panel of UK manufacturing firms suggest that multinationality and foreignness effects operate in an opposite way: whilst the multinationality effect enhances R&D returns, the foreignness diminishes them.multinationals, foreignness, R&D, productivity

Total Factor Productivity and R&D Spillovers

The main purpose of this paper is to present new evidence on the long run relationship between R&D efforts and productivity performance of UK manufacturing industries in the presence of inter-industry and international spillovers of technology. The main dataset used to perform this analysis is a panel of eight UK manufacturing industries over the period 1970 to 1997. The empirical results indicate that there is a positive and significant link between industry's R&D activities and productivity in the long run. In addition, robust evidence was found of positive and significant domestic R&D externalities. Conversely, the finding that international spillovers do not contribute to TFP suggests that R&D spillovers are primarily an intra-national phenomenon, which may serve as a warning against under-estimating the importance of domestic technological efforts and over-estimating the potential contribution of international spillovers.R&D spillovers, total factor productivity

Productivity, Multinationals and Knowledge Spillovers: Evidence from the UK Retail Sector

This paper discusses the impact of foreign-ownership presence on the productivity performance of domestically-owned British retailers. In specific, we investigate the existence of productivity spillovers in the form of knowledge transfer. To guide our estimations, we develop a simple Hotelling model in which we show how the transfer of operational knowledge from MNE to non-MNE retailers, may result to an increase in the productivity of the latter and increased economic activity in the regions with relatively higher concentration of foreign investment. Our empirical estimations lend support to the assumptions upon which the theoretical model is built, while confirming the positive and highly significant impact of these spillovers on the productivity performance of domestic firms. More specifically, using data from the Annual Respondent Dataset (ARD), we find that positive spillovers exist but are mostly confined to the region in which foreign subsidiaries locate. Furthermore, the productivity benefit from regional FDI spillovers increases with the absorptive capacity of domestic retailers

Productivity, Multinationals and Knowledge Spillovers: Evidence from the UK Retail Sector

This paper discusses the impact of foreign-ownership presence on the productivity performance of domestically-owned British retailers. In specific, we investigate the existence of productivity spillovers in the form of knowledge transfer. To guide our estimations, we develop a simple Hotelling model in which we show how the transfer of operational knowledge from MNE to non-MNE retailers, may result to an increase in the productivity of the latter and increased economic activity in the regions with relatively higher concentration of foreign investment. Our empirical estimations lend support to the assumptions upon which the theoretical model is built, while confirming the positive and highly significant impact of these spillovers on the productivity performance of domestic firms. More specifically, using data from the Annual Respondent Dataset (ARD), we find that positive spillovers exist but are mostly confined to the region in which foreign subsidiaries locate. Furthermore, the productivity benefit from regional FDI spillovers increases with the absorptive capacity of domestic retailers

Uterine artery pseudoaneurysm requiring embolization in pregnancy: a case report and review of the literature.

Background: Uterine Artery Pseudoaneurysm is a rare cause of pelvic pain and haemorrhage in pregnancy. It should be considered in the differential diagnosis of pregnant women presenting with abdominal pain and is readily diagnosed by colour Doppler ultrasound. If left untreated, they may bleed into the peritoneum causing severe pain and haemorrhagic shock and may progress to maternal and fetal death. Case presentation: We describe a case of a woman presenting with severe right iliac fossa pain at 26 weeks gestation attributed to a right uterine artery pseudoaneurysm diagnosed on duplex ultrasound which was successfully treated by uterine artery embolization at 28 weeks gestation without complication to the fetus. Conclusion: Uterine artery embolization appears to be a safe and effective method to treat pseudoaneurysm during pregnancy without compromising uteroplacental perfusion

Reestructuración de las políticas contables que contribuyan al aumento del activo corriente en el Grupo Nutresa S.A.

El siguiente trabajo tiene como propósito mostrar a docentes, estudiantes y más integrantes activos en el medio académico un análisis en profundización financiera de la Compañía Nutresa S.A. aplicando los conocimientos y métodos del campo de las finanzas suministrando un resultado en tiempo real, entendiendo su aplicación, estructura y funcionamiento llegando a conclusiones viables de inversión al estudiar los puntos fuertes y débiles de la compañía en relación al mercado; se especifica un diagnóstico mediante datos verídicos de la situación actual de Nutresa siguiendo una metodología ya establecida para evaluar e interpretar su desempeño en bolsa y reconociendo qué aspectos inciden en el momento de atraer la atención de los inversores para financiar sus proyectos a cambio de un porcentaje o tasa de interés definido. Dentro de su contenido se aprecia la evolución de sus indicadores financieros durante el periodo 2019 a 2021, con el fin de identificar la capacidad de solvencia, liquidez y rentabilidad de su actividad económica siendo factores indispensables a la hora de invertir, garantizando la inversión al medir los riesgos a futuro y posteriormente incentivar una correcta toma decisiones. A lo largo de la historia, el mercado financiero ha permitido que muchas empresas encuentren la financiación pertinente para crecer económicamente adquiriendo una mayor expansión tanto en el territorio nacional como internacional, fortaleciendo su competitividad con proyectos exitosos para la compañía y quienes deciden invertir en las mismas; Grupo Nutresa S.A. no es la excepción y a pesar de los diversos inconvenientes económicos, sociales y de salubridad presentados durante el periodo en cuestión estacándose la crisis de salubridad mundial (COVID 19) y la inflación colombiana, ha sabido mantenerse en pie conservando una solidez financiera tal como se evidencia en sus estados financieros consolidados cuyos valores arrojan indicadores positivos en el mercado.The purpose of the following work is to show teachers, students and more active members in the academic environment an analysis in financial depth of Company Nutresa S.A. applying the knowledge and methods of the field of finance, providing a result in real time, understanding its application, structure and operation, reaching viable investment conclusions by studying the strengths and weaknesses of the company in relation to the market; A diagnosis is specified using true data of the current situation of Nutresa following an already established methodology to evaluate and interpret its performance on the stock market and recognizing which aspects affect the moment of attracting the attention of investors to finance their projects in exchange for a percentage. or defined interest rate. Within its content, the evolution of its financial indicators during the period 2019 to 2021 is appreciated, in order to identify the solvency, liquidity and profitability capacity of its economic activity, being essential factors when investing, guaranteeing the investment by measuring future risks and subsequently encourage correct decision-making. Throughout history, the financial market has allowed many companies to find the relevant financing to grow economically, acquiring greater expansion both nationally and internationally, strengthening their competitiveness with successful projects for the company and those who decide to invest in them. ; Grupo Nutresa S.A. is no exception and despite the various economic, social and health problems presented during the period in question, with the global health crisis (COVID 19) and Colombian inflation stagnating, it has managed to stay on its feet while maintaining financial strength as evidenced in its consolidated financial statements whose values show positive indicators in the market

Hadron Energy Reconstruction for the ATLAS Calorimetry in the Framework of the Non-parametrical Method

This paper discusses hadron energy reconstruction for the ATLAS barrel prototype combined calorimeter (consisting of a lead-liquid argon electromagnetic part and an iron-scintillator hadronic part) in the framework of the non-parametrical method. The non-parametrical method utilizes only the known $e/h$ ratios and the electron calibration constants and does not require the determination of any parameters by a minimization technique. Thus, this technique lends itself to an easy use in a first level trigger. The reconstructed mean values of the hadron energies are within $\pm 1$ of the true values and the fractional energy resolution is $[(58\pm3)/\sqrt{E}+(2.5\pm0.3)$. The value of the $e/h$ ratio obtained for the electromagnetic compartment of the combined calorimeter is $1.74\pm0.04$ and agrees with the prediction that $e/h > 1.7$ for this electromagnetic calorimeter. Results of a study of the longitudinal hadronic shower development are also presented. The data have been taken in the H8 beam line of the CERN SPS using pions of energies from 10 to 300 GeV.Comment: 33 pages, 13 figures, Will be published in NIM

Search for charginos in e+e- interactions at sqrt(s) = 189 GeV

An update of the searches for charginos and gravitinos is presented, based on a data sample corresponding to the 158 pb^{-1} recorded by the DELPHI detector in 1998, at a centre-of-mass energy of 189 GeV. No evidence for a signal was found. The lower mass limits are 4-5 GeV/c^2 higher than those obtained at a centre-of-mass energy of 183 GeV. The (\mu,M_2) MSSM domain excluded by combining the chargino searches with neutralino searches at the Z resonance implies a limit on the mass of the lightest neutralino which, for a heavy sneutrino, is constrained to be above 31.0 GeV/c^2 for tan(beta) \geq 1.Comment: 22 pages, 8 figure

Search for composite and exotic fermions at LEP 2

A search for unstable heavy fermions with the DELPHI detector at LEP is reported. Sequential and non-canonical leptons, as well as excited leptons and quarks, are considered. The data analysed correspond to an integrated luminosity of about 48 pb^{-1} at an e^+e^- centre-of-mass energy of 183 GeV and about 20 pb^{-1} equally shared between the centre-of-mass energies of 172 GeV and 161 GeV. The search for pair-produced new leptons establishes 95% confidence level mass limits in the region between 70 GeV/c^2 and 90 GeV/c^2, depending on the channel. The search for singly produced excited leptons and quarks establishes upper limits on the ratio of the coupling of the excited fermio