Use of IC information in Japanese financial firms

Purpose – The purpose of this paper is to explore the perceptions of: how Japanese financial firms (JFF) acquire and use company intellectual capital (IC) information in their common routine equity investment decisions, how this activity contributes to knowledge creation in the JFFs, and how investee company knowledge creation is affected by the JFFs.<p></p> Design/methodology/approach – The research employed a multi-case design, using four JFF cases. The investigation was performed in terms of Nonaka and Toyama's “theory of the knowledge creating firm”.<p></p> Findings – IC information contributed to earnings estimates and company valuation. Emotional information contributed to JFF feelings and confidence in their information use and valuation. JFF knowledge was an important component of the key interacting and informed contexts used by JFFs. This generated opportunities to improve disclosure and accountability between JFFs and their investee companies. Common patterns of behaviour across the JFFs were counterbalanced by variety and differences noted in JFF behaviour.<p></p> Practical implications – The findings provide important insights into how JFF knowledge creating patterns could limit or progress a common language of communication between companies and markets on the subject of IC. This could impact on the quality of corporate disclosure and accountability processes.<p></p> Originality/value – The paper demonstrates that there is a need for further use of qualitative studies of financial market behavior. Especially in the area of understanding the communication of IC between firms and financial markets, the potential of using sociology of finance approaches appears to be considerable

The internationalisation of the Spanish SME sector

As part of a wider research program, we analysed the theoretical framework and the recent developments of the process of internationalisation (transnationalisation) of the small- and medium-sized enterprises in Spain. The paper highlights the main trends and barriers of this internationalisation process. Methodology included document analyses, interviews, and the analyses of statistical databases

The SPS Agreement of the World Trade Organization and International Organizations: The Roles Of the Codex Alimentarius Commission, the International Plant Protection Convention, and the International Office of Epizootics

The proper fanctioning of the Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement) of the World Trade Organization (WTO) depends in part upon three international organizations, the Codex Alimentarius Commission (Codex), the International Plant Protection Convention (IPPC), and the International Office of Epizootics (OIE). The SPS Agreement states that the sanitary and phytosanitary (SPS) standards of these organizations are the benchmark international standards for WTO members, and recent WTO decisions demonstrate the importance of international standards in the settlement of WTO disputes involving SPS measures. The Codex, IPPC, and OIE also provide valuable services that benefit the WTO, such as advising developing countries on technical matters concerning SPS issues. This article describes the roles of these international organizations in the SPS Agreement. It also examines how the new responsibilities given to the Codex, IPPC, and OIE in the SPS Agreement might change these international bodies

Validation of topology optimization for component design

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/76866/1/AIAA-1994-4265-799.pd

The new two-way street of Chinese direct investment in the European Union

In the light of growing trade and investment flows, the investment relationship between the European Union (EU) and China needs to be revisited. Chinese firms face significant barriers in entering and operating in the European market whilst the European economy needs more investment. Support for investment may be crucial for both the EU and China to improve economic growth. The prospective International Investment Agreement (IIA) seeks to achieve this goal. This paper focuses on Chinese inward foreign direct investment into the EU and on the potential for generating greater mutual EU–China flows, improved market access and investor protection under the IIA

Internationalisation, cultural distance and country characteristics: a Bayesian analysis of SME's financial performance

Relying on the accounting data of a panel of 403 Italian manufacturing SMEs collected over a period of 5 years, we find results suggesting that multinationality per se does not impact on the economic performance of international small and medium sized firms. It is the characteristics of the country selected i.e. the political hazard, the financial stability and the economic performance that significantly influence SMEs financial performance. The management implication for small and medium sized firms selecting and entering new geographic markets is significant, since our results show that for SMEs it is the market selection process that really matters and not the degree of multinationality

Why vitamin D for cancer patients?

Several epidemiological, pre-clinical and clinical studies support Vitamin D as a preventive and therapeutic cancer agent

Bottlenecks in granular flow: When does an obstacle increase the flowrate in an hourglass?

Bottlenecks occur in a wide range of applications from pedestrian and traffic flow to mineral and food processing. We examine granular flow across a bottleneck using particle-based simulations. Contrary to expectations we find that the flowrate across a bottleneck actually increases if an opti- mized obstacle is placed before it. The dependency of flowrate on obstacle diameter is derived using a phenomenological velocity-density relationship that peaks at a critical density. This relationship is in stark contrast to models of traffic flow, as the mean velocity does not depend only on density but attains hysteresis due to interaction of particles with the obstacle.Comment: Submitted to Phys. Rev. Let