The importance of intangible assets in the strategic management of the firm : an empirical application for Banco Santander

The focus of our research is to analyze, within the framework of the theory of resources and capabilities (TRC), what is the importance of intangible assets in the strategic management of the firms. An empirical application for the financial sector has been provided, a highly competitive industry which is undergoing big and major changes, and in particular the Santander Group. Specifically, we have analyzed the configuration of strategy, within the Group, at different levels: Corporate, Business, Segment and Functional. Meanwhile, due to the huge importance that corporate level is acquiring, we have also analyzed the values that underpin the organization, the source of competitive advantage, growth strategy and business levels that directly depend upon it. To respond to these objectives, we have developed a questionnaire for managers of Santander Group offices. We show the preliminary results in which we want to emphasize, as well as predicted by TRC, the importance of intangible assets in achieving results, both in terms of competition as well as purely economic. It is also noteworthy, according to managers’ perception, that the competitive advantage on which strategy is built is differentiation with a scope focused on the entire market. Similarly, this differentiation is supported by its financial strength, leadership and brand image.peer-reviewe

The DESI One-Percent survey: exploring the Halo Occupation Distribution of Emission Line Galaxies with AbacusSummit simulations

International audienceThe One-Percent survey of the Dark Energy Spectroscopic Instrument collected ~ 270k emission line galaxies (ELGs) at 0.8 ~ 11.9. We obtain a satellite mean occupation function which agrees with physically motivated ELG models only if we introduce central-satellite conformity, meaning that the satellite occupation is conditioned by the presence of central galaxies of the same type. To achieve in addition a good modeling of the clustering between 0.1 and 1 Mpc/h in rp, we allow for ELG positioning outside of the halo virial radius and find 0.5% of ELGs residing in the outskirts of halos. Furthermore, the satellite velocity dispersion inside halos is found to be ~ 30% larger than that of the halo dark matter particles. These are the main findings of our work. We investigate assembly bias as a function of halo concentration, local density or local density anisotropies and observe no significant change in our results. We split the data sample in two redshift bins and report no significant evolution with redshift. Lastly, changing the cosmology in the modeling impacts only slightly our results

The DESI One-Percent survey: exploring the Halo Occupation Distribution of Emission Line Galaxies with AbacusSummit simulations

The One-Percent survey of the Dark Energy Spectroscopic Instrument collected ~ 270k emission line galaxies (ELGs) at 0.8 < z < 1.6. The high completeness of the sample allowed the clustering to be measured down to scales never probed before, 0.04 Mpc/h in rp for the projected 2-point correlation function (2PCF) and 0.17 Mpc/h in galaxy pair separation s for the 2PCF monopole and quadrupole. The most striking feature of the measurements is a strong signal at the smallest scales, below 0.2 Mpc/h in rp and 1 Mpc/h in s. We analyze these data in the halo occupation distribution framework. We consider different distributions for central galaxies, a standard power law for satellites with no condition on the presence of a central galaxy and explore several extensions of these models. For all considered models, the mean halo mass of the sample is found to be log10 ~ 11.9. We obtain a satellite mean occupation function which agrees with physically motivated ELG models only if we introduce central-satellite conformity, meaning that the satellite occupation is conditioned by the presence of central galaxies of the same type. To achieve in addition a good modeling of the clustering between 0.1 and 1 Mpc/h in rp, we allow for ELG positioning outside of the halo virial radius and find 0.5% of ELGs residing in the outskirts of halos. Furthermore, the satellite velocity dispersion inside halos is found to be ~ 30% larger than that of the halo dark matter particles. These are the main findings of our work. We investigate assembly bias as a function of halo concentration, local density or local density anisotropies and observe no significant change in our results. We split the data sample in two redshift bins and report no significant evolution with redshift. Lastly, changing the cosmology in the modeling impacts only slightly our results