Corporate Cash Holdings, National Culture, and Multinationality

We examine the relations between national cultures, the multinationality of the firm and its holdings of cash. We develop several hypotheses from well known corporate finance theories and theories of the multinational firm, positing that cultural factors as well as the degree of multinationality of firms influence their decisions to hold cash. In particular, firms in countries with high uncertainty avoidance, as a national culture, hold more cash as a way to hedge against undesired states of nature. Furthermore, as a reflection of their longer business cycles, multinational firms typically hold more cash. At the same time, however, the multinationality of the firm moderates the effects of culture on the firm’s decision to hold liquid assets. Based on a large panel of firms in forty countries, we present evidence consistent with these hypotheses. While firms in countries with high levels of uncertainty avoidance tend to hold more cash, the degree of multinationality of the firm is positively correlated with holdings of cash. On the other hand, the effect of national culture on firm’s cash holdings is lower for multinationals.http://deepblue.lib.umich.edu/bitstream/2027.42/57256/1/wp876 .pd

Corporate Cash Holdings, National Culture, and Multinationality

We examine the relations between national cultures, the multinationality of the firm and its holdings of cash. We develop several hypotheses from well known corporate finance theories and theories of the multinational firm, positing that cultural factors as well as the degree of multinationality of firms influence their decisions to hold cash. In particular, firms in countries with high uncertainty avoidance, as a national culture, hold more cash as a way to hedge against undesired states of nature. Furthermore, as a reflection of their longer business cycles, multinational firms typically hold more cash. At the same time, however, the multinationality of the firm moderates the effects of culture on the firm’s decision to hold liquid assets. Based on a large panel of firms in forty countries, we present evidence consistent with these hypotheses. While firms in countries with high levels of uncertainty avoidance tend to hold more cash, the degree of multinationality of the firm is positively correlated with holdings of cash. On the other hand, the effect of national culture on firm’s cash holdings is lower for multinationals.Cash, Culture, Finance

Journal Staff

Es bien sabido que la innovación impulsa el desarrollo de las organizaciones de diferentes tamaños e industrias. Mientras para las grandes empresas es relativamente fácil innovar debido a sus recursos, en el caso de las pequeñas y medianas empresas (PYMEs) el escenario es más complicado. Sin embargo, existen modelos para gestionar la innovación que han probado ser útiles para apoyar a varios tipos de empresas. La Innovación Abierta (Open Innovation) es uno de estos modelos que ha atraído la atención en los últimos años debido a que ha podido integrar modelos anteriores para gestionar la innovación junto con las prácticas que utilizan las organizaciones hoy en día. En general,  la aplicación y las ventajas de la Innovación Abierta se evidencian con casos de sectores emergentes de alta tecnología y de empresas multinacionales establecidas en países desarrollados, mermando su aplicabilidad en otro tipo de contextos. Esta desproporción aunada a la falta de comprensión de cómo aplicar la Innovación Abierta, es probablemente la causa de que varias empresas no la vean como una forma factible para mejorar su proceso de innovación. Por lo tanto, el propósito de este trabajo es describir algunas de las prácticas relacionadas con la Innovación Abierta que podrían ser utilizadas por los emprendedores y las PYMEs para innovar sus productos y comercializar sus ideas. Para lograr esto presentamos el estudio de caso de VUHL, un auto súper deportivo mexicano, creado por una PYME que ha sabido aprovechar varias de las prácticas de Innovación Abierta para crear un producto atractivo con altos niveles de innovación y tecnología. El caso demuestra como al utilizar este tipo de prácticas, las PYMEs pueden superar obstáculos relacionados con la falta de recursos, conocimientos, y experiencia. Así mismo, estas prácticas pueden ayudar a crear vínculos con diferentes actores en la sociedad, a nivel nacional e internacional, en los cuales se obtienen beneficios mutuos. Se concluye que las PYMEs, incluso en industrias maduras como la automotriz, podrían usar la Innovación Abierta como una estrategia competitiva adecuada para crear y comercializar productos innovadores y exitosos.QC 20141205</p

Which One Goes Well with? : Exploring the Link between Theoretical Perspectives and Research Contexts in Open Innovation Research

Abstract The purpose of this paper is to investigate the possible relation between the most mentioned theoretical perspectives and the most studied research contexts in Open Innovation (OI) literature. To do this, a meta-review of highly cited literature reviews on OI was conducted to identify the most acknowledged theories and contexts. Articles including these concepts were retrieved with the software 'Publish or Perish' and analyzed with a qualitative approach to propose some clear relationships. The main results show that researchers apply similar theories to study certain research contexts, and this seems driven by promising publications trends. Altogether, the findings suggest that researchers are following a widening-narrowing approach of the theories and contexts used to study and validate OI. This paper also illustrates managers with relevant contexts e.g. industries, in which OI has been already adopted, motivating the implementation of OI efforts and practices in their practitioners contexts

Diplomado de Profundización CISCO, Prueba de Habilidades Prácticas CCNP

Este proyecto está desarrollado con el fin de dar solución al escenario practico propuesto en el Diplomado de Profundización CCNP CISCO, con las habilidades adquiridas en el transcurso del periodo académico y necesarias para resolver situaciones relacionadas a la ingeniería de telecomunicaciones en cuanto al manejo de redes locales y empresariales. Al momento de crear y configurar la topología de red para dar solución al problema propuesto y obtener un correcto enrutamiento de los dispositivos en capa 2, parámetros de tipo OSPF y redundancia de primer salto para los hosts, así como los mecanismos de seguridad y funciones administrativas. Esta actividad es desarrollada mediante el software GNS3, manejando una interfaz que permite la emulación y respectiva configuración dispositivos de redes virtuales y reales, al usar 3 Routers, 3 Switches y 4 PC de acuerdo a la guía suministrada en el desarrollo del periodo académico.This project is developed in order to provide a solution to the practical scenario proposed in the CCNP CISCO Deepening Diploma, with the skills acquired during the academic period and necessary to solve situations related to telecommunications engineering regarding the management of local networks. and business. When creating and configuring the network topology to solve the proposed problem and obtain a correct routing of the devices in layer 2, OSPF type parameters and first hop redundancy for the hosts, as well as the security mechanisms and administrative functions. This activity is developed through the GNS3 software, managing an interface that allows the emulation and respective configuration of virtual and real network devices, using 3 Routers, 3 Switches and 4 PCs according to the guide provided in the development of the academic period

Tikuna: An Ethereum Blockchain Network Security Monitoring System

Blockchain security is becoming increasingly relevant in today's cyberspace as it extends its influence in many industries. This paper focuses on protecting the lowest level layer in the blockchain, particularly the P2P network that allows the nodes to communicate and share information. The P2P network layer may be vulnerable to several families of attacks, such as Distributed Denial of Service (DDoS), eclipse attacks, or Sybil attacks. This layer is prone to threats inherited from traditional P2P networks, and it must be analyzed and understood by collecting data and extracting insights from the network behavior to reduce those risks. We introduce Tikuna, an open-source tool for monitoring and detecting potential attacks on the Ethereum blockchain P2P network, at an early stage. Tikuna employs an unsupervised Long Short-Term Memory (LSTM) method based on Recurrent Neural Network (RNN) to detect attacks and alert users. Empirical results indicate that the proposed approach significantly improves detection performance, with the ability to detect and classify attacks, including eclipse attacks, Covert Flash attacks, and others that target the Ethereum blockchain P2P network layer, with high accuracy. Our research findings demonstrate that Tikuna is a valuable security tool for assisting operators to efficiently monitor and safeguard the status of Ethereum validators and the wider P2P networkComment: 15 pages, 2 figures, submitted to ISPEC 2023 Conferenc

Water dimer diffusion on Pd{111} assisted by an H-bond donor-acceptor tunneling exchange

Based on the results of density functional theory calculations, a novel mechanism for the diffusion of water dimers on metal surfaces is proposed, which relies on the ability of H bonds to rearrange through quantum tunneling. The mechanism involves quasifree rotation of the dimer and exchange of H-bond donor and acceptor molecules. At appropriate temperatures, water dimers diffuse more rapidly than water monomers, thus providing a physical explanation for the experimentally measured high diffusivity of water dimers on Pd{111} [Mitsui et al., Science 297, 1850 (2002)]

Development of Cal Poly’s Hybrid AC/DC House

The Hybrid House provides an example for what sustainable housing solutions could look like. It also functions as a potential solution to the current rural electrification issues many developing countries face. The use of a DC-DC MISO converter allows for combining multiple power sources into a single DC bus. The Hybrid House integrates the DC bus by employing the use of DC-DC converters for home use. This system may potentially improve the overall system efficiency by avoiding the losses associated with AC-DC converters. The use of the DC bus further leverages the Solar Panel renewable energy solution to become a more formidable power solution. This increased efficiency aligns with the overall goal of the Hybrid House which is to utilize mostly renewable energy in a home while still having the capability of integrating the grid power. Consequently, the Hybrid AC-DC House also offers an alternative solution for future sustainable house with improved reliabilit

Revision sistematica de “canis” ensenadensis ameghino 1888 (carnivora, canidae) y la des- cripcion de un nuevo especimen del Pleistoceno de Argentina.

The fossil record of foxes in South America is very rich, with almost all extant South American species recorded. Currently, three fossil species are known in the Plio-Pleistocene of South America: "Dusicyon" cultridens, Dusicyon avus and "Canis" ensenadensis. In the present work we reviewed the systematics of "Canis" ensenadensis from the Pleistocene of Buenos Aires province using both qualitative and quantitative approaches. We also described a new fossil specimen (MCA 2082) from Buenos Aires Province (Argentina) that shares some similarities with "Canis" ensenadensis. We compared the fossil specimens with a large sample of specimens that includes the living species Lycalopex gymnocercus, L. culpaeus, Cerdocyon thous, L. fulvipes, L. vetulus, L. sechurae and Atelocynus microtis. We performed a Principal Component Analysis using mandibular and dental measurements, and then a geometric morphometric analysis using photographs of the lateral view of the mandible. Our results indicate that "Canis" ensenadensis is a valid species and it should be included in the genus Lycalopex. We also conclude that MCA 2082 is a member of the genus Lycalopex, probably belonging to the species L. ensenadensis. These results suggest that the biochron of L. ensenadensis reaches the Lujanian Age. Even if our assignation of MCA 2082 is incorrect, this specimen represents a different taxon from those already described for the Lujanian, thus the diversity of foxes during the Lujanian is greater than previously known.El registro fósil de zorros en América del Sur es muy rico con prácticamente todas las especies sur americanas actuales representadas en él. En la actualidad se conocen tres especies extintas para el Plio-Pleistoceno de América del Sur. “Dusicyon” cultridens, Dusicyon avus y “Canis” ensenadensis. En el presente trabajo hemos reestu- diado la sistemática de “Canis” ensenadensis del Pleistoceno de la provincia de Buenos Aires abordando enfoques cualitativos y cuantitativos. Además describimos un nuevo espécimen proveniente de la Provincia de Buenos Aires (Argentina) que comparte ciertas características con “Canis” ensenadensis. Los especímenes fósiles fueron comparados con una gran muestra de especímenes actuales correspondientes a las espe- cies L. gymnocercus, L. culpaeus, Cerdocyon thous, L. fulvipes, L. vetulus, L. sechurae y Atelocynus microtis. Se realizó un Análisis de Componentes Principales, utilizando medidas mandibulares y dentarias, y un análisis de morfometría geométrica, utilizando fotografías de vistas laterales de la mandíbula. Nuestros resultados sugieren que “Canis” ensenadensis es una especie válida y que debe ser incluida en el género Lycalopex. Además concluímos que MCA 2082 es un miembro del género Lycalopex, perteneciendo tentativamente a la especie Lycalopex ensenadensis. Esto sugiere que el biocrón de Lycalopex ensenadensis alcanzaría la Edad Lujanense. Incluso si nuestra asignación fuese incorrecta, el espéci- men representaría una especie distinta a las descriptas para el Lujanense, por lo que la diversidad de zorros del Lujanense es mayor a la pre- viamente conocida.Fil: Ramirez, Mariano Andres. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Museo Argentino de Ciencias Naturales "bernardino Rivadavia"; ArgentinaFil: Prevosti, Francisco Juan. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Parque Centenario. Museo Argentino de Ciencias Naturales "bernardino Rivadavia"; Argentina. Universidad Nacional de Luján; Argentin