Using history to help refine international business theory: ownership advantages and the eclectic paradigm.

In John Dunning’s eclectic paradigm firms need to have ownership, location, and internalisation advantages in order to cross borders and engage in foreign direct investment. By drawing on historical evidence on the evolution of a group of leading marketing-based multinationals in consumer goods, this paper claims that, despite its richness, the eclectic paradigm, and in particular the concept of ‘ownership advantages’, needs to be revised and extended, to take into account different levels of institutional analysis. For the eclectic paradigm to give a rounded view of the internationalising firm it needs to acknowledge the critical importance of firm-specific ownership advantages such as the role of the entrepreneur

Using history to help refine international business theory: ownership advantages and the eclectic paradigm

In John Dunning’s eclectic paradigm firms need to have ownership, location, and internalisation advantages in order to cross borders and engage in foreign direct investment. By drawing on historical evidence on the evolution of a group of leading marketing-based multinationals in consumer goods, this paper claims that, despite its richness, the eclectic paradigm, and in particular the concept of ‘ownership advantages’, needs to be revised and extended, to take into account different levels of institutional analysis. For the eclectic paradigm to give a rounded view of the internationalising firm it needs to acknowledge the critical importance of firm-specific ownership advantages such as the role of the entrepreneur.

Propagation velocity of epileptiform activity in the hippocampus

The propagation of epileptiform burst activity was investigated in the CA1 area of the in-vitro hippocampal slice preparation of the guinea pig. This activity was provoked by 0.1 mM 4-aminopyridine in the bathing medium and was recorded in the pyramidal layer with an array of eight electrodes. The delay between the first population spike of a burst recorded with different electrodes was calculated using the cross-correlation function. The propagation velocity was estimated from the delays and the electrode intervals. It was found that the velocity of spontaneous and evoked epileptiform bursts varies between 0.15 and 5 m/s and is not confined to the range of conduction velocities of the fibre systems in CA1 (0.3–0.55 and 1.0–1.8 m/s). Different velocities can be present in different parts of the CA1 area and the initiation of spontaneous bursts is not confined to the CA2–3 areas, but can also occur in CA1. Burst activity also propagated in a low calcium-high magnesium medium. Different mechanisms of propagation are discussed and it is argued that the propagation velocity due to ephaptic interaction may vary largely. It is concluded that epileptiform activity can be propagated not only by synaptic connections at or near the pyramidal layer, but also by way of electrical field effects of population spikes

A Regional Human Development Index for Portugal

In a report from 2008 the Organization for Economic Cooperation and Development came to the conclusion that Portugal is still a country very much marked by regional asymmetries and in need of better regional governance mechanisms and policies. In the face of these conclusions it becomes important to address the issue of constructing an index of regional development for Portuguese regions to better assess the evolution of the differential between regions. We propose a regional human development index for Portugal at the NUTS III level, based on the methodology of the Human Development Index (HDI) from the United Nations Development Programme (UNDP). Results show us a country that has most of the highest ranked NUTS III positioned in the coastline, although some interior NUTS III regions improve their relative positions in the ranking between 2004 and 2008. Additionally to the traditional dimensions of the HDI, we also added two dimensions, that we choose to include, given the main criticisms pointed in the literature to the HDI - governance and environment. Results show some significative differences when we add the environment dimension, but in terms of governance they don't change significantly.Human Development Index, Regional Asymmetries, Portugal.

Deterministic Seasonality in Dickey-Fuller Tests: Should We Care?

This paper investigates the properties of Dickey-Fuller tests for seasonally unadjusted quarterly data when deterministic seasonality is present but it is neglected in the test regression. While for the random walk case the answer is straightforward, an extensive Monte Carlo study has to be performed for more realistic processes and testing strategies. The most important conclusion is that the common perception that deterministic seasonality has nothing to do with the long-run properties of the data is incorrect. Further numerical evidence on the shortcomings of the general-to-specific t-sig lag selection method is also presented.unit root; Dickey-Fuller tests; similar tests; seasonality; Monte Carlo

The Order of Integration for Quarterly Macroeconomic Time series: a Simple Testing Strategy

Besides introducing a simple and intuitive definition for the order of integration of quarterly time series, this paper also presents a simple testing strategy to determine that order for the case of macroeconomic data. A simulation study shows that much more attention should be devoted to the practical issue of selecting the maximum admissible order of integration. In fact, it is shown that when that order is too high, one may get (spurious) evidence for an excessive number of unit roots, resulting in an overdifferenced series.

Time varying fiscal policy in the U.S.

To investigate the time heterogeneity effects of fiscal policy in the U.S., we use a non-recursive, Blanchard and Perotti-like structural VAR with time-varying parameters, estimated through Bayesian simulation over the 1965:2-2009:2 period. Our evidence suggests that fiscal policy has lost some capacity to stimulate output but that this trend is more pronounced for taxes net of transfers than for government expenditure, whose effectiveness declines only slightly. Fiscal multipliers keep conventional signs throughout. An investigation of changes in fiscal policy conduct indicates an increase in the countercyclical activism of net taxes over time, which appears to have reached a maximum during the 2008-09 recession.Fiscal policy, Bayesian estimation, Structural change, Macroeconomic stabilization

Residents’ perceptions of tourism activity in a rural North-Eastern Portuguese community: a cluster analysis

The recognition of the role of tourism planners in seeking to contribute to local residents’ well-being by mitigating the potential costs of tourism development has been given more attention in the last decades. Several studies on the perception of positive or negative impacts, based on sustainability (namely the three pillars: economic, sociocultural and environmental) have been developed. However, the studies have been somewhat limited in terms of approaches, namely with respect to the contribution and participation of stakeholders. In this study, we attempted to use a bidirectional analysis of involvement and tourism knowledge to segment the residents and analyse their perception of the impacts. A total of 373 valid surveys were applied in a rural mountainous municipality (Boticas) during 2015 and 2016. In this municipality, tourism (activity) is an emergent activity. The results show that more informed and more involved residents have more positive perceptions of tourism than other groups, while less informed and less involved residents have more negative perceptions of it. The study contributes to increasing the knowledge about residents’ perceptions of tourism, adding the aspects of involvement, especially in rural areas. This type of proposal can be applied to any destination to help manage residents’ opinions and, consequently, their support of tourism development. Keywords: rural tourism; perceptions; segmentation; clusters; rural development; botica