Integration in the European higher education area: the case of military education

Military training has always been considered as an education system with its own characteristics that distinguished it from the rest of higher education. However, different initiatives have been developed in order to integrate military education in the European Higher Education Area (EHEA). This paper analyses the European system of military institutions of higher education (MHEI). Results indicate MHEI sector has distinctive features that have increased the diversity of European HEIs. Further, the emergence of the MHEI sector can have benefits for both the European defence and their educational attainment. From a defence point of view, it can help the development of a European strategic culture and increase cooperation between countries in defence and security. From the education area modernisation, it will improve defence and security related research and may enhance defence knowledge transfer. In this way, the MHEI sector will be positioned as key player in the development of the Common Security and Defence Policy and a European strategic culture

Do investors react to corporate governance news? An empirical analysis for the Spanish market

This work adds to the debate on corporate governance regulations and its effects on performance and firm value. The paper empirically tests whether there is a significant price reaction to corporate governance announcements following the publication of the Aldama Code of Best practice (2003) in Spain. In particular, news announcements are classified according to the code principles to distinguish among different dimensions of corporate governance and have a better understanding of investors'' reaction. Results show first, that investors react to this kind of practices, second, that the sign of their reaction depends crucially on the nature and extension of the recommendation and finally that firms that disclose more do not enjoy higher market prices or return on the medium-long term

Analysis of variance in household financial portfolio choice: evidence from Spain

We analyse the determinants of the household financial portfolio allocation using an estimator and a variance decomposition that take into account the constrained nature of household portfolio allocations. We apply these methods to a large data set of financial assets. Results show that the main factors underlying household financial portfolio choice in Spain are age and net wealth. Among others, there is also evidence of sizeable effects associated with risk aversion, education, liquidity constraints and income, but very modest effects are associated with family size and having accounts in stand-alone internet banks. Implications for policy are also derived

Characterisation of Technological Collaborations and Evolution in the Spanish Defence Industry

Collaboration with technological partners as an innovation strategy has become widespread in recent years, and all sectors are immersed in this process. In particular, the defence industry is characterised by the technological complexity of the products and services offered, together with a constant innovation process. However, data that allow us to identify characteristics that are found in collaboration contracts are not usually available in this sector. This paper addresses this gap in the literature by studying the different characteristics of both the technological partners and the development agreements for the 1999-2017 period. This is possible thanks to a database of more than 300 collaboration technology agreements between public and private organisations and the Spanish Ministry of Defence. The results provide the Ministry of Defence with a clear picture of the type of collaborations in the Defence industry, their partners and their behaviour under different economic conditions, which will help it identify the type of collaborations that can contribute to improving the design of its innovation strategy

Microscopic Overtaking Model to Simulate Two-lane Highway Traffic Operation and Safety Performance

Rural two-lane highways make up a large portion of road networks around the world. The special geometric and traffic attributes of these highways pose special challenges to safety and traffic operation. In recent years, microscopic simulation models have gained increased acceptance as a reliable tool for investigating traffic operations and evaluating safety performance. Despite this trend, the development and application of these models to two-lane highway operations has not kept pace with those of freeways and urban networks, and this is due, in large part, to difficulties in modeling the overtaking process. This process has been rendered complex by the large number of inter-related decision factors that need to be considered by the overtaking driver in a bi-directional driving regime. In this research, a new overtaking gap-acceptance model is developed to simulate traffic operation and safety performance on two-lane highways. This model considers a wide spectrum of physical and behavioral variables that could affect overtaking. It does so by introducing a new safety-based gap-acceptance decision variable based on the overtaking driver’s perception of time-to-collision (TTC) with an opposing vehicle. The decision to overtake was expressed as a function of the perceived TTC in comparison to an established driver risk threshold (critical TTC). The distribution of critical TTC among drivers are determined through a model calibration and validation procedure based on overtaking observational data obtained from a video-recording of a one-kilometer segment of a two-lane highway. Unlike previous models, the proposed gap-acceptance model makes use of only a few calibration parameters. The proposed overtaking models along with other components of a micro-simulation traffic model are implemented in a software framework that can simulate traffic and safety operation for two-lane highways. The overall simulation results demonstrate that the proposed simulation model can provide reliable measures of traffic and safety for two-lane highway operation. The overtaking model was found to yield both consistent and transferable results. The model is then applied successfully to provide more accurate estimates of traffic measures used in level-of-service analysis for two-lane highways and to compare these results to values reported in the two versions of the Highway Capacity Manual (HCM). In another application, this model is used to investigate the impact of truck mandated speed limiters on safety and traffic operation of two-lane highways and specifically their impact on overtaking. Finally, the potential implications of adaptive cruise control for overtaking and its resultant traffic and safety impacts are studied using the developed simulation model.4 month

Capital Structure Decisions During a Firm's Life Cycle

Capital structure, Financial growth cycle, Financing decisions, Small and medium-sized firms, Source of finance, G30, G32,