Deregulation and Productivity: The Case of Spanish Banks

This paper deals with measuring total factor productivity (TFP) growth of financial institutions incorporating different types of deregulatory measures. TFP growth is decomposed into external, scale, and markup (in output prices) components. The contribution of the external component is further dissected into several types of deregulation and technical change components. We include the TFP growth relationship as an additional equation in estimating the cost system. The empirical model uses panel data on Spanish banks (savings and commercial), primarily because the Spanish banking sector went through rapid deregulatory changes. We find that deregulations, in general, contributed positively to TFP growth for both savings and commercial banks. Furthermore, domestic (European) deregulations had a greater effect on TFP growth of savings (commercial) banks.Total factor productivity, markup, deregulation, and technical change.

Proper Motions in Kapteyn Selected Area 103: A Preliminary Orbit for the Virgo Stellar Stream

We present absolute proper motions in Kapteyn Selected Area (SA) 103. This field is located 7 degrees west of the center of the Virgo Stellar Stream (VSS, Duffau et al. 2006), and has a well-defined main sequence representing the stream. In SA 103 we identify one RR Lyrae star as a member of the VSS according to its metallicity, radial velocity and distance. VSS candidate turnoff stars and subgiant stars have proper motions consistent with that of the RR Lyrae star. The 3D velocity data imply an orbit with a pericenter of 11 kpc and an apocenter of ~90 kpc. Thus, the VSS comprises tidal debris found near the pericenter of a highly destructive orbit. Examining the six globular clusters at distances larger than 50 kpc from the Galactic center, and the proposed orbit of the VSS, we find one tentative association, NGC 2419. We speculate that NGC 2419 is possibly the nucleus of a disrupted system of which the VSS is a part.Comment: ApJL accepte

GLOBAL MARKET, GLOBAL STRATEGIC REFLECTION? A STRATEGIC APPROACH METHODOLOGY

The aim of this study is to analyse the internationalization strategies of Portuguese wine companies, considering their context factors, reflection style and performance. It intends to develop a review of the literature in the scope of the theories and strategies of internationalisation, complemented by systematic research within the sector, as part of business strategies. It proposes applying the methodological reference Integrated Grid for Strategic Reflection - GIRE(i), adapted to a context of international business, which structures research into two levels: a preliminary one, generic characterisation of the companies; along with a central one analysing its strategic strand. The empirical study, based on primary data (survey to the sector entrepreneurs) and on secondary documentary data, by applying multivariate statistical techniques, allowed the identification of strategic thinking styles based on the growth of a rather diverse external presence. Drawn on the qualitative (contextual and transactional) analysis it suggests guidelines for strategic action

Randomized trial of FK 506/prednisone vs FK 506/azathioprine/prednisone after renal transplantation: preliminary report.

FK 506 was used as a primary immunosuppressive agent in 125 cases of renal transplantation in a randomized trial comparing FK 506/prednisone with FK 506/azathioprine/prednisone. With a mean follow-up of 5.5 +/- 2.5 months, there has been a 6-month actuarial patient survival of 99% and graft survival of 88%. There is no difference thus far between the two-drug and three-drug groups, although there may be less rejection and diabetes in the three-drug group. These results suggest that FK 506 is a useful immunosuppressive agent in kidney transplantation

Integrating Knowledge Management in a Business Strategy Process Operationalized using Process Management Approach

This paper proposes an integrated approach applied in a business environment, using three organisational layers materialized in the institutional, middle and operational levels. Is suggested a combination of Business Strategy, Knowledge Management and Business Process Management in order to support the clarification of the organisational strategy and the definition of business operations. The work in progress developed uses a theoretical framework based in emergent theories of strategy management combining two types of strategy intended or deliberate and emergent, clarifying important constructs like mission, vision, strategic objectives, stakeholders, business capabilities and knowledge objects, interpreted as a business context that facilitates the following steps of analysis and provides priorities of improvement. The priorities identify targets to improved using Business Process Management (BPM) approaches combined with the knowledge concepts in BPM models. The proposed approach was applied in a public organisation that develops its activities in the areas of Olympic preparation, swimming performance and sport facilities. The outcomes of the work develop, were the systematization of the business processes related to the structured work and the use of knowledge management concepts in the exception handling of the processes. The representation of the unstructured work or the modelling of complex processes was combined with the use knowledge constructs, properly contextualized in business strategy axioms. The research findings identify advantages in the use of knowledge concepts in complex process model, exception handling and in classifying the knowledge used in decisions. This could facilitate the definition of training actions articulated with the organisation real needs.N/

Stellar over-densities in the halo: the extent of the Virgo over-density

We map the three dimensional extent of the Virgo Over-density by combining distance information from RR Lyrae variables and projected spatial information from SEKBO (Keller et al. 2008) and Sloan Digital Sky Survey (SDSS) DR6 photometry. The Virgo Over-density is seen to comprise two filaments 14.5 x 3 degrees and 10 x 3 degrees and a circular structure 3 degrees in diameter. Together the three features span 38 degrees of right ascension and declinations of +2 to -15 degrees. RR Lyrae variables place the two filamentary features at heliocentric distances of 20 and 17 kpc respectively, with projected dimensions of 5 x 1 kpc and 3 x 1 kpc.Comment: 6 pages, 5 figures, MNRAS accepte