Financial Ratios, Size, Industry and Interest Rate Issues in Company Failure: An Extended Multidimensional Scaling Analysis

Three-way multidimensional scaling methods are used to study the differences between UK failed and continuing companies from 1993 to 2001. The technique allows for visual representations of the results, so that qualitative information can be brought to bear when judging the health of a company. It is shown that it is important to take into account company size and area of activity. Results also suggest that the ratio structure of the companies varies between years in response to changes in the interest rates, suggesting that the frontier between failing and continuing firms moves in response to the economic cycle

Estimating exports and imports demand for Manufactured goods: The role of FDI

In this paper we examine the joint performance of FDI and trade under a full liberalization process consistent with New Trade Theory models. The testing framework consists of the estimation of demand for exports and imports of manufactured goods for a panel containing the majority of the EU countries as well as the US and Japan. The model includes as explanatory factors, not only the traditional determinants of trade, but also new ones, such as the stock of foreign direct investment (FDI). We apply a variety of panel unit root and cointegration tests to the cases of both homogeneous and heterogeneous panels. Whereas there is no evidence of cointegration when using just the traditional formulation, the results are favorable to the existence of long-run relationships linking the variables of the augmented model. Moreover, the results point mainly to a complementarity relationship between trade and FDI.

A panel cointegration approach to the estimation of the peseta real exchange rate

In this paper we estimate different specifications of a model for the determination of the bilateral real exchange rate of the peseta relative to nine European Union members. The model is based on Meese and Rogo (1988) monetary approach as extended by MacDonald (1998). The applied econometric techniques are the recent panel cointegration tests developed by Kao (1999), McCoskey and Kao (1998) and Pedroni (1999) for homogeneous and heterogeneous panels. The results are favorable to a model containing relative productivities in tradables and non-tradables and the real interest rate di¤erentials as explanatory variables.real exchange rate, European Monetary Union, panel cointegration

Post-depositional tectonic modifications of VMS deposits in Iberia and its economic significance

The original stratigraphic relationships and structure of VMS deposits are commonly obscured by deformation. This can also affect their economic significance, as shown by several Iberian Pyrite Belt (IPB, SW Iberia) examples. The contrasting rheologic properties of the different lithologies present in an orebody (massive sulphide, feeder stockwork, alteration envelope, volcanic and sedimentary rocks) playa major role in determining its overall behaviour. Variscan thin-skinned tectonics led to stacking of the massive pyrite and stockwork bodies in duplex structures, resulting in local thickening and increased tonnage of minable mineralization. Furthermore, differential mechanical behaviour of the different sulphide minerals localised the detachments along relatively ductile sulphide-rich bands. The result was a geochemical and mineralogical reorganisation of most deposits, which now consist of barren, massive pyrite horses, bounded by base metal-rich ductile shear zones. Metal redistribution was enhanced by mobilisation of the base metal sulphides from the initially impoverished massive pyrite, through pressuresolution processes, to tensional fissures within the already ductile shear zones. In NW Iberia, VMS deposits were also strongly overprinted by the Variscan deformation during emplacement of the Cabo Ortegal and Órdenes allochthonous nappe complexes, but no stacking of the orebodies was produced. Original contacts were transposed, and the orebodies, their feeder zones and the country rock acquired pronounced laminar geometry. In lower-grade rocks (greenschist facies, Cabo Ortegal Complex), solution transfer mechanisms are common in pyrite, which remains in the brittle domain, while chalcopyrite shows ductile behaviour. In higher-grade rocks (amphibolite facies, Órdenes Complex), metamorphic recrystallisation overprints earlier deformation textures. The contrasting behaviour of the IPB and NW Iberian deposits is explained by key factors that affect their final geometry, composition and economics, such as pre-deformation structure, size and mineralogical composition of the orebody and associated lithologies, temperature, crustal level, deviatoric stress and availability of a fluid phase during deformation and the style and rate of deformation

Towards modelling group-robot interactions using a qualitative spatial representation

This paper tackles the problem of finding a suitable qualitative representation for robots to reason about activity spaces where they carry out tasks interacting with a group of people. The Qualitative Spatial model for Group Robot Interaction (QS-GRI) defines Kendon-formations depending on: (i) the relative location of the robot with respect to other individuals involved in that interaction; (ii) the individuals' orientation; (iii) the shared peri-personal distance; and (iv) the role of the individuals (observer, main character or interactive). The evolution of Kendon-formations between is studied, that is, how one formation is transformed into another. These transformations can depend on the role that the robot have, and on the amount of people involved.Postprint (author's final draft

Real-time model-based video stabilization for microaerial vehicles

The emerging branch of micro aerial vehicles (MAVs) has attracted a great interest for their indoor navigation capabilities, but they require a high quality video for tele-operated or autonomous tasks. A common problem of on-board video quality is the effect of undesired movements, so different approaches solve it with both mechanical stabilizers or video stabilizer software. Very few video stabilizer algorithms in the literature can be applied in real-time but they do not discriminate at all between intentional movements of the tele-operator and undesired ones. In this paper, a novel technique is introduced for real-time video stabilization with low computational cost, without generating false movements or decreasing the performance of the stabilized video sequence. Our proposal uses a combination of geometric transformations and outliers rejection to obtain a robust inter-frame motion estimation, and a Kalman filter based on an ANN learned model of the MAV that includes the control action for motion intention estimation.Peer ReviewedPostprint (author's final draft

A real-time human-robot interaction system based on gestures for assistive scenarios

Natural and intuitive human interaction with robotic systems is a key point to develop robots assisting people in an easy and effective way. In this paper, a Human Robot Interaction (HRI) system able to recognize gestures usually employed in human non-verbal communication is introduced, and an in-depth study of its usability is performed. The system deals with dynamic gestures such as waving or nodding which are recognized using a Dynamic Time Warping approach based on gesture specific features computed from depth maps. A static gesture consisting in pointing at an object is also recognized. The pointed location is then estimated in order to detect candidate objects the user may refer to. When the pointed object is unclear for the robot, a disambiguation procedure by means of either a verbal or gestural dialogue is performed. This skill would lead to the robot picking an object in behalf of the user, which could present difficulties to do it by itself. The overall system — which is composed by a NAO and Wifibot robots, a KinectTM v2 sensor and two laptops — is firstly evaluated in a structured lab setup. Then, a broad set of user tests has been completed, which allows to assess correct performance in terms of recognition rates, easiness of use and response times.Postprint (author's final draft

The Euro-Dollar exchange rate: Is it fundamental?

In this paper we have applied two different but complementary techniques and approaches to the study of the evolution of the dollar real exchange rate in relation with the Euro-area currencies. First, using the panel cointegration methodology for both homogeneous and heterogeneous panels, we study the long-run relationship between the bilateral real exchange rate of the dollar versus 10 European countries, Canada and Japan. Second, in a time series framework, we use Euro-area aggregate or "synthetic" variables to study the behavior of the dollar/Euro real exchange rate. The selected specification obtained using the panel techniques is an eclectic one, that supports the Meese and Rogoff (1988) real interest rate differential model augmented with two supply-side variables: the real oil dependence and the relative productivity in the non-tradables. The Euro-area variables support this type of results, although an additional determinant from the demand-side should be added (the relative public expenditure) whereas the real oil variable would be only significant in the short-run.

Microfinance institutions and efficiency

Microfinance Institutions (MFIs) are special financial institutions. They have both a social nature and a for-profit nature. Their performance has been traditionally measured by means of financial ratios. The paper uses a Data Envelopment Analysis (DEA) approach to efficiency to show that ratio analysis does not capture DEA efficiency.Special care is taken in the specification of the DEA model. We take a methodological approach based on multivariate analysis. We rank DEA efficiencies under different models and specifications; e.g., particular sets of inputs and outputs. This serves to explore what is behind a DEA score. The results show that we can explain MFIs efficiency by means of four principal components of efficiency, and this way we are able to understand differences between DEA scores. It is shown that there are country effects on efficiency; and effects that depend on Non-governmental Organization (NGO)/non-NGO status of the MFI