A homing problem for diffusion processes with control-dependent variance

Controlled one-dimensional diffusion processes, with infinitesimal variance (instead of the infinitesimal mean) depending on the control variable, are considered in an interval located on the positive half-line. The process is controlled until it reaches either end of the interval. The aim is to minimize the expected value of a cost criterion with quadratic control costs on the way and a final cost equal to zero (resp. a large constant) if the process exits the interval through its left (resp. right) end point. Explicit expressions are obtained both for the optimal value of the control variable and the value function when the infinitesimal parameters of the processes are proportional to a power of the state variable

Critical Capabilities and Performance of the Small Subcontracting Firms in the Aerospace Industry

Although they are often considered to be more flexible and adaptable than their larger counterparts, small and medium-sized firms now evolve in a rather uncertain environment which may, more than ever, impede their capacity to compete internationally. In this context, and in order for those firms to continuously improve themselves, it is believed that they need to acquire and develop particular capabilities. The objective of this paper is therefore to identify some of the critical capabilities that characterize successful SMEs in industries where significant added value is created. The results presented are drawn from a large research project carried out among manufacturing subcontractors in the aerospace industry in Canada. Bien que les petites et moyennes entreprises soient souvent reconnues pour leur flexibilité et leur plus grande capacité d'adaptation par rapport aux plus grandes, elles n'en demeurent pas moins soumises plus que jamais à un contexte économique incertain qui risque de gêner leurs efforts d'expansion sur les marchés internationaux. Dans ce contexte, et dans le but d'améliorer leur situation, il est suggéré que ces firmes doivent acquérir et développer des compétences particulières. L'objectif de cet article est d'identifier certaines de ces compétences critiques qui caractérisent les PME à succès dans une industrie à haute valeur ajoutée. Les résultats présentés sont tirés d'une vaste recherche sur les sous-traitants de l'industrie aérospatiale/aéronautique canadienne.SME ; International markets ; Capabilities ; Aerospace industry, PME ; Marchés internationaux ; Compétences ; Industrie aérospatiale ; Industrie aéronautique

Innovative Efforts as Determinants of Export Performance: The Case of Specialized Suppliers

This paper presents empirical evidence on the relationship between innovative efforts and performance on international markets for the specific case of small firms acting as specialized suppliers . In addition to tangible efforts such as R&D expenditures, intangible efforts are also considered. Results clearly identify specific innovative efforts as determinants of export performance. Moreover, the study results suggest a particular innovative profile for global specialized suppliers, especially as it relates to R&D collaborative agreements and information scanning sources used in the product development process. Les résultats présentés dans cette étude portent sur le lien entre efforts innovateurs et performance sur les marchés internationaux, dans le cas particulier des petites firmes appelées fournisseurs spécialisés . Outre les efforts de nature tangible telles les dépenses en R-D, les efforts de nature intangible sont également considérés. Les résultats permettent d'identifier clairement un certain nombre d'efforts comme déterminants de la performance à l'exportation. L'analyse révèle par ailleurs un profil innovateur propre aux fournisseurs spécialisés mondiaux , notamment en ce qui a trait aux accords de collaboration en R-D et les sources d'information utilisées dans le processus de développement de produits.Innovation; Performance; International markets; Specialized suppliers; R&D, Innovation ; Performance ; Marchés internationaux ; Fournisseurs spécialisés ; R-D

Using a geometric Brownian motion to control a Brownian motion and vice versa

AbstractLet x(t) be a one-dimensional Brownian motion. The homing problem for a controlled x(t) process is solved by using a mathematical expectation for an uncontrolled geometric Brownian motion. Furthermore, it turns out that the optimally controlled process is a Bessel process. Similarly, a geometric Brownian motion is optimally controlled by using a mathematical expectation for an uncontrolled Brownian motion process

An application of filtered renewal processes in hydrology

Filtered renewal processes are used to forecast daily river flows. For these processes, contrary to filtered Poisson processes, the time between consecutive events is not necessarily exponentially distributed, which ismore realistic.Themodel is applied to obtain oneand two-day-ahead forecasts of the flows of the Delaware and Hudson Rivers, both located in the United States. Better results are obtained than with filtered Poisson processes, which are often used to model river flows

Performance à l'exportation et innovation technologique dans les PME manufacturières indépendantes

Small and medium enterprises have strengthened their importance during the last decades in most industrialized countries, including the United States, Germany, Japan and Canada. The province of Quebec makes no exception as firms of less than 200 employees generate a substantial portion of its economic activity. Of those firms, many are present on export markets and thus are facing fierce competition. This requires from SMEs the ability and willingness to engage in various innovative efforts in order to sustain their competitive edge and long-term growth. The purpose of the paper is to study the relationship between SMEs' innovative efforts and their performance on international markets. Results clearly identify four clusters of firms on the basis of volume of exports and destination. One group, identified as global firms, clearly stands out above all. In fact, global firms consistently0501ntain a higher level of both tangible and intangible innovative efforts. This study confirms a clear relationship between efforts and exporting capabilities. Depuis plusieurs années, l'intensification du rôle des petites et moyennes entreprises se fait sentir dans la plupart des pays industrialisés, y compris les États-Unis, l'Allemagne, le Japon et le Canada. La situation du Québec n'est pas différente ; on y enregistre en effet une forte activité économique chez les firmes de moins de 200 employés, parmi lesquelles plusieurs sont présentes sur les marchés internationaux. Or, ces dernières doivent faire face, comme les grandes firmes, à un environnement fortement concurrentiel hautement dominé par les compétences technologiques. Cette concurence exige des PME qu'elles0501ntiennent un important niveau d'efforts innovateurs afin de pouvoir assurer leur croissance. L'objectif de l'étude est d'analyser les efforts innovateurs de certaines PME manufacturières québécoises selon leur performance à l'exportation. L'analyse révèle l'existence de quatre groupes qui se différencient par le volume et la destination des exportations. L'étude du dernier groupe, distinct des trois autres à plusieurs égards, permet entre autres de dresser le profil des PME les plus actives sur les marchés internationaux. Il appert que ces entreprises0501ntiennent un niveau d'effort technologique élevé dans l'ensemble des activités innovatrices, qu'elles soient de nature tangible ou intangible. Les résultats permettent ainsi de confirmer le lien entre efforts innovateurs et capacité d'exporter.SME ; Performance ; Competitiveness ; Innovation ; International markets ; Technology, PME ; Performance ; Concurrence ; Innovation ; Marchés internationaux ; Technologie

Optimal and Suboptimal Control of a Standard Brownian Motion

The problem of optimally controlling a standard Brownian motion until a fixed final time is considered in the case when the final cost function is an even function. Two particular problems are solved explicitly. Moreover, the best constant control as well as the best linear control are also obtained in these two particular cases