This study identifies different models of programmes for supporting the creation of spin-offs in universities, and analyses their differentiated characteristics. The analysis was performed using data collected by way of a survey, targeted... more
This study identifies different models of programmes for supporting the creation of spin-offs in universities, and analyses their differentiated characteristics. The analysis was performed using data collected by way of a survey, targeted at the heads of spin-off support programmes in universities in the United Kingdom and Spain, to which we applied the cluster analysis technique, and then a Anova analysis to confirm their results. This enabled us to identify in these universities three types of spin-off support programmes, differing in terms of experience, resources, university´s commitment, proactivity, selectivity, number of spin-offs created and rate of survival. Among the various types of programmes identified, we found one that appear to be model for success. This type seems to opt for a policy intermediate of proactivity and selectivity. We have also found the existence of a certain “country effect” on the characteristics of the successful model. Finally, we have been able to confirm the importance given by the literature to university R&D activity and to the existence of a favourable environment to the success of spin-off programmes.
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Abstract Developing countries have suffered most of the financial crises in the context of the process of economic and financial globalisation. Both current and previous crises have revealed that unpredictability is a feature common to... more
Abstract Developing countries have suffered most of the financial crises in the context of the process of economic and financial globalisation. Both current and previous crises have revealed that unpredictability is a feature common to all the episodes which occurred during the process of globalisation. Although certain alarms went off, any of those external financial crises were actually predicted by the advanced methods in use for prediction and country risk analysis. Taking into consideration the information above, the aim of this paper is to check the ability to foresee external financial crises in developing countries of both the country risk index published by Euromoney and the Credit Ratings variable included therein. We have focused on the external financial crises that took place between 1992 and 2011, that is, in a full globalisation era. The results are negative. It appears that neither the index nor the sovereign ratings are able to reflect early enough the vulnerabilities that arise previously to the setting off the crisis episodes. This leads us to conclude that the existing models of country risk have limits. Thus, it would necessary to develop new instruments to measure this risk, considering uncertainty as an essential feature of the current economic and financial environment.
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The authors of this paper propose the construction of two new country risk indexes, called «Simplified Index and «Observational Index», based on the semester values of each one of the nine variables that compose the country index... more
The authors of this paper propose the construction of two new country risk indexes, called «Simplified Index and «Observational Index», based on the semester values of each one of the nine variables that compose the country index elaborated by Euromoney, in the period ...
Página oficial de la Revista Española de Financiación y Contabilidad (REFC). Reconocida como una de las publicaciones periódicas de investigación contable y finanzas de mayor prestigio en España.
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Título: Vinculaciones entre tipos de conocimiento relevantes para la gestion de la I+D en universidades: análisis de un caso Autores: Rodríguez Castellanos, Arturo; Charterina Abando, Jon; Hartmann, Patrick Revista: Revista de Economía y... more
Título: Vinculaciones entre tipos de conocimiento relevantes para la gestion de la I+D en universidades: análisis de un caso Autores: Rodríguez Castellanos, Arturo; Charterina Abando, Jon; Hartmann, Patrick Revista: Revista de Economía y Empresa, 2003 2º ...
Abstract: In Higher Education and Research Organisations (HEROs), one of the most important activities in the R&D process is the effective management of knowledge transference. A correct analysis and diagnosis of that process through... more
Abstract: In Higher Education and Research Organisations (HEROs), one of the most important activities in the R&D process is the effective management of knowledge transference. A correct analysis and diagnosis of that process through knowledge management methodology is essential for the correct orientation of organisation strategy. The aim of this paper is to describe the analysis carried out in order to diagnose the research & development & transference (R&D&T) activities at a public university in Spain. The diagnosis analyses the key phases in the knowledge transference process, because these different stages define important implications for the monitoring of the intellectual capital and the organisation's performance. Also with in the diagnostic analysis preformed here an methodological innovation is introduced related with the cause and effect relations of the knowledge collaboration and a process witch deals mainly with intangibles.
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Introduccion: Los recursos intangibles se han convertido en la base de competitividad para cualquier empresa para incrementar el valor empresarial. Son pocos los estudios que analizan la relacion entre las competencias, CI y resultados... more
Introduccion: Los recursos intangibles se han convertido en la base de competitividad para cualquier empresa para incrementar el valor empresarial. Son pocos los estudios que analizan la relacion entre las competencias, CI y resultados empresariales. Por ello, presentamos como objetivo de nuestro trabajo conocer, si las competencias vinculadas a una dimension concreta del CI influyen en otras competencias ligadas a otras dimensiones del CI, y cuales de estas competencias afectan positivamente a los resultados empresariales. Metodologia: Se ha realizado un estudio de campo, utilizando llamadas telefonicas a los directivos financieros de empresas espanolas. Posteriormente, sus respuestas y la informacion financiera relativa a sus empresas han sido analizadas, utilizando. Ecuaciones Estructurales, concretamente, PLS (Partial Least Squares). Resultados: Las competencias vinculadas al Capital Humano, consideradas la principal fuente de valor empresarial, impactan positivamente sobre las ...
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En este trabajo se analiza la Titulización Hipotecaria en España en el periodo 1993-2011. El objetivo del trabajo es doble. Por un lado, se lleva a cabo un análisis descriptivo de los Fondos de Titulización Hipotecaria (FTH), observando... more
En este trabajo se analiza la Titulización Hipotecaria en España en el periodo 1993-2011. El objetivo del trabajo es doble. Por un lado, se lleva a cabo un análisis descriptivo de los Fondos de Titulización Hipotecaria (FTH), observando su evolución atendiendo a variables como el tipo de emisor, el tamaño medio de las emisiones, el número de tramos, el peso relativo de los tramos subordinados y la rentabilidad primaria ofrecida por los Bonos de Titulización Hipotecaria (BTH). Por otro lado, se analizan los factores que afectan a la rentabilidad primaria ofrecida por los BTH, haciendo una referencia especial al papel desempeñado por las agencias de calificación en los mercados de titulización. Los resultados obtenidos aportan evidencia de la relevancia del peso de los tramos subordinados, el diseño de la estructura multitramo o la coyuntura económico financiera sobre la rentabilidad exigida por los inversores de BTH.
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Virtual networks are becoming increasingly important instruments for knowledge and collaboration management. In addition, research, development, and innovation performances are among the most important activities in modern organisations.... more
Virtual networks are becoming increasingly important instruments for knowledge and collaboration management. In addition, research, development, and innovation performances are among the most important activities in modern organisations. These two issues deal with complex problems that companies, universities, and other organisations can only face with multidisciplinary, geographically widespread teams. This article describes the setup of a model of a hybrid knowledge network that can group and connect together universities and researchers and enable them to collaborate. The proposed model for the virtual network is based on the conjunction of the personal and organisational aspects of collaboration. Due to this union within the organisational structure, two main levels of collaboration have been envisaged, namely the institutional one and the individual one.
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Though often applied to individual income distribution, Inequality and polarization are concepts that can be applied to any variable distributed in a group of individuals, as can be country risk. The aim of this paper is to analyze the... more
Though often applied to individual income distribution, Inequality and polarization are concepts that can be applied to any variable distributed in a group of individuals, as can be country risk. The aim of this paper is to analyze the degree and evolution of inequality and polarization in country risk in the world from 1990 to 2004. Country risk is measured by the country risk indices from Euromoney and International Country Risk Guide (ICRG). Inequality is measured through the Gini index, for polarization we employ the measure proposed by Esteban and Ray and an extension of this measure due to Lasso de la Vega and Urrutia. We concluded that both inequality and polarization in country-risk decreased in the period.
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The concept of “country risk” has once again come under the spotlight. Globalization, the shock-waves of the subprime crisis, manifested in sovereign and private debt crises, and the fear to a “contagion” of risk between market... more
The concept of “country risk” has once again come under the spotlight. Globalization, the shock-waves of the subprime crisis, manifested in sovereign and private debt crises, and the fear to a “contagion” of risk between market participants are, among others, the reasons that make topical this form of risk. The aim of this chapter is to offer an overview of the factors that influence country risk, and an analysis of the methods most commonly used to measure it, with a discussion of their pros and cons. The conclusion is that none of those methods have offered satisfactory results. In this regard, the authors propose a change in the way to analyze country risk. Rather than attempting to predict debt crises, it is necessary to identify the sources of risk, and accept uncertainty as a feature of the current environment.
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La calificacion crediticia externa es un elemento clave para el buen fin de las operaciones de titulizacion. No obstante, las agencias de calificacion han sido objeto de una intensa controversia, cuestionandose su fiabilidad y... more
La calificacion crediticia externa es un elemento clave para el buen fin de las operaciones de titulizacion. No obstante, las agencias de calificacion han sido objeto de una intensa controversia, cuestionandose su fiabilidad y objetividad. En este trabajo abundamos en esta cuestion, analizando la distribucion de los ratings otorgados a las emisiones de bonos de titulizacion llevadas a cabo en Espana (1993-2011), uno de los paises mas activos en cuanto al volumen de emisiones, llegaron a ocupar el segundo puesto a nivel europeo y el tercero a nivel mundial. Aportamos evidencia sobre ciertas anomalias entre las que cabe destacar la estructura oligopolistica del mercado del rating, la fragilidad desde una perspectiva historica de las calificaciones otorgadas, y la existencia de patrones no homogeneos en la eleccion de la agencia de calificacion, tanto si se tiene en cuenta la sociedad gestora, como el colateral de respaldo.
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This paper seeks to analyse the influence that the spending on intangible resources, specifically training and advertising, has on the corporate market value. Expenditure on intangibles is an investment in business management terms. A... more
This paper seeks to analyse the influence that the spending on intangible resources, specifically training and advertising, has on the corporate market value. Expenditure on intangibles is an investment in business management terms. A sample of the main Spanish companies, those quoted on the IBEX-35, was selected and the relationship was analysed between investment in intangible resources (training being representative of Human Capital and advertising of Relational Capital) and the market value relevance of the company's intangibles (measured using Tobin's Q) in two periods: 2006-2009 and 2008-2011. We thus obtain that both investing in training and investing in advertising separately have a positive impact on Tobin's Q. Regarding the joint effect, there is a positive and significant relationship with Tobin's Q in the first period analysed and no significant relation in the second period analysed. That is, investment in intellectual capital dimensions generates increases in the future market value of the firm. The results are similar using different rates of depreciation.
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The recent debt crises in some European countries have focused attention on the concept of "country risk", although the concern about this type of risk has been cyclical and repetitive since the 70's of last century. In this... more
The recent debt crises in some European countries have focused attention on the concept of "country risk", although the concern about this type of risk has been cyclical and repetitive since the 70's of last century. In this context, this paper aims to clarify the concept of country risk, and its main components. Subsequently, we show the factors that most significantly influence on it, highlighting two main groups: political type and economic type; and finally, it is performed an analysis of the methods proposed for its evaluation and measurement, emphasizing the advantages and disadvantages of each one, concluding that none provide entirely satisfactory results. Therefore, we propose that the analysis of this type of risk, from now on, must assume as fundamental premises both systemic risk and uncertainty as essential components of a globalized financial system.
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Biblioteca de la Universidad Complutense de Madrid, Base de datos de artículos de revistas, ...
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This study identifies different models of programmes for supporting the creation of spin-offs in universities, and analyses their differentiated characteristics. The analysis was performed using data collected by way of a survey, targeted... more
This study identifies different models of programmes for supporting the creation of spin-offs in universities, and analyses their differentiated characteristics. The analysis was performed using data collected by way of a survey, targeted at the heads of spin-off support programmes in universities in the United Kingdom and Spain, to which we applied the cluster analysis technique, and then a Anova analysis tro confirm their results. This enabled us to identify in these universities three types of spin-off support programmes, differing in terms of experience, resources, university´s commitment, proactivity, selectivity, number of spin-offs created and rate of survival. Among the various types of programmes identified, we found one that appear to be model for success. This type seems to opt for a policy intermediate of proactivity and selectivity. We have also found the existence of a certain “country effect” on the characteristics of the successful model. Finally, we have been able t...
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This paper seeks to validate the models of support programmes for setting up spin-offs found in the literature analysing the differentiating characteristics of the various types of programmes existing in Spanish universities. To do this,... more
This paper seeks to validate the models of support programmes for setting up spin-offs found in the literature analysing the differentiating characteristics of the various types of programmes existing in Spanish universities. To do this, a survey was conducted among managers of these programmes to obtain the necessary information. Secondly, the variables characterising these programmes were established by performing a factorial analysis. Thirdly, based on these variables, several different types of programme were identified in Spanish universities using cluster analysis. Finally, the differentiating characteristics of each of the types found were identified by means of Anova and logistic regression analysis. Four types of programme were found with differences in terms of human resources, experience, commitment, proactivity, selectivity, type and number of spin-offs created and the involvement in their management. Two successful models were identified from among the four types of programmes found. This study confirms the importance of R&D activity as a determinant of the results of support programmes for setting up spin-offs in universities. However, the suggestion in the literature that programmes usually begin with a policy of low selectivity was not confirmed.
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By Arturo Rodríguez Castellanos; Premio por riesgo en el mercado de cambios a plazo. Modelos de valoración de activos financieros: una exploración.
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BERTHA GUADALUPE RODRIGUEZ SAMANO, SECRETARIA GENERAL DE LA ASOCIACION AUTONOMA DEL PERSONAL ACADEMICO DE LA UNAM (AAPAUNAM), ASEGURO QUE LAS APORTACIONES ACADEMICAS CONSTITUYEN LA MEJOR FORMULA PARA HACER FRENTE A LA CIRCUNSTANCIA... more
BERTHA GUADALUPE RODRIGUEZ SAMANO, SECRETARIA GENERAL DE LA ASOCIACION AUTONOMA DEL PERSONAL ACADEMICO DE LA UNAM (AAPAUNAM), ASEGURO QUE LAS APORTACIONES ACADEMICAS CONSTITUYEN LA MEJOR FORMULA PARA HACER FRENTE A LA CIRCUNSTANCIA ECONOMICA Y FINANCIERA DEL PAIS. EN ESTE CONTEXTO, LA UNICA MANERA DE CONOCER A FONDO LA REALIDAD MUNDIAL ES POR MEDIO DE LA INVITACION DE RELEVANTES FIGURAS ACADEMICAS INTERNACIONALES QUE COMPARTAN SUS CONOCIMIENTOS, DESTACO AL INAUGURAR LAS PRIMERAS JORNADAS INTERNACIONALES DE LA AAPAUNAM. POR ELLO, EN ESTA OCASION DOS CATEDRATICOS DE LA UNIVERSIDAD DEL PAIS VASCO, BELEN VALLEJO ALONSO Y ARTURO RODRIGUEZ CASTELLANOS, IMPARTIERON SESIONES DONDE SE TRATARON TEMAS COMO RIESGO-PAIS, GESTION DE CARTERA, FONDOS DE INVERSION Y EVALUACION DE INVERSIONES CON OPCIONES REALES. LOS PROFESORES SE REFIRIERON A LA DIFICIL CIRCUNSTANCIA ECONOMICA INTERNACIONAL Y ESTABLECIERON LA NECESIDAD DE PROFUNDIZAR EN EL ANALISIS ACADEMICO QUE PERMITA APORTAR ALTERNATIVAS DE SOLUC...
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En cumplimiento de la “tercera misión de las universidades”, los Proyectos Universitarios de Vinculación con la Sociedad (PUVS) experimentan, en la actualidad, un importante desarrollo en muchos países. Sin embargo, no existe un modelo... more
En cumplimiento de la “tercera misión de las universidades”, los Proyectos Universitarios de Vinculación con la Sociedad (PUVS) experimentan, en la actualidad, un importante desarrollo en muchos países. Sin embargo, no existe un modelo completo para la evaluación del desarrollo e impacto de este tipo de proyectos. Para remediar esta carencia, el presente trabajo propone un modelo al respecto, considerando tanto a los agentes que intervienen en ellos, como a las dimensiones y a los factores relevantes en su desarrollo, y las variables e indicadores a considerar. Así pues, este modelo puede resultar útil tanto a las universidades como a los organismos públicos de supervisión y a las propias entidades beneficiarias de los proyectos.