IMT Institutional Repository: No conditions. Results ordered -Date Deposited. 2024-03-19T05:15:52ZEPrintshttp://eprints.imtlucca.it/images/logowhite.pnghttp://eprints.imtlucca.it/2018-03-09T11:23:56Z2018-03-09T11:23:56Zhttp://eprints.imtlucca.it/id/eprint/3981This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/39812018-03-09T11:23:56ZGovernance, sistemi di management e performance aziendali, possibili vie di integrazione. Considerazioni finaliNel contributo sono raccolte le considerazioni finali della ricerca PRIN che hanno riguardata 5 distretti industriali in Toscana in termini di assetti di governance, formula imprenditoriale ed orientamento strategico di fondo.Nicola Lattanzinicola.lattanzi@imtlucca.it2018-03-09T11:20:13Z2018-03-09T11:20:13Zhttp://eprints.imtlucca.it/id/eprint/3979This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/39792018-03-09T11:20:13ZLe figure professionaliNicola Lattanzinicola.lattanzi@imtlucca.it2018-03-08T10:25:34Z2018-03-08T10:45:40Zhttp://eprints.imtlucca.it/id/eprint/3971This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/39712018-03-08T10:25:34ZThe Long Run Effects of R&D Place-based Policies: Evidence from Russian Science CitiesWe study the long run effects of a unique historical place-based policies targeting R&D: the
creation of “Science Cities” in former Soviet Russia. The establishment of Science Cities and
the criteria for selecting their location were largely guided by political and military-strategic
considerations. We compare current demographic and economic characteristics of Science
Cities to those of appropriately matched localities that were similar to them at the time of
their establishment. We find that in the modern Russian economy, despite the massive cuts
of governmental support to R&D that followed the dissolution of the USSR, Science Cities
host more high-skilled workers and more developed R&D and ICT sectors; are the origin of
more international patents; and generally appear to be more productive and economically
developed. Within a spatial equilibrium framework, we interpret these findings as the result
of the interaction between persistence and agglomeration forces. Furthermore, we rule out
alternative explanations that have to do with the differential use of public resources, and
we find limited support for a case of equilibrium reversion. Finally, by analyzing firm-level
data we obtain evidence in favor of spillover effects with a wide spatial breadth.Helena SchweigerAlexander StepanovPaolo Zacchiapaolo.zacchia@imtlucca.it2018-03-06T13:45:41Z2018-03-06T13:45:41Zhttp://eprints.imtlucca.it/id/eprint/3968This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/39682018-03-06T13:45:41ZAzienda, comportamento umano e neuroscienzeNicola Lattanzinicola.lattanzi@imtlucca.it2018-03-06T13:43:22Z2018-03-06T13:43:22Zhttp://eprints.imtlucca.it/id/eprint/3967This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/39672018-03-06T13:43:22Z(a cura di) Elementi di management e dinamica aziendale. Andamenti, decisioni, risultatiIn una prima parte il capitolo affronta il tema dell'azienda e delle sue relazioni con l'ambiente. Il sistema informativo aziendale è trattato anche avendo riguardo al ruolo della risorsa umana in azienda ed al contributo che la prospettiva delle neuroscienze può offrire.Nicola Lattanzinicola.lattanzi@imtlucca.it2018-03-06T13:24:18Z2018-03-06T13:24:18Zhttp://eprints.imtlucca.it/id/eprint/3963This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/39632018-03-06T13:24:18ZL'imprenditorialità nell'azienda lapidea. Rilevanza e caratteri delle radici territoriali nelle strategie competitiveIl volume si sofferma sulle caratteristiche della filiera del marmo e sull'azienda lapidea in particolare, per poi passare all'analisi delle possibili strategie competitive. Le dinamiche di sviluppo delle aziende del distretto apuoversiliese offrono interessanti indizi circa la rilevanza della forte caratterizzazione produttiva del territorio nel processo di formazione dell'identità strategica: ne emergono evidenze che paiono indicare un necessario connubio fra industria ed artigianato artistico, unitamente all'assunzione di detta consapevolezza da parte del policy maker pubblico. Il modello di sviluppo che ne deriva evidenzia percorsi di valorizzazione del patrimonio intangibile che puntano su radicamento territoriale, autenticità strategica e artigianalità delle produzione industriale.Nicola Lattanzinicola.lattanzi@imtlucca.itG. Vitali2018-03-06T12:06:48Z2018-03-06T12:06:48Zhttp://eprints.imtlucca.it/id/eprint/3956This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/39562018-03-06T12:06:48ZManagement Science and Neuroscience Impact. Decision Making Process, Entrepreneurship and Business StrategyMassive changes that are occurring in contemporary society are primarily due to fast-paced scientiic and technological advancement that afects the manners in which individuals communicate, interact and exchange knowledge. he ability to predict future scenarios on the basis of which the company may plan its strategy and choices has become a very complex. Uncertainty has become a prominent contemporary reality. In this context, studies that shed light on decision making processes have gained an important role. Neuroscience ofers new tools for the understanding of human behavior in economics as well as in entrepreneurial and managerial decision making processes. he impact of neuroscience on the management science is here analyzed in the belief that the strategic ability to foresee future scenarios together with the managers’ awareness of the great value of human resources are fundamental sources of competitive advantage for the irm. he book addresses issues that have remained largely unexplored and which are of interest for researchers, entrepreneurs, managers and business men. he hope is that neuroscientiic perspectives will be embraced by the management science and will become a source of fruitful knowledge and a topic of study inside business schools.Nicola Lattanzinicola.lattanzi@imtlucca.it2018-02-28T11:37:45Z2018-02-28T11:37:45Zhttp://eprints.imtlucca.it/id/eprint/3920This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/39202018-02-28T11:37:45ZNeuroscience Evidence for Economic Humanism in Management Science: Organizational Implications and StrategyGlobalization phenomena and Information & Communication Technology (ICT) are producing deep changes worldwide. The economic environment and society where firms both cooperate and compete with each other are rapidly changing leading firms towards recognizing the role of intangible resources as a source of fresh competitive advantage. Experience, innovation and the ability to create new knowledge completely arise from the act of human resources inviting firms to focus on how to generate and shape knowledge. Therefore, the future of firms depends greatly on how managers are able to explore and exploit human resources. However, without a clear understanding of the nature of human beings and the complexity behind human interactions, we cannot understand the theory of organizational knowledge creation. Thus, how can firms discover, man- age and valorize this “human advantage”? Neuroscience can increase the understanding of how cognitive and emotional processes work; in doing so, we may be able to better understand how individuals involved in a business organization make decisions and how external factors influence their behavior, especially in terms of commitment activation and engagement level. In this respect, a neuroscientific approach to business can support managers in decision-making processes. In a scenario where economic humanism plays a central role in the process of fostering firms’ competitiveness and emerging strategies, we believe that a neuroscience approach in a business organization could be a valid source of value and inspiration for manager decision-making processes.Nicola Lattanzinicola.lattanzi@imtlucca.itLorenzo Dal MasoDario Menicagli2017-11-28T08:58:51Z2017-11-28T08:58:51Zhttp://eprints.imtlucca.it/id/eprint/3833This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/38332017-11-28T08:58:51ZThe Organization of Global Supply NetworksIn this contribution, we introduce a network approach for the organization of global
production across national borders, beyond the sequential industry-level metrics proposed
in the previous literature. First, we show and argue that several characteristics of
global production processes would be lost in the analysis when assuming that they could
be proxied as linear sequences. Hence, we propose an index that assesses the relevance
of any input for the target output, including its role as an input of inputs. Thereafter,
we exploit an own-built firm-level dataset of about 20,489 U.S. parent companies integrating
more than 154,000 affiliates worldwide. Results show that the technological
relevance of an input in a directed supply network is also a good predictor for: i) the
probability that an input industry is actually integrated within a firm boundary; ii) the
number of affiliates that are controlled by the parent company and active in that input
industry.Loredana Fattoriniloredana.fattorini@imtlucca.itArmando Rungiarmando.rungi@imtlucca.itZhen Zhuzhen.zhu@imtlucca.it2017-04-03T09:39:32Z2017-08-28T15:31:01Zhttp://eprints.imtlucca.it/id/eprint/3683This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/36832017-04-03T09:39:32ZAn extreme value analysis of the last century crises across industries in the U.S. economyAbstract The two large scale crises that hit the world economy in the last century, i.e. the Great Depression and the Great Recession, have similar outbreak and recovery patterns with respect to several macroeconomic variables. In particular, the largest depressions are likely to be accompanied by stock-market crashes. This study investigates the behavior of the U.S. stock market before, during and after deep downturns, focusing particularly on the tails of the return distribution. We develop two automatic procedures to identify multiple change-points in the tail of financial time series as well as in the co-crash and co-boom probabilities of different markets. We then apply our methodology to twelve time series representative of the sectors of the U.S. economy. We find that regime shifts in the lower tail of the distribution tend to co-occur before deep downturns. Our results contribute to a better understanding of the origin and systemic nature of large scale events to make policy interventions more timely and effective.Marco BeeMassimo Riccabonimassimo.riccaboni@imtlucca.itLuca Trapinluca.trapin@imtlucca.it2017-03-10T08:59:24Z2017-03-21T11:08:28Zhttp://eprints.imtlucca.it/id/eprint/3660This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/36602017-03-10T08:59:24ZThe Indirect Effects of FDI on Trade: A Network PerspectiveThe relationship between international trade and foreign direct invest-
ment (FDI) is one of the main features of globalization. In this paper
we investigate the effects of FDI on trade from a network perspective,
since FDI takes not only direct but also indirect channels from origin to
destination countries because of firms' incentive to reduce tax burden,
to minimize coordination costs, and to break barriers to market entry.
We use a unique data set of international corporate control as a measure
of stock FDI to construct a corporate control network (CCN) where the
nodes are the countries and the edges are the corporate control relation-
ships. Based on the CCN, the network measures, i.e., the shortest path
length and the communicability, are computed to capture the indirect
channel of FDI. Empirically we find that corporate control has a positive
effect on trade both directly and indirectly. The result is robust with dif-
ferent specifications and estimation strategies. Hence, our paper provides
strong empirical evidence of the indirect effects of FDI on trade. More-
over, we identify a number of interplaying factors such as regional trade
agreements and the region of Asia. We also find that the indirect effects
are more pronounced for manufacturing sectors than for primary sectors
such as oil extraction and agriculture.Rodolfo MetuliniMassimo Riccabonimassimo.riccaboni@imtlucca.itPaolo Sgrignolipaolo.sgrignoli@alumni.imtlucca.itZhen Zhuzhen.zhu@imtlucca.it2016-10-06T14:27:01Z2016-10-06T14:27:01Zhttp://eprints.imtlucca.it/id/eprint/3572This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/35722016-10-06T14:27:01ZLearning from successes and failures in pharmaceutical R&DIn this paper, we build a cumulative innovation model to understand the role of both success and failure in the learning dynamics that characterize pharmaceutical R&D. We test the prediction of our model by means of a unique dataset that combines patent information with R&D projects, thus distinguishing patents related to successfully marketed products from those covering candidate drugs that failed in clinical trials. Results confirm model predictions showing that patents associated with successfully completed projects receive more citations than those associated with failed projects. However, we also show that failed projects can be in turn cited more often than patents lacking clinical or preclinical information. We further explore the `black box' of innovation, providing evidence that both successes and failures contribute to R&D investment decisions and knowledge dynamics in science-driven sectors.Jing-Yuan ChiouLaura MagazziniFabio Pammollif.pammolli@imtlucca.itMassimo Riccabonimassimo.riccaboni@imtlucca.it2016-10-06T14:19:46Z2016-10-06T14:19:46Zhttp://eprints.imtlucca.it/id/eprint/3571This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/35712016-10-06T14:19:46ZReal Options and Incremental Search in Pharmaceutical R&D Project Portfolio ManagementThis paper investigates the role of real options reasoning in R&D project portfolio management and investment decisions of pharmaceutical firms. We analyse a unique dataset that integrates information on initiation and termination of clinical trials at the level of specific medical indications. Consistent with existing literature, we find a positive relationship between market size and firm entry in clinical trials. We also show that the option value of R&D investments, as proxied by the scope of R&D projects, affects the selection of target markets. Moreover, high-risk research areas attract more entry, in line with the predictions of real options theory. However, we also find that more flexibility in project duration and delayed project discontinuation attract higher rates of entry. Departures from pure real options reasoning are motivated by the presence of incremental learning in pharmaceutical R&D.Laura MagazziniFabio Pammollif.pammolli@imtlucca.itMassimo Riccabonimassimo.riccaboni@imtlucca.it2016-07-04T07:57:39Z2017-07-18T09:47:45Zhttp://eprints.imtlucca.it/id/eprint/3510This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/35102016-07-04T07:57:39ZHow to build an identity for a cultural institution that inhabits the contemporaneity: SALTYesim Tonga Uriarteyesim.tonga@imtlucca.it2015-11-10T13:11:49Z2018-03-06T13:22:31Zhttp://eprints.imtlucca.it/id/eprint/2882This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/28822015-11-10T13:11:49ZContinuità nel pensiero strategico e longevità economicaNicola Lattanzinicola.lattanzi@imtlucca.itGiuseppina RotaPietro Pietrinipietro.pietrini@imtlucca.it2015-11-06T13:40:03Z2015-11-06T13:40:03Zhttp://eprints.imtlucca.it/id/eprint/2855This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/28552015-11-06T13:40:03ZInvestigating the interplay between fundamentals of national research systems: performance, investments and international collaborationsWe discuss, at the macro-level of nations, the contribution of research funding and rate of international collaboration to research performance, with important implications for the science of science policy. In particular, we cross-correlate suitable measures of these quantities with a scientometric-based assessment of scientific success, studying both the average performance of nations and their temporal dynamics in the space defined by these variables during the last decade. We find significant differences among nations in terms of efficiency in turning (financial) input into bibliometrically measurable output, and we confirm that growth of international collaboration positively correlate with scientific success, with significant benefits brought by EU integration policies. Various geo-cultural clusters of nations naturally emerge from our analysis. We critically discuss the possible factors that potentially determine the observed patterns.Giulio Ciminigiulio.cimini@imtlucca.itAndrea ZaccariaAndrea Gabrielli2015-11-06T12:46:04Z2015-11-06T12:46:04Zhttp://eprints.imtlucca.it/id/eprint/2850This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/28502015-11-06T12:46:04ZThe Scientific Competitiveness of NationsWe use citation data of scientific articles produced by individual nations in different scientific domains to determine the structure and efficiency of national research systems. We characterize the scientific fitness of each nation—that is, the competitiveness of its research system—and the complexity of each scientific domain by means of a non-linear iterative algorithm able to assess quantitatively the advantage of scientific diversification. We find that technological leading nations, beyond having the largest production of scientific papers and the largest number of citations, do not specialize in a few scientific domains. Rather, they diversify as much as possible their research system. On the other side, less developed nations are competitive only in scientific domains where also many other nations are present. Diversification thus represents the key element that correlates with scientific and technological competitiveness. A remarkable implication of this structure of the scientific competition is that the scientific domains playing the role of “markers” of national scientific competitiveness are those not necessarily of high technological requirements, but rather addressing the most “sophisticated” needs of the society.Giulio Ciminigiulio.cimini@imtlucca.itAndrea GabrielliFrancesco Sylos Labini2015-11-05T11:43:19Z2018-03-08T17:01:55Zhttp://eprints.imtlucca.it/id/eprint/2816This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/28162015-11-05T11:43:19ZNull models of economic networks: the case of the world trade webIn all empirical-network studies, the observed properties of economic networks are informative only if compared with a well-defined null model that can quantitatively predict the behavior of such properties in constrained graphs. However, predictions of the available null-model methods can be derived analytically only under assumptions (e.g., sparseness of the network) that are unrealistic for most economic networks like the world trade web (WTW). In this paper we study the evolution of the WTW using a recently-proposed family of null network models. The method allows to analytically obtain the expected value of any network statistic across the ensemble of networks that preserve on average some local properties, and are otherwise fully random. We compare expected and observed properties of the WTW in the period 1950–2000, when either the expected number of trade partners or total country trade is kept fixed and equal to observed quantities. We show that, in the binary WTW, node-degree sequences are sufficient to explain higher-order network properties such as disassortativity and clustering-degree correlation, especially in the last part of the sample. Conversely, in the weighted WTW, the observed sequence of total country imports and exports are not sufficient to predict higher-order patterns of the WTW. We discuss some important implications of these findings for international-trade models.Giorgio FagioloTiziano Squartinitiziano.squartini@imtlucca.itDiego Garlaschellidiego.garlaschelli@imtlucca.it2015-11-02T14:47:45Z2015-11-02T14:47:45Zhttp://eprints.imtlucca.it/id/eprint/2804This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/28042015-11-02T14:47:45ZBig hits, export concentration and volatilityRecent empirical work has documented the high concentration of trade flows, and the large role played by few “big hits” in each country’s export. We propose a simple stochastic benchmark against which we assess each economy’s actual number of “big hits”. We show that most European countries underperform the benchmark, while China, the US and Germany do better. A low number of “big hits” (relative to our prediction) is associated with higher export volatility. Looking at possible determinants of “big hits”, we find they depend on the actual performance of each country, so that industrial policy needs to be country-specific.ShamnaazB. SufraujStefano SchiavoMassimo Riccabonimassimo.riccaboni@imtlucca.it2015-11-02T13:34:20Z2016-04-13T08:48:45Zhttp://eprints.imtlucca.it/id/eprint/2790This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/27902015-11-02T13:34:20ZTechnology Diffusion on the International Trade NetworkTechnological innovations generate knowledge spillovers—non-innovators benefit through the adoption, imitation, and extension of new technologies. International trade facilitates technology diffusion by providing importing countries access to technical knowledge that they can potentially internalize. Previous studies of the effect of trade on technology diffusion typically only consider the impact of direct (bilateral) trade on indirect measures of technology (e.g., total factor productivity). We contend that the analysis of trade's impact on technology diffusion would be more accurately assessed by using direct measures of specific technologies (e.g., intensity levels) and by allowing for the influence of both the direct and indirect effects of trade in the analysis. The latter is accomplished by modeling the international trade system as a weighted network, which quantifies both direct and indirect trade linkages. Combining trade data with data on the adoption of specific technologies, we find that the network effects of trade play a significant role in technology diffusion. In most cases, countries that are better-connected on the trade network have higher technology intensities. Further support for the importance of trade is provided by the finding that for “outdated” technologies, better-connected countries have lower technology intensities because of their adoption of newer, substitute technologies.Gary D. FerrierJavier A. ReyesZhen Zhuzhen.zhu@imtlucca.it2015-05-20T12:04:10Z2015-05-20T12:04:10Zhttp://eprints.imtlucca.it/id/eprint/2689This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/26892015-05-20T12:04:10ZGlobal Value TreesThe fragmentation of production across countries has become an important feature of the
globalization in recent decades and is often conceptualized by the term “global value chains” (GVCs). When empirically investigating the GVCs, previous studies are mainly in-
terested in knowing how global the GVCs are rather than how the GVCs look like. From a
complex networks perspective, we use the World Input-Output Database (WIOD) to study
the evolution of the global production system. We find that the industry-level GVCs are in-
deed not chain-like but are better characterized by the tree topology. Hence, we compute
the global value trees (GVTs) for all the industries available in the WIOD. Moreover, we
compute an industry importance measure based on the GVTs and compare it with other net-
work centrality measures. Finally, we discuss some future applications of the GVTs.Zhen Zhuzhen.zhu@imtlucca.itMichelangelo Puligamichelangelo.puliga@imtlucca.itFederica CerinaAlessandro Chessaalessandro.chessa@imtlucca.itMassimo Riccabonimassimo.riccaboni@imtlucca.it2013-09-02T09:32:09Z2013-09-02T09:32:09Zhttp://eprints.imtlucca.it/id/eprint/1656This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/16562013-09-02T09:32:09ZLean thinking in radiologia: allineare i servizi fuori linea al percorso di cura del paziente in Pronto Soccorso per ridurre i tempi di attraversamentoDario RicciSimone MagazziniAlberto CoppiAlessandro BoganiFrancesco BellomoAlessandro SergiGabriella Dellinogabriella.dellino@imtlucca.it2013-07-10T12:30:33Z2013-07-10T12:30:33Zhttp://eprints.imtlucca.it/id/eprint/1643This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/16432013-07-10T12:30:33ZApplication of Feed-Forward Neural Networks Smoothing Transition Autoregressive Models in Stock Returns ForecastingEleftherios Giovaniseleftherios.giovanis@imtlucca.it2013-07-09T14:46:57Z2013-07-09T14:46:57Zhttp://eprints.imtlucca.it/id/eprint/1636This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/16362013-07-09T14:46:57ZApplication of Feed-Forward Neural Networks Smoothing Transition Autoregressive Models in Stock Returns Forecasting In this paper we propose and examine new approaches in smoothing transition autoregressive (STAR) models. Firstly, a new STAR function is proposed, which is the hyperbolic tangent sigmoid function. Secondly, we propose Feed-Forward Neural Networks Smoothing Transition Autoregressive (FFNN-STAR) models. We examine the stock returns of US S&P 500, FTSE-100 in UK stock index, DAX index in Germany and CAC-40 in France and we apply bootstrapping ordinary least squares simulated regressions, while also GARCH models with bootstrapping simulations can be applied as well. The results are in favor of neural networks, while in almost all cases the forecasting performance of Feed-Forward Neural Networks STAR models is superior to conventional STAR models. This paper can be a guide and set up the fundamentals for further advanced research in econometrics and time-series analysis. Eleftherios Giovaniseleftherios.giovanis@imtlucca.it2013-07-09T14:36:19Z2013-07-09T14:36:19Zhttp://eprints.imtlucca.it/id/eprint/1635This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/16352013-07-09T14:36:19ZA Study of Panel Logit Model and Adaptive Neuro-Fuzzy Inference System in the Prediction of Financial Distress PeriodsThe purpose of this paper is to present two different
approaches of financial distress pre-warning models appropriate for risk supervisors, investors and policy makers. We examine a sample of the financial institutions and electronic companies of Taiwan Security Exchange (TSE) market from 2002 through 2008. We present a binary logistic regression with paned data analysis. With the pooled binary logistic regression we build a model including more variables in the regression than with random effects, while the in-sample and out-sample forecasting performance is higher in random effects estimation than in pooled regression. On the other hand we estimate an Adaptive Neuro-Fuzzy Inference System (ANFIS) with Gaussian and Generalized Bell (Gbell) functions and we find that ANFIS outperforms significant Logit regressions in both in-sample and out-of-sample periods, indicating that ANFIS is a
more appropriate tool for financial risk managers and for the economic policy makers in central banks and national statistical services.Eleftherios Giovaniseleftherios.giovanis@imtlucca.it2013-07-09T13:54:08Z2013-07-09T13:54:08Zhttp://eprints.imtlucca.it/id/eprint/1634This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/16342013-07-09T13:54:08ZA study on the day-of-the-Week Effect in Fifty Five Stock Markets: Evidence from Asymmetric GARCH ModelsEleftherios Giovaniseleftherios.giovanis@imtlucca.it2013-07-08T13:44:34Z2014-01-24T14:24:45Zhttp://eprints.imtlucca.it/id/eprint/1628This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/16282013-07-08T13:44:34ZThe Month-of-The-Year Effect: Evidence from GARCH Models in Fifty Five Stock MarketsThis paper studies the month of the year effect, where January effect presents positive and the highest returns of the other months of the year. In order to investigate the specific calendar effect in global level, fifty-five stock market indices from fifty-one countries are examined. Symmetric GARCH models are applied and based on asymmetries tests asymmetric GARCH models are estimated. The main findings of this study is that a December effect is found on twenty stock markets, with higher returns on the specific month, while February effect is presented in nine stock markets, followed by January and April effects in seven and six stock markets respectively. These patterns provide positive and highest returns on the mentioned months, while a pattern where a specific month gives a persistence signal of negative returns couldn’t be found. Eleftherios Giovaniseleftherios.giovanis@imtlucca.it2013-04-02T08:02:20Z2013-04-02T08:02:20Zhttp://eprints.imtlucca.it/id/eprint/1539This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/15392013-04-02T08:02:20ZExperience, socialization and customer retention: Lessons from the dance floorExperience and socialization are key factors in customer commitment and defection decisions. To study the effect of experience and social relationships on customer retention, we analyze a reality-mined co-presence network of health club members over a period of 4 years. Since central customers in the network have more social ties they will lose if they defect, we use centrality as a proxy for customer relationship switching costs. We find that long-standing customers do have a lower chance of renewing their contracts. However, in line with theoretical predictions (Burnham et al., Journal of the Academy of Marketing Science 31(2):109–126, 2003), the consumer’s centrality in the network (reflecting a social cost of defection) reduces customer churn rate. This study’s results indicate that the inclusion of social effects increases the predictive power of the customer churn model (Nitzan and Libai, Journal of Marketing 75(6):24–38, 2011), thus contributing to our understanding of the role social networks play in customer decisions.Gianna GiudicatiMassimo Riccabonimassimo.riccaboni@imtlucca.itAnna Romiti2012-05-22T13:59:24Z2012-07-05T10:09:36Zhttp://eprints.imtlucca.it/id/eprint/1279This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/12792012-05-22T13:59:24ZDo Eco-Innovations Harm Productivity Growth through Crowding Out? Results of an Extended CDM Model for ItalyThis paper discusses the results for Italy of a CDM model (Crepon et al, 1998) further extended with the objective of evaluating drivers and productivity effects of environmental innovations. The particular nature of environmental innovations, especially as regards the need of
government intervention to create market opportunities, is likely to affect the way through which they are pursued (innovation equation within the CDM model) and their effect on productivity (productivity equation). Here I test two main hypothesis: (i) to what extent polluting firms
rely on own innovations to improve their environmental performance? (ii) do the pursue of environmental innovations reduce the likelihood of obtaining other profitable innovations (crowding out)? Results, based
on administrative data (AIDA by Bureau van Dijk and patent data from PATSTAT) show that innovation efforts of polluting firms and sectors is significantly biased towards environmental innovations and that environmental innovations tend to crowd out other more profitable
(at least in the short run) innovations.Giovanni Maringiovanni.marin@alumni.imtlucca.it2012-03-02T11:32:00Z2012-04-19T09:52:31Zhttp://eprints.imtlucca.it/id/eprint/1201This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/12012012-03-02T11:32:00ZLearning from failures or failing to learn? Lessons from pharmaceutical R&DInnovation is a trial and error process in which both successes and failures contribute to knowledge creation and
destruction. In this paper we test theoretical predictions about the role of failures in new product development on
private and public knowledge and interfirm knowledge transfer. We analyse the outcomes of world-wide R&D
projects in the pharmaceutical industry, and proxy knowledge flows with forward citations received by patents
associated with each project. We find that patents covering successfully completed projects (i.e., leading to drug
launch on the market) receive more citations than those associated to failed (terminated) projects, which in turn
are cited more often than patents lacking clinical or preclinical information. Failures by specialized firms are cited more frequently than the ones of generalist companies. We therefore offer evidence of the value of failures as research inputs in (pharmaceutical) innovation.Laura MagazziniFabio Pammollif.pammolli@imtlucca.itMassimo Riccabonimassimo.riccaboni@imtlucca.it2011-12-14T15:19:28Z2011-12-14T15:19:28Zhttp://eprints.imtlucca.it/id/eprint/1042This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/10422011-12-14T15:19:28ZManaging technological transitions through R&D alliancesTechnological and market transitions are difficult to manage, and collaborations can be viewed as either resources or constraints in dynamic settings. In the biopharmaceutical industry, a paradigmatic shift in the relevant knowledge bases occurred in the mid-1990s, inducing a structural change in the network of R&D collaborations. Search and relational strategies oriented toward exploration versus exploitation have prevailed in different phases of the network evolution. Therefore, biotechnology firms have experienced overwhelming difficulties in reorienting their learning strategies throughout paradigmatic shifts and ambidextrous organizations have been able to attain superior performances in terms of stability and centralization in the R&D network.Massimo Riccabonimassimo.riccaboni@imtlucca.itRocco Moliterni2011-12-06T11:36:57Z2011-12-06T11:36:57Zhttp://eprints.imtlucca.it/id/eprint/1037This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/10372011-12-06T11:36:57ZNeural network model-based paper machine marginal cost curvesIn this paper we present a methodology for developing paper machine marginal cost curves, which include variable material and energy costs, fixed costs and overhead costs. The methodology is based on the radial basis function (RBF) neural network architecture and takes into account the complex interactions between the different mill departments. The outcome of the proposed method is the calculation of marginal costs for different paper machine production rates and different grades. The resulting cost curves can be used to take optimal decisions regarding paper machine loadings and optimize production allocation.Panagiotis Patrinospanagiotis.patrinos@imtlucca.itHaralambos SarimveisTh RetsinaS.R RutherfordAlex Alexandridis2011-09-07T12:58:03Z2014-01-24T14:19:09Zhttp://eprints.imtlucca.it/id/eprint/825This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/8252011-09-07T12:58:03ZInnovation and corporate dynamics: a theoretical frameworkWe provide a detailed analysis of a generalized proportional growth model (GPGM) of innovation and corporate dynamics that encompasses the Gibrat’s Law of Proportionate Effect and the Simon growth process as particular instances. The predictions of the model are derived in terms of (i) firm size distribution, (ii) the distribution of firm growth rates, and (iii-iv) the relationships between firm size and the mean and variance of firm growth rates. We test the model against data from the worldwide pharmaceutical industry and find its predictions to be in good agreement with empirical evidence on all four dimensions.Jakub GrowiecFabio Pammollif.pammolli@imtlucca.itMassimo Riccabonimassimo.riccaboni@imtlucca.it2011-06-30T14:28:02Z2011-08-31T14:40:39Zhttp://eprints.imtlucca.it/id/eprint/630This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/6302011-06-30T14:28:02ZA Comparison of U. S. and European University-Industry Relations in the Life SciencesWe draw on diverse data sets to compare the institutional organization of upstream life science research across the United States and Europe. Understanding cross-national differences in the organization of innovative labor in the life sciences requires attention to the structure and evolution of biomedical networks involving public research organizations (universities, government laboratories, nonprofit research institutes, and research hospitals), science-based biotechnology firms, and multinational pharmaceutical corporations. We use network visualization methods and correspondence analyses to demonstrate that innovative research in biomedicine has its origins in regional clusters in the United States and in European nations. But the scientific and organizational composition of these regions varies in consequential ways. In the United States, public research organizations and small firms conduct R&D across multiple therapeutic areas and stages of the development process. Ties within and across these regions link small firms and diverse public institutions, contributing to the development of a robust national network. In contrast, the European story is one of regional specialization with a less diverse group of public research organizations working in a smaller number of therapeutic areas. European institutes develop local connections to small firms working on similar scientific problems, while cross-national linkages of European regional clusters typically involve large pharmaceutical corporations. We show that the roles of large and small firms differ in the United States and Europe, arguing that the greater heterogeneity of the U. S. system is based on much closer integration of basic science and clinical development.Fabio Pammollif.pammolli@imtlucca.itJason Owen-SmithMassimo Riccabonimassimo.riccaboni@imtlucca.itWalter W. Powell2011-06-30T14:27:56Z2011-08-31T14:40:38Zhttp://eprints.imtlucca.it/id/eprint/632This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/6322011-06-30T14:27:56ZThe productivity crisis in pharmaceutical R&DAdvances in the understanding of the molecular basis of diseases have expanded the number of plausible therapeutic targets for the development of innovative agents in recent decades. However, although investment in pharmaceutical research and development (R&D) has increased substantially in this time, the lack of a corresponding increase in the output in terms of new drugs being approved indicates that therapeutic innovation has become more challenging. Here, using a large database that contains information on R&D projects for more than 28,000 compounds investigated since 1990, we examine the decline of R&D productivity in pharmaceuticals in the past two decades and its determinants. We show that this decline is associated with an increasing concentration of R&D investments in areas in which the risk of failure is high, which correspond to unmet therapeutic needs and unexploited biological mechanisms. We also investigate the potential variations in productivity with regard to the regional location of companies and find that although companies based in the United States and Europe differ in the composition of their R&D portfolios, there is no evidence of any productivity gap.Fabio Pammollif.pammolli@imtlucca.itLaura MagazziniMassimo Riccabonimassimo.riccaboni@imtlucca.it2011-06-30T14:27:33Z2011-08-31T14:40:38Zhttp://eprints.imtlucca.it/id/eprint/635This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/6352011-06-30T14:27:33ZPatent disclosure and R&D competition in pharmaceuticalsThe prominent role played by patents within the pharmaceutical domain is unquestionable. In this paper, we focus on a relatively neglected implication of patents: the effect of patent-induced information disclosure on the dynamics of R&D and market competition. The study builds upon the combination of two large datasets, linking the information about patents to firm-level data on R&D projects and their outcome. Two case studies in the fields of anti-inflammatory compounds and cancer research complement our analysis. We argue that patent disclosure induces R&D competition and shapes firms' technological trajectories. In fact, we show that under conditions of uncertainty, patent disclosure can contribute to generate knowledge spillovers, promoting multiple parallel research efforts on plausible targets and stimulating private investment and competition. Fabio Pammollif.pammolli@imtlucca.itLaura MagazziniMassimo Riccabonimassimo.riccaboni@imtlucca.itMaria Alessandra Rossi2011-06-30T14:25:58Z2011-08-31T14:40:39Zhttp://eprints.imtlucca.it/id/eprint/649This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/6492011-06-30T14:25:58ZInnovation and corporate growth in the evolution of the drug industryThis work studies the processes of growth of the worlds top 150 pharmaceutical firms, on the grounds of an original database which also allows disaggregate analysis at the level of single therapeutical classes and chemical entities. Our findings show that the industry -- whose long-term evolution is driven by innovation, imitation and permanent creation of new markets -- displays (i) "fat tails" in the distribution of growth shocks, present at all levels of aggregation, with (relatively rare) big "spurs of growth", (ii) a significant autocorrelation of growth rates, (iii) a fall of variance of growth rates with size entirely dependent on corporate diversification patterns, in turn plausibly shaped by the "competence scope" of each firm, and (iv) different "lifecycles" of diverse types of products, and persistent forms of heterogeneity across firms in terms of innovative output, which, however, do not not seem to affect comparative growth performances.Fabio Pammollif.pammolli@imtlucca.itGiulio BottazziGiovanni DosiMarco LippiMassimo Riccabonimassimo.riccaboni@imtlucca.it2011-06-30T14:25:27Z2014-07-02T10:38:17Zhttp://eprints.imtlucca.it/id/eprint/654This item is in the repository with the URL: http://eprints.imtlucca.it/id/eprint/6542011-06-30T14:25:27ZThe nature and extent of the market for technology in biopharmaceuticalsThe biopharmaceutical industry is a typical example of the development of technological collaborations, as well as of technological competition, between larger established firms and smaller high-tech specialist firms (the so-called New Biotechnology Firms — NBFs). These two types of firms perform innovative activities at different stages, with different degree of risk, and with different probability of failure. By using a comprehensive database of 2078 drug R&D projects promoted all over the world during the 1990s, this study assesses the different performance of R&D processes conducted under different governance structures, most notably projects that are fully internalised by the companies vis-àvis projects developed in collaboration with other firms. Moreover, this study compares the different specialisation and performance of large drug companies with respect to the NBFs. Results show that the established pharmaceutical companies have comparative advantages with respect to NBFs in drug development, while there is no advantage related to scale in drug discovery. Furthermore, NBFs undertake less risky project, which are more likely to fail at earlier clinical stages.Ashish AroraAlfonso GambardellaFabio Pammollif.pammolli@imtlucca.itMassimo Riccabonimassimo.riccaboni@imtlucca.it