University of Manchester

Displaying 1-40 of 124 results

  • White Papers // Jan 2015

    Distributed Resource Allocation in D2D-Enabled Multi-Tier Cellular Networks: An Auction Approach

    Future wireless networks are expected to be highly heterogeneous with the co-existence of macrocells and small cells as well as provide support for Device-To-Device (D2D) communication. In such multi-tier heterogeneous systems centralized radio resource allocation and interference management schemes will not be scalable. In this paper, the authors propose an...

    Provided By University of Manchester

  • White Papers // Jan 2015

    Wireless-Powered Cellular Networks: Key Challenges and Solution Techniques

    Energy harvesting from ambient sources is emerging as a sustainable and environment-friendly technique to prolong the lifetime of wireless devices. However, harvesting energy from these sources may not be feasible for Quality-of-Service (QoS)- constrained wireless applications. As such, dedicated Wireless-Powered Cellular Networks (WPCNs) are currently being investigated to ensure the...

    Provided By University of Manchester

  • White Papers // Nov 2014

    Scalable Dynamic Business Process Discovery with the Constructs Competition Miner

    Since the environment for businesses is becoming more competitive by the day, business organizations have to be more adaptive to environmental changes and are constantly in a process of optimization. Fundamental parts of these organizations are their business processes. Discovering and understanding the actual execution flow of the processes deployed...

    Provided By University of Manchester

  • White Papers // Jul 2014

    Heterogenous Acceleration for Linear Algebra in Mulit-Coprocessor Environments

    In this paper, the authors present an efficient and scalable programming model for the development of linear algebra in heterogeneous multi-coprocessor environments. The model incorporates some of the current best design and implementation practices for the heterogeneous acceleration of Dense Linear Algebra (DLA). Examples are given as the basis for...

    Provided By University of Manchester

  • White Papers // Sep 2013

    Translating the Need for Touch to Online Fashion Shopping Via Digital Technology

    Online shopping for fashion has seen explosive growth in recent times but the sector still faces the challenge of translating the in-store experience to the online environment. Clothing has been classified as a high-involvement product category that needs to be seen, tried on and touched to be evaluated (Workman, 2010)...

    Provided By University of Manchester

  • White Papers // Sep 2012

    Financial Option Market Model for Federated Cloud Environments

    Pay-per-use service by Cloud service providers has attracted customers in the recent past and is still evolving. Since the resources being dealt within Clouds are non-storable and the physical resources need to be replaced very often, pricing the service in a way that would return profit on the initial capital...

    Provided By University of Manchester

  • White Papers // May 2012

    Cooperative Spectrum Sensing With Noncoherent Transmission

    The problem of decision fusion for cooperative spectrum sensing in cognitive radio networks is studied when noisy fading channels are present between the Cognitive Radios (CRs) and the Fusion Center (FC). The CRs perform spectrum sensing using energy detection and transmit their binary decisions to the FC for a final...

    Provided By University of Manchester

  • White Papers // May 2012

    MDP-Based Admission Control for Multicast Streaming Services in Wireless Mobile Networks

    The authors investigate the optimal admission control policy for Multicast Streaming Services (MSS) in the 3rd Generation (3G) and beyond wireless mobile networks. An admission decision in MSS is required only when an empty session not being in service is requested due to the point-to multipoint nature, whereas it is...

    Provided By University of Manchester

  • White Papers // May 2012

    Performance Analysis of Cognitive Radio Networks With Channel Assembling and Imperfect Sensing

    This paper investigates the performance of a wideband cognitive radio network where each cognitive user can assemble multiple primary channels. Two channel assembling schemes are considered: a Constant Channel Assembling (CCA) and a Variable Channel Assembling (VCA). In the variable channel assembling scheme, cognitive users assemble their channels on the...

    Provided By University of Manchester

  • White Papers // May 2012

    An Improved Channel Model for Cognitive Radio

    To analyze scenarios like spectrum handoff in overlay cognitive radio networks, the authors need to capture the status change of the target channels in a more realistic manner. Most of the existing cognitive radio channel models assume target channels to be busy only when occupied by primary users. However, in...

    Provided By University of Manchester

  • White Papers // Mar 2012

    Applying Dataflow and Transactions to Lee Routing

    Programming multicore shared-memory systems is a challenging combination of exposing parallelism in their program and communicating between the resulting parallel paths of execution. The burden of communication can introduce complexity that is hard to separate from the pure expression of the algorithm and can negate the performance that is gained...

    Provided By University of Manchester

  • White Papers // Mar 2012

    Game Theoretic Modeling of Cooperation Among Service Providers in Mobile Cloud Computing Environments

    Mobile cloud computing aims at improving the performance of mobile applications and to enhance the resource utilization of service providers. In this paper, the authors consider a mobile cloud computing environment in which the service providers can form a coalition to create a resource pool to support the mobile applications....

    Provided By University of Manchester

  • White Papers // Aug 2011

    Internal Versus External DSLs for Trace Analysis Extended Abstract

    This paper explores the design and implementation issues arising in the development of domain-specific languages for trace analysis. It introduces the audience to the general concepts underlying such special-purpose languages building upon the authors' own experiences in developing both external domain-specific languages and systems, such as EAGLE, HAWK, RULER and...

    Provided By University of Manchester

  • White Papers // Jul 2011

    What's Wrong And Right With Microfinance - Missing An Angle On Responsible Finance?

    Microfinance as the best way of tackling poverty is under attack. It has been accused of failing to help the poor, of treating its clients badly, of charging high interest rates and of encouraging poor people to take on excessive debt burdens. The authors examine these issues, and find that...

    Provided By University of Manchester

  • White Papers // May 2011

    Checking Flight Rules With TRACECONTRACT Application of a Scala DSL for Trace Analysis

    Typically during the design and development of a NASA space mission, rules and constraints are identified to help reduce reasons for failure during operations. These flight rules are usually captured in a set of indexed tables, containing rule descriptions, rationales for the rules, and other information. Flight rules can be...

    Provided By University of Manchester

  • White Papers // May 2011

    Discrete Time Analysis of Cognitive Radio Networks With Saturated Source of Secondary Users

    The strategy used for sensing in a cognitive radio network affects the white space that Secondary Users (SUs) perceive and hence their throughput. For example, let the average time interval between consecutive sensing be fixed. There are several possible ways to achieve this mean value. The SU may sense the...

    Provided By University of Manchester

  • White Papers // Apr 2011

    TRACECONTRACT: A Scala DSL for Trace Analysis

    In this paper, the authors describe TRACECONTRACT, an API for trace analysis, implemented in the SCALA programming language. They argue that for certain forms of trace analysis the best weapon is a high level programming language augmented with constructs for temporal reasoning. A trace is a sequence of events, which...

    Provided By University of Manchester

  • White Papers // Mar 2011

    Lost in Translation: Data Integration Tools Meet the Semantic Web

    More information is now being published in machine processable form on the web and, as de-facto distributed knowledge bases are materializing, partly encouraged by the vision of the Semantic Web, the focus is shifting from the publication of this information to its consumption. Platforms for data integration, visualization and analysis...

    Provided By University of Manchester

  • White Papers // Mar 2011

    Capital Regulation, Monetary Policy And Financial Stability

    This paper examines the roles of bank capital regulation and monetary policy in mitigating procyclicality and promoting macroeconomic and financial stability. The analysis is based on a dynamic stochastic model with imperfect credit markets. Macroeconomic (financial) stability is defined in terms of the volatility of nominal income (real house prices)....

    Provided By University of Manchester

  • White Papers // Jan 2011

    The Innofusion Of Electronic Banking In Indonesia

    Even though financial innovation plays an important role in the modern economy, surprisingly there have been few empirical literatures. In developing countries, electronic banking (e-banking), for example, received relatively little attention although has been deployed for years. Indonesia presents unique case of Asian tiger economies, especially after experiencing crisis, financial...

    Provided By University of Manchester

  • White Papers // Jan 2011

    User Feedback as a First Class Citizen in Information Integration Systems

    User feedback is gaining momentum as a means of addressing the difficulties underlying information integration tasks. It can be used to assist users in building information integration systems and to improve the quality of existing systems, e.g., in dataspaces. Existing proposals in the area are confined to specific integration sub-problems...

    Provided By University of Manchester

  • White Papers // Jan 2011

    The Limits Of Information? A Game Theoretic Contribution To Understanding The Development Of An Indicators Policy For The UK Construction Industry

    In the UK over the last decade, benchmarking has been consistently promoted as a solution to the problems of industry and the construction industry in particular. Government support of benchmarking in construction through the development of a key performance indicators program found justification in the public goods aspects of the...

    Provided By University of Manchester

  • White Papers // Jan 2011

    Towards Higher-Order Virtualization for Chip Multiprocessor Systems

    Parallelization and virtualization are rapidly becoming standard techniques on commodity platforms. The apparent trend is likely to continue in the foreseeable future. Indeed, there is significant synergy between parallel execution environments and Virtual Machines (VMs). This paper shows how to take the trend (And its synergy) to the limit. It...

    Provided By University of Manchester

  • White Papers // Jan 2011

    Business Cycle Synchronization Since 1880

    This paper studies the international business cycle behavior across 25 advanced and emerging market economies for which 125 years of annual GDP data are available. The picture that emerges is more fragmented than the one drawn by studies that focused on a narrower set of advanced market economies. The paper...

    Provided By University of Manchester

  • White Papers // Dec 2010

    Financial Integration And The Construction Of Historical Financial Data For The Euro Area

    Time series analysis for the Euro Area requires the availability of sufficiently long historical data series, but the appropriate construction methodology has received little attention. The benchmark dataset, developed by the European Central Bank for use in its Area Wide Model (AWM), is based on fixed-weight aggregation across countries with...

    Provided By University of Manchester

  • White Papers // Nov 2010

    Microfinance Regulation And Social Protection

    Arguably, micro-finance provides social protection for the vulnerable by enabling them to access finance, create assets and avoid backsliding into poverty traps. This paper aims to survey the status quo of regulation of micro-finance services in Africa and to map out patterns of micro-finance regulation. The paper explores the relationship...

    Provided By University of Manchester

  • White Papers // Nov 2010

    A Kernel Technique For Forecasting The Variance- Covariance Matrix

    The forecasting of Variance-Covariance Matrices (VCMs) is an important issue in finance, having applications in portfolio selection and risk management as well as being directly used in the pricing of several financial assets. In recent years an increasing body of literature has developed multivariate models to forecast this matrix; these...

    Provided By University of Manchester

  • White Papers // Oct 2010

    Regime Shifts In Mean-Variance Efficient Frontiers: Some International Evidence

    Regime switching models have been assuming a central role in financial applications because of their well-known ability to capture the presence of rich non-linear patterns in the joint distribution of asset returns. This paper examines how the presence of regimes in means, variances, and correlations of asset returns translates into...

    Provided By University of Manchester

  • White Papers // Oct 2010

    Microfinance And Poverty A Macro Perspective

    This paper tests the hypothesis that microfinance reduces poverty at macro level using cross-country and panel data, based on the Microfinance Information EXchange (MIX) data on MFIs and the new World Bank poverty estimates. Taking account of the endogeneity associated with loans from MFIs, the authors' econometric analysis shows that...

    Provided By University of Manchester

  • White Papers // Oct 2010

    A New Keynesian Model With Heterogeneous Price Setting

    The Calvo contract pricing mechanism has become the most widely accepted microfoundation to the NK Phillips curve but unfortunately predicts that all firms in the economy face the same probability of price change. To better explain the stylized fact this paper relaxes the homogeneous firm assumption in the Calvo contract,...

    Provided By University of Manchester

  • White Papers // Oct 2010

    Does Microfinance Reduce Poverty In Bangladesh? New Evidence From Household Panel Data

    The purpose of the present paper is to examine whether microfinance reduces poverty in Bangladesh drawing upon the nationally representative household panel data covering 4 rounds from 1997 to 2005. A special attention was drawn to the issue of endogeneity by applying treatment effects model and Propensity Score Matching (PSM)...

    Provided By University of Manchester

  • White Papers // Sep 2010

    Determinants Of Corporate Exchange Rate Exposure And Implications For Investors: Evidence From Chilean Firms

    This paper investigates the impact of exchange rate fluctuations on the value of nonfinancial firms in Chile. Using a detailed dataset on firms' foreign activities, the potential determinants of the identified exposure are examined. Foreign exchange exposure depends on the levels of foreign currency debt and foreign currency assets. Levels...

    Provided By University of Manchester

  • White Papers // Sep 2010

    Does The Macro-economy Predict U.K. Asset Returns In A Nonlinear Fashion? Comprehensive Out-Of-Sample Evidence

    The authors perform a comprehensive examination of the recursive, comparative predictive performance of a number of linear and non-linear models for UK stock and bond returns. They estimate Markov switching, Threshold Autoregressive (TAR), and Smooth Transition Autoregressive (STR) regime switching models, and a range of linear specifications in addition to...

    Provided By University of Manchester

  • White Papers // Sep 2010

    Investigating Sources Of Unanticipated Exposure In Industry Stock Returns

    This paper investigates the sources of both foreign exchange rate and interest rate exposure of industry level portfolios in the G7, decomposing exposure into cash flow and discount rate effects. Initial examination of the degree of exposure on industry returns produces results consistent with the prior literature: that there is...

    Provided By University of Manchester

  • White Papers // Sep 2010

    State And Self Investments In Health

    The authors consider how individuals' decisions on their health behaviors depend on the level of investment in their health provided by the State. They develop the model provided by Ehrlich and Becker (1972) and Peltzman (1975) and they show that higher levels of protection provided by the State (either through...

    Provided By University of Manchester

  • White Papers // Sep 2010

    A Cholesky-MIDAS Model For Predicting Stock Portfolio Volatility

    This paper presents a simple forecasting technique for variance covariance matrices. It relies significantly on the contribution of Chiriac and Voev (2010) who propose to forecast elements of the Cholesky decomposition which recombine to form a positive definite forecast for the variance covariance matrix. The method proposed here combines this...

    Provided By University of Manchester

  • White Papers // Sep 2010

    Actor Network Pictures And Networking Activities In Business Networks: An Exploratory Empirical Study

    In recent years, there has been increasing interest among business-to-business marketing scholars in the processes of managerial cognition. In particular, actors' network pictures, defined as the cognitive representations of their business surrounding, have attracted much attention. However, so far there has been little empirical research on the impact that network...

    Provided By University of Manchester

  • White Papers // Sep 2010

    Microfinance Efficiency Trade-Offs And Complementarities

    This paper argues that patterns, trends and drivers of the efficiency of MicroFinance Institutions (MFIs) depend on the scope of financial sustainability measures and on MFIs' inclination to either of the dual objectives of financial systems and outreach. A balanced panel data of 164 MFIs for the period 2004-08 is...

    Provided By University of Manchester

  • White Papers // Sep 2010

    Interest Rate Formation In Informal Credit Markets In India: Does Level Of Development Matter?

    Access by the poor to financial resources on favourable terms and conditions is a necessary prerequisite for achieving any developmental goal for an economy. However, in India, about 50 percent of the populations are financially excluded from the formal banking network. These households avail loans from informal lenders, who generally...

    Provided By University of Manchester

  • White Papers // Aug 2010

    The Fit Of Business Relationships With Business Strategies

    The concept of strategic fit has been a focus of the contemporary literature on organisational behaviour and strategy. This concept follows the logic of contingency theory and suggests that where business strategy is aligned with organizational structures; such a Gestalt provides the greatest contribution to firm performance. In this paper,...

    Provided By University of Manchester

  • White Papers // Aug 2010

    Percieved Benifits And Management Commitment Of E-Business Usage In Selected Ghanaian Tourism Firms

    The authors set out in this paper to generate a preliminary understanding of the benefits of c-business to tourism firm players in Ghana. They also sought to ascertain the commitment of top management to e - business development in Glianaian tourist firms. They investigate the research issues by surveying 60...

    Provided By University of Manchester

  • White Papers // Jan 2011

    Towards Higher-Order Virtualization for Chip Multiprocessor Systems

    Parallelization and virtualization are rapidly becoming standard techniques on commodity platforms. The apparent trend is likely to continue in the foreseeable future. Indeed, there is significant synergy between parallel execution environments and Virtual Machines (VMs). This paper shows how to take the trend (And its synergy) to the limit. It...

    Provided By University of Manchester

  • White Papers // Oct 2009

    Institutional Entrepreneurship In Constructing Alternative Paths: A Comparison Of Biotech Hybrids

    This paper investigates how firms adapt their innovation strategies to cope with constraints in national institutional environments. It is a comparative case study of Dutch and British dedicated biotechnology firms focusing on a particular type of strategy, the hybrid model. Patterns of skill accumulation and learning present in the Dutch...

    Provided By University of Manchester

  • White Papers // Nov 2009

    Managers' Private Information, Investor Under-reaction And Long-Run SEO Underperformance

    Applying the framework of conditional event studies shows that equity issues reveal managers' private information about stock mispricing, which investors only partially discount into stock prices at the Seasoned Equity Offering (SEO) announcement date. Negative abnormal returns occur as prices fully impound the information over a 17-month post-offer period. SEOs...

    Provided By University of Manchester

  • White Papers // May 2010

    Conceptual Foundations Of Innovation Systems

    Production and "Transfer" of knowledge, and the role of institutions, are two major conceptual tenets of Innovation Systems (IS) literature, which flourished in the evolutionary stream of economics since the eighties of last century. Building on results of different disciplines, the paper critically discusses 'knowledge' and 'institution' concepts used in...

    Provided By University of Manchester

  • White Papers // Feb 2010

    Actuarial Transform Pricing

    This paper studies four transform pricing methods in the context of General Equilibrium (GE) framework. The four methods, viz. the Esscher transform, indifference pricing, the Wang transform, and the standard deviation loading, are popular among actuarial literature and practice. The transform pricing methods offer a convenient solution to contingent claim...

    Provided By University of Manchester

  • White Papers // Sep 2009

    Innovation Patterns Under The Magnifying Glass. Firm-Level Latent Class Analysis Of Innovation Activities In Services

    Innovation is still an obscure concept although many efforts have been made to improve the understanding and measurement of it. The growth of service activities throughout the economy has encouraged scholars, policy makers and executives to explore the determinants and features of the innovation developed by service enterprises. Many empirical...

    Provided By University of Manchester

  • White Papers // Oct 2009

    A Simple Model Of Trading And Pricing Risky Assets Under Ambiguity: Any Lessons For Policy-Makers?

    Moreover, recent experience has shown that distress and lack of active trading can jump "Around" between seemingly unconnected parts of the financial system contributing to transforming isolated shocks into systemic panic attacks. The authors develop a simple two-period model populated by both standard expected utility maximizes and by ambiguity-averse investors...

    Provided By University of Manchester

  • White Papers // Sep 2010

    Determinants Of Corporate Exchange Rate Exposure And Implications For Investors: Evidence From Chilean Firms

    This paper investigates the impact of exchange rate fluctuations on the value of nonfinancial firms in Chile. Using a detailed dataset on firms' foreign activities, the potential determinants of the identified exposure are examined. Foreign exchange exposure depends on the levels of foreign currency debt and foreign currency assets. Levels...

    Provided By University of Manchester

  • White Papers // Sep 2010

    Does The Macro-economy Predict U.K. Asset Returns In A Nonlinear Fashion? Comprehensive Out-Of-Sample Evidence

    The authors perform a comprehensive examination of the recursive, comparative predictive performance of a number of linear and non-linear models for UK stock and bond returns. They estimate Markov switching, Threshold Autoregressive (TAR), and Smooth Transition Autoregressive (STR) regime switching models, and a range of linear specifications in addition to...

    Provided By University of Manchester

  • White Papers // Oct 2010

    Regime Shifts In Mean-Variance Efficient Frontiers: Some International Evidence

    Regime switching models have been assuming a central role in financial applications because of their well-known ability to capture the presence of rich non-linear patterns in the joint distribution of asset returns. This paper examines how the presence of regimes in means, variances, and correlations of asset returns translates into...

    Provided By University of Manchester

  • White Papers // Aug 2010

    A Yield Spread Perspective On The Great Financial Crisis: Break-Point Test Evidence

    The authors use a simple partial adjustment econometric framework to investigate the effects of the crisis on the dynamic properties of a number of yield spreads. They find that the crisis has caused substantial disruptions revealed by changes in the persistence of the shocks to spreads as much as by...

    Provided By University of Manchester

  • White Papers // Jan 2011

    The Limits Of Information? A Game Theoretic Contribution To Understanding The Development Of An Indicators Policy For The UK Construction Industry

    In the UK over the last decade, benchmarking has been consistently promoted as a solution to the problems of industry and the construction industry in particular. Government support of benchmarking in construction through the development of a key performance indicators program found justification in the public goods aspects of the...

    Provided By University of Manchester

  • White Papers // Jan 2011

    The Innofusion Of Electronic Banking In Indonesia

    Even though financial innovation plays an important role in the modern economy, surprisingly there have been few empirical literatures. In developing countries, electronic banking (e-banking), for example, received relatively little attention although has been deployed for years. Indonesia presents unique case of Asian tiger economies, especially after experiencing crisis, financial...

    Provided By University of Manchester

  • White Papers // Apr 2010

    Supporter Influence On Club Governance In A Sports League: A "Utility Maximization" Model

    Motivated by increasing supporter involvement in club governance in English football, the paper presents a simple model of a sports league in which club objectives are utility functions defined over profits, win percentages and fan welfare, formalizing a seminal suggestion of Sloane. Consequences of increased utility weight on fan welfare...

    Provided By University of Manchester

  • White Papers // Jun 2010

    The 'Policy Mix' For Innovation: Rethinking Innovation Policy In A Multi-Level, Multi-Actor Context

    Recent years have seen the emergence, take-up and use of the term 'Policy mix' by innovation policy makers and by policy analysts & scholars alike. Imported from economic policy debates, the term implies a focus on the interactions and interdependencies between different policies as they affect the extent to which...

    Provided By University of Manchester

  • White Papers // Jun 2010

    Exploring Project Manager's Mental Models Of Project Risks

    The paper provides some insight into the supply chain team member's perceptions of project risks. The combination of causal mapping and a network-based approach offers a way of improving the understanding of the individual risk identification process by visualizing managers' initial perceptions of project risks. The graphical analysis has highlighted...

    Provided By University of Manchester

  • White Papers // Jul 2010

    Sustainability Practices In Global IT Outsourcing

    Buyers and providers of global IT outsourcing increasingly strive for sustainability. Lessons from global leaders can give strategic and responsive direction to the IT outsourcing industry and to buyers of outsourcing services. More strategically, providers are embracing sustainability as part of the integrated relationship with buyers and strengthening their brand....

    Provided By University of Manchester

  • White Papers // Jul 2010

    Multi-Asset Class Portfolio Optimization Using A Belief Rule-Based System

    This paper is to apply a Belief Rule-Based (BRB) system to solve the multiasset class portfolio optimization problems. The BRB system, was developed on the basis of the concept of belief structures and the Evidential Reasoning (ER) approach, is a generic non-linear modeling and inference scheme. In this paper, the...

    Provided By University of Manchester

  • White Papers // Jul 2010

    Outsourcing And Offshoring Of Business Services: Challenges To Theory, Management And Geography Of Innovation

    Drawing on an original survey, the authors discuss the trends and challenges posed by the outsourcing and off shoring of business services. They document and analyze the increasing off shoring of business services (administrative services, call centers, IT services, procurement and product development) from USA and Europe to less developed...

    Provided By University of Manchester

  • White Papers // Sep 2010

    Investigating Sources Of Unanticipated Exposure In Industry Stock Returns

    This paper investigates the sources of both foreign exchange rate and interest rate exposure of industry level portfolios in the G7, decomposing exposure into cash flow and discount rate effects. Initial examination of the degree of exposure on industry returns produces results consistent with the prior literature: that there is...

    Provided By University of Manchester

  • White Papers // Mar 2010

    The Governance Of Knowledge In Academic Spin-offs

    This paper is to study the evolution of organizational knowledge within Academic Spin-Off (ASO) firms throughout their life cycle. The exploitation of tacit and indivisible new knowledge developed in the context of academic institutions entails agency problems of different nature; one way to address such challenges is the creation of...

    Provided By University of Manchester

  • White Papers // Mar 2010

    Rethinking Strategy And Implementation Of Knowledge Management From Innovation Perspective: A Lesson Learned From A Multinational Subsidiary In Indonesia

    Facing unprecedented challenges and opportunities ahead in the knowledge economy, managing knowledge has been a priority for many organizations. Knowledge Management (KM) emerges and has quickly gained weight in research both from information systems perspective and management sciences. An amply documented dilemma is the absence of specific implementation guide due...

    Provided By University of Manchester

  • White Papers // Mar 2010

    Distributed Innovation Processes (Dips) And The Dynamics Of Knowledge Tradability

    This paper draws on two extensive case studies to explore how the co-production and exchange of knowledge is organized during innovative activity. In the empirical cases multiple, transient innovation systems emerge, and self organize, around a particular problem. The emergence and evolution of these innovation systems involves the mutual interpenetration...

    Provided By University of Manchester

  • White Papers // Mar 2010

    Pluriactivity, Entrepreneurship And Socio-Economic Success Of Rural Households

    Multiple data collection methods were used and the data were analyzed qualitatively. The findings were supplemented with quantifiable evidence when necessary in order to increase the validity of the conclusions. The paper was a typical example of a resource constrained environment and pluriactivity has been identified as a strategy implemented...

    Provided By University of Manchester

  • White Papers // Apr 2010

    Business Start-Up And Growth Motives Of Entrepreneurs: A Case In Bradford, United Kingdom

    This study attempts to investigate start-up and growth motives of entrepreneurs who own small and medium scale enterprises in Bradford, UK. In-depth interviews are conducted using "Storytelling" approach and narrative analysis is used for data analysis. The Findings reveal that each entrepreneur is motivated by a combination of "Pull" and...

    Provided By University of Manchester

  • White Papers // Oct 2009

    Portfolio And Consumption Decisions Under Ambiguity For Regime Switching Mean Returns

    This paper examines a continuous-time inter-temporal consumption and portfolio choice problem for an ambiguity-averse investor with multiple priors when the expected return of a risky asset is unobservable and follows a hidden Markov chain. The investor's beliefs over investment opportunities are represented by a set of priors over the process...

    Provided By University of Manchester

  • White Papers // Oct 2009

    An Empirical Analysis Of Zero-Leverage And Ultra-Low Leverage Firms: Some U.K. Evidence

    This paper studies conservative debt policies, focusing on firms with no debt (zero leverage) or with extremely low debt. Firms maintaining zero leverage or ultra-low leverage are generally smaller, younger, and less profitable but have a higher payout ratio. These firms also have substantial cash reserves and rely heavily on...

    Provided By University of Manchester

  • White Papers // Sep 2009

    What Drives Stochastic Risk Aversion

    The author examines determinants of stochastic relative risk aversion in conditional asset pricing models. First, the surplus consumption ratio implied by the external habit formation model is the most important determinant of relative risk aversion. Second, the CAY of Lettau and Ludvigson (2001a) without a look-ahead bias explains part of...

    Provided By University of Manchester

  • White Papers // Jan 2010

    International Policy Coordination For Collaboration In S&T

    This paper discusses an increasingly important, yet challenging development, the international coordination of nationally rooted policies or funding schemes to support international collaboration in Science and Technology (S&T). It conceptualizes ways in which government ministries or agencies can realize synergies when it comes to supporting international activities of their researchers....

    Provided By University of Manchester

  • White Papers // Jun 2010

    Exploring Knowledge Management In Civil Society Organisations: Sustaining Commitment, Advancing Movement

    Civil Society Organizations (CSOs) have recently attracted much research attention, as they have become more central in social as well as economic and political dynamics, challenging and shaping the work of the state/public organizations and of the private institutions. Knowledge-capital in CSOs is highly diverse and this affects both the...

    Provided By University of Manchester

  • White Papers // Feb 2010

    The Allocation Of Public Expenditure And Economic Growth

    This paper studies the optimal allocation of government spending between health, education, and infrastructure in an endogenous growth framework. In the model, infrastructure affects not only the production of goods but also the supply of health and education services. The production of health (education) services depends also on the stock...

    Provided By University of Manchester

  • White Papers // Jan 2007

    Credit Market Imperfections And The Monetary Transmission Mechanism Part II: Flexible Exchange Rates

    Monetary policy is analyzed in a simple model with credit market imperfections, flexible prices, and a floating exchange rate. Banks' lending rates incorporate a premium, which depends on firms' net worth, over the cost of borrowing from the central bank. In contrast to models in the Kiyotaki-Moore tradition, the supply...

    Provided By University of Manchester

  • White Papers // Dec 2009

    Worker Directors: A German Product That Didn~t Export?

    This paper investigates the degree of both foreign exchange rate and interest rate exposure of industry level portfolios in the G7. This paper draws on the efficient market hypothesis and examines the extent of unexpected foreign exchange (and interest rate) exposure rather than the standard approach of focusing purely on...

    Provided By University of Manchester

  • White Papers // Feb 2010

    A Theory Of Infrastructure-led Development

    This paper proposes a theory of long-run development based on public infrastructure as the main engine of growth. The government, in addition to investing in infrastructure, spends on health services, which in turn raise labor productivity and lower the rate of time preference. Infrastructure affects the production of both commodities...

    Provided By University of Manchester

  • White Papers // Sep 2010

    State And Self Investments In Health

    The authors consider how individuals' decisions on their health behaviors depend on the level of investment in their health provided by the State. They develop the model provided by Ehrlich and Becker (1972) and Peltzman (1975) and they show that higher levels of protection provided by the State (either through...

    Provided By University of Manchester

  • White Papers // Jun 2009

    Gate-Sharing And Talent Distribution In The English Football League

    Using a data base of the movements of over two thousand professional footballers in the top two divisions of the English Football League between 1969 and 1995, this paper examines the impact on talent distribution through the movement of players after gate-revenue sharing was abandoned in this league. It is...

    Provided By University of Manchester

  • White Papers // Nov 2009

    Coping With Uncertainty: Historical And Real-Time Estimates Of The Natural Unemployment Rate And The UK Monetary Policy

    The paper derives and compares historical and real-time estimates of the UK natural unemployment rate and shows that real-time estimates are fraught with noise and should be treated with scepticism. A counterfactual exercise shows that, for most of the 1990s, the Bank of England tracked changes in the natural rate...

    Provided By University of Manchester

  • White Papers // Oct 2009

    Entrepreneurs, Legal Institutions And Firm Dynamics

    This paper assesses quantitatively the impact of legal institutions on entrepreneurial firm dynamics. Owners choose firm size, financial structure and default to manage risk. The authors find: less risk-averse entrepreneurs run bigger firms and it is optimal for them to incorporate, while more risk-averse entrepreneurs run smaller firms and generally...

    Provided By University of Manchester

  • White Papers // Oct 2009

    Information Criteria For Impulse Response Function Matching Estimation Of DSGE Models

    The authors propose new information criteria for Impulse Response Function Matching Estimators (IRFMEs). These estimators yield sampling distributions of the structural parameters of Dynamic Stochastic General Equilibrium (DSGE) models by minimizing the distance between sample and theoretical impulse responses. First, they propose an information criterion to select only the responses...

    Provided By University of Manchester