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Publication A bridge too far for artificial intelligence?: Automatic classification of stanzas in Spanish poetry(John Wiley and Sons Inc, 2022) Pérez Pozo, Álvaro; Rosa, Javier de la; Ros, Salvador; González Blanco, Elena; Hernández, Laura; Sisto, Mirella de; Horizon 2020 Framework Programme; European Research Council; https://ror.org/02jjdwm75The rise in artificial intelligence and natural language processing techniques has increased considerably in the last few decades. Historically,the focus has been primarily on texts expressed in prose form,leaving mostly aside figurative or poetic expressions of language due to their rich semantics and syntactic complexity. The creation and analysis of poetry have been commonly carried out by hand,with a few computer-assisted approaches. In the Spanish context,the promise of machine learning is starting to pan out in specific tasks such as metrical annotation and syllabification. However,there is a task that remains unexplored and underdeveloped: stanza classification. This classification of the inner structures of verses in which a poem is built upon is an especially relevant task for poetry studies since it complements the structural information of a poem. In this work,we analyzed different computational approaches to stanza classification in the Spanish poetic tradition. These approaches show that this task continues to be hard for computers systems,both based on classical machine learning approaches as well as statistical language models and cannot compete with traditional computational paradigms based on the knowledge of experts. © 2021 The Authors. Journal of the Association for Information Science and Technology published by Wiley Periodicals LLC on behalf of Association for Information Science and Technology.Publication A dynamic long-term approach to internationalization: Spanish publishing firms’ expansion and emigrants in Mexico (1939–1977)(Springer Nature, 2022-02-14) Moschieri, Caterina; Fernandez Moya, Maria; https://ror.org/02jjdwm75This study examines how firms with scarce market and non-market resources can succeed in internationalizing, even in a host country that lacks trade and diplomatic relationships with the firms’ home country. With a hand-collected, historical database of the Spanish publishing industry’s investments in Mexico over the 20th century, we find that in a context of suspension of bilateral trade agreements and diplomatic relationships between Spain and Mexico, Spanish publishing firms leveraged Spanish emigrants to internationalize in the Mexican market, initially through exports, then through distribution and local commercial subsidiaries, and finally through local production. Spanish publishers progressively used emigrants to develop social and cultural support, to help establish formal and informal rules, procedures, and norms of institutions and to lobby in Mexico. Combining historical and inductive analyses, we offer a novel perspective on firms’ internationalization through a changing use of emigrants to endogenize the cultural, trade, and political distance between the home and the host country, and we develop new theoretical insights on the social, cultural, and political embeddedness of firms.Publication A model of managerial compensation, firm leverage and credit stimulus(Elsevier, 2024-06) Gete, Pedro; Chakraborti, Rajdeep; Dahiya, Sandeep; Ge, Lei; Ministerio de Ciencia, Innovación y Universidades; Agencia Estatal de Investigación; https://ror.org/02jjdwm75We study a model in which leverage and compensation are both choice variables for the firm and borrowing spreads are endogenous. First, we analyze the correlation between leverage and variable compensation. We show that allowing for endogenous compensation and leverage can explain the conflicting findings of the empirical literature. We uncover a new channel of complementarity between effort and leverage that induces a correlation sign opposite to what current theoretical models predict. Second, we study the dynamics of leverage and compensation design after a credit stimulus. We derive a set of new empirical predictions. For outward-shifts in credit supply, variable compensation is increasing in leverage growth. Moreover, variable compensation increases after the credit stimulus, especially for firms with low idiosyncratic risk.Publication A Quantitative Model of International Lending of Last Resort(Elsevier, 2020-03) Gete, Pedro; Melkadze, Givi; Uribe, Martin; https://ror.org/02jjdwm75We analyze banking crises and lending of last resort (LOLR) in a quantitative model of financial frictions with bank defaults. LOLR policies generate a tradeoff between financial fragility (due to more highly leveraged banks) and milder crises since the policies are effective once in a crisis. In the calibrated model, the crisis mitigation effect dominates the moral hazard problem and the economy is better off having access to a lender of last resort. We characterize the conditions under which pools of small economies can be sustainable LOLRs. In addition, we assess the ability of China - a country with ample reserves - to be a sustainable international LOLR.Publication A scientific approach to entrepreneurial decision-making: Large-scale replication and extension(John Wiley and Sons Ltd, 2024) Camuffo, Arnaldo; Gambardella, Alfonso; Messinese, Danilo; Novelli, Elena; Paolucci, Emilio; Spina, Chiara; University of London; Ministero dell’Istruzione; Bocconi University; Department for Business, Energy and Industrial Strategy; https://ror.org/02jjdwm75Research Summary: This article runs a large-scale replication of Camuffo and colleagues in 2020,involving 759 firms in four randomized control trials. The larger sample generates novel and more precise insights about the teachability and implications of a scientific approach in entrepreneurship. We observe a positive impact on idea termination and results that are consistent with a nonlinear effect on radical pivots,with treated firms running few over no or repeated pivots. We provide a theoretical interpretation of the empirical results: the scientific approach enhances entrepreneurs' efficiency in searching for viable ideas and raises their methodic doubt because,like scientists,they realize that there may be alternative scenarios from the ones that they theorize. Managerial Summary: The findings of this article,based on four randomized control trials involving 759 firms,offer new insights into how entrepreneurial practices can benefit from a scientific approach to decision-making. Key outcomes include an increase in the termination of ideas and a nuanced influence on the tendency to make strategy changes. Specifically,firms that adopted a scientific approach made a few strategic shifts,as opposed to either not changing or constantly changing their strategy. We suggest that this is due to the scientific approach helping entrepreneurs be more efficient when searching for valuable ideas,as well as being more careful in selecting those ideas. © 2024 The Authors. Strategic Management Journal published by John Wiley & Sons Ltd.Publication A strategic sustainability model for global luxury companies in the management of CO2 emissions(Springer, 2024) Rangel Pérez, Celia; López, Belén; Fernández, Manuel; https://ror.org/02jjdwm75Luxury brands are at the forefront of sustainability efforts and carbon emission reductions to fight climate change. The goal of this paper is to analyze such climate change challenges in terms of cost efforts within large luxury conglomerates. In doing so,financial metrics have been gathered for the top 100 companies in the luxury sector and compared against CO2 emissions metrics with regressive methods. This enables the study of relationships between sustainability and finance to explore if sustainability is expensive and if sustainability is explained by costs,sales,taxes,or investment. Such works allow the setting of conclusions on financial and managerial decisions and,moreover,set a new framework of analysis based on financial variables and the positive or negative impact on CO2 emissions,such as which financial variables generate more CO2 emissions (luxury sales,capital investment and financial cost) and which help to reduce such emissions (cost of goods sold,general expenses and taxes). © The Author(s) 2024.Publication A Universal Screening Tool for Dyslexia by a Web-Game and Machine Learning(Frontiers, 2022-01-03) Rello, Luz; Rauschenberge, Maria; Baeza Yates, Ricardo; https://ror.org/02jjdwm75Children with dyslexia have difficulties learning how to read and write. They are often diagnosed after they fail school even if dyslexia is not related to general intelligence. Early screening of dyslexia can prevent the negative side effects of late detection and enables early intervention. In this context, we present an approach for universal screening of dyslexia using machine learning models with data gathered from a web-based language-independent game. We designed the game content taking into consideration the analysis of mistakes of people with dyslexia in different languages and other parameters related to dyslexia like auditory perception as well as visual perception. We did a user study with 313 children (116 with dyslexia) and train predictive machine learning models with the collected data. Our method yields an accuracy of 0.74 for German and 0.69 for Spanish as well as a F1-score of 0.75 for German and 0.75 for Spanish, using Random Forests and Extra Trees, respectively. We also present the game content design, potential new auditory input, and knowledge about the design approach for future research to explore Universal screening of dyslexia. universal screening with language-independent content can be used for the screening of pre-readers who do not have any language skills, facilitating a potential early intervention.Publication Accessibility and availability: A cross-cultural study of shopper responses to online retail stock-outs(Taylor & Francis, 2021-06-14) Gruen, Thomas; Corsten, Daniel; https://ror.org/02jjdwm75Accessibility of products in online retail is an expected part of the shopper experience journey. Frequent products are not accessible due to non-availability. Introduced by Sheth and Sisodia, the 4A’s framework articulates how success in any marketing program depends on four dimensions: Awareness, Acceptability, Affordability, and Accessibility. This article demonstrates how, like dominos fall, marketing investments can fail when the final 4A’s stage, Accessibility, is not adequately addressed in online retailing. Surveying more than 2,000 shoppers across five European and Asian countries that encountered a non-available item while shopping online for one of six fast-moving consumer goods categories, the research study examines shoppers’ switching behavior when Accessibility has been interrupted in the purchasing stage of the customer journey. The overall goal is to better understand how shoppers change their behavior, and it examines a variety of causes that drive switching behavior, whether it be to switch stores, switch brands, or switch intentions when the item they desired is unavailable. Switching behavior was found to vary greatly among the five countries, but less between categories, and switching was greatly affected by the way shoppers encountered the non-available item. The study concludes with recommendations to address Accessibility both in product availability and shoppers’ transaction costs.Publication Accounting and Finance Literacy and Entrepreneurship: an Exploratory Study(Elsevier, 2023) Trombetta, Marco; https://ror.org/02jjdwm75The aim of this study is to investigate whether the level of financial literacy differs significantly among entrepreneurs in three European countries: Italy, Spain, and the UK. Moreover, I analyze whether financial literacy fosters or hinders entrepreneurial resilience and success. I find that the level of basic financial literacy is significantly lower among entrepreneurs in the UK. I provide an explanation based on job opportunities arguing that basic financial literacy increases the chances of survival of a business, whereas advanced financial literacy decreases it. I propose a taxonomy linking levels of financial literacy with different approaches to financial management. I conclude that a “conservative” approach to financial management (cash based, debt-averse and diversified) is more likely to guarantee survival even if it is not necessarily the best way to maximize firm value.Publication Accumulating Knowledge Over Time Introduction to the Fourth FBR Review Issue(SAGE Journals, 2022-03) Cruz, Cristina; Brigham, Keith ; Kammerlander, Nadine; Kotlar, Josip; https://ror.org/02jjdwm75-Publication Actitudes de los inversores españoles ante el Capital Privado(IE University, 2019-11-22) Martin, Eusebio; https://ror.org/02jjdwm75El Capital Privado es un activo crecientemente relevante en las carteras de los Inversores de todo el mundo. A pesar de su liquidez y su relativa opacidad, éstos se muestran mayoritariamente satisfechos con él, por lo que los importes bajo gestión en fondos de Capital Privado no han dejado de aumentar desde los años 90, y hoy superan los 4 trillones de euros, unas cuatro veces el PIB de España. Este aumento de los recursos a largo plazo canalizados por los fondos de Capital Privado hacia las empresas tiene un impacto favorable en la economía. Hay amplia evidencia de que las empresas participadas por Fondos de Capital Privado crean más puestos de trabajo, invierten más y de manera más efectiva en I+D, y se expanden más internacionalmente. En particular, los fondos de Venture Capital facilitan la aparición de innovaciones que aumentan la productividad al apoyar en sus etapas iniciales a empresas intensivas en conocimiento o con tecnologías disruptivas.Publication Activist Hedge Funds and Takeovers Their Effects on Employment and Performance(Wiley, 2022-01) Goergen, Marc; Kuvandikov, Azimjon; Pendleton, Andrew; https://ror.org/02jjdwm75This paper analyses the impact of activist hedge funds (AHFs) on post-merger workforce downsizing and operating performance. AHFs have been widely criticized for achieving short-term gains at the expense of other stakeholders, such as employees. The results show that AHF ownership and presence in acquiring firms is a significant determinant of post-merger employment reductions. There is little evidence that these mergers and acquisitions have better operating performance relative to other takeovers. However, there is a negative effect of AHF ownership on labour productivity. Overall, the results are consistent with the view that AHF involvement in takeovers does not lead to sustained gains in performance.Publication Adapting Practices from Qualitative Research to Tell a Compelling Story: A Practical Framework for Conducting a Literature Review(2021-05-06) Kalpokas Matulaityte, Neringa; Radivojevic, Ivana; https://ror.org/02jjdwm75Despite the literature review being a common task for researchers, the actual process of conducting a quality literature review can easily be taken for granted. In effort to help qualitative researchers, this paper presents a practical framework for conducting a literature review that stems from qualitative research practices. As a literature review is essentially an analysis of rich textual information, qualitative research concepts, and skills can be creatively applied to the process of conducting a literature review. The present paper aims to share the fruits of qualitative analysis with researchers from all disciplines so that they may make sense of this rich information and tell a coherent and compelling story regarding their own analysis. In particular, this paper outlines foundational similarities between qualitative research and literature reviews and then proceeds to provide adaptable guidelines for connecting qualitative research skills to carrying out a rigorous literature review. We hope to incite curiosity and reflection on how qualitative research skills can be valuable beyond just analyzing qualitative data.Publication Adoption of New Technology Vaccines(SAGE Publications, 2023-11-29) Zimmermann, Laura; Somasundaram, Jeeva; Saha, Barsha; Agencia Estatal de Investigación; European Regional Development Fund; https://ror.org/02jjdwm75Extensive research has examined the diffusion of innovations for products that can be trialed, and where the most adverse outcome, if a product fails, is a financial loss. However, less research has explored consumer responses to innovations in highly uncertain contexts characterized by health losses, lack of trialability, and the opportunity to free ride on other's adoption. This research focuses on vaccine decision making as a unique case within such contexts and extends the findings to other domains. Four studies (Ntotal = 1,796; five supplementary studies, Ntotal = 643) test the propositions of a formal model that incorporates uncertainty and others' choices into the adoption decision. The results show that consumers are surprisingly averse to products that are described as employing a new technology (e.g., mRNA technology) and require an “efficacy premium” to compensate for higher perceived uncertainty. However, considerable heterogeneity exists due to individual differences in technology readiness, trust in government, and risk attitudes. Notably, despite the prominent threat of free riding, a social proof nudge (communicating increasing population adoption) effectively reduces aversion to new technology. In this context, social proof information does not merely drive conformity or social learning, but instead increases adoption of new technology by alleviating perceived uncertainty.Publication An Effective Metaheuristic for Bi-objective Feature Selection in Two-Class Classification Problem(IOP Publishing Ltd, 2019) Núñez Letamendía, Laura; Lyubchenko, Alexander; Pacheco, Joaquín Antonio; Casado Yusta, Silvia ; https://ror.org/02jjdwm75Feature selection is known as a very useful technique in machine learning practice as it may result in the development of more straightforward models with better accuracy. Traditionally, feature selection is considered as a single-objective problem, however, it can be easily formulated in terms of two objectives. The solving of such problems requires the application of appropriate multi-objective optimization methods that do not always offer equally good solutions even under the same conditions. This paper focuses on the development of a metaheuristic optimization approach for bi-objective feature selection problem in two-class classification. We consider the solving of this problem in terms of minimization of both misclassification error and feature subset size. For solving the considered problem, an adaptation of the Multi-Objective Adaptive Memory Programming (MOAMP) metaheuristic based on the tabu search strategy is proposed. Our MOAMP adaption has been utilized to obtain the sets of most relevant features for two real classification problems with two classes. Finally, using popular Pareto front quality indicators, the obtained results have been compared with the sets of non-dominated solutions derived by the well-known NSGA2 algorithm. The conducted research allows concluding about the ability of the MOAMP adaptation to get a better efficient frontier for the same number of objective function calls.Publication Anthony G. Hopwood (1944–2010)(Elsevier Ltd, 2010) Carmona, Salvador; https://ror.org/02jjdwm75[No abstract available]Publication Are firms with foreign CEOs better citizens? A study of the impact of CEO foreignness on corporate social performance(Springer Nature, 2020-11-20) Bertrand, Olivier; Betschinger, Marie Ann; Moschieri, Caterina; https://ror.org/02jjdwm75This study examines whether firms’ corporate social performance (CSP) varies when local firms have foreign CEOs. Building on the social identity perspective, we argue that because foreign CEOs are perceived as outgroup (or nonprototypical) leaders by the local firms’ stakeholders, local firms with foreign CEOs need to achieve a higher level of CSP than do local firms with local CEOs to enhance their legitimacy and trustworthiness. Furthermore, we propose that the predicted difference in CSP between foreign and local CEO-led firms will be larger (a) for more authentic and thus trust-enhancing CSR activities and (b) in those socio-economic environments where the salience of CEO foreignness and thus the need to build trustworthiness with locals is more pronounced. In a sample of 1001 local firms across 18 developed countries during the period between 2003 and 2015, our empirical results support most of our predictions.Publication Are strategy researchers worse strategy teachers in business schools?(IE University, 2019-05-14) Santaló, Juan; Moschieri, Caterina; Spanish Ministry of Economy; European Regional Development Fund; https://ror.org/02jjdwm75In this study we examine whether in business schools a professor’s research quality impacts her performance in the classroom. We build a novel dataset of students’ teaching evaluations of 922 strategic management courses in a top-ranked business school in Spain in the period 2011-2016 linking it to the publication outcome of each professor. We find a significant positive association between research quality measured by the sum of the number of publications in a six-year interval and students’ evaluations of teaching. Specifically, we find that an increase of two standard deviations on our variable of research quality is associated to an increase in students’ evaluations equivalent to the jump from being a median professor to being in the top quartile of best performers in class. Moreover, we find that a professor with four publications in a six year period increases the likelihood of her students choosing strategy elective courses up to 21.5 percent. We also find a positive and strongly significant interaction of research quality with course length, suggesting that the benefits of research may emerge specifically in longer courses. These findings extend the current discourse on the impact of research on teaching to strategic management courses in business schools.Financiado por parcialmente: Ministerio de Economía, Industria y Competitividad Título: How do institutional forces shape firms' strategic decisions? Acrónimo: IFS Numero: ECO2016-77205-PPublication ARE sustainable funds doing the talk and the walk? An ESG score analysis of fund portfolio holdings(Elsevier Inc., 2024) Martinez Meyers, Susana; Ferrero Ferrero, Idoya; Muñoz Torres, Maria Jesus; Universitat Jaume I; Generalitat Valenciana; https://ror.org/02jjdwm75Our paper contributes to the growing literature by conducting a comparative analysis between sustainable funds (SF) and conventional funds (CF) with a global geographical perspective. The paper aims to test if SF are true to their identity through a comparative and multi-regional perspective analysis of the funds' ESG performance and sustainability risk. The sample comprises 92 matched pairs of funds. Our research shows that self-labeled sustainable funds exhibit better ESG performance and sustainability risk scores than their pairs,indicating alignment with their identity and nature. Furthermore,the results also indicate that there are different ESG behaviors depending on the geographical areas of investment. In particular,funds with portfolios invested in Europe present a higher ESG performance than those invested in North America,and funds invested in Emerging Markets and Asia present a lower performance and higher risk than those in North America. This paper provides three main novelties: 1) multiregional perspective,2) different ESG score perspectives using different and complementary indicators of sustainable behavior based on risk and performance,and 3) a matching process starting with the same fund management company,geographical area of investment and investment category that help us isolate the issue of the use of ESG labels. The results of this paper open new insights and research avenues that connect sustainable investment with aspects like quality of information,fiduciary duty,and regulatory development. © 2024 The AuthorsPublication Assessing the Impact of International Sanctions on Russian Oil Exports(SSRN, 2023-02-23) Mironov, Maxim; Babina, Tania; Hilgenstock, Benjamin; Itskhoki, Oleg; Ribakova, Elina; https://ror.org/02jjdwm75We use a unique high-frequency Russian customs dataset to evaluate the impact of international sanctions on Russia – focusing on Russian crude oil and oil products exports, as they are the key sources of export earnings and government revenues. We study the effects of two focal sanctions measures – the EU embargo and G7 price cap on Russian seaborne crude oil, which both took effect on December 5, 2022. We find that Russia was able to redirect crude oil exports from Europe to alternative markets such as India, China, and Turkey but that export earnings were curbed substantially by the sizable discounts that Russian exporters had to accept in market segments where the impeding EU embargo lowered demand, e.g., exports from Baltic Sea ports – a dynamic that only became more pronounced after the embargo and price cap’s taking effect. However, we do not find crude oil discounts as large as those reflected in Urals prices towards the end of 2022. In particular, prices in market segments that are unaffected by lower European demand, e.g., exports from Russia’s Pacific Ocean ports, have not dropped in a meaningful way and shipments do not appear to comply with the price cap. What the EU embargo and G7 price cap have, thus, triggered is a fundamental fragmentation of the market for Russian crude oil. Based on our analysis, we conclude that a central focus of policy going forward should be the enforcement of existing sanctions on Russian oil – along with the lowering of the oil price cap. As far as oil products are concerned, we show that it is significantly less feasible to redirect exports away from the European market. This suggests that the EU embargo on oil products, which took effect on February 5, 2023, will prove to be a powerful additional tool to further curb Russian export and fiscal revenues.