Recent literature on multinational firms has stressed the importance of low productivity as a barrier to the cross-border expansion of firms. However, firms typically also need external finance to finance the costs of market entry. In addition to productivity-related real barriers, financial constraints may thus restrict market entry. Building on a model of multinational firms facing real and f...

Using data from 11 manufacturing industries in 17 OECD countries, this paper empirically investigates the determinants of cross-country differences in the persistence of productivity differentials. Specifically, the paper focuses on the effects of product market structure and technology diffusion. It is found that the manufacturing industries display a wide range of convergence rates. Consisten...

We consider a market in which sellers can exert an informationgathering effort to advise buyers about which of two goods best fits their needs. Sellers may steer buyers towards the higher margin good. We show that for sellers to collect and reveal information, profits on both goods must be sufficiently close to each other, i.e., lie within an implementability cone, which competition or regulati...

Combinatorial auctions, where bidders are allowed to submit bids for bundles of items, are preferred to single-item auctions when bidders have complementarities and substitutabilities among items and therefore achieve better social efficiency. A large unexplored area of research is the design of bidding strategies. In this paper, we propose a new adaptive bidding strategy for combinatorial auct...

Real options analysis (ROA) is widely recognized as a superior method for valuing projects with managerial flexibilities. Yet, its adoption remains limited due to varied difficulties in its implementation. In this work, we propose a real options approach that utilizes managerial cashflow estimates to value early stage project investments. Our model is based on the assumption that managers can p...

Using data from 11 manufacturing industries in 17 OECD countries, this paper empirically investigates the determinants of cross-country differences in the persistence of productivity differentials. Specifically, the paper focuses on the effects of product market structure and technology diffusion. It is found that the manufacturing industries display a wide range of convergence rates. Consisten...

Support Vector Regression (SVR) has been applied successfully to financial time series prediction recently. In SVR, the ε-insensitive loss function is usually used to measure the empirical risk. The margin in this loss function is fixed and symmetrical. Typically, researchers have used methods such as crossvalidation or random selection to select a suitable ε for that particular data set. In ad...

This study examines the dynamics of internationalization and globalization efforts Spanish small medium-sized enterprises (SMEs). The aims to assess number SMEs engaged into international trade benefits risks (e.g., associated with COVID-19 pandemic) such a process can bring. Empirical analysis data from Ministry Industry provides an overview percentage engaging in activities, i.e., exporting t...

Understanding and measuring determinants of bid-ask spreads is decisive to clarifying the efficiency of the microstructure of any exchange and general market liquidity. This paper examines the market microstructure of a low liquidity, market maker driven option market, the relations to the underlying securities’ market and the challenges of pricing liquidity. Comparing empirical results with pr...