Sistema Regional de Información
en línea para Revistas Científicas de América Latina,
el Caribe, España y Portugal

Fisheries production is subject to a significant variability caused no only by the stochastic nature of fisheries due to uncontrolled environmental and biological conditions, but also by factors related to production activity. It is necessary to take into consideration all these factors to avoid biases on production model estimates. This paper aims to go through this variability in Stochastic Frontier Analysis to account for observed and unobserved heterogeneity together with technical efficiency and randomness. This paper exemplifies the application of a Latent Class Stochastic Frontier model to the anchovy fishery of Southeastern Black Sea to account for production frontier heterogeneity. Results show a mean level of technical efficiency of 55%, which is higher than those produced by the standard stochastic frontier model. Moreover, results allow identifying two latent classes in the fleet. They also provide sound scientific advice for de management of the fishery.

This paper explores different approaches to modelling and forecasting VaR, using both historical simulation and volatility-weighted bootstrap methods, where volatility is estimated using GARCH (1,1) and EGARCH (1,1). It examines the one day predictive ability of three historical simulation VaR models at the 90%, 95%, and 99% confidence levels for developed and emerging equity markets for the period 2011- 2017 that witnessed difficult and extreme market conditions. 870 scenarios of future returns are generated for each of the 500 days representing the out of sample period extending from March 2015 up to January 2017 in order to estimate the corresponding VaR for both markets. The GARCH (1,1) volatility-weighted model is accepted for both markets and is classified as the best performing model. The EGARCH (1,1) volatility-weighted model’s results were inconclusive; in fact, the back-test was accepted at all confidence levels for the developed markets while rejected at the 99% confidence level for the emerging markets. The basic historical simulation failed in estimating an accurate VaR for the emerging markets.

This study examines whether the multi-layer corporate governance mode of Islamic banking system can prevent Islamic banks from excessive risk taking and hence protect against its fallibility to the global financial crisis. Employing the random-effects GLS method with two-step GMM method for the robustness check and using the dataset of total 154 banks over the period of 2005–2011, the results show that the corporate governance and financial disclosure indices appear as the motivating factors for risk taking attitudes of Islamic banks. Thus, the governance mechanism of Islamic banks is effective in protecting them against their fallibility to the global financial crisis.

This study addresses the analysis of the perception of Galician companies linked to marine fishing, wholesale trade, fish canning, marine aquaculture and processing. An analysis of perceptions of trade in goods, worker mobility, foreign fisheries policy and access to fishery resources is carried out. Inferential analysis is also performed by considering contingency tables based on the factors extracted. The results reflect a majority negative perception of the Brexit process by companies in the Marine Fisheries and Marketing branches of fishery products, with this perception being particularly significant in smaller size companies.

While different approaches have been used to measure the human capital effect on company performance, it is less common testing the effects of the human capital as a source of value in a mostly unorganized sector like the wood and related industries in the Galicia (Spain) / Portugal region. The paper aims at measuring the effect of a single dimension of intellectual capital (human capital) and its value addition for the period of 2002-2017. The findings suggest that human capital is the main dimension that adds value to the wood sector, both in Portugal as well as in Galicia. This paper tests a new model to measure the effect of human capital to study its effects on the value addition to the wood sector.

In this work the unobservable heterogeneity respect to the choice of household’s residential location is analyzed, considering three alternatives: urban area, interurban area and rural area. It is employed latent class choice model to represent this behavior and the results are compared with the multinomial and mixed logit models. The more flexible structure of the latent class model allows us more deeply into the analysis of unobservable heterogeneity with respect to the more limited analysis of the randomness of the parameters of the mixed logit model. The empirical results indicate two classes or groups of households with differentiated behaviors regarding to the decision of location and associated to different lifestyles. Thus, certain attributes of the location of the dwelling, such as noise, pollution or delinquency, have an effect on household preference in a different way according to the class of belonging. Also, individual characteristics of the household’s head, such as age, gender or educational level, have a different impact on the preference for location according to the class of belonging. The results allow us to distinguish two lifestyles associated with each class or group of preference: suburban and urban.

The main objective of this paper is to identify the taxonomy of Basque local fishing communities (FC) using a set of either, hierarchical (i.e. Ward, average and complete linkage), non-hierarchical (i.e. k-means and k-medoids) and mixed hierarchical-kmeans clustering algorithms; and two alternative fishing related variates at fishing community level, {

Using the American Community Survey data 2012-2013, I study married and cohabiting same-sex couples. I show that gay couples exhibit more specialization and less similarity than lesbian couples, while marriage makes gay and lesbian couples more alike than cohabiting couples, in terms of larger earnings differences for lesbians, and more positive sorting by education for gays. Education does not increase the odds of marriage among same-sex couples, contrary to heterosexual couples; lesbians are instead similar to heterosexual couples in their education being negatively associated to the number of children.

La profundidad de la crisis económica en España ha encontrado en la excelente marcha de su sector exterior un contrapunto positivo que, lejos de ser una respuesta coyuntural a la depresión del mercado interno, se ha asentado sobre una trayectoria sólida de internacionalización de la economía española que cobró fuerza tras la incorporación a la CEE en 1985. No solo las exportaciones han mantenido un ritmo de avance vivo, ni siquiera superado por Alemania, sino que las inversiones netas en el exterior no han dejado de crecer apuntando una pronta vuelta a las tasas elevadas que registraron de 2003 a 2007. Ambos fenómenos son la expresión de un tejido productivo sensiblemente más competitivo de lo que suele admitirse. Aún en el marco de paralización del comercio internacional que ha caracterizado la escena económica mundial durante 2015 y 2016, sin duda un efecto de la crisis mundial, pero también un reflejo de algunas transformaciones estructurales que podrían consolidarse en el futuro, como la ralentización en el proceso de formación de cadenas globales de valor, España ha seguido aumentando sus exportaciones a tasas superiores al 3 por 100 en volumen, y mejorando, tanto su saldo exterior de bienes y servicios, como el de la cuenta corriente y de capital de la Balanza de Pagos, que hoy asciende al 2,3 por 100 del PIB.

Most of the new models based on firm heterogeneity assume that production is completely flexible and do not take into account the critical role of capacity constraints in firm’s strategic decisions. However, it seems clear that capacity-constrained firms cannot freely increase production. By using data drawn from the Encuesta Sobre Estrategias Empresariales (ESEE) about Spanish manufacturing firms, this article applies a bivariate probit model to empirically estimate the effect of physical capacity constraints in the firm’s joint decision to export and invest in R&D. The main result of the article reveals that firms facing capacity constraints are less prone to engage in these strategies.