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Hernandez-Gamarra K.,Positiva Compania de Seguros S.A. | Sarmiento-Sabogal J.,Pontifical Xavierian University | Cayon-Fallon E.,College of Advanced Management Studies
International Journal of Energy Economics and Policy | Year: 2015

The purpose of this paper is to study if there is a Granger causality relationship between the price of oil and the prices of the stocks that compose the Integrated Latin American Market (MILA) index. Our analysis found that from the perspective of the efficient market hypothesis, there is no empirical evidence that there is a Granger causality relationship between the price of oil and other commodities and the stocks that compose the MILA index. Therefore, it is possible to conclude that based on the evidence, it is not possible to create an arbitrage strategy based on the price of oil and copper to achieve abnormal returns in the MILA stock market. In order to test for the Granger causality between the underlying variables, we used a leveraged bootstrap test developed by Hatemi (2012). © 2015, Econjournals. All Rights Reserved. Source


Achcaoucaou F.,College of Advanced Management Studies | Miravitlles P.,University of San Pablo - CEU
Studies in Fuzziness and Soft Computing | Year: 2012

The International Business literature has recently sought to determine the drivers of R and D role changes in foreign subsidiaries over time. Yet, very few studies have examined network effects to explain this evolution. To fill this gap in the literature, the present work focuses on changes in subsidiary capabilities and on the dynamic mechanisms by which their R and D role might evolve, especially, as a consequence of their interaction with a variety of networks. Thus, the core aim of this paper is to summarize the findings from the previous literature as a first step for developing a general theoretical framework that integrates internal and external network embeddedness and to discuss its implications for the evolution in the R and D role of subsidiaries. The literature review highlights the need to investigate how subsidiary R and D roles evolve as a consequence of their being simultaneously engaged in both intra-organizational and local networks. © 2012 Springer-Verlag Berlin Heidelberg. Source


Ter Horst E.,College of Advanced Management Studies | Molina G.,Idalion Capital Group
Physica A: Statistical Mechanics and its Applications | Year: 2015

Abstract In this note we propose an application of the method of maximum entropy in the mean to solve a class of inverse problems comprising classification problems and feasibility problems appearing in optimization. Such problems may be thought of as linear inverse problems with convex constraints imposed on the solution as well as on the data. The method of maximum entropy in the mean proves to be a very useful tool to deal with this type of problems. © 2015 Elsevier B.V. Source


Moncada A.F.,College of Advanced Management Studies | Dopacio C.I.,University of San Pablo - CEU
Studies in Fuzziness and Soft Computing | Year: 2012

The purpose of this work is to determine the importance of the interaction of Information Technology (IT) resources and capabilities, in complement of organizational resources and capabilities to explain the differences in generation of sustainable competitive advantages and superior performance among Colombian banking institutions. It uses a framework based on the resource-based-view (RBV) to set three sets of factors (Human, Managerials and Technological) that are analysed according to their potential complementary to IT, through the correlation analysis that is applied to representative sample of Colombian banks. Result shows that the capabilities to adapt to change, business knowledge, improvement, teamwork and alignment have relevant roles on the effective development of the competitiveness in this sector. © 2012 Springer-Verlag Berlin Heidelberg. Source


Ter Horst E.,College of Advanced Management Studies | Molina G.,Capital Group
Physica A: Statistical Mechanics and its Applications | Year: 2015

In this paper we consider an inverse problem appearing in rheology, consisting of determining a spectral measure over the set of relaxation times, that yields an observed collection of loss and storage moduli. Mathematically speaking, the problem consists of solving a system of Fredholm equations. To solve it, we propose an extended version of the maximum entropy method in the mean which is flexible enough to incorporate potential measurement errors. © 2015 Elsevier B.V. Source

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