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Mathews J.A.,LUISS University | Tan H.,University of Western Sydney
Journal of Industrial Ecology | Year: 2011

Eco-industrial initiatives, which close industrial loops by turning wastes at one point in a value chain into inputs at another point, are attracting growing interest as a solution to the problem of sustainability of industrial systems. Although Germany and Japan have made important advances in building recycling incentives into their industrial systems and sought competitive advantage from doing so, China is arguably taking the issue even further (in principle) through its pursuit of a circular economy, now enshrined in law as an official national development goal. In this article, we review a number of the eco-industrial initiatives taken in China and compare them using a common graphical representation with comparable initiatives taken in the West and elsewhere in East Asia. Our aim is to demonstrate some common themes across the case studies, such as the transformation from the former linear economy to a circular economy and the evolutionary processes in which dynamic linkages are gradually established over time. We discuss the drivers of these eco-industrial initiatives as well as the inhibitors, setting the initiatives in an evolutionary framework and introducing a notion of Pareto eco-efficiency to evaluate them. We make the argument that China might be capturing latecomer advantages through its systematic promotion of eco-industrial initiatives within a circular economy framework. © 2011 by Yale University.

Muscio A.,University of Foggia | Quaglione D.,University of Chieti Pescara | Vallanti G.,LUISS University
Research Policy | Year: 2013

There is growing political pressure on universities to intensify their interaction with industry and to enlarge their own research funding options, in a context characterised by increasing constraints on public spending. However, whether the successful achievement of such a political desired outcome is consistent with a restriction of government funding is not clear and requires further investigation. As a matter of fact, there is scant empirical evidence on whether and to what extent government funding affects the external funding options available to universities, in particular those related to research and consulting activities. By using a set of probit and tobit panel data models estimated on financial data for the whole population of Italian university departments engaged in research in the Engineering and Physical Sciences, this paper provides evidence that government funding to universities complements funding from research contracts and consulting, contributing to increasing universities' collaboration with industry and activating knowledge transfer processes. © 2012 Elsevier B.V.

Cifarelli G.,University of Florence | Paladino G.,LUISS University
Energy Economics | Year: 2010

This paper assesses empirically whether speculation affects oil price dynamics. The growing presence of financial operators in the oil markets has led to the diffusion of trading techniques based on extrapolative expectations. Strategies of this kind foster feedback trading that may cause considerable departures of prices from their fundamental values. We investigate this hypothesis using a modified CAPM following Shiller (1984) and Sentana and Wadhwani (1992). First, a univariate GARCH(1,1)-M is estimated assuming the risk premium to be a function of the conditional oil price volatility. The single factor model, however, is outperformed by the multifactor ICAPM (Merton, 1973), which takes into account a larger investment opportunity set. Analysis is then carried out using a trivariate CCC GARCH-M model with complex nonlinear conditional mean equations where oil price dynamics are associated with both stock market and exchange rate behavior. We find strong evidence that oil price shifts are negatively related to stock price and exchange rate changes and that a complex web of time-varying first and second order conditional moment interactions affects both the CAPM and feedback trading components of the model. Despite the difficulties, we identify a significant role played by speculation in the oil market, which is consistent with the observed large daily upward and downward shifts in prices - a clear evidence that it is not a fundamental-driven market. Thus, from a policy point of view - given the impact of volatile oil prices on global inflation and growth - actions that monitor speculative activities on commodity markets more effectively are to be welcomed. © 2009 Elsevier B.V. All rights reserved.

Priem R.L.,Texas Christian University | Priem R.L.,LUISS University | Swink M.,Texas Christian University
Journal of Supply Chain Management | Year: 2012

When and how can supply chain management (SCM) be a source of long-term competitive advantage for the firm? We revisit and update arguments recently advanced by Hunt and Davis (2008) in this journal concerning which theoretical perspectives - the resource-based view of strategy or resource-advantage theory - may provide the most useful "lenses" for SCM scholars interested in addressing these critical questions. In this brief article we suggest that SCM research addressing questions of competitive advantage can be enhanced by a more rigorous definition of resources and by a more system-wide view of competition. We also recommend that the nascent demand-side perspective on strategic management can serve to provide new insights and a more complete understanding of SCM's role in competition. While the existing SCM literature offers a few examples of this perspective, in our opinion this remains an unfulfilled opportunity for SCM scholars. © 2012 Institute for Supply Management, Inc.

Wu C.-Y.,Macquarie University | Mathews J.A.,LUISS University
Research Policy | Year: 2012

In this paper we extend work previously undertaken in industries such as semiconductor and flat panel displays to investigate knowledge flows from advanced countries (US, Japan and Europe) to catch-up follower countries (Taiwan, Korea and China), this time in the emergent solar photovoltaic industry. The solar photovoltaic industry is of particular interest in that it is poised between exploitation of first generation (crystalline silicon technologies) and new thin film and organic compound technologies, thus providing distinct sources of knowledge flow as measured by patent citations and linkage. For this study, we deploy a new database of 19,105 solar photovoltaic patents taken out by Taiwan, Korea and China at the USPTO over the 24 years 1984-2008, and analyse the knowledge flows revealed in these patents using a set of 12 International Patent Classification technology categories that we constructed. We demonstrate commonalities in patterns of knowledge flow between solar photovoltaic and earlier industries, but also suggestive differences, such as rising dependence of the catch-up countries on their own intra-national knowledge generation and flow, indicating their shift from imitation to innovation. © 2011 Elsevier B.V. All rights reserved.

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