(WP 02/03 Clave pdf) The common factor model assumes a linear relation between the observed variables and a set of underlying latent traits. It also assumes that the linear coefficients, intercepts and slopes (factor loadings), linking the observed variables to the latent traits are fixed...

In ES implementations, process modelling is a critical and often overlooked activity. This paper proposes a framework for process modelling of ES. The four steps method involves: Current Situation Analysis, Business Process Improvements and Requirements, Gap Analysis, and To-be process to...

There has long been a consensus that generous unemployment benefits probably raise unemployment rates.The link has been difficult to demonstrate, since existing indicators on the generosity of unemployment benefits overlook key aspects of the system that may influence worker response.The author...

We study an international asset pricing model where agents have preferences defined over their own consumption as well as the contemporaneous average or per capita consumption in their own country. These have been termed "keeping up with the Joneses" preferences. In the presence of...

(WP 06/04 Clave pdf) We compare trading costs between local stocks and their corresponding NYSE ADRs for Argentina, Brazil, Chile and Mexico.Results show that local stocks trading in Mexico and Chile exhibit higher costs than their ADRS,while Brazilian local stocks cost less. Argentina presents...

(WP10/02 Clave pdf) In the past few years, the concept of leadership has shifted from the solitary leader to the team as a potential source of leadership. This shift from a single person to a "shared leadership" model requires new concepts and methods to capture the nature and structure of...

While most work on corporate political activity focuses on the domestic arena, globalization has raised the business salience of international policymaking such that firms increasingly engage in international political processes as well. Political dynamics in the two arenas follow different...

We introduce a multidimensional latent trait model for binary data with non-monotone item response functions. We assume that the conditional probability of endorsing an item is a normal probability density function, and that the latent traits are normally distributed. The model yields closed...

Current theory provides no clear framework for the analysis of the current system of private copy compensation and its potential modifications and/or alternatives. Building upon more general incentive economics theory and on general legal considerations, this paper attempts to build such...

(WP28/02 Clave pdf) Commerce among firms through the Internet, the so-called B2B commerce, constitutes a newly developed area in which most theses are yet to be demonstrated. The value proposition for firms in B2B commerce suggests the creation of highly efficient markets, access to a larger...