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Article
Publication date: 27 March 2020

Exequiel Romero-Gómez and Gustavo Ferro

This study aims to verify how the product-relevant market for wines should be defined. To do so, the authors apply an empirical methodology to determine the levels of…

Abstract

Purpose

This study aims to verify how the product-relevant market for wines should be defined. To do so, the authors apply an empirical methodology to determine the levels of substitution among wine-categories, identifying each relevant market in Argentina.

Design/methodology/approach

The authors perform an econometric analysis applying the nested logit methodology that will enable us to estimate cross elasticities in wine segments in the Argentine market. The database contains 1,367 brands and a maximum of 395 firms offering products of different segments. If cross elasticities between wine segments are positive and significantly different to zero, the products belong to the same relevant market. In the methodological section, the authors discuss the pros and cons of this approach and its alternatives, while in the empirical analysis, they perform several robustness controls.

Findings

The proposed method and results provide an alternative to exogenously defining where each product category begins and ends. The results show that the relevant market for wines should be segmented by categories as the substitution between each one is very low.

Research limitations/implications

In this empirical work, the study analyzes whether each segment constitutes a relevant, independent market. In Argentina, the practice of competition policy does not recognize substitution between different categories of wine; thus, each category constitutes a relevant market by itself, while according to the international practice, the relevant market includes all wine categories. The results suggest exploring the existence of different relevant markets of wine.

Practical implications

Under the label “wine,” different types or qualities can act as substitutes among them in different possible relevant markets. A more precise definition of relevant markets permits informed decisions facing proposed mergers or anticompetitive practices.

Social implications

This study provides a mechanism to determine the levels of substitution among wine categories (i.e. to find the boundaries of each relevant market). Wine is a differentiated product and, as such, offers different qualities (categories) for consumers. The consideration of those differences in winery mergers has consequences on social welfare.

Originality/value

According to the international practice in competition policy, the relevant market includes all wine categories. This study provides an alternative to defining exogenously where each category of product begins and ends and does not assume a priori the direction or intensity of substitution among products.

Details

International Journal of Wine Business Research, vol. 32 no. 4
Type: Research Article
ISSN: 1751-1062

Keywords

Article
Publication date: 12 March 2018

Gustavo Ferro and Ignacio Benito Amaro

Given the growing supply of wines and the large number of new consumers with purchasing power but lacking knowledge of the subtleties of high-quality wines, expert…

Abstract

Purpose

Given the growing supply of wines and the large number of new consumers with purchasing power but lacking knowledge of the subtleties of high-quality wines, expert opinions are used for consumers as proxies for quality. This study aims to determine the determinants of prices in top-quality wine market. The authors also seek to estimate the role for country of origin, grape, producing region and winery in prices. And, finally, the authors try to show how countries, regions and wineries can help increase their position in international rankings.

Design/methodology/approach

The authors try to answer: What factors explain the price of top-quality wines (defined as best rated in a standardized ranking)? To some extent, in the hands of producers influence prices, which imply long-term decisions or large investments in land and marketing. Other variables that consumer value does affect prices. The authors try also to detect undervalued or overvalued wines, grapes, regions, wineries or producer countries. The authors estimate an econometric model of hedonic prices using a 14-year sample of the Wine Spectator’s 100 top-rated wines for the American market between 2003 and 2016, totaling 1,400 observations. The sample is a great cross-section because each wine is unique.

Findings

The authors’ contribution is twofold: the determination of the price explanatory values and the identification and attribution of price differences by country, grape, region and winery. Also, the authors detected grapes, countries, regions and wineries which are overvalued or undervalued with respect to the average prediction of the model.

Research limitations/implications

The findings are useful to understand the role of price explanatory variables, as well as for making policy and managerial decisions. From the model, collective or managerial actions can be derived to increase particular wines’ positions in international rankings. The proxy for “quality” in the study is not the only possible definition.

Practical implications

In some cases, managerial choices could be conditioned by the policies or history. There is some room for collective action and public policies to improve regions’ and countries’ reputation.

Social implications

There are clear synergies for policies that can raise the prestige of countries and regions and their spillovers on the brand name reputation of individual wineries.

Originality/value

The results, policy and managerial implications are of interest for business, countries interested in improving their position in international rankings and for consumers to make more informed decisions.

Details

International Journal of Wine Business Research, vol. 30 no. 1
Type: Research Article
ISSN: 1751-1062

Keywords

Article
Publication date: 29 November 2018

Gustavo Ferro, Carlos A. Romero and Exequiel Romero-Gómez

The purpose of this paper is to build performance indicators to assess efficiency for First Instance Federal Courts in Argentina and study the determinants of efficiency…

Abstract

Purpose

The purpose of this paper is to build performance indicators to assess efficiency for First Instance Federal Courts in Argentina and study the determinants of efficiency in Criminal Instruction Courts.

Design/methodology/approach

The efficiency scores were determined using data envelopment analysis with a database for the period 2006–2010. Then, a search of the efficiency determinants in the Criminal Instruction Courts was performed. Four output-oriented models were developed based on various explanatory and environmental variables.

Findings

Workload is an environmental variable that significantly increased the average levels of efficiency. When analyzing explanatory factors of the efficiency levels of the Criminal Instruction Courts, surrogate judges and temporary staff are more efficient on average than tenured judges and staff.

Research limitations/implications

The method chosen permits flexibility in the analysis. Future research would be interesting to develop the underlying economic model using econometric methods.

Practical implications

This paper’s contribution is twofold: first, to estimate the relative efficiency for all First Instance Federal Courts in every jurisdiction; and second, to explain the differences in efficiency in the Criminal Instruction Courts.

Social implications

This study has the potential to greatly impact the discussion of how to structure judicial procedures (from the benchmarking between different branches of Federal justice) and in the design of incentives in a judicial career (e.g. tenured vs temporary judges and clerical employees, the role of seniority of judges and clerical employees and the impact of gender in performance).

Originality/value

To the authors’ knowledge, this paper is the first scholarly article to measure efficiency in Argentine justice system using mathematical programming and econometric methods. It has academic interest since it advances on the comprehension of the underlying production function of justice service provision. The paper also has social and practical implications since it permits contributing to the institutional design and opens the discussion for further sequels with other methods and complementary purposes.

Details

Benchmarking: An International Journal, vol. 25 no. 9
Type: Research Article
ISSN: 1463-5771

Keywords

Article
Publication date: 14 May 2018

Gustavo Ferro and Sonia León

Merger approving focuses on both market power and welfare gains. In general, the approval process does not include a comparative efficiency analysis. This paper aims to…

Abstract

Purpose

Merger approving focuses on both market power and welfare gains. In general, the approval process does not include a comparative efficiency analysis. This paper aims to introduce this dimension and show its potential.

Design/methodology/approach

Based on the analysis of past bank mergers, the authors examine expected and actual efficiency gains. This paper measures the potential (ex ante) and ex post efficiency gains of bank mergers by using data envelopment analysis (DEA).

Findings

The authors find some (approved) mergers were promised and yielded efficiency gains while others did not.

Research limitations/implications

DEA does not allow testing statistically the significance of the presumed relationship between variables.

Practical implications

The authors conclude that some mergers that took place would not have been approved had an efficiency analysis been made.

Social implications

Regulators and/or competition authorities could approve mergers which do not increase efficiency.

Originality/value

To date, efficiency frontier analysis has not been performed for merger approval. It implies that the regulator or competition authority could allow mergers with no clear social gains.

Details

Journal of Financial Regulation and Compliance, vol. 26 no. 2
Type: Research Article
ISSN: 1358-1988

Keywords

Article
Publication date: 15 February 2013

Fernando Castagnolo and Gustavo Ferro

The purpose of this paper is to examine empirically whether the market discipline works, and if so, whether it is a complement or substitute of prudential regulation in…

556

Abstract

Purpose

The purpose of this paper is to examine empirically whether the market discipline works, and if so, whether it is a complement or substitute of prudential regulation in the insurance markets. Market discipline is intended as “the power of … market forces … to evaluate and control the risky behaviour of the financial institutions”. The authors' formal hypothesis is that if market discipline works as complementary to prudential regulation, the response of the insured is expected to be weaker than if market discipline acts as a substitute to prudential regulation.

Design/methodology/approach

The authors designed an experiment examining policy subscription reaction to adjustments in insurers' risk ratings in three different regulatory environments, to compare market discipline in each market. An econometric model was estimated to test the reaction of policy subscription to changes in credit ratings of the insurers.

Findings

The findings indicate that more market discipline was exerted in the crisis period, and more intensely where it is intended to replace regulation. A formal hypothesis was tested: in a less regulated environment, consumers' protection rests more heavily on their caution and use of market information about the insurers' financial condition.

Research limitations/implications

The research is constrained by the availability and detail of the publicly available data.

Practical implications

The results imply that regulation and market discipline work more as complements than as substitutes.

Social implications

Market discipline does not replace prudential regulation in the insurance market.

Originality/value

The approach presented in the paper adds to precedent work studying comparatively different regulatory environments, and also concerns the response of market discipline in the financial crisis context.

Details

Journal of Financial Regulation and Compliance, vol. 21 no. 1
Type: Research Article
ISSN: 1358-1988

Keywords

Article
Publication date: 28 January 2014

Fernando Castagnolo and Gustavo Ferro

The purpose of this paper is to assess and compare the forecast ability of existing credit risk models, answering three questions: Can these methods adequately predict…

1555

Abstract

Purpose

The purpose of this paper is to assess and compare the forecast ability of existing credit risk models, answering three questions: Can these methods adequately predict default events? Are there dominant methods? Is it safer to rely on a mix of methodologies?

Design/methodology/approach

The authors examine four existing models: O-score, Z-score, Campbell, and Merton distance to default model (MDDM). The authors compare their ability to forecast defaults using three techniques: intra-cohort analysis, power curves and discrete hazard rate models.

Findings

The authors conclude that better predictions demand a mix of models containing accounting and market information. The authors found evidence of the O-score's outperformance relative to the other models. The MDDM alone in the sample is not a sufficient default predictor. But discrete hazard rate models suggest that combining both should enhance default prediction models.

Research limitations/implications

The analysed methods alone cannot adequately predict defaults. The authors found no dominant methods. Instead, it would be advisable to rely on a mix of methodologies, which use complementary information.

Practical implications

Better forecasts demand a mix of models containing both accounting and market information.

Originality/value

The findings suggest that more precise default prediction models can be built by combining information from different sources in reduced-form models and combining default prediction models that can analyze said information.

Details

The Journal of Risk Finance, vol. 15 no. 1
Type: Research Article
ISSN: 1526-5943

Keywords

Content available
Article
Publication date: 28 January 2014

Bonnie G. Buchanan

366

Abstract

Details

The Journal of Risk Finance, vol. 15 no. 1
Type: Research Article
ISSN: 1526-5943

Keywords

Open Access
Article
Publication date: 6 February 2019

Juan M.C. Larrosa

This paper aims to provide information about the structure of collaborative work among Argentinian economics. The study provides specific applied research of social…

Abstract

Purpose

This paper aims to provide information about the structure of collaborative work among Argentinian economics. The study provides specific applied research of social network analysis focus on this profession in this specific country.

Design/methodology/approach

The contribution opted for applying social network analysis tools to papers presented in a congress and published in its proceedings. The authors focus in detecting main actors, groups of co-authorship, professionals acting as bridges between groups and differences between genders.

Findings

The paper provides empirical insights about how co-authorship has evolved between Argentine economists. The authors find that structural properties of the network, main actors, both male and female, main universities or center that affiliates them, a gender gap that might be closing out.

Research limitations/implications

The paper focuses on the network for the period 1964-2014 without a more detailed dynamic. It also does not explain main topics worked by the authors.

Practical implications

The work provides knowledge about how groups are created in Economics in Argentina, how cooperation has evolved and what has been the role of women in this development. It also shows how different departments and entities collaborate with diverse success in the creation of new knowledge in Economics in Argentina.

Originality/value

The paper works with data from a source of information non-previously studied and contributes in explaining a particular type of collaborative work in a profession in Argentina.

Details

Journal of Economics, Finance and Administrative Science, vol. 24 no. 47
Type: Research Article
ISSN: 2077-1886

Keywords

Article
Publication date: 24 July 2020

Luiz Henrique Dias Alves, Tiago Carvalho Tepedino, Mohammad Masoumi, Gustavo Tressia and Helio Goldenstein

The purpose of this paper is to present the results of a metallurgical, mechanical and tribological characterization of the weld and heat-affected zone (HAZ) of…

Abstract

Purpose

The purpose of this paper is to present the results of a metallurgical, mechanical and tribological characterization of the weld and heat-affected zone (HAZ) of aluminothermic welding of premium rails used in heavy haul, looking into the origins of the squat defects associated with rail wear.

Design/methodology/approach

A full factorial design of experiment was carried out for 24 welds of premium and super premium rails. The factors studied were chemical composition, welding gap and preheating time. The welds were inspected visually and by ultrasound to detect superficial and internal defects and characterized by macrographic analysis, hardness profile, tensile tests and microstructural characterization in scanning electronic microscopy. Pin-on-disk test were carried out to compare the tribological behavior of the different regions of the weld rail.

Findings

Squat formation was shown to be associated with spheroidized pearlite regions formed on the HAZ of the welds, presenting near half the hardness of the weld metal. Thermal analysis showed that spheroidized pearlite is a result of partial austenitization at these positions. Tribological tests showed that low hardness regions presented smaller wear resistance than both the weld metal and the parent rail. Tensile test of the whole region resulted in brittle fracture along the weld metal.

Originality/value

The results showed that it is essential to reduce the dimensions of the HAZ and the width of the hardness drop area to mitigate squat formation in the HAZ edges.

Peer review

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-01-2020-0020/

Details

Industrial Lubrication and Tribology, vol. 72 no. 9
Type: Research Article
ISSN: 0036-8792

Keywords

Book part
Publication date: 23 June 2022

Carlos Dávila Ladrón de Guevara, Araceli Almaraz Alvarado and Mario Cerutti

Taking as reference a sample of around a hundred biographical materials on entrepreneurs in Mexico and Colombia, the purpose of this chapter is dual. Both to show the…

Abstract

Taking as reference a sample of around a hundred biographical materials on entrepreneurs in Mexico and Colombia, the purpose of this chapter is dual. Both to show the relevance and varied modalities that the biographical approach has enjoyed in business history research since the 1990s, and to display the intrinsic potential this modality of scholarship entails for entrepreneurship endeavors. In particular, it discusses the prospects to incorporate this body of empirical works into the large Latin American audience attending undergraduate, graduate and executive education programs in business, economic history and related fields. The chapter is organized into three sections. The first two are devoted to illustrate relevant patterns in the entrepreneurial trajectory of individuals and entrepreneurial families studied in each of the two countries under consideration. The last section identifies some conceptual issues that may impact current debates on Latin American business development as exemplified in recent business and economic history journal venues and scholarly conferences.

Details

The Emerald Handbook of Entrepreneurship in Latin America
Type: Book
ISBN: 978-1-80071-955-2

Keywords

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