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It has been argued in the literature that structural changes in the financial markets, such as integration, have the potential to cause herding behavior or correlated behavioral patterns in traders. The purpose of this study is to investigate whether there is any financial herding behavior in the Latin American Integrated Market (MILA), a transnational stock market composed of Chile, Peru, Colombia and Mexico stock exchanges and whether there is any ARCH or GARCH effect in the herding behavior models.

This study uses the modified return dispersion approach on daily index return data. The sample period is from January 03, 2002 to May 07, 2019. The data are obtained from the MILA database. To count time-varying volatilities in herding models, the authors run ARCH family regression with GARCH (1,1) settings. Hwang and Salmon (2004) model is used as a robustness test.

The authors found strong herding behavior under the general market conditions and moderate and partial herding behavior under some specified markets circumstances, such as bull and bear markets and high-low volatility states. Moreover, the pre-MILA period exhibits more herding behavior than the post-MILA period. The empirical results show that most of the ARCH and GARCH effects are statistically significant, implying that the past information of stock returns and market volatility significantly affect the volatility of following periods, which can also explain the formation of herding tendency among investors. Finally, the results of the robustness tests (Hwang and Salmon, 2004) confirm herding in all periods, except full sample period for Mexico and post-MILA period for Mexico and Colombia.

This study investigates the herding behavior in the MILA market in terms of market return, volatility and timing. A limitation of the paper is that the authors have not included other factors on the formation of herding behavior, such as macroeconomic factors, effects of regional or international markets and policy influences. The authors will explore the issue in the extension of the paper.

As MILA is the first virtual integration of stock exchanges without merging, the study provides useful findings and draws good inferences of herding behavior in the MILA market in terms of market return, volatility and timing which are useful for academics, investors and policymakers in their investment and decision makings.

The paper provides useful findings and draws good inferences of herding behavior in the MILA market in terms of market return, volatility and timing which are not only useful in practical implications, but also in social implications.

This study contributes to the herding literature by examining four different hypotheses in respect of the unique case of transnational stock exchange without fusions or corporate mergers, where each market maintains its independence and regulatory autonomy. The authors also contribute to the literature by including both ARCH and GARCH effects in the herding behavioral models along the Hwang and Salmon (2004) approach.

Quality 4.0 is being presented as the new stage of quality development. However, its overlying concept and rationale are still hard to define. To better understand what different authors and studies advocate being Quality 4.0, a systematic literature review was undertaken on the topic. This paper presents the results of such review, providing some avenues for further research on quality management.

The documents for the systematic literature review have been searched on the Scopus database, using the search equation: [TITLE-ABS-KEY (“Quality 4.0”) OR TITLE-ABS-KEY (Quality Management” AND (“Industry 4.0” OR “Fourth Industr*” OR i4.0))]. Documents were filtered by language and by type. Of the 367 documents identified, 146 were submitted to exploratory content analysis.

The analyzed documents essentially provide theoretical discussions on what Quality 4.0 is or should be. Five categories have emerged from the content analysis undertaken: Industry 4.0 and the Rise of a New Approach to Quality; Motivations, Readiness Factors and Barriers to a Quality 4.0 Approach; Digital Quality Management Systems; Combination of Quality Tools and Lean Methodologies and Quality 4.0 Professionals.

It was hard to find studies reporting how quality is actually being managed in organizations that already operate in the Industry 4.0 paradigm. Answers could not be found to questions regarding actual practices, methodologies and tools being used in Quality 4.0 approaches. However, the research undertaken allowed to identify in the literature different ways of conceptualizing and analyzing Quality 4.0, opening up avenues for further research on quality management in the Industry 4.0 era.

This paper offers a broad look at how quality management is changing in response to the affirmation of the Industry 4.0 paradigm.

The objective of this study was to evaluate the technical-economic process efficiency of obtaining simultaneous lipo-soluble (LSF) and water-soluble (WSF) fractions from annatto seeds.

The batches of annatto seeds were submitted to the refrigerated solid-liquid extraction process in four stages: pre-extraction, aqueous extraction, separation by decantation and filtration. After that, LSF and WSF from annatto seeds were obtained. The process efficiency and the quality of LSF and WSF were analyzed in terms of average yield and bioactive compounds (bixin, norbixin, phenolics and flavonoids) and their antioxidant and antimicrobial activities. Furthermore, they were economically evaluated in terms of costs of manufacturing and profitability parameters.

The process was efficient in terms of overall average yield (LSF = 8.68% and WSF = 2.76%) (w/w) and in terms of quality, mainly with higher average yields of bixin (82.34% in LSF) and norbixin (29.59% in WSF) (w/w). The concentration of bioactive compounds in the fractions promoted an increase in inhibiting free radicals (DPPH* and ABTS*+) and in the ferric-reducing power (FRAP). LSF showed a minimum inhibitory concentration of 0.06 mg mL-1 for S. aureus and 0.13 mg mL-1 for S. Typhimurium and S. Enteritidis. The lowest manufacturing costs were obtained for the LSF due to its higher extraction yield compared to the WSF. Plants on an industrial scale of 100 and 1000 L were considered economically viable, with a return on investment of 5 and 2 years.

Thus, fractions (WSF and LSF) can be applied as natural additives, as sources of bioactive compounds for nutraceutical and/or pharmaceutical, and in the development of other innovative processes. These results have practical applicability for pharmaceutical and food industry.

1. Green processing of annatto seeds obtains fractions rich in antioxidant compounds.

2. Efficiently presents a high yield of bixin and other bioactive compounds.

3. Effective in concentrating compounds that inhibit microbial growth.

4. Fractions are more accessible sources of bioactive compounds for isolation.

5. Cost of manufacturing (COM) and profitability are studied.

Green processing of annatto seeds obtains fractions rich in antioxidant compounds.

Efficiently presents a high yield of bixin and other bioactive compounds.

Effective in concentrating compounds that inhibit microbial growth.

Fractions are more accessible sources of bioactive compounds for isolation.

Cost of manufacturing (COM) and profitability are studied.

Milton Nascimento is one of the most prolific Brazilian singers and songwriters of all time, an artist who has formed friendships and made songs with a host of Brazilian artists, with international stars from Latin America, and with artists abroad. Milton’s repertoire has made its way into the fabric of musical compilations of Brazilian music for international listeners. Perhaps unbeknownst to these international listeners, Milton, as an Afro-Brazilian artist, reflects a complex and paradoxical relationship to “race” in his music – at times openly touching upon racial themes, even during an area when the government forbade open discussion of racial tension in Brazil – but at times signifying race more subtly, either through subtle references to diversity in Brazil or through the very elements of his music.

The purpose of this paper is to provide interested parties with the means of grasping how the literature on open innovation has evolved over the course of time. In this way, the authors furthermore contribute towards a better understanding, scaling and positioning of this field of research.

This study applies a combination of bibliometric techniques, such as citations, co-citations and social network analysis in order to map the scientific domain of open innovation. Currently, bibliometric analysis represents a methodology in effect on a global scale to evaluate the existing state of fields of research (Mutschke et al., 2011). This spans the application of quantitative and statistical analysis to publications such as articles and their respective citations and serving to evaluate the performance of research through returning data on all of the activities ongoing in a scientific field with summaries of these data generating a broad perspective on the research activities and impacts, especially as regards the researchers, journals, countries and universities (Hawkins, 1977; Osareh, 1996; Thomsom Reuters, 2008).

This research aims to map and analyse the intellectual knowledge held on open innovation. To this end, the authors carried out a bibliometric study with recourse to co-citations. Based on cluster and factorial analyses, it is possible identify and classify the several theoretical perspectives on open innovation across six areas: open innovation concept, open innovation and networks, open innovation and knowledge, open Innovation, and innovation spillovers, open innovation management and open innovation and technology.

This paper aims to map and analyse the intellectual knowledge held on open innovation.

Brazil and Chile have nearly similar recent political histories. Emerging from protracted military dictatorships at roughly the same time, both developed presidential and representative democratic processes, though with contrasting individual national emphases. Military dictatorships in both countries originated in anti-corruption rationales, among others, and both have emphasized anti-corruption practices since regime changes. Brazil impeached two presidents, ostensibly for corrupt practices. Yet, Chile has managed a corruption level, according to Transparency International’s Corruption Perception Index, that is among the lowest in Latin America, while Brazil’s is among the highest. This study compares and contrasts the two nations’ experiences with a view to uncover key causal, or at least explanatory, variables in this striking contrast in levels of perceived corruption.

This systematic literature review aims to identify the main areas of study related to co-creation and innovation in Higher Education Institutions (HEIs), as well as the main external and internal stakeholders with whom co-creation is made.

The empirical approach is based on 258 articles selected from the Web of Science (WoS), Clarivate Analytics and Scopus, Elsevier databases, with analysis of titles, abstracts and keywords following a research protocol. VOS viewer and CitNetExplorer software were used, with the twin aim of identifying publications with a higher number of citations and designing maps of reference word co-occurrence.

The analysis led to three clusters being identified: Cluster 1. Management and transfer of knowledge from HEIs to companies; Cluster 2. Co-creation and innovation in HEIs through cooperation between universities and companies; and Cluster 3. Universities’ third mission and their role in developing entrepreneurship education. The results of the literature clusters analysis led to proposing a conceptual model of analysis.

Despite only employing two databases and the content analysis criteria, the three found clusters are linked, recognising the interplay between co-creation and innovation in HEIs, knowledge transfer to enterprises and the influence on HEIs' third goal.

This systematic literature review highlights and gives a picture of the state-of-the-art in co-creation and innovation in HEIs, as well as presenting a model of co-creation and innovation in HEIs that can contribute to reinforcing the University-Industry-Community ties.

This study can lead to a better knowledge of the issue of co-creation and innovation at HEIs, as well as a deeper analysis of the sorts of relationships between HEIs and their stakeholders, as well as its impact on surrounding areas and influence.

The research highlights the interaction between HEIs and their stakeholders on a basis of value co-creation and innovation, providing mutual benefits for all involved, as well as greater development and recognition of HEIs and their surrounding regions’ image andreputation. A future research agenda is also presented on the topic of co-creation and innovation in HEIs.

This study aims to analyze the platforming scenario at a Brazilian university as well as the data security process for students and professors.

This research brings an analysis through a qualitative approach of the platformization process in a Brazilian teaching institution.

The results point to a lack of knowledge on the part of teachers regarding data security in the platforming scenario, as well as the lack of effectiveness of institutions in protecting student data.

Within the Brazilian scenario, this research seeks to contribute to the discussion on platformization in view of the gaps and existing demands on this process in the country.

The purpose of this article is to explore the new concept of TQM 4.0 as a way of adapting quality management (QM) in Industry 4.0 (I4.0), guiding industries to this new phase, which has generated adaptations in numerous areas, one of which is QM and human resources.

A systematic review of the literature was carried out. Methodi Ordinatio was applied to build the portfolio of articles with scientific relevance, which is the source of data collections and content analysis. To help out in the analysis, NVivo 12 and VOSviewer software programs were used.

The results demonstrate that when adapting the QM to the technologies of I4.0, the result is an ecosystem that supports the integration between technology, quality and people in the industrial scenario.

This article presents a systematic review of the literature, but without delving into specific issues such as the different industrial sectors and the culture of countries in which industries may be inserted, for example, which characterizes a limitation of this research.

This study provides an ecosystem model that can guide future research, regarding the concept of TQM 4.0, in addition to pointing out some ways of combining technologies, quality and people in the industrial context.

This is one of the first articles to employ a systematic review of the literature using Methodi Ordinatio to build a bibliographic panorama on the intertwining of the themes total QM (TQM) and I4.0, focusing on the emerging concept of TQM 4.0.