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The Great Leveraging was an episode of rapid credit growth and booming housing markets leading up to the global financial crisis. It is important to identify the key drivers of the Great Leveraging and, to this end, the purpose of this paper is to model the relationship between domestic credit and net foreign liabilities in the EU countries most affected by the crisis.

The analyses show that domestic credit and net foreign liabilities were cointegrated one-to-one for Greece, Italy, Portugal and Spain, while there was no cointegration for Ireland. Estimation of vector error correction models (VECMs) shows that the adjustment to deviations from the cointegrating relationship took place through changes in domestic credit for Greece and Italy, while the adjustment was bidirectional for Spain and maybe also for Portugal.

These results suggest that external factors in the form of foreign capital inflows were important drivers of the pre-crisis leveraging in the southern crisis countries, although to varying degrees across the countries.

Key novelties include the use of stock variables instead of flow variables and the estimation of VECMs for the countries individually instead of in a panel.

In particular, in this article, the authors investigate the degree of persistence in the credit-to-gross domestic product (GDP) ratio in 44 Organisation for Economic Co-operation and Development (OECD) economies in the context of nonlinear deterministic trends.

The authors use Chebyshev's polynomials in time, which allow us to model changes in the data in a smoother way than by structural breaks.

This study’s results indicate that approximately one-quarter of the series display non-linear structures, and only Argentina displays a mean reverting pattern.

Policy implications of the results obtained are discussed at the end of the manuscript.

The authors use an approach developed that allows for non-linear trends based on Chebyshev polynomials in time, with the residuals being fractionally integrated or integrated of order d, where d can be any real value.

This study investigates the spillover effects between exchange rate changes and stock returns in China. The authors find that no significant interconnections exist between stock returns and exchange rates changes.

Although the conventional structural VAR (SVAR) approach fails to examine the contemporaneous effects, the Markov switching SVAR model captures the volatile structure of the Chinese financial market. The regime-switching estimates indicate that volatile structure tends to be significant during two financial crisis periods.

Notwithstanding the fact that exchange rate changes cannot Granger-cause stock returns in the long run, its contemporaneous spillover effects on stock returns are found to be statistically significant.

This study aims to shed light on the spillover effects between exchange rate changes and stock returns in China, as the Chinese currency is becoming flexible and China’s stock market has undertaken important reforms. The spillovers between the two markets are of topical importance due to the increasing connections between China and the global economy.

This paper aims to investigate the mutual dependence between housing prices and housing credit in Estonia, a country that experienced rapid debt accumulation during the 2000s and big swings in house prices during that period.

The authors use Bayesian econometric methods on data spanning 2000–2015.

The estimations show the interdependence between house prices and housing credit. More importantly, negative housing credit innovations had a stronger effect on house prices than positive ones.

The asymmetry in the linkage between housing credit and house prices highlights important policy implications, in that if central banks increase capital buffers during good times, they can release credit conditions during hard times to alleviate the negative spillover into house prices and the real economy.

This paper aims to present the concept of electronic work, such as an e‐book integrator of concerns (logical structure, appearance and functionality), for representing literary texts available in electronic heterogeneous environments.

From the generic description of an e‐book and the descriptive requirements of the BiDiLiC project, the concept of electronic work is presented. These requirements involve a descriptive markup policy (based on TEI‐Lite) which defines the text's logical structure and is used for integrating the other concerns associated with the text: functionality and appearance. Finally, the article presents an example showing the integration of the previous concepts to achieve a functional implementation of the electronic work.

The electronic work covers the requirements of classic literary texts, while still allowing other types of texts to be represented easily. For this purpose, a robust logical structure based on TEI is defined, which offers an interchange norm for information stored in an electronic form. This representation, developed in XML, allows the logical structure of the text to be described generically, facilitating the integration (around it) of the service's functionality, as well as adapting its appearance for use in heterogeneous environments, such as the internet.

This paper proposes a new approach for interacting with electronic content. This approach is presented from conceptual basis to functional representation by way of theoretical reasoning and innovative technology.

This chapter is intended to present the onset, evolution, and decline of Compañía Minera El Zancudo, considered the largest Colombian company in the nineteenth century. Additionally, the chapter will examine its role in both the development of manufacturing industries and the introduction of modern capitalism in the country.

The case is based on secondary information collected according to a documentary research method in which the authors selected, categorized, interpreted, and confronted different sources concerning El Zancudo.

The inception and evolution of El Zancudo involved local and foreign knowledge, techniques, and capital investments that contributed to the company growing to the point of reaching the unprecedented figure of 1,350 workers in the year 1890. Its transition from a failed local mine to a prosperous and intricate business group is full of referrals and links to foreign investment, knowledge transfer, industrial development, and an orientation toward entrepreneurship that contributed to the understanding of subsequent enterprises not only in the Antioquia region but also across the entire country.

This case study was written using limited reliable secondary sources about El Zancudo. Other significant Colombian companies in the nineteenth century (Ferrería de Pacho, Ferrería de Amagá, Empresa Textilera de Samacá, and Cervecería Bavaria) and their links to El Zancudo were mentioned but not deeply analyzed in this chapter.

The clear-cut causes that led El Zacudo to close its operations within the first decades of the twentieth century are worthy of discussion, not only by scholars and business practitioners, but also by policy makers in order to understand the phenomenon and possibly prevent existing companies from failing in a similar manner.

This case brings together the scattered literature on El Zancudo and analyzes the drivers and consequences of both its rise and fall, taking into consideration the specific historical, political, and economic contexts, furthermore, it establishes some linkages between this case and other companies under similar situations.

This study aims to analyze the content on corporate social responsibility (CSR) of Gucci, Prada and Ermenegildo Zegna on the social networks Instagram, Facebook and TikTok in order to examine the focus of the publications of these luxury brands, what type of content is more frequent and which ones generate more interaction and engagement.

An interpretive content analysis of a sample of 92 posts on CSR published between December 2021 and June 2022 is used. For this purpose, an analysis sheet validated through theoretical constructs and pilot testing is used.

Most of the social responsibility content of the fashion brands analyzed is linked to the use of sustainable materials, the protection of natural spaces and, in the particular case of Prada, the protection of the oceans. The posts that achieve the highest interactions are videos and photo reels. Although the strategies that significantly increase brands' reach on social networks are collaborations and joint posts with other fashion brands, as is the case of Gucci with NorthFace and Prada with Adidas. Also, one of the main findings of this research has been to identify that brands may be using TikTok – perhaps experimentally – to reach stakeholders in Asian countries, especially China, where other platforms such as Instagram or Facebook may have a more limited reach.

This research shows that the social responsibility activities of luxury fashion brands leverage the content marketing strategy in social networks. It also demonstrates the importance of the Asian market (mainly Chinese) in the outreach strategies of brands, as is the case of Gucci and Prada, which bet on CSR activities for the protection of the Asian tiger in the framework of the year of the tiger in the Chinese horoscope, as well as the publication of certain content on TikTok.

This study analyzes the effect of content marketing on women's happiness through eudaimonia and hedonism factors and the final result on desires and actions taken.

A total of 227 valid questionnaires were collected from women respondents. The data analysis used partial least squares structural equation modeling (PLS-SEM) to clarify the relationships in the proposed model.

Content marketing turns out to be a crucial factor affecting both eudaimonia and hedonism. Moreover, while eudaimonia plays a particular role in women's behavior, hedonism works likewise on desires.

A crucial decision before developing content marketing is to consider if the final result is to produce desirability or feasibility in consumers. Content marketing addressing eudaimonia will impact feasibility; while the content aims to create desirability, the hedonic aspect of happiness should be emphasized.

Though content marketing and the effect of content marketing on brands' performance and consumer decision processes has been deeply analyzed in the literature, there is a lack of research into the effect of such content on consumers' well-being. Another contribution of this study is the focus on local brands and on women's eudaimonia and hedonism.

Discussing statistical error and research design problems and the organizational implications of delivering “good news” at all cost.

This case can be used on basic courses of Public Policy, Marketing Research and Quantitative Methods.

MIDEPLAN on July 2012 showed the results of the CASEN (Caracterización Socio-Económica or Socio-Economical Characterization) survey of 2011. The results showed that poverty was lowered by 0.6 per cent and was greatly highlighted by the media. Opposition coalition and academics started to ask questions about statistical error, which was not yet known. It was revealed that the government asked Comisión Económica para América Latina y el Caribe (CEPAL), a public organization dependent on the United Nations (UN) that was helping Chile to manage the CASEN survey, to review the results and incorporate a variable “y11,” but academics questioned it due to comparability reasons. The statistical error was revealed and it was 0.8 per cent. On October 2012, CEPAL decided to stop helping Chilean institutions.

The key analysis and conclusions which should arise as a result of teaching this case are: The relevance of the statistical error as a key component of research to evaluate data; the importance of fully implementing research design and accuracy of every step to reach valid results; analyze and discuss organizational implications of delivering “good news” at all cost.

Teaching Notes are available for educators only. Please contact your library to gain login details or email pfarias@unegocios.cl to request teaching notes.