In this thesis, we study basket options which are contracts on N assets. It is known that the risk neutral joint probability density of the assets is uniquely defined by the prices of basket options with positive weights. However, the proof of this fact requires a step involving the inversion of a Laplace transform. It is known that inversion of a Laplace transform is a severely ill-posed problem. The purpose of this thesis is to understand whether inversion of the basket transform is ill-posed or not.In our dissertation, we propose three methods to determine and prove the order of ill-posedness for the case when the basket contains only one asset and then map the problem to Radon transform to address two or higher dimensional case. Our proofs show that that problem is mildly ill-posed of order 1/2 (N -1) 2 given N dimensions.We also conduct numerical experiments under the Black-Scholes setting. First, using the reconstruction method from Cohen and Pagliacci, our results show that this method functions well in one-dimension but it becomes numerically intensive in our two-dimensional implementation, and we were unable to achieve convergence. Alternatively, we have looked at using an inverse Radon transform method to reconstruct the joint density numerically. As this requires knowledge of basket prices with negative weights, we have tried extending the basket price in this region as an odd function. For comparison, we compared this against the reconstruction from approximate basket prices calculated directly in the negative weight region. It is fascinating that these two approaches give similar results. This may indicate that the errors are due to the two-moment matching approximation rather than the odd extension. This intriguing possibility would certainly merit further investigation if more time were available.We believe that our mathematical particularly, but also our numerical results indicate there is cause for optimism that a stable numerical algorithm to reconstruct the joint density function from basket prices will be found in the future.
{"title":"Reconstructing the Joint Probability Distribution From Basket Prices: A Mildly Ill-Posed Problem","authors":"Shuren Tan","doi":"10.2139/ssrn.2766054","DOIUrl":"https://doi.org/10.2139/ssrn.2766054","url":null,"abstract":"In this thesis, we study basket options which are contracts on N assets. It is known that the risk neutral joint probability density of the assets is uniquely defined by the prices of basket options with positive weights. However, the proof of this fact requires a step involving the inversion of a Laplace transform. It is known that inversion of a Laplace transform is a severely ill-posed problem. The purpose of this thesis is to understand whether inversion of the basket transform is ill-posed or not.In our dissertation, we propose three methods to determine and prove the order of ill-posedness for the case when the basket contains only one asset and then map the problem to Radon transform to address two or higher dimensional case. Our proofs show that that problem is mildly ill-posed of order 1/2 (N -1) 2 given N dimensions.We also conduct numerical experiments under the Black-Scholes setting. First, using the reconstruction method from Cohen and Pagliacci, our results show that this method functions well in one-dimension but it becomes numerically intensive in our two-dimensional implementation, and we were unable to achieve convergence. Alternatively, we have looked at using an inverse Radon transform method to reconstruct the joint density numerically. As this requires knowledge of basket prices with negative weights, we have tried extending the basket price in this region as an odd function. For comparison, we compared this against the reconstruction from approximate basket prices calculated directly in the negative weight region. It is fascinating that these two approaches give similar results. This may indicate that the errors are due to the two-moment matching approximation rather than the odd extension. This intriguing possibility would certainly merit further investigation if more time were available.We believe that our mathematical particularly, but also our numerical results indicate there is cause for optimism that a stable numerical algorithm to reconstruct the joint density function from basket prices will be found in the future.","PeriodicalId":346559,"journal":{"name":"Innovation Measurement & Indicators eJournal","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127355974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
J. López-Fernández, Francisco M. Somohano, Francisco J. Martinez Garcia
Our research on the relevance of non-financial information considers to aspects: one that requires more complete and adequate information on intangibles or Intellectual Capital (IC); and another concerned with the today’s main accounting conceptual frameworks, to which a certain rigidness is attributed in terms of recognizing intangibles in financial areas that can lead to the financial information not being useful for those who use it. Given the complexity of IC, we concentrate on the information provided on websites of automobile component manufacturers in the Spanish automotive sector. We’ve designed an indicator for the innovation disclosure intensity (I3) and a classification of the activities carried out by these companies (UFPE). Both items are crossed with the ratio ROA and Cash-Flow from total assets (Self-financing Capacity). We found statistically significant evidence that companies with lower I3 have worse ROA and Self-financing Capacity ratios.
{"title":"The Intellectual Capital and the Relevance of Non-Financial Information About Innovation in the Spanish Automotive Sector from an Accounting Perspective: A Proposal of an Indicator","authors":"J. López-Fernández, Francisco M. Somohano, Francisco J. Martinez Garcia","doi":"10.2139/ssrn.2864269","DOIUrl":"https://doi.org/10.2139/ssrn.2864269","url":null,"abstract":"Our research on the relevance of non-financial information considers to aspects: one that requires more complete and adequate information on intangibles or Intellectual Capital (IC); and another concerned with the today’s main accounting conceptual frameworks, to which a certain rigidness is attributed in terms of recognizing intangibles in financial areas that can lead to the financial information not being useful for those who use it. \u0000Given the complexity of IC, we concentrate on the information provided on websites of automobile component manufacturers in the Spanish automotive sector. We’ve designed an indicator for the innovation disclosure intensity (I3) and a classification of the activities carried out by these companies (UFPE). Both items are crossed with the ratio ROA and Cash-Flow from total assets (Self-financing Capacity). We found statistically significant evidence that companies with lower I3 have worse ROA and Self-financing Capacity ratios.","PeriodicalId":346559,"journal":{"name":"Innovation Measurement & Indicators eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122809025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper uses data from the National Science Foundation’s surveys on business research and development (R&D) expenditures that have been linked with data from the Census Bureau’s Longitudinal Business Database to produce consistent NAICS-based R&D time-series data based on the main product produced by the firm for 1976 to 2008.The results show that R&D spending has shifted away from domestic manufacturing industries in recent years. This is due in part to a shift in U.S. payrolls away from manufacturing establishments for R&D-performing firms.These findings support the notion of an increasingly fragmented production system for R&D-intensive manufacturing firms, whereby U.S. firms control output and provide intellectual property inputs in the form of R&D, but production takes place outside of the firms' U.S. establishments.
{"title":"The Role of Industry Classification in the Estimation of Research and Development Expenditures","authors":"Christian Awuku-Budu, Carol Robbins","doi":"10.2139/ssrn.2527174","DOIUrl":"https://doi.org/10.2139/ssrn.2527174","url":null,"abstract":"This paper uses data from the National Science Foundation’s surveys on business research and development (R&D) expenditures that have been linked with data from the Census Bureau’s Longitudinal Business Database to produce consistent NAICS-based R&D time-series data based on the main product produced by the firm for 1976 to 2008.The results show that R&D spending has shifted away from domestic manufacturing industries in recent years. This is due in part to a shift in U.S. payrolls away from manufacturing establishments for R&D-performing firms.These findings support the notion of an increasingly fragmented production system for R&D-intensive manufacturing firms, whereby U.S. firms control output and provide intellectual property inputs in the form of R&D, but production takes place outside of the firms' U.S. establishments.","PeriodicalId":346559,"journal":{"name":"Innovation Measurement & Indicators eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129372411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Annina Saluz, H. Bühlmann, Alois Gisler, F. Moriconi
The Bornhuetter-Ferguson (BF) reserve of an accident year is the product of an a priori estimate of the expected ultimate claim and the estimated 'still to come percentage'. In practice, these a priori estimates are often adjusted over time. We call this process 'repricing'. In this paper we study the incorporation of claims experience for the repricing process by using credibility theory. We simultaneously estimate the still to come percentages and we quantify the prediction uncertainty of the resulting reserves. In a special case the method can be interpreted as a weighted average between chain ladder (CL) and BF.
{"title":"Bornhuetter-Ferguson Reserving Method with Repricing","authors":"Annina Saluz, H. Bühlmann, Alois Gisler, F. Moriconi","doi":"10.2139/ssrn.2697167","DOIUrl":"https://doi.org/10.2139/ssrn.2697167","url":null,"abstract":"The Bornhuetter-Ferguson (BF) reserve of an accident year is the product of an a priori estimate of the expected ultimate claim and the estimated 'still to come percentage'. In practice, these a priori estimates are often adjusted over time. We call this process 'repricing'. In this paper we study the incorporation of claims experience for the repricing process by using credibility theory. We simultaneously estimate the still to come percentages and we quantify the prediction uncertainty of the resulting reserves. In a special case the method can be interpreted as a weighted average between chain ladder (CL) and BF.","PeriodicalId":346559,"journal":{"name":"Innovation Measurement & Indicators eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129044776","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Large and impressive data collection efforts often fail to make their data useful for answering policy questions. In this paper, we argue that this is due to a systematic gap between the ways measurement engineers think about their data, and how other disciplines typically make use of data. We recap our own efforts to use the data generated by a number of such projects to address questions of Internet and telecommunication policy, and based on our experience, propose five points for engineers to consider when building measurement systems to reduce the gap. Ignoring the gap means that fewer researchers use the data and significantly lowers a project’s impact on policy debates and outcomes.
{"title":"Internet Measurements and Public Policy: Mind the Gap","authors":"H. Asghari, M. V. Eeten, Milton L. Mueller","doi":"10.2139/ssrn.2294456","DOIUrl":"https://doi.org/10.2139/ssrn.2294456","url":null,"abstract":"Large and impressive data collection efforts often fail to make their data useful for answering policy questions. In this paper, we argue that this is due to a systematic gap between the ways measurement engineers think about their data, and how other disciplines typically make use of data. We recap our own efforts to use the data generated by a number of such projects to address questions of Internet and telecommunication policy, and based on our experience, propose five points for engineers to consider when building measurement systems to reduce the gap. Ignoring the gap means that fewer researchers use the data and significantly lowers a project’s impact on policy debates and outcomes.","PeriodicalId":346559,"journal":{"name":"Innovation Measurement & Indicators eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129558594","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The article analyses the factors that contribute to an increase of energy efficiency in the energy intensive industries in Poland and Germany.
本文分析了波兰和德国能源密集型产业能效提高的影响因素。
{"title":"Understanding the Increase of Energy Efficiency in the Polish and German Industry – For an Effective EU ETS and a Common Industrial Policy","authors":"Andrzej Ancygier, Anna Serzysko","doi":"10.2139/SSRN.2392292","DOIUrl":"https://doi.org/10.2139/SSRN.2392292","url":null,"abstract":"The article analyses the factors that contribute to an increase of energy efficiency in the energy intensive industries in Poland and Germany.","PeriodicalId":346559,"journal":{"name":"Innovation Measurement & Indicators eJournal","volume":"16 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116710903","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2013-10-19DOI: 10.1108/MBE-10-2012-0053
G. Mehralian, Peyman Akhavan, H. Rasekh, A. Rajabzadeh
Purpose – During the last decade, intellectual capital (IC) has been widely considered as a critical tool to deliver successful business in an intensive knowledge environment. The main goal of this paper is therefore to develop and prioritize human capital indicators as an important component of IC in knowledge-based industries.Design/methodology/approach – Based on an extensive literature review, a valid and reliable questionnaire was designed. In order to data gathering, it was sent out to 108 participants from academic and university who qualified well in pharmaceutical practice. Besides statistical analysis, we also used fuzzy TOPSIS technique as a MADM model in order to exact prioritization of indicators. Findings – The analysis indicates that there is little difference between academic and university respondents. Furthermore, the fuzzy TOPSIS results show that participants remark high concerns especially about knowledge and skills of managers and employees.Research limitations/implications – The findings offer valuable insights in order to evaluation of human capital state as a key component of IC in knowledge-based industry.Practical implications – There is an immediate need that the policy makers and corporate managers wake up to the need and start to measure and disclosure the intangible assets of firms. Intellectual capital measurement is of primary interest for top executives of pharmaceutical firms in Iran as well.Originality/value – This is an initial and pioneering study to develop a valid tool to evaluate IC in Iranian pharmaceutical industry. The present study provides a new aspect of performance measurement for research-based industries in emerging economies and would be a good topic for further research.
{"title":"A Framework for Human Capital Indicators in Knowledge-Based Industries: Evidence from Pharmaceutical Industry","authors":"G. Mehralian, Peyman Akhavan, H. Rasekh, A. Rajabzadeh","doi":"10.1108/MBE-10-2012-0053","DOIUrl":"https://doi.org/10.1108/MBE-10-2012-0053","url":null,"abstract":"Purpose – During the last decade, intellectual capital (IC) has been widely considered as a critical tool to deliver successful business in an intensive knowledge environment. The main goal of this paper is therefore to develop and prioritize human capital indicators as an important component of IC in knowledge-based industries.Design/methodology/approach – Based on an extensive literature review, a valid and reliable questionnaire was designed. In order to data gathering, it was sent out to 108 participants from academic and university who qualified well in pharmaceutical practice. Besides statistical analysis, we also used fuzzy TOPSIS technique as a MADM model in order to exact prioritization of indicators. Findings – The analysis indicates that there is little difference between academic and university respondents. Furthermore, the fuzzy TOPSIS results show that participants remark high concerns especially about knowledge and skills of managers and employees.Research limitations/implications – The findings offer valuable insights in order to evaluation of human capital state as a key component of IC in knowledge-based industry.Practical implications – There is an immediate need that the policy makers and corporate managers wake up to the need and start to measure and disclosure the intangible assets of firms. Intellectual capital measurement is of primary interest for top executives of pharmaceutical firms in Iran as well.Originality/value – This is an initial and pioneering study to develop a valid tool to evaluate IC in Iranian pharmaceutical industry. The present study provides a new aspect of performance measurement for research-based industries in emerging economies and would be a good topic for further research.","PeriodicalId":346559,"journal":{"name":"Innovation Measurement & Indicators eJournal","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116386744","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper reviews the application of the data envelopment analysis (DEA) method for measuring the efficiency of national innovation systems (NIS). The paper firstly visualizes the logic of DEA method and briefly summarizes the key advantages and main limitations of the DEA method. Further, this paper provides a comprehensive review of 11 empirical studies on cross-country analysis of NIS efficiency with DEA technique. In its main part the paper analyses the specifications of DEA models used in the reviewed studies, the content of the country samples, sets of input and output variables used and the resulting lists of efficient countries. The review detects general trends and differences in the sets of variables and the content of country samples. Moreover, this paper highlights the problem of “small countries bias” in the reviewed studies: situation when “small” (in terms of national innovation system scope and the level of development) countries (like Venezuela, Kyrgyzstan etc.) are included in the country sample, these “small” countries become the efficient ones. In general, empirical studies on cross-country analysis of national innovation systems efficiency using DEA method pay little attention to profound analysis of previous relevant studies. Therefore, this paper is among the first papers with deep review of such empirical studies
本文回顾了数据包络分析法（DEA）在衡量国家创新体系（NIS）效率方面的应用。本文首先直观地介绍了 DEA 方法的逻辑，并简要总结了 DEA 方法的主要优势和局限性。此外，本文还全面回顾了利用 DEA 技术对国家创新体系效率进行跨国分析的 11 项实证研究。本文的主要部分分析了所综述研究中使用的 DEA 模型的规格、国家样本的内容、所使用的投入和产出变量集以及由此得出的高效率国家名单。审查发现了变量集和国家样本内容的一般趋势和差异。此外，本文还强调了综述研究中的 "小国偏差 "问题：当 "小 "国家（就国家创新体系范围和发展水平而言）（如委内瑞拉、吉尔吉斯斯坦等）被纳入国家样本时，这些 "小 "国家就会成为高效国家。一般来说，利用 DEA 方法对国家创新系统效率进行跨国分析的实证研究很少关注对以往相关研究的深刻分析。因此，本文是首批对此类实证研究进行深入评述的论文之一。
{"title":"Measuring National Innovation Systems Efficiency – A Review of DEA Approach","authors":"M. Kotsemir","doi":"10.2139/ssrn.2304735","DOIUrl":"https://doi.org/10.2139/ssrn.2304735","url":null,"abstract":"The paper reviews the application of the data envelopment analysis (DEA) method for measuring the efficiency of national innovation systems (NIS). The paper firstly visualizes the logic of DEA method and briefly summarizes the key advantages and main limitations of the DEA method. Further, this paper provides a comprehensive review of 11 empirical studies on cross-country analysis of NIS efficiency with DEA technique. In its main part the paper analyses the specifications of DEA models used in the reviewed studies, the content of the country samples, sets of input and output variables used and the resulting lists of efficient countries. The review detects general trends and differences in the sets of variables and the content of country samples. Moreover, this paper highlights the problem of “small countries bias” in the reviewed studies: situation when “small” (in terms of national innovation system scope and the level of development) countries (like Venezuela, Kyrgyzstan etc.) are included in the country sample, these “small” countries become the efficient ones. In general, empirical studies on cross-country analysis of national innovation systems efficiency using DEA method pay little attention to profound analysis of previous relevant studies. Therefore, this paper is among the first papers with deep review of such empirical studies","PeriodicalId":346559,"journal":{"name":"Innovation Measurement & Indicators eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129875305","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The purpose of this paper is to define innovation and to proffer evidence of its existence through the use of statistical method and mathematical modeling. Innovation is defined by the confidence interval of the normal probability distribution density where μ ± 2σ = 0.95 leaving a room of ±α = 0.05 for randomness. This paper claims that the upper tail of the probability distribution density curve ( α = 0.025) is an area of focus for innovation analysis. The lower tail of the curve: −α = −0.025 is a random area that is not a subject of innovation analysis. The paper employs series of tests to determine and verify innovation. Two situations are presented. On the one hand, innovation is tested by comparing the claimed output change against the industry referenced mean. On the other, innovation may also be proven where there is no external reference. Vouching and tracing analyses are used where there is an industry reference indicator. Absent such an external reference indicator, the Dixon outliers test is used.
{"title":"Innovation Analysis","authors":"Paul I. Louangrath","doi":"10.2139/ssrn.2266998","DOIUrl":"https://doi.org/10.2139/ssrn.2266998","url":null,"abstract":"The purpose of this paper is to define innovation and to proffer evidence of its existence through the use of statistical method and mathematical modeling. Innovation is defined by the confidence interval of the normal probability distribution density where μ ± 2σ = 0.95 leaving a room of ±α = 0.05 for randomness. This paper claims that the upper tail of the probability distribution density curve ( α = 0.025) is an area of focus for innovation analysis. The lower tail of the curve: −α = −0.025 is a random area that is not a subject of innovation analysis. The paper employs series of tests to determine and verify innovation. Two situations are presented. On the one hand, innovation is tested by comparing the claimed output change against the industry referenced mean. On the other, innovation may also be proven where there is no external reference. Vouching and tracing analyses are used where there is an industry reference indicator. Absent such an external reference indicator, the Dixon outliers test is used.","PeriodicalId":346559,"journal":{"name":"Innovation Measurement & Indicators eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129401052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the knowledge economy intangible resources are the primary value drivers. This is particularly true of companies such as banks. However, intangible resources (Intellectual Capital) appear difficult to measure. Today, there are several methods that allows to measure Intellectual Capital in listed companies. However, not all methods of measurement are adequate for listed banks. The paper uses the KCE™ (Knowledge Capital Earnings™) ratio, to measure the Intellectual Capital efficiency of the Polish listed banks in the peer group. The time horizon was set for the period due to the possibility of recognition of years in which banks recorded a higher income and years in which recorded a drop in revenue caused by the subprime crisis in financial markets (2005-2011). The results extend the role of understanding of the Intellectual Capital in creation of sustainable advantages for banks in developing economies.
{"title":"The Intellectual Capital Performance of Polish Banks in 2005-2011 Perspective – An Application of KCE™ Model","authors":"K. Śledzik","doi":"10.2139/ssrn.2257785","DOIUrl":"https://doi.org/10.2139/ssrn.2257785","url":null,"abstract":"In the knowledge economy intangible resources are the primary value drivers. This is particularly true of companies such as banks. However, intangible resources (Intellectual Capital) appear difficult to measure. Today, there are several methods that allows to measure Intellectual Capital in listed companies. However, not all methods of measurement are adequate for listed banks. The paper uses the KCE™ (Knowledge Capital Earnings™) ratio, to measure the Intellectual Capital efficiency of the Polish listed banks in the peer group. The time horizon was set for the period due to the possibility of recognition of years in which banks recorded a higher income and years in which recorded a drop in revenue caused by the subprime crisis in financial markets (2005-2011). The results extend the role of understanding of the Intellectual Capital in creation of sustainable advantages for banks in developing economies.","PeriodicalId":346559,"journal":{"name":"Innovation Measurement & Indicators eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129228307","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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