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Art return indices are usually estimated based only on a few means of artistic expression (mainly paintings and drawings). Other forms of expression (e.g. sculptures and installations) are generally ignored, in part because they are three-dimensional and, hence, more difficult to measure. We analyze the price determinants as well as the return and risk of three artistic expressions (paintings, drawings and sculptures) executed by Fernando Botero, the most expensive living Latin American artist, to analyze the degree to which their risk and return attributes differ throughout a 20-year period.

We analyzed all paintings, drawings and sculptures executed by Botero and sold at Sotheby’s and Christie’s between 2000 and 2020 (a total of 707 artworks). The data and the images of each artwork were obtained from the web pages of these two auction houses. A hedonic regression was run to explain the price of each artwork and use explanatory variables that are standard in the literature. Art price indices for paintings, drawings and sculptures were constructed using the year-dummy variables estimated in the regressions. We performed a similar analysis for another artist, Carlos Cruz-Diez, as a robustness to our results.

The performance of Botero’s sculptures through time differs markedly from that of his paintings and drawings. Our results suggest that it is possible that returns estimated in the literature could suffer from a bias, as they have usually ignored the performance of sculptures and other artistic expressions. Botero’s paintings provided a return that was comparable to those of his sculptures (3.36% and 3.20%, respectively), they were two times as high as those of his drawings (1.68%). On the other hand, whereas paintings and drawings had similar annual standard deviations (26% and 25.22%, respectively), sculptures had a much smaller standard deviation (16.96%).

A limitation of the hedonic regression method lies in the need to have a significant and diverse sample to identify the true effect of each variable on the price of a good. Another limitation is that we were only able to use art prices from auctions, as this is the only comprehensive source of art price data that is publicly available. These two limitations are shared by all the studies that use the hedonic pricing model.

Our results have practical applications for art collectors and investors, as well as for artists, galleries and, in general, for the whole art market ecosystem. The risk and return attributes of the various artistic expressions of an artist can be different, and thus it makes sense to analyze each one of them individually, as well as their correlations with the other artistic expressions and with traditional and other alternative investments.

The art market is part of what is known as the “orange economy” (also known as the Creative Economy). According to the World Bank, the economic value of the creative sector is not well known or appreciated, even though cultural, creative and artistic activities are vital for our sense of well-being.

To the best of our knowledge, this is the first paper that compares the financial performance of paintings, drawings and sculptures for the case of a specific artist. We chose Botero for three reasons. First, he is a Latin American living artist who has achieved the highest levels of international sales. Second, Botero has worked extensively on various artistic expressions (oil paintings, drawings on different materials and sculptures) throughout his life, a characteristic that is essential to be able to carry out our study. Third, there is a long record of auction sales for each of Botero’s artistic expressions.

Los índices de rentabilidad del arte generalmente se estiman basándose únicamente en unos pocos medios de expresión artística (principalmente pinturas y dibujos). Otras formas de expresión artística (por ejemplo, esculturas e instalaciones) generalmente se ignoran, en parte porque son tridimensionales y, por tanto, más difíciles de medir. Analizamos los determinantes del precio, así como el retorno y el riesgo de tres expresiones artísticas (pinturas, dibujos y esculturas) ejecutadas por Fernando Botero, el artista latinoamericano vivo más caro, para analizar en qué medida sus atributos de riesgo y retorno difieren a lo largo del tiempo, en un período de 20 años.

Analizamos todas las pinturas, dibujos y esculturas ejecutadas por Botero y vendidas en Sotheby’s y Christie’s entre 2000 y 2020 (un total de 707 obras de arte). Los datos y las imágenes de cada obra se obtuvieron de las páginas web de estas dos casas de subastas. Se realizó una regresión hedonante para explicar el precio de cada obra de arte y se utilizaron variables explicativas estándar en la literatura. Los índices de precios de arte para pinturas, dibujos y esculturas se construyeron utilizando variables ficticias anuales estimadas en las regresiones. Realizamos un análisis similar para otro artista, Carlos Cruz-Diez, como análisis de robustez de nuestros resultados.

El desempeño de las esculturas de Botero a través del tiempo difiere marcadamente del de sus pinturas y dibujos. Nuestros resultados sugieren que es posible que los retornos estimados en la literatura sufran un sesgo, ya que generalmente han ignorado el desempeño de esculturas y otras expresiones artísticas. Las pinturas de Botero proporcionaron un retorno comparable al de sus esculturas (3.36% y 3.20%, respectivamente), pero fueron dos veces superiores a los de sus dibujos (1.68%). Por otro lado, mientras que las pinturas y los dibujos tuvieron desviaciones estándar anuales similares (26% y 25.22%, respectivamente), las esculturas tuvieron una desviación estándar mucho menor (16.96%).

Una limitación del método de regresión hedónica radica en la necesidad de contar con una muestra significativa y diversa para identificar el verdadero efecto de cada variable sobre el precio de un bien. Otra limitación consiste en que solo pudimos utilizar precios de arte de subastas, ya que esta es la única fuente completa de datos sobre precios de arte que está disponible públicamente. Estas dos limitaciones son compartidas por todos los estudios que utilizan el modelo de precios hedónico.

Nuestros resultados tienen aplicaciones prácticas para coleccionistas e inversores de arte, así como también para artistas, galerías y, en general, para todo el ecosistema del mercado del arte. Los atributos de riesgo y retorno de las diversas expresiones de un artista pueden ser diferentes, por lo que tiene sentido analizar cada una de ellas individualmente, así como sus correlaciones con las otras expresiones artísticas y con las inversiones tradicionales y otras alternativas.

El mercado del arte forma parte de lo que se conoce como “economía naranja” (también conocida como Economía Creativa). Según el Banco Mundial, el valor económico del sector creativo no es bien conocido ni apreciado, a pesar de que las actividades culturales, creativas y artísticas son vitales para nuestra sensación de bienestar.

Hasta donde hemos podido comprobar, este es el primer artículo que compara el desempeño financiero de pinturas, dibujos y esculturas para el caso de un artista específico. Elegimos a Botero por tres razones. En primer lugar, es el artista vivo latinoamericano que ha alcanzado los mayores niveles de ventas internacionales. En segundo lugar, Botero ha trabajado extensamente en diversas expresiones artísticas (óleos, dibujos sobre distintos materiales y esculturas) a lo largo de su vida, característica que resulta fundamental para poder realizar nuestro estudio. En tercer lugar, existe un largo historial de ventas en subasta de cada una de las expresiones artísticas de Botero.

Examines the tenth published year of the ITCRR. Runs the whole gamut of textile innovation, research and testing, some of which investigates hitherto untouched aspects. Subjects discussed include cotton fabric processing, asbestos substitutes, textile adjuncts to cardiovascular surgery, wet textile processes, hand evaluation, nanotechnology, thermoplastic composites, robotic ironing, protective clothing (agricultural and industrial), ecological aspects of fibre properties – to name but a few! There would appear to be no limit to the future potential for textile applications.

The purpose of this paper is to deal with the Bayesian and non-Bayesian estimation methods of multicomponent stress-strength reliability by assuming the Chen distribution.

The reliability of a multicomponent stress-strength system is obtained by the maximum likelihood (MLE) and Bayesian methods and the results are compared by using MCMC technique for both small and large samples.

The simulation study shows that Bayes estimates based on γ prior with absence of prior information performs little better than the MLE with regard to both biases and mean squared errors. The Bayes credible intervals for reliability are also shorter length with competitive coverage percentages than the condence intervals. Further, the coverage probability is quite close to the nominal value in all sets of parameters when both sample sizes n and m increases.

The lifetime distributions used in reliability analysis as exponential, γ, lognormal and Weibull only exhibit monotonically increasing, decreasing or constant hazard rates. However, in many applications in reliability and survival analysis, the most realistic hazard rate is bathtub-shaped found in the Chen distribution. Therefore, the authors have studied the multicomponent stress-strength reliability under the Chen distribution by comparing the MLE and Bayes estimators.

This study aims to examine whether the cyber supply chain risk management (CSCRM) practices adopted by manufacturing firms contribute to achieving cyber supply chain (CSC) visibility. Studies have highlighted the necessity of having visibility across interconnected supply chains. Thus, this study examines the extent of CSCRM practices enabling CSC visibility to act as a mediator in achieving CSC performance.

A survey method was used to obtain data from the electrical and electronics manufacturing firms registered with the Federations of Malaysian Manufacturers directory. Data from 130 respondents were analysed using IBM SPSS and PLS-SEM.

This study empirically proves a dedicated governance team's integral role in setting the security tone within its CSC. The result also confirms the significant role that CSC visibility plays in achieving CSC performance. As theorised in the literature, there is also a strong direct relationship between CSC visibility and CSC performance, assuring manufacturing firms that investments and policies devised to improve CSC visibility are fruitful.

The significance of supply chain visibility in an integrated supply chain is recognised and studied using analytical models, behavioural techniques and case studies. Substantial empirical evidence on the CSCRM practices which contributes towards achieving supply chain visibility is still elusive. This study's major contribution lies in identifying CSCRM practices that can contribute towards achieving CSC visibility, and the mediating role CSC visibility plays in achieving CSC performance.

This paper aims to present a unified motion control scheme for quadcopters which not only solves the point stabilization and trajectory tracking problems but also the path following problem.

The control problem is solved based on the kinematic model of the unmanned aerial vehicles (UAV). Next, a dynamic compensation controller is considered through of a quadcopter-inner-loop system to independently track four velocity commands: forward, lateral, up/downward and heading rate. Stability and robustness of the whole control system are proved through the Lyapunov’s method. To evaluate the controller’s performance, a multi-user application which allows bilateral communication between a ground station and the Phantom 3 PRO quadrotor is developed.

The performance of the proposed unified controller is shown through real experiments for the different motion control objectives: point stabilization, trajectory tracking and path following. The experiments confirm the capability of the unified controller to solve different motion problems by an adequate selection of the control references.

This work proposes the design of three types of motion controllers, which can be switched to comply a task in outdoor. Based on the software development kit provided by the company DJI, an application to get and send data to the UAV is developed. By means of this application, the three tasks are tested and the robustness of the controllers is proved.

The objective of this paper is to propose a methodology based on random demand inventory models and dependence structures for a set of raw materials, referred to as “components”, used by food services that produce food rations referred to as “menus”.

The contribution margins of food services that produce menus are optimised using random dependent demand inventory models. The statistical dependence between the demand for components and/or menus is incorporated into the model through the multivariate Gaussian (or normal) distribution. The contribution margins are optimised by using probabilistic inventory models for each component and stochastic programming with a differential evolution algorithm.

When compared to the non-optimised system previously used by the company, the (average) expected contribution margin increases by 18.32 per cent when using a continuous review inventory model for groceries and uniperiodic models for perishable components (optimised system).

The multivariate modeling can be improved by using (a) other non-Gaussian (marginal) univariate probability distributions, by means of the copula method that considers more complex statistical dependence structures; (b) time-dependence, through autoregressive time-series structures and moving average; (c) random modelling of lead-time; and (d) demands for components with values equal to zero using zero-inflated or adjusted probability distribution.

Professional management of the supply chain allows the users to register data concerning component identification, demand, and stock levels to subsequently be used with the proposed methodology, which must be implemented computationally.

The proposed multivariate methodology allows it to describe demand dependence structures through inventory models applicable to components used to produce menus in food services.

Este trabajo propone una metodología basada en modelos de inventarios con demanda aleatoria y estructura de dependencia para un conjunto de materias primas, denominadas “componentes”, usadas por servicios de alimentación que producen raciones alimenticias denominadas “menús”.

Los margen de contribución de servicios de alimentación que producen menús son optimizados empleando modelos de inventarios con demandas aleatorias dependientes. La dependencia estadística entre demandas de componentes y/o menús es incorporada en el modelado mediante la distribución gaussiana (o normal) multivariada. La optimización de los márgenes de contribución se logra usando modelos de inventarios probabilísticos para cada componente y programación estocástica mediante el algoritmo de evolución diferencial.

El margen de contribución esperado (promedio) aumenta en un 18,32% usando modelos de inventario de revisión continua para abarrotes y modelos uniperiódicos para componentes perecederos (sistema optimizado), en relación al sistema no optimizado usado anteriormente por la compañía.

La metodología multivariada propuesta permite describir estructuras de dependencia de la demanda mediante modelos de inventario aplicables a componentes usados para producir menús en servicios de alimentación.

Una administración profesional de la gestión de la cadena de suministros permite registrar datos de la identificación del componente, su demanda y sus niveles de stock para ser usados posteriormente con la metodología propuesta, la que debe estar implementada computacionalmente.

El modelado multivariado puede ser mejorado (a) utilizando distribuciones probabilísticas univariadas (marginales) distintas a la gaussiana, mediante métodos de cópulas que recojan estructuras de dependencia estadística más complejas; (b) considerando demandas de componentes con valores iguales a cero, mediante distribuciones probabilísticas infladas en cero; (c) usando dependencia temporal, mediante estructuras de series de tiempo autorregresivas y de media móvil, y (d) modelando el lead-time en forma aleatoria.

This study was developed in response to the need to develop age-friendly smart living environments due to the complex demands placed on society by the ageing of the population. This study aims to analyse the potential that knowledge visualisation offers collaborative decision-making applied to the development of a multiple criteria framework supporting knowledge management (KM) through knowledge collaboration (KC) and knowledge sharing (KS) in the context of regional innovation systems (RIS).

Using a socio-technical approach, knowledgeable and experienced representatives of RIS innovation actors were brought together to develop a constructivist multiple criteria framework that integrates knowledge visualisation and collaborative decision-making techniques (i.e. cognitive mapping and system dynamics).

The study introduces a multiple criteria model supporting KM encompassing conditions and practices of RIS innovation actors facilitating and encouraging KC and KS. The potential for knowledge visualisation in collaborative decision-making is explored in great depth and illustrated in a case study setting.

The panel members who participated in this study consider our methodological proposal to be extremely versatile and see great potential for further applications in RIS contexts.

The combined use of cognitive mapping and system dynamics according to the strategic options development and analysis (SODA) approach offers a holistic and well-informed perspective on the issue in question. The literature reports no prior work of this methodological combination in the same research context.

Despite its central role in the influence process, power has largely been overlooked by scholars seeking to understand global leaders' influence over their constituents. As a consequence, we currently have limited understanding of the varieties of power that global leaders hold, how power is exercised in global contexts, and what impact exercising power has in global organizations. The intended purpose of this chapter is to mobilize research on this important topic through systematic review. The review is organized around the following guiding questions: (i) how is power defined in global leadership research? (ii) what power bases do global leaders possess? (iii) how do global leaders exercise power? (iv) what factors influence global leaders' exercise of power? and (v) what are the outcomes of global leaders' exercise of power? Based on a synthesis of extant insights, this chapter develops a foundation for future research on power in global leadership by mapping critical knowledge gaps and outlining paths for further inquiry.