Browsing by Author "Santa-María, María Jesús"

Now showing 1 - 7 of 7
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    Battle royal in biotechnology: R&D vs. product vs. process innovations
    Nicolau, Juan Luis; Santa-María, María Jesús (Routledge, 2015-02-13)
    Companies regard innovation as a central element of their business. However, as not all innovation types are the same, the central question is: should their announcements bring about the same effect on performance? This article analyses potential differences in firm value derived from the innovation-type announcements ‘R&D’, ‘product’, and ‘process’, made by intensive news-generating firms such as biotech companies. The empirical application shows a significantly positive reaction to innovation announcements, with the prospect of future innovation (‘R&D’ investment announcements) having greater impact on firm value than ‘product’ and ‘process’ innovations. Firm experience also acts as a moderator in this innovation–performance relationship, which is particularly relevant for entrepreneurs who need to develop and send credible signals indicating the value of the firm's intangible assets to the market.
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    Celebrity endorsers' performance on the "ground" and on the "floor"
    Nicolau, Juan Luis; Santa-María, María Jesús (Springer, 2012-10-18)
    This article analyzes the relationship between two types of performances, one on the ground (of a tennis court) and the other on the floor (of the stock market). The empirical application looks into the tennis player, Rafael Nadal, and his endorsing firms. The findings show a positive reaction in the market value when the tennis player wins matches in the Grand Slams, the intriguing effect being the diminishing sensitivity pattern that such reaction shows and the absence of loss aversion.
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    Communicating excellence in innovation
    Nicolau, Juan Luis; Santa-María, María Jesús (Elsevier, 2013-01)
    The innovation-performance relationship is well studied in the literature, but the effect of innovation-based public recognitions is underresearched. This article finds a positive effect, whose magnitude is contingent upon the firm's growth, experience, and its service-manufacturer character.
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    Effect of innovation on airlines' operating leverage: A Spanish case study
    Nicolau, Juan Luis; Santa-María, María Jesús (Elsevier, 2012-12-01)
    This article assesses potential variations in the risk to an airline's market value resulting from incurring high investments in innovations. This can be important for airlines, whose large fixed costs and high operational leverage make their commercial viability heavily dependent on revenue flows. An empirical application in Spain shows that innovations lead to an increase in an airline's risk, via volatility, but this variation is not the same for all types of innovation: advanced consumer segmentation innovations are found to have a greater impact on sales than on fixed costs.
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    Gauging innovation worth for airlines
    Nicolau, Juan Luis; Santa-María, María Jesús (Elsevier, 2012-05-01)
    This article examines the extent to which innovations enhance airline value. For this purpose, we measure the effect that airline innovations have on its market value. An increase in the market value is significantly found when an airline announces an innovation. Not all innovative actions are equal; while innovations related to " advanced customer segmentation" and " new technologies" bring about similar gains, thereby having the same effects on the airline value, when compared to the innovative new business models, the formers significantly outperform the latter.
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    Hotels' COVID-19 innovation and performance
    Sharma, Abhinav; Shin, Hakseung; Santa-María, María Jesús; Nicolau, Juan Luis (Pergamon-Elsevier, 2021-02-25)
    To navigate the unchartered terrain that has resulted from the pandemic, there is a palpable need for hotels to re-assess current business practices, and quickly devise new and innovative strategies that safeguard the health and safety of guests as well as employees and, consequently, restore consumer confidence. The objective of this article is to assess the utility of these new innovations by looking at shareholders' perceptions. The empirical application shows that the innovations implemented are seen as effective, although differential effects exist among innovation types. The results could help hotels sustain and expand the innovative responses that work (among which product innovations stand out), and discontinue those that are less effective.
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    Sports results creating tourism value: Rafael Nadal's tennis match points worth €12,000,000
    Nicolau, Juan Luis; Santa-María, María Jesús (Sage, 2016-09-20)
    The purpose of this article is to examine the effect of a tennis player's performance in the Grand Slams on the market value of a leading airline from the player's country. The analysis is applied to the Spanish airline, Iberia, and the Spanish tennis player, Rafael Nadal. It shows that his victories in the matches of the Grand Slam tennis tournaments led to an increase in the market value of Iberia. The result is confirmed by both the victory itself and the difference between sets in favor and sets against in the match.