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We used the oil-price forecasts of the 'Survey of Professional Forecasters' published by the European Central Bank to analyze whether oil-price forecasters herd or anti-herd. Oil-price forecasts are consistent with herding (anti-herding) of forecasters if forecasts are biased towards (away from) the consensus forecast. Based on a new empirical test developed by Bernhardt et al. (J. Financ. Econ. 80: 657-675, 2006), we found strong evidence of anti-herding among oil-price forecasters.
We consider an R&D contest between n firms in the presence of external spillovers. Our analysis focuses on the effects of these knowledge spillovers on joint venture activities between firms. In particular, we are interested in how different budget responsiblities within the research joint venture (RJV) affect profits of firms taking part in the joint venture and profits of their non-cooperating rival firms. Three arrangements for RJVs are analyzed: First, cooperation, in which the firms participating in the joint venture completely share the knowledge they created in the innovation process and each firm has a sovereign budget responsibility. Second, a collusive arrangement in which the participating firms not only share their knowledge but have joint budget responsibilities in the sense that they make all strategic choices cooperatively and maximize joint profits. Third, a hierarchical form, in which the cooperating firms establish a joint headquarter which has strategic budget responsibility in the sense that can strategically subsidize R&D expenditures of its member firms so as to maximize overall RJV profits. We show that the first two arrangements can be mimiced in the hierarchical structure and that a hierarchical structure is optimal if it completely subsidizes its members’ R&D activities. In this case all rival firms are driven out of the contest.
A fully unbundled, regulated network firm of unknown efficiency level can undertake unobservable effort to increase the likelihood of low downstream prices, e.g., by facilitating downstream competition. To incentivize such effort, the regulator can use an incentive scheme paying transfers to the firm contingent on realized downstream prices. Alternatively, the regulator can force the firm to sell the following forward contracts: the firm pays the downstream price to the owners of a contract, but receives the expected value of the contracts when selling them to a competitive financial market. We compare the two regulatory tools with respect to regulatory capture: if the regulator can be bribed to suppress information on the underlying state of the world (the basic probability of high downstream prices, or the type of the firm), optimal regulation uses forward contracts only.
Dispersed innovation teams rely upon team members who share leadership responsibilities to attain high levels of team performance. Although this concept of team shared leadership is receiving increasing attention, this dissertation shows that especially research on team-level antecedents of shared leadership has major deficits regarding a basic framework for analyzing antecedents, depth of theory, context-specific arguments, and empirical validation. This dissertation tries to fill these research gaps, thus shedding light on the question: How can we foster the important process of shared leadership in dispersed innovation teams?
This dissertation introduces a theoretical framework into shared leadership literature to structure the antecedents of shared leadership according to their mode of functioning. As such, this dissertation argues for the first time that to establish high levels of team shared leadership the basic dimensions of motivation, opportunity, and ability for shared leadership should be addressed (motivation-opportunity-ability framework or MOA framework). Based on this notion team-level antecedents providing motivation, opportunity, and ability for shared leadership are operationalized and hypothesized as antecedents of shared leadership in dispersed innovation teams using acknowledged theories. Moreover, all discussed hypotheses are verified in a sample of 96 dispersed real work teams with innovative software tasks. Thereby, empirical results are drawn from 96 team leader responses (used to assess team-level antecedents of team shared leadership) and 337 team member responses (used to assess team shared leadership).
Motivation for Team Shared Leadership. Based on the perspective of shared leadership as a risk-taking behavior for team members in dispersed innovation teams, trustworthiness is argued as a facilitator of the willingness, thus motivation to engage in risky shared leadership actions with others. This argumentation based on trust theory was supported by empirical results showing that team member trustworthiness in terms of benevolence and integrity was positively related to team shared leadership. Surprisingly, the proposed positive relationship between ability-based trustworthiness and shared leadership could not be confirmed, thus ability-based trustworthiness could not be validated as a facilitator of shared leadership in dispersed innovation teams.
Opportunity for Team Shared Leadership. Opportunity for team shared leadership is addressed by discussing team reflexivity as an antecedent of shared leadership in dispersed
innovation teams. Team reflexivity is argued as opportunity providing antecedent of shared leadership as it gives team members a clear information basis in the complex and constantly changing environment of dispersed innovation teams, thus making leadership needs identifiable. In support of this argumentation based on goal setting theory and shared mental model theory team reflexivity was positively related to team shared leadership. Thereby, the relationship between team reflexivity and shared leadership could be shown as even stronger under conditions of high team role breadth self-efficacy and high team empowerment.
Ability for Team Shared Leadership. Ability for shared leadership is addressed in terms of social and project management skills. These two skills are argued as basic and
complementary skills needed for shared leadership in dispersed innovation teams based on socio-technical systems theory. Underscoring the importance of interpersonal competence
the empirical analysis showed that social skills were strongly positively related to team shared leadership. Contrary to the hypothesis of this study project management skills were not related to team shared leadership.
Structural Team Properties and Team Shared Leadership. Moreover, several structural team properties are discussed as team-level antecedents of shared leadership, namely female ratio, mean age, age diversity, and national diversity. Thereby, structural team properties are argued as potentially affecting team shared leadership through several
MOA dimensions. In the empirical analyses female ratio was positively related to shared leadership in dispersed innovation teams, while mean age was negatively related. Age
diversity showed no significant relationship and national diversity was marginally positively related to shared leadership in dispersed innovation teams. Based on these findings, important implications for practice, related to the three stages of a project team (establishment, forming, and performing stage), are provided. As such, team leaders of dispersed innovation teams is given a check-list of how to foster shared leadership in dispersed innovation teams based on the results of this dissertation. Future research is especially suggested regarding the “non-findings” of this dissertation, interaction effects, additional team-level antecedents, the vertical team leader’s role within shared leadership evolvement, antecedents of shared leadership in other contexts, and other levels of antecedents (e.g., organizational-level antecedents).
In der vorliegenden Studie werden die finanzwirtschaftlichen und makroökonomischen Effekte der Einführung einer Leverage Ratio Regel in das internationale Bankensystem untersucht. Die Leverage Ratio ist eine risikoungewichtete Maßzahl zur Bestimmung der Eigenkapitalausstattung von Banken. Sie soll an die Seite der herkömmlichen Basel II Regeln gestellt werden, die das Risiko bei der Bestimmung des geforderten Eigenkapitals berücksichtigen. Die Studie kommt zu folgenden Ergebnissen: Erstens setzt die Leverage Ratio Anreize, die in eine unerwünschte Richtung gehen. Sie schafft Anreize für Banken, Bilanzpositionen in Zukunft verstärkt über den Kapitalmarkt abzuwickeln, Absicherungspositionen in Derivaten aufzulösen und das Kreditangebot zurück zu fahren. Zweitens benachteiligt die Leverage Ratio deutsche Banken stärker als andere europäische oder angelsächsische Banken. Drittens sind die volkswirtschaftlichen Auswirkungen der Einführung einer Leverage Ratio markant. Sie dürfte zu einer Reduzierung des Kreditangebots und damit zu einer Verlangsamung der wirtschaftlichen Aktivität führen. Dennoch gehen die Autoren dieser Studie davon aus, dass die Leverage Ratio als weiteres Regulierungselement kommen wird. Dieses Gutachten rät aber dazu, die Leverage Ratio nur mit einer beträchtlichen Übergangsfrist einzuführen. Dadurch kann den Banken Gelegenheit gegeben werden, die Anpassung des tatsächlichen an das regulatorische Niveau der Leverage Ratio über die Bildung von Eigenkapital zu erreichen. Dies würde auch unerwünschte volkswirtschaftliche Kosten zu vermeiden helfen.
The Leading Question:
What Western multinational corporations (MNCs) need to know to successfully reverse their innovation flow i.e. launch new products developed in emerging markets in their domestic markets?
Main Findings:
- Realities in emerging markets are well suited for designing basic products that can be the starting point for product up-contenting.
- Products originally developed for emerging markets can be successfully adapted for sale in developed markets – a “reverse” innovation flow gains momentum.
- This strategy can both help to unlock new customer segments in wealthy markets and to compete against emerging MNCs, private labels, and generics conquering these markets bottom-up.
We consider a public and congested airport served by airlines that may have market power, and two types of travelers with different relative values of time. We find that in the absence of passenger-type-based price discrimination by airlines, it can be useful to increase the airport charge so as to protect passengers with a great relative time value from excessive congestion caused by passengers with a low relative time value. As a result, the socially efficient airport charge can be substantially higher than what we learned from the recent literature on congestion pricing with non-atomistic airlines.
The regulation of rail network access is a key component of the EU policy that aims to strengthen rail markets. Two specific regulations are proposed: (i) a priority for long-distance (freight) services and (ii) a scarcity premium. Based on a congested network with two rail links, numerical simulations demonstrate that total surplus can be greater under the priority rule, which depends on the network charge per train-kilometer. Consumer surplus, on the other hand, is always greater under the priority rule, while fixed network-cost recovery is easier to achieve if a scarcity premium exists.
This paper considers a transport network with two firms that operate a parallel service on a hub-to-hub connection and monopoly services on spoke-to-hub connections under increasing returns to scale. We find the following: A symmetric equilibrium cannot occur under independent (non-cooperative) pricing when the number of spoke-to-spoke passengers becomes positive. The effect of cooperative pricing on mark-ups in spoke-to-hub, hub-to-hub and spoke-to-spoke markets (where double marginalization can occur) can be positive or negative. Cooperation can reduce total welfare though hub-to-hub markets are small.
Bank earnings management
(2010)
Activity report
(2010)
Lehrstuhlbericht
(2010)
Research Report 2010
(2010)
Lehrstuhlbericht
(2010)
Tätigkeitsbericht
(2010)
Lehrstuhlbericht
(2010)
Lehrstuhlbericht
(2010)
IMC Report
(2010)
Activity report
(2010)
Lehrstuhlbericht
(2010)
Lehrstuhlbericht
(2010)
Lehrstuhlbericht
(2010)
Lehrstuhlbericht
(2010)
Lehrstuhlbericht
(2010)
Tätigkeitsbericht
(2010)
Tätigkeitsbericht
(2010)
Lehrstuhlbericht
(2010)
Lehrstuhlbericht
(2010)
Activity report
(2010)
Lehrstuhlbericht
(2010)
Lehrstuhlbericht
(2010)
Geschäftsbericht 2009/2010
(2010)
Handbuch Bibliothek 2.0
(2010)
Unter Bibliothek 2.0 verstehen die Herausgeber eine Einrichtung, die die Prinzipien des Web 2.0 wie Offenheit, Wiederverwendung (ReUse), Kollaboration und Interaktion in der Gesamtorganisation anwendet. Bibliotheken erweitern Serviceangebote und Arbeitsabläufe um die Möglichkeiten der Web 2.0-Technologien. Dies verändert Berufsbild und Selbstverständnis der Bibliothekare. Der Sammelband bietet einen kompletten Überblick zum Thema Bibliothek 2.0 und den aktuellen Stand der Entwicklungen aus technologischer, soziologischer, informationstheoretischer sowie praxisorientierter Sicht.