Food consumption and political agency: on concerns and practices among Danish consumers

Increasingly ordinary individual consumers are expected to perform some kind of societal or political agency. In the debates about political consumption it is a recurrent topic to what degree consumption practices can be seen as political practices and how many consumers perform such practices. The aim of this article is to empirically qualify the demarcation of the political in individual consumer activities by integrating the concept of political agency in the definition of political consumption. On the basis of empirical results from a representative survey among food consumers in Denmark, the article suggests that by supplementing the criteria of consumers performing specific consumption activities with a criteria of consumers expressing political agency, a more precise empirical delimitation of political consumption can be achieved. Three groups of food consumers are identified: those who perform political consumption practices; those who perform politicized consumption practices; and those who vocalize the discourse of political consumerism.     

Interoperability: the key to breaking down information silos in health care

In health care, interoperability--the ability of healthcare information systems to work together and share information within and across organizational boundaries--involves: Data exchange, Infrastructure interoperability, User interface interoperability, Process interoperability.     

Let’s Get Real (Time)! The potential of real-time marketing to catalyze the sharing of brand messages

Abstract

Social media are increasingly populated with brand messages that are linked to timely events, a practice that is also known as real-time marketing (RTM). In this study, we examine whether RTM is an effective strategy to boost sharing behaviour, and if so, what moment- and content-related characteristics contribute to its effectiveness. A content analysis of brand tweets from Nielsen’s top-100 advertisers (n?=?1500) shows that RTM positively affects word of mouth. RTM is especially a more effective strategy when brand messages are linked with unpredictable events (vs. predictable). This can be explained by the meaningfulness dimension of creativity; brands make a more meaningful connection to timely moments in unpredictable RTM than in predictable RTM. Furthermore, we found support for the beneficial effects of moment-driven visuals; RTM messages are shared more when public events are visually integrated with those messages. No such effect was found for moment-driven hashtags.     

September 11 and Stock Return Expectations of Individual Investors

This study uses data that offers the unique opportunity to analyze how an unprecedented crisis such as the September 11 tragedy influences expected returns and volatility forecasts of individual investors. Via e-mail, we asked a randomly selected group of individual investors with accounts at a German online broker to answer an internet questionnaire at the beginning of August 2001. A second e-mail to the investors who had not yet answered, scheduled five weeks later, was postponed due to the terror attacks until September 20, which was exactly the day with the lowest share prices in Germany in the year 2001. Based on the answers to questions concerning stock market predictions, we find that return forecasts of the investors in our sample are significantly higher after September 11, suggesting a belief in mean reversion. Our results show that investors interpret the large drop in share prices during the ten day period after September 11 mainly as temporary rather than permanent. After the terror attacks, volatility forecasts are higher than before September 11. In two out of four cases, historical volatilities are overestimated. Therefore, investors are not generally overconfident in the way that they underestimate the variance of stock returns. Differences of opinion with regard to return forecasts are lower after the terror attacks whereas differences of opinion concerning volatility forecasts are mainly unaffected.We would like to thank William Goetzmann (the editor), Alexander Klos, Markus Nöth, Jens Reynders, Zacharias Sautner, an anonymous referee, several faculty members of the Fuqua School of Business, and seminar participants at the University of Mannheim for valuable comments and insights. Parts of this paper were written while Markus Glaser was visiting the Fuqua School of Business, Duke University, North Carolina, USA, whose support is gratefully acknowledged. Financial Support from the Deutsche Forschungsgemeinschaft (DFG) is also gratefully acknowledged.     

Overconfidence and trading volume

Theoretical models predict that overconfident investors will trade more than rational investors. We directly test this hypothesis by correlating individual overconfidence scores with several measures of trading volume of individual investors. Approximately 3,000 online broker investors were asked to answer an internet questionnaire which was designed to measure various facets of overconfidence (miscalibration, volatility estimates, better than average effect). The measures of trading volume were calculated by the trades of 215 individual investors who answered the questionnaire. We find that investors who think that they are above average in terms of investment skills or past performance (but who did not have above average performance in the past) trade more. Measures of miscalibration are, contrary to theory, unrelated to measures of trading volume. This result is striking as theoretical models that incorporate overconfident investors mainly motivate this assumption by the calibration literature and model overconfidence as underestimation of the variance of signals. In connection with other recent findings, we conclude that the usual way of motivating and modeling overconfidence which is mainly based on the calibration literature has to be treated with caution. Moreover, our way of empirically evaluating behavioral finance models—the correlation of economic and psychological variables and the combination of psychometric measures of judgment biases (such as overconfidence scores) and field data—seems to be a promising way to better understand which psychological phenomena actually drive economic behavior.

Land and contract farming: Changes in the distribution and meanings of land in Kilombero,Tanzania

In the context of contract farming of sugarcane in an outgrower scheme in Tanzania, this paper explores how the scheme has fundamentally altered people's relationships with the land over the last 50 years, in particular, since 1999, when, after three decades, the sugar parastatal was privatized. The paper reviews the literature on the mutual relationship between contract farming and land ownership and examines the scheme with a focus on long-term changes in the forms of land acquisitions and land use. We argue that the meaning and importance of landownership in contract farming schemes needs to be reassessed if participation in contract farming entails a departure from previous forms of acquiring land, generates new spatial patterns of agricultural production, and necessitates additional economic and social resources in order to transform land into an economic asset.     

Is the diversification discount caused by the book value bias of debt?

We analyze whether the diversification discount is driven by the book value bias of corporate debt. Book values of debt may be a more downward biased proxy of the market value of debt for diversified firms, relative to undiversified firms, as diversification leads to lower firm risk. Thus, measures of firm value based on book values of debt undervalue diversified firms relative to focused firms. Our paper complements recent literature which uses market values to test the risk reduction hypothesis for a subsample of firms for which debt is traded. Alternatively, we employ market value of debt estimates for the whole firm universe. Consistent with the above hypothesis, we show that the use of book values of debt underestimates the value of diversified firms. There is no discount for mainly equity financed firms and lower distress risk and equity volatility for diversified firms. More concentrated ownership increases firm valuation.     

Leading public service organizations: how to obtain high employee self-efficacy and organizational performance

Concerns are sometimes raised that transactional leadership harms public organizations’ performance because demands thwart employees’ self-efficacy. However, the opposite may be argued – conditional rewards strengthen feelings of competence because they provide positive feedback on performance. We study ninety-two high school principals’ reported use of contingent rewards and sanctions and self-efficacy among their 1,932 teachers. The results indicate that contingent rewards strengthen self-efficacy, and that sanctions are not negatively related with self-efficacy or performance. Furthermore, the teachers’ self-efficacy can be linked positively to organizational performance. This suggests that rewards can be an important tool for managers in the public sector.