Korruption in Deutschland: Reformmaßnahmen

Ohne Zusammenfassung     

Examining a key corporate role: The influence of capital allocation competency on business unit performance

Research on the role of the corporate office in firm performance has focused on establishing how much performance variance can be attributed to a “corporate effect,” with little attention devoted to understanding how this influence occurs. In this study, we model capital allocation competency as a dynamic managerial capability and find that lower levels of allocation competency in the form of excess investment to business units with relatively poorer future prospects reduce business unit performance. We also find that market conditions affect performance implications of capital allocation—allocation competency is more salient in more competitive markets. These results enhance our understanding of how the corporate office influences business unit performance through its role in allocating capital across business units. Copyright © 2014 John Wiley & Sons, Ltd.     

Inflation dynamics and the cost channel of monetary transmission

Evidence from vector autoregressions indicates that the impact of interest rate shocks on macroeconomic aggregates can substantially be affected by the so-called cost channel of monetary transmission. In this paper, we apply a structural approach to examine the relevance of the cost channel for inflation dynamics in G7 countries. Since firms’ costs of working capital increase with interest rates, we augment a (hybrid) New Keynesian Phillips curve by including the short-run nominal interest rate. We find significant and varying direct interest rate effects for the majority of countries, including member countries of the EMU. Simulations further demonstrate that the estimated interest rate coefficients can substantially affect inflation responses to monetary policy shocks, and can even lead to inverse inflation responses, when the cost channel is - relative to the demand channel - sufficiently strong.     

Krankenversicherungswettbewerb und Prämienregulierung

Ohne Zusammenfassung     

Earthquake or glacier? How CEO charisma manifests in firm strategy over time

Numerous studies have focused on CEO charisma as an antecedent to firm performance, but this literature has largely overlooked the possibility that charisma manifests in more proximal strategic initiatives that (unlike performance) are largely under the CEO's control. In this study, we integrate perspectives from the upper echelons and charismatic leadership literatures to argue that CEO charisma influences year‐over‐year strategic change, the degree to which strategies deviate from industry central tendencies, and the degree of emphasis on corporate social responsibility. We also theorize that, depending on the outcome in question, the effects of charisma can become both amplified and diminished as CEO tenure advances. Employing a novel data collection approach for a sample of 113 S&P 500 CEOs, we find broad support for our theory. Copyright © 2014 John Wiley & Sons, Ltd.     

Zukunft der Versicherung – Versicherung der Zukunft

The insurance industry is currently characterized by a long-lasting low-interest period and various legislative proposals. Especially the bundling of the requirements of Solvency II, the so called “interest back-up reserve” and the achievement of promised guarantees in the current interest rate environment represent a major challenge for the life insurance industry. In a joint study by Deloitte, E?+?S Rück and the University of Hannover, within the sense of qualitative research by collecting broad expert knowledge the economic effects of the regulatory provisions were discussed. Another focus of research refers to the expectations of the industry representatives regarding the advancing digitization. This paper presents selected reactions and consequences of life insurance companies and derives recommendations for that industry.     

Bias-correcting the realized range-based variance in the presence of market microstructure noise

Market microstructure noise is a challenge to high-frequency based estimation of the integrated variance, because the noise accumulates with the sampling frequency. This has led to widespread use of constructing the realized variance, a sum of squared intraday returns, from sparsely sampled data, for example 5- or 15-minute returns. In this paper, we analyze the impact of microstructure noise on the realized range-based variance and propose a bias correction to the range-statistic. The new estimator is shown to be consistent for the integrated variance and asymptotically mixed Gaussian under simple forms of microstructure noise. We can select an optimal partition of the high-frequency data in order to minimize its asymptotic conditional variance. The finite sample properties of our estimator are studied with Monte Carlo simulations and we implement it using Microsoft high-frequency data from TAQ. We find that a bias-corrected range-statistic often leads to much smaller confidence intervals for the integrated variance, relative to the realized variance. We should like to thank an anonymous referee and the associate editor for insightful comments on an earlier draft. Parts of this paper were written while Kim Christensen was at the University of California, San Diego, whose hospitality is gratefully acknowledged. Mark Podolskij received financial support from CREATES funded by the Danish National Research Foundation, and Mathias Vetter was supported by the Deutsche Forschungsgemeinschaft grant SFB 475 “Reduction of Complexity in Multivariate Data Structures.” The code for this paper was written in the Ox programming language, due to Doornik (2002). All views expressed here are those of the authors and do not necessarily represent the views of Nordea.     

Swiss made vs. Made in Germany — Kaufentscheidung nach Herkunftsland

Zusammenfassung  Angesichts des überangebots an Informationen zu einem Produkt oder einer Dienstleistung orientieren sich Verbraucher bei einer Kaufentscheidung h?ufig am Herkunftsland des jeweiligen Produktes. Dieses auch als Country-of-Origin-Effekt bekannte Ph?nomen wird in diesem Beitrag anhand der weltweiten Wahrnehmung schweizerischer und deutscher Produkte vorgestellt. Aus Sicht der Unternehmen und insbesondere des Marketingmanagements stellt sich die Frage, ob und unter welchen Bedingungen eine konsequente Vermarktung und Betonung des Herkunftslandes der eigenen Produkte erfolgversprechend sind. Prof. Dr. Sven Reinecke Direktor am Institut für Marketing an der Universit?t St. Gallen (HSG) under Leiter des Kompetenzzentrums „Marketing Performance Management“ sowie Mitherausgeber der Marketing Review St. Gallen. Dr. Stephan Feige Gesch?ftsführender Partner bei der htpSt. Gallen Managementberatung AG, einem Spin-Off der Universit?t St. Gallen. Dipl.-Kfm. Peter Mathias Fischer Wissenschaftlicher Mitarbeiter und Doktorand am Kompetenzzentrum Marketing Performance Management” des Instituts für Marketing der Universit?t St. Gallen.     

Legal Requirements for the Personalization of Commercial Internet Applications in Europe

Most electronic-commerce (e-commerce) applications require the collection and storing of information about customers. As a consequence, the performed transactions involve legal issues. For 3 years, we have been involved in a project that has studied the potentials of personalization of e-commerce systems from the particular angle of small- and medium-sized enterprises. In this article, we pick up a couple of scenarios that many e-commerce vendors face when implementing personalization on their Web sites. The specific focus of the discussion is the legal use of costumer profiles for e-commerce applications. Because most legal issues are difficult to understand for nonlawyers, in this article, we make use of a case study, which shows explicitly what e-commerce vendors need to keep in mind when implementing personalization on their Web sites.     

Sensorimotor experiences in servicescapes predict attitude formation through memory dynamics: A longitudinal study

In a longitudinal study design with three waves, we show that strong sensorimotor associations of past service experiences positively influence consumers' attitude formation during postconsumption stages by (a) leading to more postconsumptive memories, specifically if (b) the initial experience has been perceived as moderately positive. Our study complements extant research on sensory marketing, consumer retrospection, and cognitive reinforcement by introducing memory frequency as an important mediator to explain time-related antecedents of consumers' word-of-mouth. The results provide novel insights into the dynamics of attitude formation based on prior service experiences and help marketers to create long-lasting customer relationships during postconsumption stages.