How to build a successful private equity portfolio

The route to a successful private equity portfolio is a four‐step process that requires an in‐depth understanding of private equity as an asset class as well as the skills to select promising opportunities from available offerings. The first step is to set out and define general allocation guidelines. These initial guidelines then have to be refined based on the availability of adequate investment opportunities. The third step involves selecting the most attractive funds from a pool of target funds. And lastly the portfolio must be monitored on an ongoing basis to track its overall development as well as its enduring performance. Benchmarking the overall performance of the portfolio as well as individual managers is an integral part of this. In the following sections, each individual step is discussed and explained in more detail. © 2009 Wiley Periodicals, Inc.     

Advancing the country image construct

In today's globalized markets a favorable country-of-origin image (CoI) has a considerable impact on consumers' evaluation of products originating from different countries and therefore influences their subsequent buying decisions. The current paper seeks to extend our conceptual understanding of the nature and functioning of the CoI construct. The aim is threefold, namely to provide a succinct state-of-the-art picture of country image research in international marketing, to contribute to a better measurement of the country image construct, and, finally, to develop an agenda for future research.     

Why Is It (Un-)ethical? Comparing Potential European Partners: A Western Christian and An Eastern Islamic Country – On Arguments Used in Explaining Ethical Judgments

Located at the crossroads of the Eastern and Western world, Turkey today is characterized by a demographically versatile and modernizing society as well as a rapidly developing economy. Currently, the country is negotiating its accession to the European Union. This article yields some factual grounding into the ongoing value-related debate concerning Turkey’s potential EU-membership. It describes a mixed-methodology study on moral reasoning in Austria and Turkey. In this study, the arguments given by individuals when evaluating ethically problematic situations in business were compared. Although there were major consistencies, a number of differences were found. These differences, however, were not in the substance (categories) of arguments used but in their relative frequency. Overall, our findings suggest that young, well-educated urban individuals from Western Christian and Eastern Islamic countries are highly consistent in their moral reasoning. Katharina J. Srnka is Assistant Professor of Marketing at the University of Vienna, Austria, and has been teaching at different European universities and institutions. Dr. Srnka received her Ph.D. from University of Vienna for her work on cultural influences on ethical decision making in marketing. Her research interests concern qualitative and mixed research methods, consumer behavior, and cross-cultural marketing ethics. A. Ercan Gegez is Associate Professor of Marketing at Marmara University in Istanbul, Turkey. Dr. Gegez holds a Ph.D. from Marmara University in the field of International Marketing. He is one of the founding members of The Turkish Marketing Association and he has served as a member of the supervisory board. His research interests include international marketing, marketing research and marketing ethics. S. Burak Arzova is Associate Professor of Accounting at Marmara University in Istanbul, Turkey. Dr. Arzova holds a Ph.D. from Marmara University in the field of Accounting for his work on Activity Based Cost Management. His research interests comprise accounting ethics, cost management and international financial standards.     

Zusammenarbeit zwischen organisatorischen Gruppen: Ein Literaturüberblick über die Intergroup Relations-, Schnittstellen- und Boundary Spanning-Forschung

Zusammenfassung Die Zusammenarbeit zwischen organisatorischen Gruppen (Abteilungen, Projektteams etc.) leistet einen entscheidenden Beitrag zur Effizienz und Effektivität von Unternehmen. Drei Forschungsströme liefern wichtige Erkenntnisse hinsichtlich der Zusammenarbeit zwischen organisatorischen Gruppen. In diesem Beitrag werden der gegenwärtige Forschungsstand (State-of-the-Art) zu Intergroup Relations, Schnittstellenmanagement und Boundary Spanning zusammengefasst und Massnahmen zur Förderung der Zusammenarbeit zwischen organisatorischen Gruppen abgeleitet. Der Beitrag schliesst mit einer zusammenfassenden Würdigung, in der Unterschiede und Gemeinsamkeiten der Forschungsrichtungen aufgezeigt werden. Darüber hinaus werden wichtige Themen für notwendige weitere Forschung zur Zusammenarbeit zwischen Gruppen skizziert. JEL classifications L20, M10, M12     

Nachrichtenwert und Gespr?che über Medienthemen

The paper extends the theory of news values by examining interpersonal communication about television news. It investigates whether recipients refer to news factors when talking about the news, and how these news factors possibly influence the selection of specific news issues for personal conversations. Based upon a function modelling the selection probability of news issues, direct and indirect influences of news factors on conversations are discussed and tested in three empirical studies. Specifically, continuous news topics and issues that are presented prominently in the news are referred to in conversations. Negativity, however, is mostly avoided. Whereas news factors can be understood as criteria of relevance for journalistic selection processes, they seem to be indicators of shared knowledge in interpersonal communication. In conclusion, implications for the general selective mechanisms in the communication of events are discussed.     

Attenuation bias when measuring inventive performance

Most previous results on determinants of inventive performance are biased because inventive performance is measured with error. This measurement error causes attenuation bias. More specifically, for example age and education as drivers of patenting success have biased coefficients and too high standard errors when inventive performance is measured in short observation periods. The reason for measurement errors in inventive performance is that patents are typically applied for in waves.     

The street music business: consumer responses to buskers performing on the street and on online video platforms

Marketing Letters - The street music business dates back hundreds of years and exists in many cities of the world. Although anecdotal evidence suggests that the number of listeners who donate...     

Revenue and welfare effects of financial sector VAT exemption

This paper provides an analysis of revenue and welfare effects associated with a VAT exemption of financial services, which is common among OECD countries. We follow a general equilibrium approach that considers effects of repealing the VAT exemption not only on consumer demand and intermediate-input demand for financial services, but takes account also of the VAT distortion of labor supply. We derive formal expressions for revenue and welfare effects, which can be quantified with a minimum of information about behavioral effects. Using VAT statistics as well as national accounts, we provide quantitative estimates of the effects of repealing the VAT exemption in Germany. Our baseline estimate indicates that tax revenues would increase by some €1.7 billion or 1.3 % of VAT revenues (excluding import turnover tax). Provided these revenue gains are used to finance a reduction in the VAT rate or in other distortive labor taxes our results indicate a modest welfare gain of about €1 billion, or 0.04 % of GDP.