On the Stochastic Properties of Carbon Futures Prices

Pricing carbon is a central concern in environmental economics, due to the worldwide importance of emissions trading schemes to regulate pollution. This paper documents the presence of small and large jumps in the stochastic process of the CO $_2$ futures price. The large jumps have a discrete origin, i.e. they can arise from various demand factors or institutional decisions on the tradable permits market. Contrary to the existing literature, we show that the stochastic process of carbon futures prices does not contain a continuous component (Brownian motion). The results are derived by using high-frequency data in the activity signature function framework (Todorov and Tauchen in J Econom 154:125–138, 2010; Todorov and Tauchen in J Bus Econ Stat 29:356–371, 2011). The implication is that the carbon futures price should be modeled as an appropriately sampled, centered Lévy or Poisson process. The pure-jump behavior of the carbon price might be explained by the lower volume of trades on this allowance market (compared to other highly liquid financial markets).     

Hauptprobleme der 7. Kartellnovelle: Die Wende in der Kartellpolitik

Am 1. Juli 2005 ist die 7. Kartellnovelle in Kraft getreten. Im Mittelpunkt steht eine Anpassung des deutschen an das europäische Kartellrecht. Was wurde bei der Harmonisierung des deutschen Kartellrechts im einzelnen beschlossen?     

Virtuelle Eingliederungsarbeitsmärkte—Ein Weg aus der Arbeitslosigkeitsfalle

Die gro?e Koalition in Berlin sieht sich gewaltigen Herausforderungen auf dem Gebiet des Arbeitsmarktes und der Sozialpolitik gegenüber. Entgegen allen Hoffnungen und Anstrengungen verharrt die Unterbesch?ftigung weiter auf hohem Niveau. Inwiefern geraten Arbeitslose in die Arbeitslosigkeitsfalle? Wie k?nnte der Arbeitsmarkt für Geringqualifizierte besser organisiert werden?     

Gender in banking and mortgage behavior

Compared to men, women, even financial professionals, exhibit higher risk aversion. We exploit random assignment of clients to banking advisors (‘private bankers’) in a large Czech bank to study the effects of advisor gender on the probability of mortgage issuance and on the probability that a newly issued mortgage is insured, which we interpret as corresponding to risk averse mortgage behaviour. Male advisors do not substantially affect the chances that their clients will take a new mortgage. However, the mortgages that they issue are dramatically less likely to be insured, particularly so for female clients who never had an insured loan with the bank.     

Marketing-sales interface configurations in B2B firms

As the body of knowledge on marketing-sales interface expands, there is a greater need to investigate the specific aspects of marketing-sales configurations in B2B firms. Using a qualitative methodology and interview data collected from over 100 sales and marketing professionals from the US, The Netherlands and Slovenia, this study presents a dynamic, evolutionary spectrum of four B2B marketing-sales interface configurations. These configurations are described in detail in terms of structure, communication patterns, information sharing, collaboration, and strategic outcomes. The findings show that no configuration is inherently superior. Our dynamic configuration spectrum offers managers a toolkit to evaluate their firm's marketing-sales interface in terms of current and desired positions, and contribute to their firm's market orientation and business performance.     

Horizontal collaboration in logistics: decision framework and typology

Logistics service providers become increasingly aware of the need to collaborate to face challenges such as globalization and the heightened expectations of customers. This paper focuses on horizontal cooperation between logistics service providers in road transportation and introduces two novel conceptual models. Firstly, a decision framework for the development and management of horizontal logistics alliances is presented. This framework provides support to logistics service providers considering horizontal collaboration and allows for the analysis of the decision process underlying horizontal logistics alliances. The cyclical framework consists of five stages and attributes a central position to continuous evaluation. Secondly, an easy-to-use typology is proposed which defines six horizontal collaboration types based on their activity scope and degree of structural intertwinement. The typology provides logistics service providers with insights in the various horizontal collaboration types, including some key management questions. Both models are validated by knowledgeable practitioners and are applied to two real-life case studies.     

Emotionally Based Strategic Communications in the Process of Societal Deradicalization

Pervasiveness of extreme negative emotions, especially anger, hatred and humiliation, as well as negative appraisal style, has a significant impact on the process of societal radicalization. Dominance of such emotions, and the corresponding appraisal style, very often threaten societal security. Emotionally Based Strategic Communications (EBSC), proposed in this article, can be used as a communications strategy for mitigating negative and promoting positive emotions within societal groups exposed to radicalization processes. Essentially, EBSC as mechanisms of positive emotional regulation strategy are based on reshaping the (re)appraisal style of radicalized groups. Grounded in the appraisal theories of emotions, EBSC are entirely non-coercive, and applicable to a wide variety of groups. Such communications strategies are also extendible to Internet-based social media networks, opening new possibilities in deradicalization processes using sentiment analysis, cognitive computing, botnets and other ICT-based methods and techniques.     

Analysing the fulfilment of service recovery paradox in retailing

The literature dealing with the Service Recovery Paradox (SRP) is vast, but some results are confusing and contradictory. In addition to this, scarce attention has been paid to service recovery in the context of retailing. This paper aims at verifying the compliance of the SRP in the context of retailing. Considering a sample of consumers that experienced a failure in the service delivered by a retailer and are very satisfied with the solution provided by the store employee, we test first the fulfilment of the SRP in the context of retailing. Secondly, we test the existence of significant differences in the customer satisfaction levels with the store before and after experiencing the problem considering several factors potentially influencing the impact of service recovery on customer satisfaction, therefore providing an encompassing analysis of the SRP and its main influencing variables, including some potential factors not previously explored. While we do not find evidence of the fulfilment of the SRP in retailing, differences in customer satisfaction before and after service recovery are highly related with consumer sociodemographic characteristics and shopping experience. Findings raise some practical implications.     

Balancing productivity and trade objectives in a competing environment: should India commercialize GM rice with or without China?

India is considering approving genetically modified (GM) rice, but it fears losing rice exports to sensitive countries with import regulations on GM food, and may wait for China to lead the way. Using a multiregion, computable general equilibrium (CGE) model, we simulate the economic effects of introducing GM rice in India with or without China in the presence of labeling and import approval regulations of GM food in GM sensitive importing countries. We find that the welfare gains with GM rice in India would largely exceed any potential export loss, and that the segregation of non-GM rice could help reduce these minor losses. We also find no significant first mover advantage for India or China on GM rice. The opportunity cost of segregation of non-GM rice is much larger for sensitive importers than for India, which suggests that these importers would have the incentive to pay for the cost of segregation.