State of the Art der betriebswirtschaftlichen Forschung: Etablierung des neuen Journals für Betriebswirtschaft

Ohne Zusammenfassung     

The impact of macroeconomic news on quote adjustments, noise, and informational volatility

We study the impact of the arrival of macroeconomic news on the informational and noise-driven components in high-frequency quote processes and their conditional variances. We decompose bid and ask returns into a common (“efficient return”) factor and two market-side-specific components capturing market microstructure effects. The corresponding variance components reflect information-driven and noise-induced volatilities. We find that all volatility components reveal distinct dynamics and are positively influenced by news. The proportion of noise-induced variances is highest before announcements and significantly declines thereafter. Moreover, news-affected responses in all volatility components are influenced by order flow imbalances.     

When machines read the news: Using automated text analytics to quantify high frequency news-implied market reactions

We examine high-frequency market reactions to an intraday stock-specific news flow. Using unique pre-processed data from an automated news analytics tool based on linguistic pattern recognition we exploit information on the indicated relevance, novelty and direction of company-specific news. Employing a high-frequency VAR model based on 20 s data of a cross-section of stocks traded at the London Stock Exchange we find distinct responses in returns, volatility, trading volumes and bid-ask spreads due to news arrivals. We show that a classification of news according to indicated relevance is crucial to filter out noise and to identify significant effects. Moreover, sentiment indicators have predictability for future price trends though the profitability of news-implied trading is deteriorated by increased bid-ask spreads.     

环保：是责任也是商机

我们生存在怎样的环境中？ 《沪港经济》记者：环境问题正成为国际社会共同关注的一个话题。与稳步发展的世界经济成正比的，是日益恶化的环境现状。作为一个日渐崛起的发展中大国，中国目前的环境状况是怎样的？而作为长三角都市圈龙头的上海，环境情况又是怎样？     

Modeling team performance

This study of 3366 Bundesliga-match results aims at a considerable extension of previous analyses of football teams?? performance on the playground. On the one hand, this extension is rooted in a comprehensive consideration of theoretical aspects that, so far, have been neglected in the literature on football teams: Team composition and institutionalization processes. The empirical results indicate that teams that are heterogeneous on several relevant traits perform significantly worse than more homogeneous teams. Moreover, even though the Flat Back lineup (??Abwehrkette??) became tremendously popular within the 1992?C2003 observation period??thereby representing a prime example of an institutionalized practice??substantial regression analyses do not indicate any performance advantages of this innovative defense system. Thus, we are unable to reject the new institutionalism??s view that novel organizational procedures might successfully diffuse without possessing any practical added value for the adopting organizations! On the other hand, we provide a novel suggestion to control for regression-to-the-mean-phenomena in statistical models of football match results: Team ranking covariates prove as elegant and powerful controls for regression-to-the-mean effects within the fixed effects regression setup.     

THE ROLE OF PATENTS IN INFORMATION AND COMMUNICATION TECHNOLOGIES: A SURVEY OF THE LITERATURE

During the last few decades, the number of patents in information and communication technologies has increased considerably. An increasing number of patents and the associated fragmentation of IP rights have generated a series of potentially problematic consequences. Patent thickets, royalty stacking, the emergence of patent assertion entities, increased patent litigation – particularly around standard essential patents – and the difficulties with defining fair, reasonable, and nondiscriminatory licensing terms are some of the most debated issues in the literature that we review in this paper. We devote a specific section of our survey to patent quality, currently one of the most debated issues surrounding the patent system. In our analysis, we mix theoretical and empirical arguments with a more policy‐oriented reasoning. This allows us to better position the different issues in the relevant political and economic context.     

Public cluster policy and firm performance: evaluating spillover effects across industries

ABSTRACT

While the direct positive effects of public cluster policy on subsidized industries are beyond controversy, the impact of such policy interventions on non-subsidized industries within the same region, that is, the indirect effect of public cluster policy, remains vague and unexplored. This study examines the impact of a prominent public cluster policy in Germany, the so-called Leading-Edge Cluster Competition. Based on a unique dataset, we analyse the spillover effects of this cluster policy initiative on those firms and industries, which have not been the primary target of the cluster policy. Our results suggest that public cluster policy seems to have an indirect negative effect on firms that have not primarily been related to the targeted industries; therefore, the concept of ‘agglomeration shadows’ might also apply to industries and related firms. Despite the existence of knowledge flows induced by additional governmental funding within a region, non-subsidized industries, that is, non-targeted firms, seem to be unable to compete against targeted industries and, therefore, suffer from a lack of human, financial and social capital. Based on our findings, we propose policy recommendations on how to best identify policy instruments aimed at augmenting innovation-driven growth across a broad spectrum of industries and regions.     

(Gender-differentiated) Effects of Changes in Personal Income Taxation

Intereconomics - One of the most important areas of taxation is the personal income tax, which may have a gender-differentiated effect on work incentives and infl uence the distribution of paid and...     

Foreign direct investment,political risk and the limited access order

The common explanations for political risk in foreign investment focus on the opportunism of host-country governments. However, when governments are too weak to regulate and effectively control them, domestic business elites may also cause political risk. In the literature on political risk, the host state is mostly modelled as a single, cohesive actor and elites outside of the government are not taken into account. By contrast, this paper conceptualises political risk as a lack of government assertiveness vis-à-vis domestic business elites, drawing on the limited access order (LAO) concept developed by Douglass North and his co-authors. It presents the case of Swedish Tele2’s investment in Russia. The mobile telecommunications provider was highly successful in Russia until it became a threat to the business interests of three Russian oligarchs. Regulatory agencies in Russia lacked the necessary authority to provide a level playing field in the telecommunications industry. They did not intervene when Tele2’s access to vital licenses was blocked by competitors, effectively squeezing the Swedes out of the Russian market. This paper concludes that in LAOs foreign investors are initially welcome, but political risk is high when the market competition with domestic elites becomes intense.     

Die Kapital-und Arbeitsintensität des österreichischen Außenhandels 1964

Summary Capital and labour intensity in Austria's foreign trade is examined on the basis of the 1964 input-output table. Eight variants were calculated in which tourist industry, imported intermediate consumption, and extractive industries, as well as agriculture trade, and transport were variously included and excluded.Calculations are based on domestic capital and labour intensities, as is done in all similar studies. In 1964 capital and labour intensity in Austria's foreign trade was neutral. The inclusion of tourism and of extractive industries, agriculture et al. results in a higher relative capital intensity in Austrian exports. It follows from the calculations that the capital intensity of imports was definitely not higher than that of exports; a certain proponderance of higher imports was identified in the case of human capital.