Instability of the Inflation–Output Trade‐Off and Time‐Varying Price Rigidity

This paper studies the time instability of the Phillips curve by paying particular attention to the inflation environment and price stickiness. We identify various inflation episodes and investigate the changing nature of the curve across these periods for five advanced countries over 1960–2013. We show that the mean inflation, the slope of the curve and the threshold mean inflation that erodes price rigidity are time varying. The inflation environment is a key determinant of the inflation–output relationship, rejecting the evidence of a flat curve and restoring the inflation–output trade‐off above certain inflation thresholds.     

Entrepreneurship of an institutional field: the emergence of coworking spaces for digital business models

International Entrepreneurship and Management Journal - Coworking spaces have been proliferating world-wide in urban and rural areas while facilitating entrepreneurship and new, especially digital...     

The Image of Spain as Tourist Destination Built Through Fictional Cinema

Fictional cinema is one of the cultural agents that shapes the international image of each country. It colonizes spectators' imagery, and it can influence their choice of tourist destinations. Spanish cinema's international diffusion has allowed the exhibition of movies that spread and renew the image of Spain in different ways. In this respect, we propose a three‐fold typology of films focusing our attention on their content and the ways in which they build the image of Spain: Icon Films, Pastiche Films, and Tourist Poster Films. These films may stimulate the increase of a cultural tourism very different from the traditional one that inspired many to come to Spain mainly looking for sunny beaches.     

Experiential Reciprocity: The Role of Direct Experience in Value Perceptions

This research proposes experiential reciprocity as the process underlying the relationship between direct experience of a national park and perceived value of the park system and its role in preserving the environment. Cross-sectional data of people's experience and perceptions of the United States National Park Service and their values and beliefs related to the park system indicate that a direct experience of a park increases the intrinsic value of the park, even for those who are already environmentally conscious. Consistent with the norm of reciprocity, direct experience of a park also increases willingness to finance the park directly. Given the role of direct experience of the park in fostering an intrinsic appreciation for its role in preserving the environment, waving access fees is offered as a way to promote experiential reciprocity.     

Solidarity, Transfers, and Poverty

There is abundant evidence that inter-vivos transfers are more important in low-income countries than in industrialized countries. The authors use a new specification of altruism to explain this stylized fact. Under this specification, individuals feel altruistically towards other individuals genetically related to them. However, they worry about them only when their relatives' consumption falls below a certain level. Simulation results mimic the stylized facts concerning the relation between inter-vivos transfers and income.     

Inter-temporal preference for flexibility and risky choice

We derive an inter-temporal theory of choice, in the spirit of Kreps and Porteus [Kreps, D.M., Porteus, E.L., 1978. Temporal resolution of uncertainty and dynamic choice theory. Econometrica 46, 185–200], where decision makers have incomplete preferences. This can be used to model indecisiveness as well as unforeseen contingencies. The key to our approach is a time consistency condition and therefore the normative connection between ex-ante and ex-post choice. The time consistency condition enables a representation that is a straight forward extension of recursive utility with the exception that it features an inter-temporal ‘utility for flexibility’.     

Export Credit Guarantees, Moral Hazard and Exports Quality

We analyse the role played by export credit guarantees (ECGs) in encouraging exports to developing countries. The existence of moral hazard on the side of the firm is introduced. We show that the inability of the exporter's government to verify the actual quality of the product will limit its ability to encourage trade through ECGs, once the coverage provided goes beyond a certain threshold. This result provides a rationale behind the limited coverage on ECGs.     

Zur Relevanz der strategischen Planung für das Wachstum junger KMU

Zusammenfassung  Der vorliegende Beitrag untersucht den Zusammenhang zwischen strategischer Planung und Wachstum in jungen KMU. Eine Literaturanalyse zeigt, dass die strategische Planung bislang h?ufig eindimensional oder unpr?zise operationalisiert wird, was Aussagekraft bestehender Studien in Bezug auf die Analyse der Erfolgswirkung von strategischer Planung in KMU einschr?nkt. Basierend auf einem aus der Literatur des strategischen Managements abgeleiteten Verst?ndnis von strategischer Planung, welches den Formalisierungsgrad, den Zeithorizont und die Verwendung von Planungsinstrumenten beinhaltet, wird die Erfolgswirkung von strategischer Planung reevaluiert. Als Grundlage dient dabei eine branchenübergreifende Stichprobe von 323 jungen KMU aus ?sterreich. Die Ergebnisse belegen, dass der Formalisierungsgrad der strategischen Planung einen signifikant positiven Einfluss auf das Wachstum junger KMU hat, nicht jedoch die Zeitdauer und der Einsatz von Planungsinstrumenten. Dr. Sascha Kraus ist wissenschaftlicher Assistent am Lehrstuhl für Entrepreneurship der Universit?t Oldenburg. Weiterhin ist er Lehrbeauftragter an der Universit?t Klagenfurt, der Wirtschaftsuniversit?t Wien und der Europa-Universit?t Viadrina, Frankfurt/Oder. Er studierte Betriebswirtschaftslehre und Management u. a. an den Universit?ten K?ln, Siegen, Wuppertal, UCLA and USQ (Australien). Sascha Kraus verbrachte drei Monate als Gastwissenschaftler an der University of Edinburgh. Er war zudem Gründer eines Start-Ups in der Medienbranche sowie Aufsichtsratsmitglied zweier KMU. Seine Hauptforschungsgebiete sind Strategisches Management und Entrepreneurship. Dr. Rainer Harms studierte Volkswirtschaftslehre an der Westf?lischen Wilhelms-Universit?t Münster. Dort promovierte er im Jahre 2003 am Institut für Unternehmensgründung und- entwicklung im Fach Betriebswirtschaftslehre. Seit Ende 2003 ist Rainer Harms als Universit?tsassistent an der Universit?t Klagenfurt, Abteilung für Innovationsmanagement und Unternehmensgründung besch?ftigt und arbeitet dort an seiner Habilitation. Dr. Harms hat als Gastdozent an der TU Berlin, der Universit?t Dortmund und der ICN Nancy unterrichtet. Zu seinen Forschungsschwerpunkten geh?rt die Schnittstelle von Innovation und Organisation, das Management von Wachstumsunternehmen sowie Gründungsmanagement. Univ.-Prof. Dr. Erich J. Schwarz studierte Ingenieurswissenschaften an der Montanuniversit?t Leoben und war von 1991 bis 1999 Univ.-Ass. bzw. a. o. Univ.-Prof. für Innovationsmanagement an der Universit?t Graz. Nach der Promotion (Wirtschaftsingenieur) und der Habilitation (Betriebswirtschaftslehre) ist er seit 1999 Universit?tsprofessor für Betriebswirtschaftslehre (Abteilung für Innovationsmanagement) an der Universit?t Klagenfurt. Herr Schwarz war Gastprofessor an den Universit?ten Essen, Leoben, Graz und Zittau sowie Gastdozent an der Universit?t Maribor. Die Entwicklung und Führung junger, innovativer KMU sowie Innovationsmanagement bilden seinen wissenschaftlichen Interessensschwerpunkt.     

Orthogonal expansions for the generalized Cramér-von Mises statistics

We provide a new proof for the representation of Cramér-von Mises statistics under (known) gamma and normal distributions. The new method uses orthogonal polynomials and provides an explicit form of the statistics from which the asymptotic distribution can be calculated.Acknowledgements This research was partially supported by FQM-331, FQM-270, BMF 2001-2378 and BMF2002-04525-C02-02. The authors are thankful to the referees for their suggestions and helpful comments.     

Beyond the audit expectations gap

In seeking to encourage a broader, European dimension to research on auditing and audit expectations, this paper examines the recent history of auditing and its regulation in Spain within the context of international developments in the accounting profession. The more expansive role being assigned to the audit function in Spain following the implementation of the Fourth and Eighth European Company Law Directives is generally viewed by Spanish writers as a progressive step, with largely positive effects. Such views stand in some contrast to the history of auditing in Britain, where the prevalence of an ‘audit expectations gap’ suggests a rather more problematic state of affairs. In exploring both the Spanish context and the nature of the audit expectations gap in Britain, however, the paper reveals a common underlying belief in the potential of auditing. Through this comparative analysis, and by drawing on recent audit research challenging certain long-held assumptions about auditing, a number of questions are asked of the current form and status of auditing and auditing expectations in Britain and Spain. In so doing, the paper raises issues that go beyond the current confines of the audit expectations gap debate, stressing, in particular, the need for greater consideration to be given, through less Anglo-centric analyses, to the varying nature and capabilities of European audit practice.