Where Do Firms Export,How Much and Why?

The empirical finding that exporting firms are more productive on average than non‐exporters has provoked a large theoretical literature based on models such as Melitz ( 2003 ), where more productive firms are more likely to overcome costs associated with trade. This paper investigates how closely the productivity heterogeneity framework fits the data from a firm‐level survey that includes information on export destinations and firm characteristics such as productivity. We find a high degree of unpredictable idiosyncratic participation in export markets by firms and a relatively weak positive correlation between the extent of a firm's export market participation and its export sales. We find that a small number of standard gravity variables provide a close fit to the country‐level determinants of trade but that greater variation results in more difficulty in explaining firm‐specific factors driving exporting behaviour. We also illustrate some elements of the dynamics over time in firm exporting patterns by destination. We show that lagged exporting activity has a significant effect on a firm's current exporting profile.     

The future trajectory for environmental finance: planetary boundaries and environmental,social and governance analysis

Urgent issues such as climate change have drawn increasing attention from finance scholars. Most research has situated a corporate response within the context of the environmental, social and governance performance. However, other disciplines express concerns around environmental degradation within broader frameworks, such as the Planetary Boundaries framework. We highlight the different conceptualisations of ESG and planetary boundaries and call for further research that links finance research to the Planetary Boundaries framework. We describe how contributions in the Accounting & Finance Special Issue on Environmental Finance advance research in this area and explore implications for future research that responds to the imperatives of remaining within Planetary Boundaries.     

Vulnerability to poverty: an empirical comparison of alternative measures

This article compares empirically the several measures of individual vulnerability to poverty proposed in the literature, in order to understand which is the best signal of poverty that can be used for policy purposes. To this aim, the Receiver Operating Characteristic (ROC) curve, the Pearson and Spearman correlation coefficients are used as precision criteria. The results show that two groups of indexes can be identified, high and low performers, and, among the former, that proposed by Dutta et al. (2011 Dutta, I. 2011. Foster, J. and Mishra, A., On measuring vulnerability to poverty, Social Choice and Welfare, 37, 743–61 [Google Scholar]) is the most precise.     

The care-less marketplace: exclusion as affective inequality

ABSTRACT

The care-less marketplace is a discrete site which reinforces structural inequality in the affective domain of life. Drawing on the work of pro-care feminist theory, this empirical paper explores marketplace exclusion from the perspective of economic disadvantage and its impact on relations of love, care and solidarity. Adopting a voice-centred-relational approach, this interpretative study examines the narrative accounts of a diverse group of women living in diverse poverty contexts. Articulating marketplace exclusion as a series of affective burdens, material struggles and disconnections embedded within the relational web of family, friends and community – these experiences mirror participants’ imposed exclusion in the marketplace due to chronic economic hardship. Through the diffusion of an alternative theoretical lens, affective inequality surfaces the importance of care and how it is often most visible in the lives of vulnerable consumers when it is absent or broken.     

<Emphasis Type="Italic">Zum Lachen auf die Station gehen</Emphasis>

Das kann ja heiter werden — Schlauchender Schichtdienst, Krach mit der Kollegin und zuhause tanzen die M?use Tarantella. Wer dabei gelassen und fr?hlich bleibt, wei? wahrscheinlich, dass Lachen die beste Medizin gegen Stress ist. Ein Pl?doyer dafür, Humor im Pflegedienst viel ernster zu nehmen.     

A Brownian Motion Model for Technology Transfer: Application to a Machine Maintenance Expert System

Based on an analogy to the physical phenomenon of Brownian motion, Venkatesh Padmanabhan and Wm. E. Souder present a general purpose model to assist in the successful transfer of newly developed technologies. The model, named Techtran II, is successfully demonstrated with ten case studies showing how it helps managers develop a priori intervention strategies for improving transfer likelihoods. The results suggest that Techtran II can assist in overcoming problems in successful new product development, commercialization, transfer and user adoption. The Techtran II computer program is available to interested users and researchers.     

The Operational Hedging Properties of Intangible Assets: the Case of Non–voluntary Foreign Asset Selloffs

In this paper we examine the valuation effects and long–term performance of US multinational firms involved in forced transfers of their foreign operating assets during the 1965–88 period. The evidence suggests that the operational hedging ability of the firm to address country risk (nationalization threats) is related to the level of its intangible assets. While it is well known that firms with high levels of intangible assets prefer foreign direct investment, our results show that intangible assets have hidden properties of protection against country risk as well. We document significantly negative abnormal returns only for divesting firms with low levels of intangible assets, but not for firms with high levels of intangible assets. In addition, we show that low (high) growth firms are involved in partial (complete) withdrawals, and show that the long–term economic performance of firms choosing the complete withdrawal strategy is better than those that opt to remain. We argue that management's attempt to maintain economic links in a hostile foreign environment can be attributed in part to the firm's low growth opportunities, performance, and lack of contingent plans to address country risk.     

Conditional Heteroskedasticity and Global Stock Return Distributions

This paper investigates conditional return distribution characteristics for seven developed markets (DMs) and eight emerging markets (EMs). With the exception of Germany and Japan, the behavior of monthly returns of DM sample countries is similar to that of the U.S. In contrast, EM returns exhibit a substantially greater degree of serial correlation and a higher incidence of autoregressive conditional heteroskedasticity (ARCH) in monthly data. Aggregation of returns into two- and three-month holding periods decreases the significance of the ARCH effects. However, there are cross-sectional differences in the rate at which ARCH effects become insignificant. The findings of ARCH in monthly returns sample data is attributed to differences in the rate at which information arrives and is transmitted into prices in each market.     

Versicherungsunternehmen in Social Networks – ein Überblick über aktuelle Forschungsfelder und eine experimentelle Studie zur Kundenansprache

Due to changing customer demands Social Networks become increasingly important in insurance business life. This study provides a comprehensive analysis of both the traditional and new approaches of Social Network research. Based on this analysis we present categorized implications that show evidence for future research. We take up the research question from the category “communication and marketing” in order to experimentally investigate different kinds of customer communication in Social Networks. Our results show that the kind of customer communication has an impact on the willingness to comply. Thus, the kind of customer communication could be a critical criterion for the success of an insurance company in Social Networks.     

Neither passive nor powerless: reframing economic vulnerability via resilient pathways

ABSTRACT

Resilience, as an emerging construct within the contemporary field of consumer vulnerability, has received limited empirical attention within the context of economic adversity. This paper examines how low-income women strive to reframe their relationship to the market via resilient pathways. It establishes how through active agency, self-care practices and relational coping, women maximise care of self and care of others with limited economic means. Comprised of multidimensional coping resources for positive adaptation, resilient pathways offer vulnerable consumers distinct trajectories to well-being and overturn deficit-focused views about how those facing chronic economic disadvantage, (re)assert themselves in vulnerable consumption contexts.