Spitzenkandidaten im Wahlkampf

This articles investigates the degree to which the image of political candidates can experience change during the campaign, by campaigning on the one hand and by the political coverage of the mass media on the other. Empirical analyses of the Northrhine-Westphalian state election of May 14, 2000, are based on longitudinal survey data for the five weeks before the election and a cross-sectional pre-election study representative of Northrhine-Westphalia. For three effect criteria — first the information the population holds about the leading candidates, second the evaluation of various candidate qualities, and third the weight candidate evaluation carries for the voting decision — it is shown that both effects of campaigning and effects of media coverage on political attitudes and the voting decision can be identified.     

Arranger Certification in Project Finance

Using a sample of 4,122 project finance loans worth $769 billion arranged from 1991 to 2005, we demonstrate that certification by prestigious lead arranging banks creates economic value by reducing overall loan spreads compared to loans arranged by less prestigious arrangers. Banks participating in these loan syndicates, rather than the project sponsors, pay for this certification. They do so by allowing top tier arrangers to keep larger fractions of the upfront arranging fees. Results are robust to the correction for the endogenous choice of loans by prestigious arrangers and indicate that certification is even more valuable during periods of extreme financial stress.     

The optimal-drift model: an accelerated binomial scheme

We introduce the optimal-drift model for the approximation of a lognormal stock price process by an accelerated binomial scheme. This model converges with order o(1/N), which is superior compared to today??s benchmark methods. Our approach is based on the observation that risk-neutral binomial schemes converge to the lognormal limit independently of the choice of the drift parameter. We verify the improved order of convergence by an asymptotic expansion of the binomial distribution function. Further, we show that the above result on drift invariance implies weak convergence of the binomial schemes suggested by Tian (in J. Futures Mark. 19, 817?C843, 1999) and Chang and Palmer (in Finance Stoch. 11, 91?C105, 2007).     

The Myth of the Unscrupulous Energy User’s Dilemma: Evidence from Switzerland

Heating and warm water consumption are frequently billed based on actual consumption, and this approach can be assumed to provide a financial incentive to energy consumers to opt for energy-conserving behaviour (e.g., reducing the room temperature or using warm water economically). In many multi-flat buildings in Switzerland, tenants and homeowners still receive a heating and warm water bill that is based on a flat rate that depends on the size of the dwelling, rather than a bill that is based on the amount of energy actually consumed. In such a situation, there may be a social dilemma that leads to non-cooperative behaviour; economic theory predicts that households would choose a strategy of not sacrificing their level of comfort and, therefore, would not opt for energy-conserving behaviour. Psychological theory, on the other hand, suggests that a change in billing type might not, in and of itself, be a sufficient motivator to promote energy-conserving behaviour. This study aims to gain insight into Swiss consumers’ underlying motivations in conserving energy. It empirically tests whether and how a difference in billing type affects consumers’ current stated energy behaviour and their stated intention to conserve energy in the future. In neither of two separate studies was there any evidence of such a possible unscrupulous energy user’s dilemma. Thus, on its own, consumption-based billing might not lead to significant changes in consumer behaviour. However, it could constitute an essential part of a wider behaviour modification programme that includes more effective billing and direct feedback programmes.     

Contextualising Media Choice Using Genre Analysis

Value creation is increasingly organized in virtualized settings requiring effective computer-mediated communication. While media choice has been a topic of interest in Information Systems for some time, corresponding media choice theories exhibit a range of shortcomings with regard to applicability in context. Since the theories try to generalize across social contexts, their key constructs are rather abstract and underspecified with regard to application. Against this backdrop we present an approach for contextualizing media choice using genre analysis. Genre analysis aims at identifying communication patterns (genres) in social communities (e. g. teams) as a structured overview of existing team communication. By juxtaposing requirements of the identified genres and media characteristics, we are able to propose a new set of media for improving team communication. We illustrate the application of our approach with a case example.

Global networks of clusters of innovation: Accelerating the innovation process

This article presents a framework for understanding new patterns of innovation and commercialization that are most easily observed in Clusters of Innovation (COI) and in the global connections established among them. We define COI as environments that favor the creation and development of high potential entrepreneurial ventures. COI are characterized by heightened mobility of resources (principally people, capital, and information—including intellectual property); increased velocity of business development; and a culture of mobility that leads to an affinity for collaboration, development of durable relationships, and the formation of Networks of Clusters of Innovation (NCOI). These networks are distinct sets of relationships. When the connections progress to the point of mutual dependence and business integration among participating enterprises, such covalent bonds form tightly interrelated business communities, or Super-Clusters of Innovation (Super-COI). In this article, we analyze the characteristics of COI and the nature of the relationships that arise between them to form NCOI and Super-COI. Further, we present an integrated model to better understand the global innovation system.     

Customer Touchpoints im stationären Einzelhandel — Potenzial von Pervasive Computing

Je mehr individuelle Leistungen die Kunden verlangen, desto mehr Informationen ben?tigen die Anbieter. W?hrend die H?ndler im Distanzgesch?ft über personalisierte Daten ihrer Kunden und vor allem im Online-Shop über Bewegungsdaten verfügen, hat der station?re Einzelhandel noch erhebliche Datenlücken. Diese Lücken kann man mit einer Pervasive-Computing-Umgebung schlie?en. Neue Customer Touchpoints liefern Informationen darüber, wer bei ihm einkauft und wie der Einkauf durchgeführt wird.     

Social capital and social learning after Hurricane Sandy

The post-disaster context is one characterized by profound uncertainty. Those affected by the storm, or earthquake, or flood, must determine what strategies to pursue in response to the disaster and must find ways to coordinate their recovery efforts with others in their community. Ex ante it is not clear what strategies will be most effective. If communities are to recover after a disaster, community members must engender and engage in a process of social learning involving experimentation, communication, and imitation. This paper explores the post-disaster social learning process. Specifically, we focus on the importance of social capital in facilitating social learning after a disaster, including facilitating community members’ ability to communicate their desire to return, to assess damage, to overcome barriers to rebuilding through collective yet voluntary action, and to learn from and imitate others’ successes. Focusing on how this process took place after Hurricane Sandy in Rockaway, New York, especially within the Orthodox Jewish community, we examine how community groups (a) adapted existing organization structures and (b) created new procedures and imitated the successful actions of others in order to spur recovery.