Ein innovativer Regulierungsansatz zur Belebung des Wettbewerbs im Schienenpersonenfernverkehr

Wirtschaftsdienst - Im Schienenpersonenfernverkehr bestehen trotz Bahnstrukturreform weiterhin hohe Markteintrittsbarrieren. Der Wettbewerb im Nah- und Schienengüterverkehr ist im Vergleich...     

The Political Economy of State-Owned Lotteries

An incomplete contracts approach is applied to analyse the lottery industry. It is argued that lottery services are more efficiently provided by private enterprises than by public enterprises, even if the addictive potential of lotteries is taken into account and government is assumed to be benevolent. However, in most countries, state-owned enterprises provide lottery services. In Germany, the 16 states each own a monopoly lottery-providing enterprise. This apparent puzzle is resolved by dropping the assumption that members of government are perfectly benevolent. The narrow self-interest of members of the state governments and other influential stakeholders in Germany helps to explain the persistence of the current structure of the lottery industry.     

Top Management Team Advice Seeking and Exploratory Innovation: The Moderating Role of TMT Heterogeneity

Research on strategic decision making has considered advice‐seeking behaviour as an important top management team attribute that influences organizational outcomes. Yet, our understanding about how top management teams utilize advice to modify current strategies and pursue exploratory innovation is still unclear. To uncover the importance of advice seeking, we delineate between external and internal advice seeking and investigate their impact on exploratory innovation. We also argue that top management team heterogeneity moderates the impact of advice seeking on exploratory innovation. Findings indicated that both external and internal advice seeking are important determinants of a firm's exploratory innovation. In addition, we observed that top management team heterogeneity facilitates firms to act upon internal advice by combining different perspectives and developing new products and services. Interestingly, heterogeneous top management teams appeared to be less effective to leverage external advice and pursue exploratory innovation.     

What Wall Street Wants – Exploring the Role of Security Analysts in the Evolution and Spread of Management Concepts

This paper discusses the role of security analysts in the dissemination of popular management concepts, drawing on neo‐institutional and management fashion theory. Focusing on the core competence concept, we investigate whether security analysts swing with the popularity of a management concept or serve as a corrective that secures the rationality of managerial actions. Through our analysis, which uses data for US‐based firms spanning the period 1990–2002, we show that during the 1990s analysts systematically overvalued the future earnings of refocusing firms that incorporated principles derived from the core competence concept. Moreover, we present evidence that their valuations were positively influenced by the popularity of the core competence discourse and exhibited a systematic bias. Our results suggest a more nuanced understanding of the dynamics underlying the popularization processes of management concepts. In addition to the classical bandwagon‐effects discussed in neo‐institutional theory, we argue that the mediating role of security analysts and their impact on stock‐market prices promote the diffusion of new management concepts.     

A two-stage double-bootstrap data envelopment analysis of efficiency differences of New Zealand secondary schools

We conduct a two-stage (DEA and regression) analysis of the efficiency of New Zealand secondary schools. Unlike previous applications of two-stage semi-parametric modelling of the school “production process”, we use Simar and Wilson’s double bootstrap procedure, which permits valid inference in the presence of unknown serial correlation in the efficiency scores. We are therefore able to draw robust conclusions about a system that has undergone extensive reforms with respect to ideas high on the educational agenda such as decentralised school management and parental choice. Most importantly, we find that school type affects school efficiency and so too does teacher quality.     

Professionelle Personaler zwischen Rationalisierung und allgemeinem Management: Professionalisierung ohne Bildung einer eigenen Profession

Trends like rising specialization and qualification entail an increase in professionalism of human resource management, which is professional anyway. Simultaneously, there are counter-movements like outsourcing and rationalization that endanger personnel specialists and particularly human resources departments. Unlike other management functions, an independent human resources management is additionally threatened with a substitution by general managers, who always have leadership and other personnel duties too. Thus, structured and separable tasks are at risk of being lost to external companies or computers while unstructured and synergistic assignments are assumed by line managers. Therefore, human resources practitioners presumably do not form a proper profession but there are increasingly different external and internal specializations besides the general management.     

Modeling probabilities of patent oppositions in a Bayesian semiparametric regression framework

Previous econometric analyses of patent data rely on regression methods using purely parametric forms of the predictor for modeling the dependence of the response. These approaches lack the capability of identifying potential non-linear relationships between dependent and independent variables. In this paper, we present a Bayesian semiparametric approach making use of Markov Chain Monte Carlo (MCMC) simulation techniques which is able to capture these non-linearities. Using this methodology we reanalyze the determinants of patent oppositions in Europe for biotechnology/pharmaceutical and semiconductor/computer software patents. Our semiparametric specification clearly finds considerable non-linearities in the effect of various metrical covariates which has been not been discussed previously. Further, a formal model validation based on ROC-methodology which splits the data in a training and a validation data set shows a significant improvement of the explanatory and the predictive power of our approach compared to purely parametric specifications.

Can the Life Insurance Market Provide Evidence for a Bequest Motive?

Using U.K. microeconomic data, we analyze the empirical determinants of participation in the life insurance market. We find that term insurance demand is positively correlated with measures of bequest motives like being married, having children, and/or subjective measures of strong bequest motives. We then show that a life‐cycle model of life insurance demand, saving, and portfolio choice can rationalize quantitatively the data in the presence of a bequest motive. These findings provide evidence supporting the presence of a bequest motive.     

Thousands of models,one story: Current account imbalances in the global economy

The global financial crisis has led to a revival of the empirical literature on current account imbalances. This paper contributes to that literature by investigating the importance of evaluating model and parameter uncertainty prior to reaching any firm conclusion. We explore three alternative econometric strategies: examining all models, selecting a few, and combining them all. Out of thousands (or indeed millions) of models a story emerges. The chance that current accounts were aligned with fundamentals prior to the financial crisis appears to be minimal.