A noncooperative model of contest network formation

In this paper we study a model of weighted network formation. The bilateral interaction is modeled as a Tullock contest game with the possibility of a draw. We describe stable networks under different concepts of stability. We show that a Nash stable network is either the empty network or the complete network. The complete network is not immune to bilateral deviations. When we allow for limited farsightedness, a stable network immune to bilateral deviations must be a complete $M$-partite network, with partitions of different sizes. We provide several comparative statics results illustrating the importance of the structure of stable networks in mediating the effects of shocks and interventions. In particular, we show that an increase in the likelihood of a draw has a nonmonotonic effect on the level of wasteful contest spending in the society. To the best of our knowledge, this paper is the first attempt to model weighted network formation when the actions of individuals are neither strategic complements nor strategic substitutes.     

Impact of state-dependent oil price on US stock returns using local projections

In this paper, we investigate the impact of oil prices on both aggregate and industry US real stock returns over the period 1973–2017. The empirical analysis contributes to the related literature introducing a state-dependent oil price (high and low) and the local projections approach. Our main finding is that, depending on the nature of the shock and industry, the negative effects of oil price shocks become exacerbated -and the positive effects get moderated- if oil prices are already high.     

An alternative interpretation of multiple bounded WTP data—Certainty dependent payment card intervals

This paper analyzes the multiple bounded format, in which uncertainty is directly incorporated into the WTP question. A new approach for analyzing multiple bounded uncertainty data is presented. The intuition underlying the approach is that uncertain individuals would like to state their WTP as intervals rather than precise values and that the width of the intervals is determined by the degree of uncertainty. The approach is compared to the one applied in Welsh and Poe [Welsh, M., Poe, G.L., 1998. Elicitation effects in contingent valuation: comparisons to a multiple bounded discrete choice approach. Journal of Environmental Economics and Management 36, 170–185] which treats uncertainty by conditioning responses on specific verbal probability statements. We argue that the conditioning approach overestimates mean and median WTP and that conditioning WTP estimates on probability statements like “probably” and “unsure” make them “fuzzy”. To empirically compare the two approaches we use data from 2004 concerning implementation of a predator protection policy in Sweden. Our analysis show that the suggested approach: (1) is more intuitive; (2) better fits the data; (3) estimates mean and median WTP with better precision; (4) is less sensitive to distributional assumptions; and (5) it is better suited for policy analysis.     

Should there exist secondary markets for executive stock options?

This paper investigates the potential disadvantages of the secondary markets for executive stock options (ESOs). The benefits of such markets are evident, but they might also have negative effects for shareholders. Executives might, for example, use inside information to time their ESO selling. We investigate two personal motives of managers that can be assumed to affect their optimal selling decision, that is, managers' personal portfolio management issues and the use of inside information. We explore these motives by analyzing unique data from Finland, where there are secondary markets for ESOs. The results of the study support the traditional portfolio diversification hypothesis according to which managers tend to sell their ESOs when holding an ESO is equivalent to holding the underlying stock; that is, in such a case a manager's wealth is closely tied to the stock price of the firm. With respect to the use of inside information the results indicate that ESO selling activity is not related to future stock price behaviour, suggesting that managers do not use inside information to determine the selling time of their ESOs. These results imply that the existence of secondary markets for ESOs does not weaken the usefulness of ESOs as the management compensation, although the benefits of such markets are evident.     

Grounded Theory und ihre bisherige Anwendung in der empirischen Controlling- und Rechnungswesenforschung

Zusammenfassung  Die Bildung von Forschungshypothesen ist zwar immer ein kreativer, sollte aber gleichzeitig kein unsystematischer Prozess sein. Im vorliegenden Artikel liegt der Fokus auf der Methodenunterstützung des Entdeckungszusammenhangs. Die Methode der Grounded Theory bietet einen Bezugsrahmen für qualitative empirische Studien, mit dem Theorien entwickelt werden, die aus dem Textmaterial zu begründen sind. Eine Literaturanalyse verdeutlicht, dass das Potenzial dieser Methode bisher in der Controlling- und Rechnungswesenforschung weitgehend ungenutzt bleibt. Anhand einer Diskussion empirischer Studien, welche auf die Methode zurückgreifen, werden Anwendungsm?glichkeiten der Grounded Theory für diese Disziplinen aufgezeigt.

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Summary  Creating research hypotheses is always a creative but not necessarily an unsystematic process. In our study we introduce a method supporting the logic of discovery. The grounded theory approach provides a framework for a systematic development of theories emerging from empirical data. A literature review stresses that the potential of the method so far is unused in accounting research. The grounded theory approach is introduced to support empirical work within this research field. Options for an application of the method in accounting research are shown by the means of a discussion of empirical studies. Furthermore the reader gets hints for reference studies.

     

Money growth volatility and the demand for money in Germany: Friedman’s volatility hypothesis revisited

Money Growth Volatility and the Demand for Money in Germany: Friedman’s Volatility Hypothesis Revisited. — Recently, the Bundesbank claimed that monetary targeting has become considerably more difficult by the increased volatility of short-term money growth. The present paper investigates the impact of German money growth volatility on income velocity and money demand in view of Friedman’s money growth volatility hypothesis. Granger-causality tests provide some evidence for a velocity/volatility linkage. However, the estimation of volatility-augmented money demand functions reveals that — in contrast to Friedman’s hypothesis — increased money growth volatility lowered the demand for money.     

基于消费者运动的社会营销学研究综述

20世纪美国消费者运动风起云涌。推动了政府的立法活动和营销学研究。本文回顾美国消费者运动的进程，评述基于消费者运动的社会营销学研究，并对中国的消费者权益保护及其社会营销学研究提出建议。     

The economic effects of reducing and reorganizing working time

This article goes beyond the often ideological debate for and against a reduction in working time and analyses the effects of shorter working time at company and country levels. Logic and experience dictate that such reductions must be accompanied by a process of work reorganization and include financial compensation for those working shorter hours. However, while these three ingredients are indissoluble, not all firms can proceed at the same pace and in the same ways. Nevertheless, the article shows that, as long as implementation proceeds in a decentralized and selective manner and is accompanied by a judicious reorganization of these hours, it could be extremely beneficial to all parties—companies, the state and individuals, both workers and producers.     

Environmental regulation and profitability: An application to Swedish pulp and paper mills

In this paper we analyze the impact on firm profits of the environmental regulations in the Swedish pulp and paper industry. The approach taken is a non-parametric programming model of the technology. A feature of this industry is that environmental regulations are determined individually for each mill. A question, then, is if these individual regulations have a similar impact on firm profits. The approach in this paper allows us to calculate both the regulated and unregulated profits, which means that the severity of the regulations, in terms of foregone profits, can be calculated for each mill. The empirical result shows that the impact on the mills varies substantially, and that the burden from the regulations is less severe in 1990 than in 1989.