Foreign-currency transactions and the recovery of German industry in the aftermath of the First World War: the case of Schering AG

While historians have for a long time recognized the importance of the First World War to the general flow of history, business economists do not fully appreciate the impact of the war on commercial relationships. The First World War transformed the political, economic, and social context, in which business was done, forcing companies to develop new strategies and activities, some of which were almost unimaginable before August 1914. This article focuses on one aspect of doing business: foreign exchange management. It argues that Schering AG and its parent, like many German companies after the First World War, were obliged to refocus their activities around their foreign exchange exposures and that the management of foreign exchange issues contributed to a much tighter relationship between businesses, government, and business associations than had existed before the war and for which some aspects of Germany's system of corporate control were not well adapted to handle.     

Pricing default swaps: Empirical evidence

In this paper we compare market prices of credit default swaps with model prices. We show that a simple reduced form model outperforms directly comparing bonds' credit spreads to default swap premiums. We find that the model yields unbiased premium estimates for default swaps on investment grade issuers, but only if we use swap or repo rates as proxy for default-free interest rates. This indicates that the government curve is no longer seen as the reference default-free curve. We also show that the model is relatively insensitive to the value of the assumed recovery rate.     

Acceleration effect of intangibles in the recovery of corporate performance after-crisis

This study explores the recovery in the Market Value Added (MVA) of European companies after the recent global economic crisis in 2008–2009. It introduces empirical evidence that intangible-intensive strategy in human and relational capital reinforces speed of the after-crisis correction for companies. Based on a panel dataset of more than 1600 listed corporations this research aims to discover drivers of Market Value Added trends in 2011–2013. The established results contribute to the understanding of the advantages that companies can exploit for the recovery after systematic shocks of markets. Our study demonstrates that intangible-intensive strategy not always enabled faster recovery speed. Meanwhile, it provided year-to-year acceleration of MVA growth after crisis.     

The 2009 Recovery Act: Stimulus at the extensive and intensive labor margins

This paper studies the effect of government stimulus spending on a novel aspect of the labor market: the differential impact of spending on the total wage bill versus employment. We analyze the 2009 Recovery Act via instrumental variables using a new instrument, the spending done by federal agencies that were not instructed to target funds towards harder hit regions. We find a moderate positive effect on jobs created/saved (i.e., the “extensive margin”) and also a significant increase in wage payments to workers whose job status was safe without Recovery Act funds (i.e., the “intensive margin”). Our point estimates imply that roughly one-half of the wage payments resulting from the act were paid at the intensive margin. To provide a theoretical underpinning for the estimates, we build a micro-founded dynamic model in which a firm meets new government demand with a combination of new hiring and increasing existing workers׳ average hours. Faced with hiring costs and an overtime premium, the firm responds by increasing hours along both margins. Our model analysis also provides insight into how government spending policy should be structured to lower the cost of generating new jobs. Finally, we catalogue survey evidence from Recovery Act fund recipients that reinforces the importance of the intensive labor margin.     

The distinctive agenda of service failure recovery in e-tailing: Criticality of logistical / non-logistical service failure typologies and e-tailing ethics

What is so different about executing service failure recovery in an online environment as in e-tailing?Answering this, the present research points out to the need of considering e-tailing's natural propensity to foster multiple avenues of service failures which are either logistical or non-logistical in nature. Furthermore, given the distant location of the product, e-tailer, and the buyer, e-tailing is posed with risks of ethical transgressions. Therefore, by contextualizing on an Indian e-tailing scenario, we explore how service failure recovery in this challenging setting could be shaped. Justice building failure mitigation strategies such as response speed and compensation emerge to improve recovery efforts, however, apology seems to not work well in establishing justice to drive service failure recovery. Interestingly, an e-tailer's watchfulness toward the strengthening of its online ethics synergistically redeems recovery satisfaction, customer forgiveness, and positive word-of-mouth for the grieving consumer. This synergy can further mitigate the adverse impacts of service failure severity on recovery outcomes. Yet, a consumer having faced a severe service failure instance can have reservations in spreading positive word-of-mouth despite forgiving. Lastly, when considering logistical vs. non-logistical service failure typologies, the synergistic influence of e-tailing ethics and justice over recovery satisfaction becomes very strong in the case of non-logistical service failures.     

Strategies to offset dissatisfactory product performance: The role of post-purchase marketing

This research examines the role of post-purchase recovery initiatives in offsetting the negative effect of a dissatisfactory product experience. Experiment 1 explores the effect of counterfactual thinking, a mental simulation process of reflecting upon past events and generating alternative possible outcomes, on product evaluations after an individual experiences a negative purchase outcome. Experiment 2 builds on these findings and shows how customer surveys can be used as tactical tools to boost post-purchase product evaluations. The results indicate that post-purchase marketing efforts, such as customer surveys, can engage consumers in counterfactual thinking and positively affect their product evaluations.     

公司债定价：首中时模型的蒙特卡罗实现

论文借鉴信用风险度量的首中时结构模型,通过该模型的蒙特卡罗模拟对我国公司债进行定价,同时探讨了拟合公司债价值最佳的违约回复率设定和动态波动率的模型选择问题。研究表明首中时模型用于公司债定价是可行的,且不同的债券确实存在不同的回复率,并且对同一公司的不同债券使用同样的回复率也是不准确的,另外论文也进一步肯定了GARCH（1,1）模型在估计波动率方面的适用性。     

Grief recovery from the loss of a family business: A multi- and meso-level theory

In this article I develop a multi- and meso-level theory of grief recovery time from the loss of a family business. The multi-level aspect of the model suggests how primarily micro theories of grief and sense-making can help explain grief recovery time at the family group level. The meso-level aspect of the model provides insight into recovery from the loss of a family business by proposing how grief dynamics interact at the individual level through emotional intelligence and the family group level through emotional capability. By supplementing theories of grief with those of sense-making, the model provides a deeper understanding of the grief recovery process. This model has implications for scholars and practical implications for family business members and the family unit.     

公司治理结构特征与困境公司恢复——基于中国上市公司的实证研究

目前学者们对公司财务困境的研究主要集中在事前的困境预测上,而对公司陷入财务困境后如何恢复研究较少。本文选取2005—2009年国内被ST的上市公司为研究样本,将研究样本分为逐渐走出财务困境的公司（一类公司）和一直处于财务困境中的公司（二类公司）,从董事会特征、股权结构以及管理层持股这三个方面来比较分析这两类公司在陷入财务困境之后的公司治理结构差异对困境恢复的影响。研究结果表明,公司处于不同的财务情况下,大股东们对公司绩效的影响是不一样的。当公司逐渐陷入财务困境的过程中,大股东们对公司绩效没有显著性的影响;而在公司逐渐摆脱财务的过程中,大股东们对公司绩效有显著的正面影响,此时的公司治理关键在于股权集中度,大股东在公司摆脱财务困境中起到了重要作用。     

The sales recovery audit: Learning to walk the talk

Little research attention has been devoted to the impact of salesperson failure and recovery management on customer relationship development. This paper develops a theoretically anchored and externally validated sales recovery audit for the purpose of assessing sales organization performance in these matters. Results based on a survey of 177 sales managers indicate that practice of sales recovery efforts lags behind their perceived importance as they relate to organizational success. The sales recovery audit presented here can be a useful tool to continuously evaluate and enhance sales recovery efforts for the purpose of building a stronger relationship selling organization.