Strategic responses to market globalisation among advertising agencies

The advertising industry is undergoing major changes as markets and clients become more global. Using the integration-responsiveness framework and the transnational framework, it is apparent that advertising agencies have a high need to be simultaneously integrated and responsive. This paper reports on a series of depth interviews with international agency leaders intended to gain an assessment of both the extent to which their firms are responding to these important but conflicting needs and the appropriateness of the framework for understanding the strategic options available for ad agency management. The findings indicate that the agencies have tried to modify their strategies to accommodate both kinds of pressures. However, their success in this regard is questioned and other broader strategic concerns are considered.     

Military casualties and exchange rates during the First World War: did the Eastern Front matter?

Although the First World War was ultimately decided in the west, historians have emphasized the importance of the often ‘forgotten’ Eastern Front in understanding its complex evolution. This article examines the perception of contemporary foreign exchange traders concerning the relative importance of the Eastern Front over time. Using a newly compiled dataset on prisoners of war and on soldiers killed and wounded, we show that traders were concerned with casualties on both fronts, recognizing the significance of the two‐front war in the early war years. From the autumn of 1916 onwards, traders seemed to believe the key to winning the war lay in the west only.     

Lucky lots and unlucky investors

Review of Quantitative Finance and Accounting - The number 8 is considered lucky under the Chinese culture. This paper tries to examine whether investors hold such superstitious belief in the Hong...     

Consumer specialization and the Romantic transformation of the British Grand Tour of Europe

This paper posits that significant changes in 19th century British recreational travel patterns resulted from a change in the manner in which tourists used entertaining stimuli in order to attain pleasure. Consumers no longer merely viewed arousing stimuli, but attempted to use them to produce emotional states of being which they could partially modify to intensify pleasurable feelings (Damasio, Looking for Spinoza: Joy, sorrow, and the feeling brain, William Heinemann, 2003). The impetus for this modification stemmed from an increasing awareness that emotional responses could be to some degree self-cultivated, as embodied in the Romantic ethos that become popular at the time via the emergence of the paperback novel and magazine industry (Campbell, The romantic ethic and the spirit of modern consumerism, Blackwell, 1987). By learning how to manipulate and modify mental images in a way that may not necessarily correspond with objective reality, Romantic tourists learned to elicit pleasure through engaging of their imagination. Such a change in the mode of pleasure seeking had important long run economic consequences for tourist regions throughout the European continent.     

Accounting als Teil der Management Forschung

PRAXIS | Magazin

Accounting als Teil der Management Forschung Konferenz-Review     

Do dynamics and heterogeneity in panel data models matter?

This article investigates empirically the determinants of central banks’ reserve holdings for a large panel data set of developing and transition countries covering the period from 1975 to 2003. It estimates both a static and a dynamic relationship and applies estimators for homogeneous and heterogeneous panel data. Thereby, it examines the extent to which conclusions of panel data studies on the determinants of international reserve holdings are robust to the inclusion of dynamics as well as to the consideration of heterogeneity across countries. The results show that the neglect of dynamics and heterogeneity in country behaviour may lead to misleading inferences. Independently of the chosen estimation method, the findings suggest that trade openness and external debt are robust determinants of the level of reserves. Central banks take precautionary measures against the downside of the increasing international economic integration.