The impact of global factors on stock market movements in emerging market economies

Global factors are becoming increasingly important as a cause of international capital fl ows. It is nearly impossible for some countries to protect themselves from outside infl uences on their fi nancial markets. This paper investigates the extent to which various global factors such as stock market volatility, international liquidity and global interest rate levels impact on the effective fi nancial market exchange rates of selected emerging market economies. These results are compared with effects on the fi nancial market exchange rates of the United States, the United Kingdom and Germany.     

Social Media Analytics

In this contribution, we introduce “social media analytics” (SMA) as an emerging interdisciplinary research field that, in our view, will have a significant impact on social media-related future research from across different academic disciplines. Despite a number of challenges, we argue that SMA can provide other disciplines – including IS – with methodological foundations for research that focuses on social media. Furthermore, we believe that SMA can help IS research to develop decision-making or decision-aiding frameworks by tackling the issue of social media-related performance measurement, which has been challenging until now. Moreover, SMA can provide architectural designs and solution frameworks for new social media-based applications and information systems. Finally, we call for an interdisciplinary SMA research agenda as well as a significantly increased level of interdisciplinary research co-operation, which must aim to generate significant advancements in scientific methods for analyzing social media, as well as to answer research questions from across different disciplines.     

Institutional Prerequisites of Economic Partnership Agreements

At the end of 2007 the WTO waiver granted for the non-reciprocal EU/ACP trade preferences will phase out. New economic partnership agreements are currently under negotiation, but whether the ACP countries will be able to benefit from them depends to a large extent on the institutional setting in those countries. The following article takes the example of the Economic Community of West African States to examine the situation more closely.     

Multi-agent-based transport planning in the newspaper industry

In many cases of today's planning tasks, the synchronization of production and distribution is becoming increasingly important in order to minimize costs and to maximize customer satisfaction. This is especially the case if transport schedules are closely connected to production schedules, as it is in the newspaper industry—where perishable goods are distributed immediately after production. In order to achieve the above mentioned competing objectives, a special kind of vehicle routing problem, the vehicle routing problem with time windows and cluster-dependent tour starts (VRPTWCD), has to be solved. Moreover, the varying print and post-processing schedules due to unknown editorial deadlines lead to the need for a dynamic online control of the newspaper production and distribution process. In this contribution, the outlined dynamic transport problem is solved online under consideration of unforeseen changes in production schedules. The solution concept is based on a multi-agent system consisting of, amongst others, several Edition and Vehicle Agents. This system is exemplarily applied to a real life application case of one of the largest German newspaper companies. It is shown that a static (centralized) optimization of the underlying problem would even lead to worse results in comparison to the current situation and that the appliance of the multi-agent system is suitable in the newspaper industry.     

Development aid and international politics: Does membership on the UN Security Council influence World Bank decisions?

We investigate whether elected members of the UN Security Council receive favorable treatment from the World Bank, using panel data for 157 countries over the period 1970–2004. Our results indicate a robust positive relationship between temporary UN Security Council membership and the number of World Bank projects a country receives, even after accounting for economic and political factors, as well as regional, country and year effects. The size of World Bank loans, however, is not affected by UN Security Council membership.     

Formal institutions and subjective well-being: Revisiting the cross-country evidence

A long tradition in economics explores the association between the quality of formal institutions and economic performance. The literature on the relationship between such institutions and happiness is, however, rather limited, and inconclusive. In this paper, we revisit the findings from recent cross-country studies on the institution–happiness association. Our findings suggest that their conclusions are qualitatively rather insensitive to the specific measure of ‘happiness’ used, while the associations between formal institutions and subjective well-being differ among poor and rich countries. Separating different types of institutional quality, we find that in low-income countries the effects of economic–judicial institutions on happiness dominate those of political institutions, while analyses restricted to middle- and high-income countries show strong support for an additional beneficial effect of political institutions. Our results bear important implications that we discuss in the concluding section of the paper.     

An Applied Econometricians' View of Empirical Corporate Governance Studies

The economic analysis of corporate governance is in vogue. In addition to a host of theoretical papers, an increasing number of empirical studies analyze how ownership structure, capital structure, board structure, and the market for corporate control influence firm performance. This is not an easy task, and indeed, for reasons explained in this survey, empirical studies on corporate governance have more than the usual share of econometric problems. This paper is a critical survey of the recent empirical literature on corporate governance – to show which methodological lessons can be learned for future empirical research in the field of corporate governance, paying particular attention to German institutions and data availability.     

GOVERNANCE OF PRODUCTION CO‐OPERATIVES IN RUSSIAN AGRICULTURE

Many Soviet kolkhozy and sovkhozy were transformed into agricultural production co‐operatives, because the farm workers would have had large transaction costs in any other type of organization. These co‐operatives still hold a strong market position. This study explores the hypothesis that this market strength could be due to low governance costs, obtained through strong manager power. As managers want the co‐operative to survive, they make limited investments in the co‐operative and pay low wages. The members, however, do not consider this to be problematic. They appreciate the community within the village, their private plots of land and the co‐operative's services. Hence the existence of the co‐operatives is not threatened.     

Strategic bypass deterrence

In liberalized network industries, competitors can either compete for service using the existing infrastructure (access) or deploy their own capacity (bypass). We revisit this make-or-buy problem making two contributions to the literature. First we analyze both the profit maximizing behavior of an incumbent and the welfare maximizing behavior when the entrant chooses between access and bypass. Second, we extend the baseline model studied in the literature by allowing for fixed costs of network installation. By analogy to the literature on strategic entry deterrence, we distinguish three régimes of blockaded bypass, deterred bypass and accommodated bypass depending on the entrant’s unit cost. We show that the make-or-buy decision of the entrant is not necessarily technologically efficient: when bypass is chosen, it is always the cheapest option but access may be chosen when it is not cost effective.     

Unter Strom

Zusammenfassung  Wundbehandlung durch Elektrostimulationstherapie — Für die Elektrostimulation gibt es viele Anwendungsgebiete. W?hrend Verfahren wie Herzschrittmacher aus der Medizin nicht mehr wegzudenken sind, sind Behandlungsformen wie die galvanische Feinstromtherapie umstritten. In der Wundheilung allerdings macht man sie sich seit Jahren zunutze.