Analyst Behavior: The Geography of Social Interaction

In this paper, I provide empirical evidence that an analyst working in Germany is more likely to publish a high (low) price target regarding a DAX30 stock when other Germany based analysts are also optimistic (pessimistic) about the same stock. This effect of geographical proximity is not biased by the fact that DAX30 companies are headquartered in Germany. Shedding light on how influence takes place, I show that influence through communication and the exchange of opinion within small groups of analysts plays a vital role. This mainly applies during a bullish market environment. When markets are bearish, analysts' incentives induce them not to deviate too much from the overall average, such that then observational learning has a greater impact.     

Reciprocal social influence on investment decisions: behavioral evidence from a group of mutual fund managers

In this paper, I analyze reciprocal social influence on investment decisions in an international group of roughly 2,000 mutual fund managers who invested in companies in the DAX30. Using a robust estimation procedure, I provide empirical evidence that the average fund manager puts 0.69 % more portfolio weight on a particular stock if his or her peers, on average, assign a weight to the corresponding position that is 1 % higher compared to other stocks in the portfolio. The dynamics of this influence on choice of portfolio weights suggest that fund managers adjust their behavior based on the prevailing market situation and are more strongly influenced by others in times of an economic downturn. Analyzing the working locations of the fund managers, I conclude that more than 90 % of the magnitude of influence stems from social learning. Although this form of influence varies a great deal over time, the magnitude of influence resulting from the exchange of opinions is more or less constant.     

中国经济：一些希望的理由

【美国《商业周刊》12月10日】这段时间，来自中国的经济消息一点也不鼓舞人心。出口衰退在加深，第三季度的公司所得与去年同期相比下降13％，而工业产出增长达到7年来的低点，而且现金流的问题折磨着航空、制造商以及陷入困境的房地产企业。中国11月的汽车销售与去年同期相比下降10％，是经济增长放缓的最新证据。     

Trends in Britain’s eastern trade

Although Britain’s trade exchanges with the Comecon-states in 1971 amounted to no more than 3.17 p.c. of its total foreign trade, high growth rates have nevertheless been achieved in recent years.     

Data-based negotiator allocation management

Negotiation abilities are difficult to assess, and negotiation outcomes are difficult to predict. This leads to possible deficiencies in resource allocation for negotiation tasks. In this article, we discuss the merits of a data-based approach for the allocation of negotiators to negotiation tasks. We provide a framework for negotiation allocation management that includes a method for assessing negotiator strength. The negotiator strength measure compares observable negotiation outcomes relative to similar outcomes in similar situations. We provide examples for using our framework and show evidence for its appeal when using industry data. We discuss implications for managers and provide key takeaways.     

Capital Income Taxation,Economic Growth and Heterogeneity in the Motivation to Give

This study provides a comprehensive analysis of the relationship between capital income taxation and economic growth within an overlapping generations model when individuals may bequeath wealth. The altruistic concern is modeled as a synthesis of joy‐of‐giving and family altruism so that individuals may derive utility from the amount of bequest itself and by providing children with a disposable income later on in life. Using this framework, it is shown that, in contrast to the existing literature, increasing the capital income tax rate may well enhance growth under operative bequests.     

Perverse Effects of Other-Referenced Performance Goals in an Information Exchange Context

We argue and demonstrate that an emphasis on outperforming others may lead to perverse effects. Four studies show that assigning other-referenced performance goals, relative to self-referenced mastery goals, may lead to more interpersonally harmful behavior in an information exchange context. Results of Study 1 indicate that assigned performance goals lead to stronger thwarting behavior and less accurate information giving to an exchange partner than assigned mastery goals. Similarly, in Study 2 performance goal individuals more subtly deceived highly competent opponents relative to lowly competent opponents, who received more blatant treatment. Finally, Studies 3 and 4 show in methodologically complementary ways that tactical deception considerations may account for the interpersonally harmful behavior of performance goal individuals.