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61.
The mutual and cross company exposures to fat-tail distributed risks determine the potential impact of a financial crisis on banks and insurers. We examine the systemic interdependencies within and across the European banking and insurance sectors during times of stress by means of extreme value analysis. While insurers exhibit a slightly higher interdependency in comparison with banks, the interdependency across the two sectors turns out to be considerably lower. This suggests that downside risk can be lowered through financial conglomeration. 相似文献
62.
Frederik Lundtofte 《Economics Letters》2010,106(2):105-107
This paper studies the pricing of IPOs in a tractable model in which an investment bank faces some investors with superior information. We show how this can lead to underpricing and we make a number of empirical predictions. 相似文献
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The theory of Boolean algebras can be fruitfully applied to judgment aggregation: assuming universality, systematicity and a sufficiently rich agenda, there is a correspondence between (i) non-trivial deductively closed judgment aggregators and (ii) Boolean algebra homomorphisms defined on the power-set algebra of the electorate. Furthermore, there is a correspondence between (i) consistent complete judgment aggregators and (ii) 2-valued Boolean algebra homomorphisms defined on the power-set algebra of the electorate. 相似文献
66.
Self-anchoring scales were first mentioned by Kilpatrick and Cantril (J Indiv Psychol 16:158–170, 1960) and Cantril (The pattern
of human concerns, 1965) as rating instruments in which the end anchors are defined by the respondent himself, basing on his
own assumptions, perceptions, goals and values. The uses of these scales are legion and they have shown to be very useful
in reducing measurement bias in cross-cultural research (Cantril, The pattern of human concerns, 1965; Bernheim et al. J.
Happiness Stud. 7:227–250, 2006). The first part of the current study investigates whether context effects can be lessened
or eliminated by using self-anchoring scales. For this purpose, an experiment similar to the ones by Couper et al. (Public
Opin Q 71:623–634, 2004, Public Opin Q 68:255–266, 2007), in which they manipulated images that figured in a web survey, was
conducted. The hypothesis that self-anchoring scales can reduce contextual bias, is not supported by our data. The second
part of the study investigates if and how self-anchoring scales affect drop-out during the filling-out of questionnaires.
It is found that, compared to a regular rating scale, a larger proportion of respondents drop-out. Moreover, subjective preferences
for the one or the other scale do not seem to differ. 相似文献
67.
When a company commits misconduct, it will usually suffer; for example, in the form of a short‐term decline in sales, a medium‐term loss of reputation, or a long‐term drop in its bottom line. But when a company is involved in a negative event for which it is fully responsible, for example, public customer agitations due to false expectations, some consumers might feel compassion for the company. In turn, they might aim to help the company overcome its period of suffering; for example, by making supportive recommendations. Drawing upon deservingness theory and previous findings on these issues, the authors propose a causal model suggesting antecedents of compassion and subsequent helping behaviors towards the company. A main finding is that the emergence of helping behaviors as a result of consumers’ compassion depends largely on company reputation. Self‐efficacy is a further focal construct influencing the intensity of felt compassion and helping behaviors depending on company reputation, suggesting that consumers apply emotion regulation strategies in such incidents. 相似文献
68.
Frederik Schmidt 《Economics of Governance》2009,10(3):247-259
This paper considers Tullock contests with altruistic and envious individuals as players. Altruism (envy) is beheld as another motivation for low (high) dissipation rates in contests. A pure population of altruists has higher payoffs than a purely envious population, but the altruist has a lower payoff if he is confronted with an envious individual. In an evolutionary approach in which the population share of the type with the higher material payoff rises, it can be shown that there is a possibility of either envy or altruism becoming extinct. Furthermore, we find an advantage of envy in such a manner that very altruistic individuals always die out, but very envious ones only do so under certain conditions. I am grateful to Alexander Haupt, two anonymous referees, and the editor for constructive comments on this paper. 相似文献
69.
Frederik Beuk Alan J. Malter Jelena Spanjol John Cocco 《Journal of Product Innovation Management》2014,31(4):647-663
The success of a new product launch critically depends on an engaged and dedicated sales force. Salespeople who are involved in a new product launch must overcome significant uncertainty associated with the new product's performance, which can affect success expectations and, in turn, sales effort for the new product. Moreover, success expectations may drop in the first few months of the launch period, due to initial negative market feedback or general decline in sales force enthusiasm. Diminished expectations may start a vicious circle effect where lower success expectations for the new product lead to lower sales effort that, in turn, leads to lower performance, which further lowers expectations, and so on. Based on insights from attribution‐expectancy theory, this study investigates two distinct mechanisms to counteract the potential downward spiral in success expectations and sales effort devoted to a new product. Specifically, this research examines the role of financial incentives and salespersons' long‐term orientation in creating and maintaining high new product success expectations and sales effort during a new product launch. To investigate how the effect of these factors changes over time, success expectations and sales effort are examined across two critical points in time: the start of a new product launch and at completion of the first sales cycle. To test the model empirically, the North American sales force (n = 129) of a business unit of a global firm is surveyed longitudinally during the launch of a new line of industrial products. The data are analyzed using a partial least squares model. The results show that initial success expectations have a significant effect on sales effort later in the launch, and that this relationship is mediated by success expectations later in the launch. Success expectations and sales effort early in the launch are also shown to impact the perceived attractiveness of the financial incentives offered, but this does not translate into higher success expectations or sales effort at the end of the launch. In contrast, the long‐term orientation of salespersons is key to maintaining higher success expectations and sales effort at the end of the launch. 相似文献
70.
Currently a stock market rally and at the same time extremely low interest rates can be observed. This coincides with more volatile risk premiums for interest baring assets like government bonds. The mixture makes life harder for investment managers of (especially life) insurances. They have to continuously find profitable investments with good returns for the customers’ money, in case of the life insurers, in order to be able to pay at least the promised returns of the contracts. After the stock market burst around the turn of the century the levels of stock investments by German insurers have declined significantly, therefore also missing out on the rises leading up to the Lehman crash and also not participating in recent developments. With insurance asset managers avoiding stocks in the past years the questions can be raised, if they are forfeiting a good opportunity for their portfolio and if there is still time to participate in possible future gains. On the other hand the upcoming regulatory environment, namely Solvency II, will play an important role in the future and likely already has an impact on the investment decisions of the companies. Higher capital requirements for stock investments make it even harder to earn the so-called “Garantiezins”. Without ignoring the risks related to stock investments, effectively banning equities from asset managers’ buy lists might lead to missing out on desperately needed returns for the life insurance industry. So policy makers probably should reconsider their directives. This paper evaluates the attractiveness of stock investments from a long term as well as a risk adjusted perspective using e.g. different indicators and commonly used measurements for stocks with a rather conservative focus, in order to possibly get some insight into the future performance of stocks. Looking back to a decade of boom and bust cycles in the equity markets does not necessary rule out stocks as an important source for returns. The results are discussed comprehensively also in face of the regulatory changes to come. In the end timing plays a major role and due to that the current valuation of stocks as well as the look ahead are of vital importance. Assessing the reliability of professional forecasts for financial market time series—in this context especially for stocks as well as interest rates—plays an important role for asset managers. 相似文献