A systematic literature review of crowdfunding and sustainability: highlighting what really matters

Management Review Quarterly - This article systematically reviews literature at the intersection of crowdfunding and sustainability. It analyzes the extent to which the current research foci in...     

Enhancing green product and process innovation: Towards an integrative framework of knowledge acquisition and environmental investment

Despite the increasing interest in green innovation literature, little is known on how and under what conditions firms' knowledge transfer activities affect green innovation. There is lack of research that on how particular organizational capabilities are seen more useful and how it influences on green innovation performance. To address this research gap, we examine a mediation model in which we explore whether a firm's knowledge acquisition capability and investment in environmental management mediate the impact of buyer-driven knowledge transfer activities on green product innovation and green process innovation. On the basis of an analysis of a sample of 239 manufacturing firms, we find that buyer-driven knowledge activities have a greater positive impact on green product innovation than green process innovation. Investment in environmental management fully mediates the relationship between buyer-driven knowledge transfer activities and green process innovation, and knowledge acquisition capability partially mediates the relationship between buyer-driven knowledge transfer activities and green product innovation. The current study provides evidence that internal competencies and the role of buyers in knowledge transfer are critical for explaining the green product innovation and green process innovation. Our results suggest that buyer involvement pushes firms to develop resource acquisition capability to enhance green product innovation. Our results also highlight the importance of investment in environmental management for overcoming the environmental challenges in the manufacturing firms.     

How do corporate political connections influence financial reporting? A synthesis of the literature

A large stream of research has analyzed the effects of corporate political connections (CPCs) on firms, including first evidence on their effects on financial reporting behavior. However, the evidence so far is inconclusive, and attempts to explain the causality of effects on reporting are limited. In this article, we present the results of a systematic review of the literature on CPCs. We draw on findings in the accounting, finance, and economics literature and derive a framework that identifies four channels through which CPCs affect financial reporting. Our review of the literature suggests that effects of political connections tend to be more ambiguous than suggested by individual studies that often offer directional hypotheses. We also identify eight distinct types of political connectedness and discuss their interrelations and the proxies used in the literature to measure them.     

About time: the narrowing gender wage gap in Austria

Empirica - We examine the gender wage gap in Austria from 2005 to 2017 using data from EU-SILC. The raw gap of hourly wages declined from 18.6 log points in 2005 to 14.9 log points in 2017. We use...     

Impact investments,evil investments,and something in between: Comparing social banks' investment criteria and strategies with depositors' investment preferences

Since the global financial crisis in 2007, social banks have been flooded with deposits. Previous studies have indicated that customers hold deposits with social banks due to social banks' special placement of assets. However, to date it has been far from clear how social banks select their investments, and consequently to what extent the placement of assets meets depositors' preferences. The purpose of this paper is, therefore, to investigate whether the characteristics of social banks’ placement of assets are relevant to depositors’ choice of social banks. A two-stage study is conducted, using data collected via a document analysis of social banks' investment criteria, a survey of social banks, and an online survey of 609 depositors. The results imply that the characteristics of social banks' placement of assets are indeed relevant to depositors' choice of social banks, but do not explain customer behaviour entirely. Furthermore, the findings indicate that a relevant proportion of customers hold deposits with social banks to avoid “evil” rather than necessarily creating “good.” Based on the findings, a theoretical framework of depositors' choice of social banks is presented that goes far beyond previous explanations by considering various types of social depositors, banks, and borrowers.     

Konjunktur der Bundesländer: große Unterschiede,aber wenig aussagefähige Daten

Wirtschaftsdienst - Im März 2021 legte der Arbeitskreis der Volkswirtschaftlichen Gesamtrechnungen der Länder die ersten Berechnungen zur Wirtschaftsleistung der Länder für 2020...     

Leveraging purchase regularity for predicting customer behavior the easy way

The valuation of future customer activity is a mainstay of any organization seeking to efficiently manage its customer portfolio. In the area of customer-base analytics, the ongoing race for predictive power has yielded a large corpus of research to assist managers in this respect. Approaches in the tradition of stochastic models have been particularly successful because they rely only on easy-to-compute key metrics and integrate them within a parsimonious probability-modeling framework. Recent advances in this field have demonstrated that incorporating the timing regularity of past purchases can improve predictive accuracy relative to purely recency/frequency-based approaches. This paper expands that idea and introduces generalizations of a well-established probability model, the BG/NBD (Fader et al., 2005a), by replacing the exponential with a more flexible Erlang-k interarrival timing process. The resulting model variants are capable of leveraging regularity while retaining almost the same level of data requirements and algorithmic efficiency. Using extensive simulation studies and six data sets covering a wide range of empirical settings the authors demonstrate substantial improvements in predictive accuracy against the baseline models and performance gains close to or on par with a more complex model alternative. The availability of efficient and easily accessible implementations of the new model variants in the R-package BTYDplus allows marketing analysts to apply them in large-scale scenarios of data-rich environments on a continuous basis.     

Productive entrepreneurship and the effectiveness of insolvency legislation: a cross-country study

Small Business Economics - This paper studies the association between the effectiveness of insolvency regulations and entrepreneurship using multilevel modeling of about 300,000 individuals in 27...     

Consistency of option prices under bid–ask spreads

Given a finite set of European call option prices on a single underlying, we want to know when there is a market model that is consistent with these prices. In contrast to previous studies, we allow models where the underlying trades at a bid–ask spread. The main question then is how large (in terms of a deterministic bound) this spread must be to explain the given prices. We fully solve this problem in the case of a single maturity, and give several partial results for multiple maturities. For the latter, our main mathematical tool is a recent result on approximation by peacocks.     

A forecast evaluation of the Riksbank's policy-rate projections

This paper evaluates the forecasting performance of the policy-rate path published by the Swedish central bank, the Riksbank. Using data from 2007 to 2019, I find that the Riksbank's forecast has been relatively inaccurate compared to a forecast inferred from market pricing. My analysis indicates that this result is primarily driven by events during the period 2010–2014. This coincides with a period during which the Riksbank arguably “leaned against the wind” and a potential link is discussed in the paper.