Pricing and risk of swing contracts in natural gas markets

Review of Derivatives Research - Motivated by the growing importance of swing contracts in natural gas markets, this article extends the literature on commodity price modelling as well as valuation...     

The relative impact of actual and potential rivalry on firm profitability in the pharmaceutical industry

This paper estimates the effects of actual and potential rivalry on profitability of firms in the U.S. pharmaceutical industry during the 20‐year period 1963–82. The results show that during the 1960s actual rivalry among the sampled firms did not materially affect firm profitability, but that during the 1970s competition among incumbents had an increasingly adverse effect on their profitability. The results also show that potential competition significantly reduced drug firms’ profitability during the entire 20‐year period. Copyright © 1999 John Wiley & Sons, Ltd.     

Organizational complexity and participatory innovation: participatory budgeting in local government

ABSTRACT

In this study, we examined the relationship between organizational complexity and the adoption of participatory innovation in German municipal government. We proposed that organizations with more complex organizational structures are more likely to adopt participatory innovation. We investigated municipalities (N = 394) of the German state of North Rhine-Westphalia and used participatory budgeting as an indicator for innovation. Our results indicate that organizational complexity expressed by functional differentiation has a positive relationship with the occurrence of participatory innovation. The results inform a debate about the value trade-offs that are inherent to the structural design of public organizations.     

Federal Monetary Policy: A Comment

We comment on an article published in this journal by Hefeker (2003) and reveal an inconsistency in his analysis of monetary policy in federal monetary unions. We clarify an implicit assumption in his model and show that even when this further assumption is met, Hefeker's (2003) claim that a pure majority vote by the regions and the central government results in a monetary authority consisting solely of regionally appointed governors is not generally valid in the context of his model.     

Customer Touchpoints im stationären Einzelhandel — Potenzial von Pervasive Computing

Je mehr individuelle Leistungen die Kunden verlangen, desto mehr Informationen ben?tigen die Anbieter. W?hrend die H?ndler im Distanzgesch?ft über personalisierte Daten ihrer Kunden und vor allem im Online-Shop über Bewegungsdaten verfügen, hat der station?re Einzelhandel noch erhebliche Datenlücken. Diese Lücken kann man mit einer Pervasive-Computing-Umgebung schlie?en. Neue Customer Touchpoints liefern Informationen darüber, wer bei ihm einkauft und wie der Einkauf durchgeführt wird.     

The influence of ownership structure on internationalization

Common reasons mentioned for a firm's internationalization are related to advantages for the firm. However, if firms are conceptualized as political coalitions, this view does not seem to be sufficient to explain why and to what extent firms internationalize. A principal-agent theoretical approach focusing the ownership-stake-related motivations and bargaining power of owners plus the range of actions managers can employ in different ownership situations offers an alternative explanation. We consequently studied the influences of ownership structure – defined as the concentration of ownership – on a firm's degree of internationalization and the main regions of international diversification. Overall, we conclude that the relationship is non-linear. To test our hypotheses, we utilize panel data for the 102 largest German manufacturing firms from 1990 to 2006. The analysis confirms our assumptions.     

Benefits and Disadvantages of Individuals’ Multiple Team Membership: The Moderating Role of Organizational Tenure

Many employees in today’s organizations are involved in more than one team at the same time. Building on the challenge-hindrance stressor framework, this study investigates potential benefits and disadvantages of such multiple team membership (MTM) for individual employees. Furthermore, we extend this framework with insights from the job demands-resources model to propose that, depending on an employee’s organizational tenure, individual MTM will differentially shape his or her perceptions of work challenge and role ambiguity, subsequently influencing the employee’s job performance and absenteeism. We tested our conceptual model using time-lagged multi-source data from a large organization of applied research (N = 1211). Our results demonstrate that, for employees with relatively low organizational tenure, MTM was negatively associated with perceived work challenge and positively associated with perceived role ambiguity, which in turn associated with lower job performance and higher absenteeism. For employees with higher organizational tenure, by contrast, MTM associated positively with their work challenge perceptions and subsequent performance outcomes, whereas MTM was unrelated to perceived role ambiguity as well as absenteeism. These findings identify relevant psychological mechanisms and a key contingency factor that explain when and why MTM may have positive or negative individual-level consequences.