Was bringt die Anreizregulierung „2.1“?

After lengthy consultations, the German government has agreed to reform the existing incentive regulation ordinance (“Anreizregulierungsverordung”). Essential for the regulation of power and gas network operators, this ordinance determines the companies’ economic framework by defining their revenue options. The amendments which focus on improving investment conditions constitute a significant change towards a more cost-oriented system for investments. In addition, other important details have also been changed.     

Overtourism,optimisation, and destination performance indicators: a case study of activities in Fjord Norway

Abstract

Many global tourist destinations have experienced growth in arrivals. This has triggered various conflicts in destinations and sparked debates as to how to deal with what is increasingly referred to as ‘overtourism’. Most Destination Marketing Organisations (DMOs) pursue strategies to stimulate arrivals even further. Pro-growth discourses are reinforced by lead bodies such as the World Tourism Organisation (UNWTO). However, maximisation strategies based on higher numbers of tourists increasingly cause conflicts with local residents, whereas simultaneously undermining climate change mitigation pledges as negotiated in the Paris Agreement. New approaches to destination management based on optimisation are therefore warranted. Drawing on a survey of international tourists (n?=?5,249) in south-western Norway, this article discusses whether ‘activities’, i.e. the development of local, small-scale and ideally more sustainable experiences, can contribute to economic growth without necessarily increasing numbers of arrivals. Results confirm that destinations should seek to better understand their markets, including length of stay, spending, and/or activity intention, to identify profitable markets. Ultimately, such knowledge may help addressing overtourism conflicts while building tourism systems that are more economically, socially, and environmentally resilient.     

Unveiling the recovery time zone of tolerance: when time matters in service recovery

This article examines the link between recovery time and customer compensation expectations for service failures that cannot be immediately redressed. First, we show that the relationship between recovery time and compensation expectations is nonlinear. Initially, in a recovery time zone of tolerance, compensation expectations do not increase. Beyond this zone, the relationship follows an inverted U-shape, such that compensation expectations first increase but decrease in the long run. Second, our results show that long recovery times are accompanied by additional negative effects, including lower satisfaction with the recovery and negative word of mouth, so postponing service recovery represents a poor option. Third, relationship strength functions as a moderator. First-time customers expect higher compensation earlier; relational customers display a recovery time zone of tolerance but claim considerably higher compensations afterwards. Fourth, communication initiatives like the separate provision of status updates or an explanation may limit increases in compensation expectations over time. Still, their joint usage creates a “too-much-of-a-good-thing” effect, suggesting that if the usage of communication initiatives is taken too far it may lead to negative outcomes such as increasing compensation expectations.     

German business cycle forecasts, asymmetric loss and financial variables

We examine the efficiency of German forecasts for output growth and inflation allowing for an asymmetric loss function of the forecasters. We find the loss of output growth forecasts to be approximately symmetric while there is an asymmetry in the loss of the inflation forecasts. The information of financial variables seems to be adequately incorporated into the output forecasts but to a lesser extent into the inflation forecasts.     

The persistence of the small firm/January effect: Is it consistent with investors’ learning and arbitrage efforts?

Using improved methodology and an expanded research design, we examine whether the small firm/January effect (Keim, D. B. (1983). Size-related anomalies and stock return seasonality: further empirical evidence. Journal of Financial Economics 12:13–32), is declining over time due to market efficiency. First, we find that January returns are smaller after 1963–1979, but have simply reverted to levels that existed before that time. Second, we show that the January effect is not limited to mature markets but also appears in firms trading on the relatively new NASDAQ exchange in the 1970s. Third, trading volume for small firms in December and January is not different from other months, implying that traders are not actively arbitraging the anomaly. Together, our results suggest that this anomaly continues to defy rational explanation in an efficient market.     

Performance Pay and Applicant Screening

Using German establishment data, we show that the relationship between intensity of individual‐based performance pay and intensity of applicant screening depends on the nature of production. In establishments with increased multitasking, performance pay is positively associated with applicant screening. By contrast, in establishments without increased multitasking, performance pay is negatively associated with applicant screening. We do not find a similar pattern of results for group‐based performance pay or profit‐sharing. Our findings fit the hypothesis that individual‐based performance pay induces a positive self‐sorting of employees if jobs are less multifaceted. In this case, employers with a high intensity of performance pay do not need intensive applicant screening to ensure a high quality of matches between workers and jobs. However, if jobs are more multifaceted, individual‐based performance pay can entail problems of adverse self‐sorting. In order to mitigate or overcome these problems, employers making intensive use of performance pay also screen applicants more intensively.