Der deutsche Stahlmarkt nach der Krise: Eine wettbewerbspolitische Untersuchung

Der deutsche Stahlmarkt unterlag in der Vergangenheit heftigen Funktionsst?rungen. Lassen sich diese St?rungen mit Hilfe des Koordinationsm?ngel-Diagnosekonzepts erkl?ren? Wie entwickeln sich das Stahlangebot und die Stahlnachfrage und wie reagiert der Stahlpreis auf Ungleichgewichte? Ist die europ?ische Stahlpolitik zukünftig in der Lage, die Funktionsf?higkeit des Stahlmarkts zu gew?hrleisten?     

The Swedish nonprofit sector in international comparison

The previous picture of the nonprofit sector in Sweden has been biased by a narrow US perspective. Mainstream nonprofit literature seems to neglect work carried out in the important but more complex tradition of the civil society. In this article, recent cross-national data reflecting both these paradigms are presented. This gives us a better picture of the Swedish sector and highlights limitations of earlier approaches, not only for our understanding of the Swedish sector but also of the sector elsewhere. To continue the quest for the raison d'être of the sector, not only are more cross-national data needed but we must also develop a multidisciplinary framework in which to understand the data.     

Volatility transmission in emerging European foreign exchange markets

This paper studies the dynamics of volatility transmission between Central European (CE) currencies and the EUR/USD foreign exchange using model-free estimates of daily exchange rate volatility based on intraday data. We formulate a flexible yet parsimonious parametric model in which the daily realized volatility of a given exchange rate depends both on its own lags as well as on the lagged realized volatilities of the other exchange rates. We find evidence of statistically significant intra-regional volatility spillovers among the CE foreign exchange markets. With the exception of the Czech and, prior to the recent turbulent economic events, Polish currencies, we find no significant spillovers running from the EUR/USD to the CE foreign exchange markets. To measure the overall magnitude and evolution of volatility transmission over time, we construct a dynamic version of the Diebold–Yilmaz volatility spillover index and show that volatility spillovers tend to increase in periods characterized by market uncertainty.     

Do Multinational Enterprises Relocate Employment to Low-Wage Regions? Evidence from European Multinationals

This paper analyzes the employment behavior of home multinational enterprises (MNEs) in Europe. To this end we use a unique firm-level panel data set of more than 1,000 European multinational parent enterprises and their European affiliates. We find for parent firms operating in the manufacturing sector that the labor cost elasticity of parent employment with respect to North EU affiliates’ labor costs is positive and statistically significant. This implies employment substitution between parents and their North EU based affiliates takes place in response to wage cost differentials between the parent and its North EU based affiliates. In contrast, we find no evidence for such substitution effects between parent employment and its affiliates that are located in low-wage regions in the EU and in Central and Eastern Europe. JEL no. F23, J23     

A discrete-choice experiment to assess treatment modality preferences of patients with depression

Aims: There is an increasing interest in understanding patients’ preferences in the area of healthcare decision-making to better match treatment with patients’ preferences and improve treatment uptake and adherence. The aim of this study was to elicit the preferences of patients with a depressive disorder regarding treatment modalities.

Materials and methods: In a discrete-choice experiment, patients chose repetitively between two hypothetical depression treatments that varied in four treatment attributes: waiting time until the start of treatment, treatment intensity, level of digitalization, and group size. A Bayesian-efficient design was used to develop 12 choice sets, and patients’ preferences and preference variation was estimated using a random parameters logit model.

Results: A total of 165 patients with depression completed the survey. Patients preferred short (over long) waiting times, face-to-face (over digital) treatment, individual (over group) treatment, and one session per week over two sessions per week or one session per 2 weeks. Patients disfavoured digital treatment and treatment in a large group. Waiting time and treatment intensity were substantially less important attributes to patients than face-to-face (vs digital) and group size. Significant variation in preferences was observed for each attribute, and sub-group analyses revealed that these differences were in part related to education.

Limitations: The convenience sample over-represented the female and younger population, limiting generalizability. Limited information on background characteristics limited the possibilities to explore preference heterogeneity.

Conclusion: This study demonstrated how different treatment components for depression affect patients’ preferences for those treatments. There is significant variation in treatment preferences, even after accounting for education. Incorporating individual patients’ preferences into treatment decisions could potentially lead to improved adherence of treatments for depressive disorders.     

Profitability Life Cycle of Foreign Direct Investment: Application to the Czech Republic

The decisions of foreign direct investors are profit-seeking, so deterioration in the primary income balance of the current account is observed. We estimate the common profitability profile of foreign direct investment (FDI) on a panel of mostly European countries in the period from 1990 to 2015. The FDI profitability life cycle has a non-linear time profile with duration of 16 years. Maximum profitability is reached in the sixth year after the initial investment. We then construct three scenarios for the evolution of total FDI earnings in the Czech Republic depending on the future FDI inflows (changing FDI stock) assumed.     

Panel quantile regressions for estimating and predicting the value-at-risk of commodities

Using a flexible panel quantile regression framework, we show how the future conditional quantiles of commodities returns depend on both ex post and ex ante uncertainty. Empirical analysis of the most liquid commodities covering main sectors, including energy, food, agriculture, and precious and industrial metals, reveal several important stylized facts. We document common patterns of the dependence between future quantile returns and ex post as well as ex ante volatilities. We further show that the conditional returns distribution is platykurtic. The approach can serve as a useful risk management tool for investors interested in commodity futures contracts.     

Herding Behavior in CEE Stock Markets Under Asymmetric Conditions: A Quantile Regression Analysis

This article investigates herding behavior in ten Central and East European (CEE) stock markets by using daily data on stock prices for 384 companies from January 2, 2003, to December 31, 2013. Our study is based on the methodology developed by Chang, Cheng, and Khorana [2000 Chang, Eric, Joseph Cheng, and Ajay Khorana. “An Examination of Herd Behavior in Equity Markets: An International Perspective.” Journal of Banking and Finance, 24, (2000), pp. 1651–1679.[Crossref], [Web of Science ®] , [Google Scholar]], adapted to detect herding behavior under different market conditions. The authors use quantile regression analysis as an estimation method and find evidence of herding behavior in all CEE countries, except for Poland and Romania. When the market is up and the trading volume increases, investors become enthusiastic and optimistic, neglecting their own information and following each other in buying transactions. Conversely, when the market declines, driven by panic and fear, investors follow the market consensus and engage in overselling transactions.     

Modelling the Link Between Management Practices and Financial Performance. Evidence from Small Construction Companies

This paper develops a structural model to investigate the direct and indirect effects of owner–manager and company characteristics and selected management practices on the financial performance of a sample of 218 small Belgian construction companies. The results show that the owner–manager and company characteristics (experience, education, financial knowledge, knowledge of cost accounting, company size and age) have no direct significant impact on financial performance. However, several significant paths have been found between the owner–manager and company characteristics and management practices. As far as the direct effects of the management practices are concerned we observe several significant paths from the management practices to financial performance. Our findings indicate that a model approach by including owner–manager and company characteristics and management practices in an intertwined way is necessary when exploring their effects on small business financial performance.