„Politische Kommunikation“: Kern und Rand des Begriffsverständnisses in der Fachgemeinschaft

Terms and concepts are both premises and results of research. Controversies about the basic concepts of a discipline prompt scientific advancement. The aim of this paper is not to put forward an authoritative definition of “political communication,” but—based on prototype semantics—rather to work out what the core of the understanding of this concept is within the scientific community, and what the margin. This is also a test for a method of analyzing the understanding of concepts in general. The basis is a dimensional analysis of the concept of “political communication,” in which a four-dimensional basic structure established by deduction was tested by means of a content analysis of textbook definitions. This leads to a tool for a factorial survey to empirically analyze students’ and lecturers’ understanding of this concept (n = 161). The findings were: At the heart of the understanding of the concept are communication participants deeply involved in the political system in a context of mass media communication. Differences in content and consequences of communication have no influence on the understanding of the concept, and the differences between students and lecturers are small. Comparisons between countries and longitudinal studies are possible on this basis.     

The Banking Relationship's Role in the Choice of the Target's Advisor in Mergers and Acquisitions

We analyse the factors influencing the target company's choice of bank advisor in mergers and acquisitions (M&As). We first examine the choice of hiring an advisor, which is nontrivial, since in one‐third of transactions our sample target companies did not hire one. We also analyse the choice to hire as advisor a bank with a strong prior relationship with the company (i.e., the main bank). Using data on 473 European M&A transactions completed in the period 1994–2003, we find evidence that the decision to hire an advisor depends on three main factors: (i) the intensity of the previous banking relationship, (ii) the reputation of the bidder company's advisor, and (iii) the complexity of the deal. We also investigate the impact of the bank advisor on shareholder wealth. We find that the abnormal returns of target company shareholders increase with the intensity of the previous banking relationship, thus indicating a ‘certification role’ on the part of investment banks.     

Mutual Fund Incentive Fees: Determinants and Effects

We investigate the how and why of performance fee provisions in a free contracting environment such as the Italian mutual fund market until 2006. We find weak support for the hypothesis that these provisions emerge as an economically efficient solution in a rational asset management industry plagued by asymmetric information. They appear to emerge mainly as the product of strategic pricing by asset managers wishing to ease market competition, leverage on investors' sentiment, and hedge their cost structure. Alternatively, fears that managers may opportunistically alter funds' investment policies to maximize the option value embedded in the incentive provisions appear unjustified.     

Strategies,Uncertainty and Performance of Small Business Startups

Personal strategies of owners/founders of small business startups are related to performance and to environmental uncertainty. This is done using a longitudinal data set. Personal strategies are operationalized by a behavioral measure of the manners in which small business founders deal with situations. The results suggest a dynamic process between strategy and performance. Business owners that perform poorly employ a Reactive Strategy, with poor performance leading to increased use of reactive behavior. High performing business owners start out focussing on the most crucial issues (Critical Point Strategy), with high performance leading to a more top-down (Complete Planning) approach. These relations are controlled for characteristics of the environment of the firm. Strategy use is dependent upon the type and level of environmental uncertainty. Complete Planning strategy is used less frequently in a fast changing environment and more often in a complex environment. Use of Opportunistic Strategy is negatively related to the complexity of the environment, while the Reactive Strategy is used more frequently in a non-munificent environment. This revised version was published online in August 2006 with corrections to the Cover Date.     

A consumption-based approach to environmental Kuznets curves using the ecological footprint indicator

Recent research suggests that consumption-based measures offer an insightful perspective on the debate on the relationship between economic growth and the environment. In this article we deepen the consumption-based line of inquiry by investigating the empirical evidence in support of the environmental Kuznets hypothesis using 2001 ecological footprint data for 141 countries. We perform Ordinary Least Squares and Weighted Least Squares analysis on linear, quadratic and cubic functions, in standard and logarithmic specifications, as candidate models to represent the relationship between per capita income and environmental pressure. We replicate the cross country analysis also by estimating the regression function directly, through a nonparametric regression. In our analyses, with and without weighing data by population, the results do not show evidence of de-linking.     

LIFE STYLE-WORK GROUP STRUCTURE-TASK CONGRUENCE AND JOB SATISFACTION AND PERFORMANCE: A THREE-DIMENSIONAL CONTINGENCY MODEL

A Three -Dimensional contingency‘theory’of organizational behaviour was used to predict job satisfaction and performance in a sample of registered representatives of a national securities firm. Contingency variables composed of individual life style orientation, perceived work group structure and perceived job complexity did not predict a significant amount of variance in the dependent measures. Cautions concerning the assumed universal superiority of contingency predictors over simpler formulations are discussed.     

Aspetti matematici nella ricerca di condizioni di unicita' per il tasso interno di rendimento

Si fornisce un'ampia rassegna di condizioni sufficienti per l'unicità del Tasso Interno di Rendimento di un dato progetto, riconducendo la maggior parte di queste ad un'unica procedura, della quale si fornisce la formulazione più generale.