Cross-country performance of Lévy regime-switching models for stock markets

This article compares the performance of regime-switching Lévy models across sixteen (16) international stock markets. From a cross-country perspective, the empirical application is dedicated to the study of equity markets in the Americas, Asia and Europe. The results are of interest for a financial audience in order to document the sensitivity of stock indexes to the intensity of jumps, under changing economic regimes (expansion or recession). We pick up singularities in Japan and Malaysia compared to other countries and regions of the world.     

The Effects of Rhetorical Figures and Cognitive Load in Word‐of‐Mouth Communications

Advertising messages often are intended to ignite large‐scale word‐of‐mouth campaigns among consumers. Drawing primarily from memetic theory, cognitive fit theory, and perceptual fluency, this research examines how rhetoric and cognitive load interact to enhance or diminish desirable effects such as retention of the original intent of the message (copy‐fidelity) and engendering a desire to pass the message along (fecundity). Certain types of rhetoric are shown to aid this process by making some messages more attractive for retransmission and increasing retention of the original message, while cognitive load modifies which types are effective in accordance with cognitive fit and perceptual fluency. The results suggest that low‐deviation high‐complexity message forms (known as reversal) are the most effective for creating positive word‐of‐mouth outcomes and limiting potentially negative outcomes. Additionally, the results show that destabilization messages are more likely to yield mutated word‐of‐mouth messages that consumers still feel a strong desire to pass along to others. For practitioners, the results indicate what message forms should be used to effectively spark word‐of‐mouth campaigns.     

One size fits all? Safety management regulation of ship accidents and personal injuries

Safety management regulation is an important supplement to market forces to establish a sufficient safety level in high-risk industries. The accident statistics in Norwegian maritime passenger transportation display a paradox: personal injuries have decreased while ship accidents have increased in the period during which safety management has been regulated (the International Safety Management Code was effectuated in the late 1990s). We interview regulators, shipping company management, and crewmembers about their practices and opinions regarding safety management regulation and use these data to explore how this regulation influences safety management practices to prevent different types of accidents. This study underlines earlier research showing that regulation serves to ‘raise the bar’ by heightening the industry levels of safety investments and organizational safety awareness. In addition, our results suggest that safety management regulation in maritime transportation is mostly effective for preventing personal injuries in cases in which the personal have sufficient time and resources available, and the procedures are consistent with seafarers’ professional values. For ship accidents, such as groundings, other causal factors come into play. We find that the negative consequences of regulation (proceduralization) in particular influence the performance of safety-critical tasks, such as navigation. This may explain why personal injuries have decreased while ship accident frequencies have continued to increase in spite of the regulations aimed at improving safety.     

Developing Absorptive Capacity through e‐Business: The Case of International SMEs

This research uses the absorptive capacity concept as a theoretical lens to study the effect of e‐business upon the internationalization performance of small and medium‐sized enterprises (SMEs), addressing the following research issue: To what extent are manufacturing SMEs successful in developing their potential and realized absorptive capacity in response to the environmental uncertainty brought about by their internationalization? Results of a survey study of 588 manufacturing SMEs indicate that e‐business capabilities have a significant impact on internationalization performance to the extent that these capabilities are developed as a response to increased environmental uncertainty. Moreover, these capabilities are realized through the development of networking, advanced manufacturing, and marketing capabilities that also respond to environmental uncertainty.     

Price efficiency and trading behavior in limit order markets with competing insiders

We study price efficiency and trading behavior in laboratory limit order markets with asymmetrically informed traders. Markets differ in the number of insiders present and in the subset of traders who receive information about the number of insiders present. We observe that price efficiency (i) is the higher the higher the number of insiders in the market but (ii) is unaffected by changes in the subset of traders who know about the number of insiders present. (iii) Independent of the number of insiders, price efficiency increases gradually over time. (iv) The insiders’ information is reflected in prices via limit (market) orders if the asset’s value is inside (outside) the bid-ask spread. (v) In situations where limit and market orders yield positive profits, insiders clearly prefer market orders, indicating a strong desire for immediate transactions.     

Access regulation with asymmetric termination costs

In many telecommunications markets incumbent providers enjoy a demand-side advantage over any entrant. However, market entrants may enjoy a supply-side advantage over the incumbent, since they are more efficient or operate on innovative technologies. Considering both a supply-side and a demand-side asymmetry, the present model analyzes the effect of two regulatory regimes: an access markup for a low cost network and reciprocal charges below the costs of a high cost network. Both regimes may have adverse effects on subscribers, market shares, and profits. It can be shown that an access markup is not generally beneficial and an access deficit not generally detrimental for the respective networks.     

Andreas Vogel

Ohne Zusammenfassung

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Andreas Vogel

     

Einzelbesprechungen

Ohne ZusammenfassungAus dem Russischen von Dr. Alexander Gerschenkron übersetzt.     

Wo steht Deutschland?

Zusammenfassung  Pflegeausbildung im europ?ischen Vergleich — Die Europ?ische Union bietet einen gigantischen Arbeitsmarkt, der auch immer mehr deutsche Pflegekr?fte anlockt. Eine Pflegeausbildung wird in allen EU-Mitgliedsstaaten anerkannt, auch wenn die Bildungssysteme sich zum Teil deutlich unterscheiden. Doch zwischen „Mindestanforderung erfüllt“ und „Topqualifikation“ – wo stehen wir in diesem Kontext? Literatur finden Sie unter Rubrik Kontext auf www.heilberufeonline.de