Detrending methods and stylized facts of business cycles in Norway – an international comparison

This paper analyses the stylized facts of business cycles in Norway, by comparing different detrending methods. As the choice of the appropriate data transformation depends on the nature of the underlying dynamic properties of the time series, a set of unit root tests are first applied to the data. The detrended data are analysed, both in the time domain and the frequency domain. The evidence suggests that whereas some variables (e.g. consumption and investment) behave consistently procyclically with GDP, for other variables (e.g. real wage and prices), the business cycle properties vary considerably with the detrending methods used. The results are evaluated from a real business cycle perspective, but overall, there is little evidence to support a (supply driven) real business cycle. Symmetries in business cycles are finally analysed by comparing the business cycles in Norway and selected countries. First version received: April 1997 / Final version received: November 1999     

Contributing for Myself,but Free riding for My Group?

Many real‐world decisions are made by individuals as representatives of groups. Most research, however, studies either individuals or groups as decision‐makers. This paper explores whether there is a general difference between a decision made as an individual and as a representative of a group in the context of a public good game. We conducted a series of experiments to test this question and to understand mechanisms contributing to potential differences. We found that representatives contributed less than individuals when they could not communicate with their constituency. However, when they could discuss their strategy before playing, they contributed at least as much as individual decision‐makers. Furthermore, when they could justify their decision after playing, they contributed even more than individual decision‐makers. We discuss potential reasons for this and directions for future research.     

Analysing disruptive potential: the case of wireless local area network and mobile communications network companies

In this article, we analyse the prediction that wireless local area network (W-LAN) technologies will be disruptive for incumbent mobile communications network operators. For this purpose, we develop a methodology of guided interviews to assess technologies for their disruptive characteristics based on theory of disruptive technology developed by Christensen (1997) and recent extensions. The application of our comprehensive step-by-step method improves the precision of the disruptive technology concept and its usability for practitioners to make ex ante distinctions between disruptive technologies and other phenomena caused by emerging technologies. Our method predicts that contrary to common assumptions, W-LAN is not likely to represent a disruptive technology for the established mobile communications network firms in terms of Christensen's concept. This research was conducted in close collaboration with Vodafone Pilotentwicklung, an R&D and technology monitoring unit of the Vodafone Group. Vodafone provided part of the empirical data through expert interviews and market reports.     

Konjunkturschlaglicht: Ungarn vor Herausforderungen

Ohne Zusammenfassung     

Fortgesetzter Aufschwung bei weltwirtschaftlichen Risiken

Der konjunkturelle Aufschwung setzt sich weltweit und auch in Deutschland fort. Wie hat sich die Immobilienkrise in den USA ausgewirkt? Welche Zins- und welche Rohstoffpreisentwicklung wird erwartet? Mit welchen Wachstumsraten wird in Deutschland gerechnet und welche Effekte hatte die Mehrwertsteuererh?hung? Wie wird sich die Situation auf dem Arbeitsmarkt entwickeln?     

MATCHING SUBSIDIES AND VOLUNTARY CONTRIBUTIONS: A REVIEW

This paper provides a synthesis of the experimental literature on matching subsidies in the context of charitable giving. We classify results according to four different outcome variables frequently considered in the literature and address (i) short‐term effects of linear matching, (ii) the role of the matching rate, (iii) context‐dependence of behavioural responses, (iv) the relevance of the price of giving, (v) long‐term effects and (vi) nonlinear matching schemes. Based on this comprehensive review, we highlight several avenues for future research, such as putting stronger emphasis on competition in fundraising, long‐term effects or heterogeneity in responses.     

The effect of internal control and risk management regulation on earnings quality: Evidence from Germany

We investigate the impact of mandatory internal control and risk management (ICRM) reform on earnings-based attributes of accounting quality in Germany. Although prior studies examine changes in accounting quality under SOX Sections 302 and 404, there is scant evidence of the accounting quality effects of ICRM reform in foreign jurisdictions. Such evidence is warranted given the ongoing global policy debate of ICRM reform in the post-SOX era. We extend existing research by examining changes in earnings quality following the 1998 German legislation on control and transparency (KTG). The KTG regime provides a unique setting in which the regulatory scope extends beyond internal control over financial reporting (ICFR) to include broad business and enterprise risk control. Using both a differences and difference-in-differences research design, we find that German firms experience an increase in timely loss recognition and a decrease in earnings smoothing after KTG. We also find some evidence of a decrease in loss avoidance behavior. Additional analyses show that the sensitivity of capital investment efficiency to earnings quality increases in the German market after KTG, suggesting that earnings quality effects of mandatory ICRM reform has positive consequences for capital resource allocation. Together, our results are consistent with the achievement of one of the intended outcomes of ICRM regulation—increased accounting quality through effective ICRM systems.     

Knowledge Intensive,Technical and Other Services: Patterns of Competitiveness and Innovation Compared

Drawing on empirical evidence from a wide-scale survey, this paper examines patterns of innovation and sources of competitiveness amongst German service firms. The purpose is to investigate how these patterns differ across services, and in particular how knowledge intensive and technical service firms differ from services more generally. The analysis finds a high degree of customization in the output of service firms, especially amongst the knowledge intensive and technical service firms, the innovation activities of which are also relatively more oriented to product innovation. Knowledge intensive and technical service firms also invest more heavily in information communication technologies, whilst other services invest heavily in non-ICTs. Thus significant diversity is found between the groups of firms examined, but much diversity also exists within the groups. A serious challenge for research on services is to improve our understanding of this diversity.     

An empirical enquiry into co-patent networks and their stars: The case of cardiac pacemaker technology

Scientific research concerning R&D staff structures has already been based on networks as they are mapped by co-patent data. The present paper combines the method of patent analysis with network analysis techniques and shows by means of a patent sample from cardiac pacemaker technology, that the different communication functions a star inventor accomplishes in their network are mirrored not only by quantity, but also by quality of patents. The mere patent quantity has a significant positive impact on the size of an inventors’ personal network and the number of inventors they can directly pass information to. But more importantly, there is significant empirical evidence that high technical specialisation has a positive impact on an inventor’s potential to mediate between others as well as on the efficacy to reach them on short notice. For the latter, likewise the number of citations received is a positive predictor. Thus, we characterise stars as industrious, well-known technical specialists and contradict the general assumption that generalists would be the ideal gatekeeper in an R&D network.