Specification and estimation of spatial autoregressive models with autoregressive and heteroskedastic disturbances

This study develops a methodology of inference for a widely used Cliff–Ord type spatial model containing spatial lags in the dependent variable, exogenous variables, and the disturbance terms, while allowing for unknown heteroskedasticity in the innovations. We first generalize the GMM estimator suggested in  and  for the spatial autoregressive parameter in the disturbance process. We also define IV estimators for the regression parameters of the model and give results concerning the joint asymptotic distribution of those estimators and the GMM estimator. Much of the theory is kept general to cover a wide range of settings.     

How do MNCs establish their talent pools? Influences on individuals’ likelihood of being labeled as talent

Addressing the research question of what influences the likelihood of an individual being labeled as ‘talent’ in MNCs, this paper seeks to understand the decision processes involved in the identification of MNC-internal talent. We develop a framework suggesting that the decision to include an employee in a corporate talent pool is a two-stage decision process in which mostly experience-based (on-line) performance appraisal evaluations are used as an input in largely cognition-based (off-line) managerial decision making. Consequently, talent pool inclusion is determined not only by performance appraisal evaluations, but also a number of factors that influence the decision making in the second stage of the talent identification process. Using empirical insights from an in-depth case study as illustrations, we identify three such factors—cultural and institutional distance between the locations of a potential member of the talent pool and the decision makers; homophily between the individual and the decision makers; and the network position of the person in question.     

The bonding effects of relationship value and switching costs in industrial buyer–seller relationships: An investigation into role differences

Despite the established importance of buyer–seller relationships in B-to-B markets, research to determine the differential effects that keep suppliers and customers in a relationship has been scarce. Referring to transaction cost analysis, this study investigates how switching costs and relationship value as perceived by each side unfold their bonding forces in such a relationship. Based on a large scale survey administered in Germany, Korea, New Zealand, and Argentina among marketing/sales and purchasing managers the study shows that relationship value has a stronger impact on intentions for relationship enhancement, search for alternatives and switch intention than switching costs for both buyers and sellers. Only with regard to relational tolerance and only for buyers do switching costs play a greater role than relationship value. Furthermore, buyers base their future relationship intentions more on the current state of the relationship than suppliers. Our results suggest that role differences must be taken into account when studying institutional arrangements in B-to-B markets.     

Constructing and contesting markets through the market object

This paper focuses on the work that market actors undertake in order to stabilize and de-stabilize market objects. We briefly revisit Igor Ansoff's classic product–market strategy matrix to show how marketing management literature typically equates stability in markets with commodification and inertia. To escape this inertia, marketers often ‘warm up’ or destabilize existing market objects by changing the material bases of the object, for instance in incremental product development. But this ‘warming up’ invites other market actors to also question or destabilize the networks that are supposed to hold the market object in its new (market) space. We utilize archival research to trace one case each of market and product development within the pharmaceutical realm, demonstrating: first, the effort market actors put into ‘cooling down’ and ‘warming up’ market objects; second, how contested such efforts can be; and third, how the object's material attachments may limit its symbolic malleability.     

A detailed investigation of the disposition effect and individual trading behavior: a panel survival approach

This article uses a panel survival approach to analyze the trading behavior of foreign exchange traders. We concentrate on a detailed characterization of the shape of the disposition effect over the entire profit and loss regions. In doing so, we investigate the influence of a number of trading characteristics on the impact of the disposition effect. These trading characteristics include: special limit order strategies, trading success, size and the experience of our investors. Our main findings are that (i) the disposition effect has a nonlinear shape. For small profits and losses we find an inverted disposition effect, while for larger ones, the usual positive disposition effect emerges. (ii) The inverted disposition effect is driven to a great extend by patient and cautious investors closing their positions with special limit orders (take-profit and stop-loss). The normal positive disposition effect is found to be intensified for impatient investors closing their positions actively with market orders. (iii) We show that unsuccessful investors reveal a stronger inverse disposition effect. (iv) Evidence that bigger investors are less prone to the disposition effect than smaller investors is also found.     

An Integrative HRM Process Theorization: Beyond Signalling Effects and Mutual Gains

How and for whom HRM creates value are key questions in management research. The present study develops and tests an integrative HRM process theorization positing the existence of mutually reinforcing ability–motivation–opportunity, signalling, and identity‐based control mechanisms of the influence of HRM on both employee performance and work intensification. In addition to providing empirical support for the ‘how’ of value creation through HRM, the study contributes to the growing critique of the dominant mutual‐gains perspective, the notion that HRM outcomes are straightforwardly positive for both employers and employees. The integrative theorization also opens up interesting avenues for future research on the individual and organizational performance effects of HRM.     

Industrial sales people as market actors

We develop the concept of boundaries in the context of sales personnel and their counterparts encountering and negotiating these while they undertake work to shape markets and build relationships. Drawing on a case study from production chemistry, we show that market shaping implies a mutual development of relationships, goods and services exchanged, and boundaries. In particular, we show that while relationships can submerge and obscure parts or dimensions of boundaries to other market actors, normal business activities such as testing new products and adapting products to changes in environmental legislation make visible some material dimensions of the exchange object, which can attract attention from other sellers. Visibility finds an expression as those market objects are exchanged, such that objects can be devices by which other actors join in and position themselves and their objects within markets.     

Modelling financial transaction price movements: a dynamic integer count data model

In this paper we develop a dynamic model for integer counts to capture fundamental properties of financial prices at the transaction level. Our model relies on an autoregressive multinomial component for the direction of the price change and a dynamic count data component for the size of the price changes. Since the model is capable of capturing a wide range of discrete price movements it is particularly suited for financial markets where the trading intensity is moderate or low. We present the model at work by applying it to transaction data of two shares traded at the NYSE traded over a period of one trading month. We show that the model is well suited to test some theoretical implications of the market microstructure theory on the relationship between price movements and other marks of the trading process. Based on density forecast methods modified for the case of discrete random variables we show that our model is capable to explain large parts of the observed distribution of price changes at the transaction level.