GOVERNMENT SIZE AND GROWTH: A SURVEY AND INTERPRETATION OF THE EVIDENCE

Abstract The literature on the relationship between the size of government and economic growth is full of seemingly contradictory findings. This conflict is largely explained by variations in definitions and the countries studied. An alternative approach – of limiting the focus to studies of the relationship in rich countries, measuring government size as total taxes or total expenditure relative to GDP and relying on panel data estimations with variation over time – reveals a more consistent picture. The most recent studies find a significant negative correlation: an increase in government size by 10 percentage points is associated with a 0.5% to 1% lower annual growth rate. We discuss efforts to make sense of this correlation, and note several pitfalls involved in giving it a causal interpretation. Against this background, we discuss two explanations of why several countries with high taxes seem able to enjoy above average growth. One hypothesis is that countries with higher social trust levels are able to develop larger government sectors without harming the economy. Another explanation is that countries with large governments compensate for high taxes and spending by implementing market‐friendly policies in other areas. Both explanations are supported by ongoing research.     

Berlin Fashion Week：An Inspiring Blend of Genres and Formats

The sheer numbers are impressive：since it opened its doors for the very first time in January 2003,Berlin Fashion show has experienced steady growth.Berlin Fashion week from July 8th to14th was another milestone in this range of growths figures：More than 200,000professional visitors were attracted by over 200 events, 100 of which were fashion shows.     

Comparing linear and nonlinear forecasts for stock returns

We compare the out-of-sample performance of monthly returns forecasts for two indices, namely the Dow Jones (DJ) and the Financial Times (FT) indices. A linear and a nonlinear artificial neural network (ANN) model are used to generate the out-of-sample competing forecasts for monthly returns. Stationary transformations of dividends and trading volume are considered as fundamental explanatory variables in the linear model and the input variables in the ANN model. The comparison of out-of-sample forecasts is done on the basis of forecast accuracy, using the Diebold and Mariano test [J. Bus. Econ. Stat. 13 (1995) 253.], and forecast encompassing, using the Clements and Hendry approach [J. Forecast. 5 (1998) 559.]. The results suggest that the out-of-sample ANN forecasts are significantly more accurate than linear forecasts of both indices. Furthermore, the ANN forecasts can explain the forecast errors of the linear model for both indices, while the linear model cannot explain the forecast errors of the ANN in either of the two indices. Overall, the results indicate that the inclusion of nonlinear terms in the relation between stock returns and fundamentals is important in out-of-sample forecasting. This conclusion is consistent with the view that the relation between stock returns and fundamentals is nonlinear.     

Berufsbedingte Dermatosen bei Pflegenden

Ekzeme – eine h?ufig untersch?tzte Gefahr - Untersuchungen zeigen, dass die Lebensqualit?t durch berufsbedingte Hauterkrankungen genauso eingeschr?nkt wird wie durch einen Myokardinfarkt oder Schlaganfall. Das ist für Pflegende deshalb so bedeutsam, weil gerade in Pflegeberufen Kontakt zu potenziell Allergie ausl?senden Stoffen besteht.     

Consequences of ambivalence on satisfaction and loyalty

The key objective of this study was to understand the consequences of subjective ambivalence on customer satisfaction, loyalty, and the satisfaction–loyalty relationship. The conceptual and theoretical discussions were derived largely from recent research in social psychology and integrated with marketing literature on satisfaction and loyalty. Given that product evaluations are typically positive and extreme, these findings indicate a negative relationship between ambivalence and satisfaction. Even though a great deal of the variance in ambivalence is shared with satisfaction, ambivalence did prove to have an independent and direct effect on loyalty. Ambivalent consumers are not only less loyal because they are less satisfied, but for other reasons, as well. Ambivalence was not found to moderate the satisfaction–loyalty relationship. The results of the study underscore the importance of taking ambivalence into consideration when measuring satisfaction and modeling satisfaction–loyalty relationships. © 2005 Wiley Periodicals, Inc.     

A critical review of empirical research on open innovation adoption

The open innovation approach has been one of the most discussed topics in innovation management literature in the 2000s. Over the past few years, academic publications on open innovation have increased substantially. This paper attempts to summarize and review the state-of-the-art of empirical open innovation research and develop new opportunities for open innovation research in the future. In order to make the papers more comparable, a clear focus on large-scale quantitative-oriented studies was set. From a total of 282 documents, 30 studies were analyzed in detail along four key dimensions: Firstly, different methods of measuring open innovation adoption are compared. Then, the level of open innovation adoption is analyzed on a general basis. Thirdly, the level of adoption is compared at the level of the open innovation mode (inbound and outbound). Finally, the study results regarding the variables that influence open innovation adoption are compared and conclusions for future research directions are drawn.     

The Tipping Point of Design: How Product Design and Brands Interact to Affect Consumers’ Preferences

Existing research on product design has demonstrated the importance of aesthetics in generating favorable consumer responses. However, the literature has only recently begun to explore if and to what extent the impact of product design is influenced by brand strength. Whereas some research indicates that strong brands may benefit less strongly from aesthetically attractive designs, other research suggests that attractive designs are more persuasive when they are paired with a strong brand. In this research, these two competing predictions were tested through three studies with German car buyers. In Study 1, participants were exposed to a fictitious car that was paired with a randomly chosen brand name. In Study 2, participants were presented with a set of existing cars and were asked to choose one. Both studies yield converging evidence and show that product design and brands interact in a positive fashion, suggesting that attractive designs exert a greater influence on consumers’ decision processes when they are accompanied by a strong brand. Study 3 extended these findings by demonstrating that strong brands only increase the impact of attractive designs when perceived risk is high but not when it is low.     

An examination of consumers’ cross-shopping behaviour

This study addresses antecedents of cross-shopping behaviour. Five theory-driven hypotheses are derived and tested. The results indicate that impulse buying tendency and perceived time pressure have a statistically significant negative effect on supermarket patronage. Product assortment and price consciousness have a statistically significant negative effect on speciality store patronage, while impulse buying tendency and convenience orientation have a statistically significant positive effect on speciality store patronage. Perceived time pressure has a statistically significant positive effect on meat store patronage. This effect is, however, not statistically significant on seafood store patronage. The findings have managerial implications for both supermarkets and speciality stores.     

Evaluating transport user benefits and social surplus in a transport market—The case of the Norwegian ferries

The article first infers how consumer surplus in a market is linked to revenue under different assumptions about fare elasticity and when using different types of demand functions. This information is added to producer surplus in order to derive social surplus. The method, thus, produces a simple approach for authorities to assess social surplus in a market and its benefits to the users. A modified exponential demand function is applied to calculate consumer surplus and social surplus for 97 ferry services in Norway regulated by the state. The calculations are based on empirical data concerning ferry fare, revenue data at service level and reasonable assumptions about fare point elasticity for services covering different distances.In 2007, these services generated welfare for the users (consumer surplus) and the society (social surplus) amounting to about 5.8 billion NOK and 4.3 billion NOK, respectively. Consumer surplus and social surplus varied considerably amongst the services. Only 3 of the 97 services operate with positive profits and, hence, without subsidies. About 21 of the services contribute negatively to social surplus. Many of these unprofitable services are the only transport alternatives in rural areas and could be argued to continue operation according to politically decided regional measures. Implicitly, maintaining all these 21 services means that the welfare for the people in these areas is valued as up to four times greater than the welfare of the people in the rest of society.     

Strategic responses to market globalisation among advertising agencies

The advertising industry is undergoing major changes as markets and clients become more global. Using the integration-responsiveness framework and the transnational framework, it is apparent that advertising agencies have a high need to be simultaneously integrated and responsive. This paper reports on a series of depth interviews with international agency leaders intended to gain an assessment of both the extent to which their firms are responding to these important but conflicting needs and the appropriateness of the framework for understanding the strategic options available for ad agency management. The findings indicate that the agencies have tried to modify their strategies to accommodate both kinds of pressures. However, their success in this regard is questioned and other broader strategic concerns are considered.