The European Redemption Pact: Implementation and macroeconomic effects

One possible solution to the sovereign debt crisis is the European Redemption Pact (ERP) proposed by the German Council of Economic Experts. The ERP provides sustainable financing conditions for participating sovereigns to facilitate bringing public debt ratios below the reference value of 60% within the next 20 to 25 years. In this paper, we describe one possible way of implementing the ERP and analyse the fiscal effects of participating in the ERP. The macroeconomic impact of the proposal is illustrated with the multi-country model NiGEM.     

Determinants of sovereign yield spreads in the Eurozone: A Bayesian approach

We analyze the determinants of sovereign yields spreads of EMU member states applying Bayesian Model Averaging (BMA) to annual panel data from 1999 to 2009. BMA is well-suited in cases of small samples and high model uncertainty. This seems to be the case in modeling sovereign yield spreads in the Eurozone since the literature reports heterogeneous results with respect to significant explanatory variables. We are testing a number of variables reported to be significant in the literature and find that the most likely country specific drivers of yield spreads are fiscal variables such as budget balance and government debt, as well as external sector variables, such as terms of trade, trade balance and openness. Global financing conditions, indicated by the US interest rate, and market sentiments, indicated by corporate bond spreads, are likely to influence sovereign yield spreads.     

Stromspeicher im Quartier

Electricity storage is a possible flexibility option to increase the share of fluctuating electricity sources from renewable energies in the electricity system. In the past, most attention was paid to household and large storage facilities. Community storage solutions at the meso level have so far been largely neglected. It is only in the context of the change in legislation for the electricity supply of tenants that neighborhood solutions have recently been increasingly discussed.In essence, this article examines the challenges currently arising in the context of the implementation of electricity storage facilities at community level in Germany. To this end, the term “community storage” is first being discussed and outlined. Subsequently, economic-legal and socio-cultural challenges are presented and discussed as central challenges in the implementation of neighborhood storage solutions in Germany. Based on the discussion of current challenges, possible business models for the implementation and operation of district storage facilities in Germany will then be derived.     

The emotional review–reward effect: how do reviews increase impulsivity?

A growing reliance on customer reviews prompts firms to develop strategies to encourage customers to post online reviews of their products. However, little research investigates the behavioral consequences of writing a review. The act of sharing personal opinions through reviews is a rewarding experience and makes customers feel socially connected. With an application of reverse alliesthesia theory, the current study predicts that such rewarding experiences drive online reviewers to seek other rewards, such as impulsive buying. Three lab-based and two field studies demonstrate such an emotional review–reward effect: sharing emotional information in the public realm of customer reviews, rather than forming similar opinions privately, drives participants to make more impulsive buying decisions.     

A Field Test of the Effectiveness of Different Print Layouts: A Mixed Model Field Experiment in Alternative Advertising

This article investigates the effectiveness of bathroom print ads. Using liquor as the product domain, field study data (n = 146) indicate a high level of ad (60%) and product category (80%) recall. Contrary to the literature and the researchers’ hypothesis, respondents had a significantly higher level of recall for copy dominant than for visual dominant ads. Hypotheses suggesting that color advertisements would outperform non-color advertisements and interactions between ages and visual-based versus copy-based stimuli and gender and visual-based versus copy-based stimuli were not supported by the data. The implications for practitioners of the effectiveness of copy rich ads and suggested directions for future research are discussed.     

Mutual Fund Stock‐Picking Skill: New Evidence from Valuation‐ versus Liquidity‐Motivated Trading

We propose a novel Trade Motivation Matrix that allows differentiating funds’ valuation‐motivated (VM) and liquidity‐motivated (LM) trades on single trade level. It thus enables analyses of stock‐picking skill on three levels: trade, stock, and fund. On trade level, we find significant outperformance of VM buys and significant underperformance of VM sells, indicating manager stock‐picking skills, especially during illiquid market periods. VM trades outperform LM trades, confirming negative performance effects due to flow risk, especially when market liquidity is low. On stock level, collective VM buying explains high future stock returns while collective VM selling is related to future losses, indicating wisdom of the crowd. On fund level, higher trading discretion, measured by a higher degree of VM trading, is observed for smaller, older funds holding higher cash buffers. Finally, higher trading discretion is related to higher future fund alpha, especially during illiquid times.     

Agreeing to disagree? Explaining self–other disagreement on leadership behaviour

ABSTRACT

Leadership research tends to treat differences among ratings of the same leaders as measurement error. Our study makes such varying perceptions of leadership behaviour its main phenomenon of investigation. We conceptualize divergent leadership ratings based on the difference between managers’ self-ratings and team members’ assessments of leadership behaviour. Using data from three German public organizations on 51 teams and 190 leader–follower dyads, we find that divergent leadership ratings are a function of managers’ motivation, their use of managerial reflection routines, and team members’ personality. The findings point to the importance of using multisource feedback and developing managers’ self- and other-awareness.     

按需喷墨印刷用油墨的性能研究

本文主要对压电驱动DOD微型供墨系统中的基于聚乙烯（3，4-乙烯二氧噻吩）／聚苯乙烯磺酸盐（PEDOT／PSS）等不同聚合材料油墨进行详细研究。根据油墨的流变特性和印刷系统的机械特性得到特性值，通过特性值可以预测给定印刷系统中聚合油墨的运行情况。除印刷适性外，还研究了不同油墨对有机场效应晶体管的电子特性的影响。