Entrepreneurs from low-skilled immigrant groups in knowledge-intensive industries: company characteristics,survival and innovative performance

This paper analyzes how companies of immigrant entrepreneurs in knowledge-intensive industries differ from companies of native entrepreneurs with respect to start-up characteristics, company survival and innovative performance. I focus on immigrants from the “recruitment countries” of south and southeast Europe, who arrived in Germany mainly in the 1970s to fill labor shortages. They are the largest immigrant group in Germany and can be reliably identified via ethnic name coding. Companies owned exclusively by immigrants tend to be smaller and have higher exit rates. After controlling for size and other company characteristics, I find no differences in patenting activity compared to companies owned exclusively by natives.     

The European Single Market at 25

This year we celebrate the 25th anniversary of the European Single Market. The Single Market’s achievements cover various areas but there is still room for improvement. Against the background of this historic and economic development, this article discusses different legal acts that are being negotiated and outlines suggestions for improvement.     

The Euro Changeover and the Factors Influencing Perceived Inflation

The most flamboyant economic effect of the euro changeover on consumers was a dramatic increase in perceived inflation. To directly measure perceived inflation, Brachinger developed a new index of perceived inflation (IPI). This index is based on some hypotheses about factors influencing perceived inflation. An experimental study is presented which investigated the influence of two of these hypothesized factors, purchase frequency and loss aversion, on individual judgments of price changes. Furthermore, two additional factors have been included that are informative with respect to the IPI, product segment and price level. Judgments of inflation were assessed with three methods, yielding different results. Empirical evidence for the hypotheses was obtained.      

Neoliberalising Feminism

There recently has been an avalanche of critiques of the way in which feminism has gone to bed with neoliberal capitalism and become an instrument of governmentality. In this paper, I look at these phenomena as processes of a ‘neoliberalisation of feminism'. I illustrate such neoliberalisation by introducing women's empowerment projects run by transnational consumer products companies, typically in partnership with public development actors. Under the label of ‘corporate social responsibility', these companies invest in women in their supply and marketing chains, seeking to empower them within a neoliberal rationality of government. The paper is an effort to go beyond the critiques of feminism as co-opted. Rather than inventing new feminisms or taking a break from feminism – as some have suggested, I propose that it is more fruitful and necessary to examine, in concrete contexts, the way in which select feminist movement ideas are being integrated into neoliberal rationales and logics, what is lost in the process and what is perhaps gained.     

Future Cash Flow Predictability of Non‐IFRS Earnings: Australian Evidence

The global proliferation of reporting non‐International Financial Reporting Standards (IFRS) (pro forma) earnings has been subject to academic debate and regulatory reform. This study examines whether non‐IFRS earnings contain statistically significant information on future cash flow predictability that could be useful for investors. The study uses data from large Australian listed companies over a six‐year period (2006–11) covering three distinctive periods around the global financial crisis (GFC): pre‐GFC, GFC and post‐GFC. Results based on fixed effects panel estimation methods suggest non‐IFRS earnings do exert a significantly positive impact on future cash flow predictability but only during pre‐crisis and crisis periods.     

Diverse socializing patterns in rural tourist experiences – a segmentation analysis

Tourism is a social phenomenon and host–guest interaction has been identified as particularly relevant in the rural tourism experience. This paper extends previous research on social interaction, rural tourism and experience marketing, by analysing, via visitor survey (N?=?819), the contacts that visitors of three Portuguese villages establish with (a) residents and (b) other visitors during their stay. A cluster analysis based on interaction patterns identifies three distinct visitor groups: those showing little interest in interaction with others, those mainly interacting with other visitors and those intensely interacting with residents. Significant differences between segments reveal distinctly lived rural tourism experiences and a positive impact of socializing on these experiences. Destination management and marketing implications as well as suggestions for future research are also presented.     

Pricing multiasset equity options: How relevant is the dependence function?

In this paper we test how different choices for the dependence function can affect the prices of a set of multiasset equity options. We conduct the analysis for various 5-dimensional baskets of UK shares, and a wide range of payoffs for the multiasset options, consistent with the instruments traded on the market. We also test the relevance of the dependence specification over both volatile and quiet market scenarios. Interestingly, we find that, in most circumstances, the choice of a dependence structure richer than the standard linear correlation does not seem to affect option prices substantially. However, the dependence function becomes more relevant in particularly volatile market conditions.