Local and global illiquidity effects in the Balkans frontier markets

We study market illiquidity across 11 national markets of the Balkans. In general, the EU member countries are more liquid than the nonmember countries. Turkey, however, has the most liquid market, while Serbia and Bosnia are the least liquid. Global illiquidity sourced from the US has a strong and positive impact on pricing in eight of the Balkans markets. In contrast, illiquidity transmitted from the EU impacts expected returns in only two instances, while local illiquidity is significant for just one market. Croatia and Slovenia are most susceptible to transmissions of regional illiquidity, each receiving illiquidity spillovers from four sources.     

Pre-crisis reforms,austerity measures and the public-private wage gap in two emerging economies

This paper analyzes crisis adjustments of the public and private sectors in two emerging market economies, Croatia and Serbia, during the 2008–2011 period. It focuses on public-private wage gaps at the onset of and during the crisis, decomposed into structural and composition effects using an extension to the Oaxaca-Blinder method based on Recentered Influence Function (RIF) regressions and reweighting. The main results indicate that at the beginning of the crisis public sector workers in both countries enjoyed a significant wage premium, with the premium in Serbia being about three times higher than in Croatia. During the crisis, both countries experienced a similar increase of the premium, with Croatia reaching the size of gap usually estimated for EU countries, while Serbia stayed largely ahead. The results also show that the wage distribution in the public sector is more compressed than in the private sector in both countries, which is further exacerbated by the crisis. Despite the introduced austerity measures, public sector workers continue to enjoy well-protected and privileged jobs in terms of wages relative to their private sector counterparts. Structural reforms undertaken prior to the crisis played a decisive role in determining the countries’ responses to the crisis.     

The effect of large‐scale privatization on public sector pay gap in a transition economy

Estimating the public–private sector earnings differentials in Serbia from 1995 until 2008 this paper finds significant changes at the mean and across the earnings distribution. The results show that the average public sector pay gap was negative at early stages of economic transition but grew to be positive during large‐scale privatizations. The paper uses different sources of data and adopts a number of statistical procedures, including a novel instrument to infer the likelihood of changes in the individual public sector status due to privatization.     

Die Messung von Stress im Finanzsystem — ein Überblick

Die aktuelle Finanzkrise kam für viele überraschend. Gut funktionierende Frühwarnsysteme h?tten ?konomischen Schaden abwenden k?nnen. Es gibt zwar Indikatoren zur Messung von Finanzmarktstress. Diese sind aber offensichtlich nicht für eine pr?zise Prognose geeignet. Wie die Indikatoren verbessert werden k?nnten, beschreiben Guido Zimmermann und Jelena Zivanovic.     

Unlocking the careers of business professionals following job loss: sensemaking and career exploration of older workers

While acknowledging the well established negative aspects of job loss, we present an alternative perspective by exploring the potentially positive outcomes of losing one's job. Drawing on an in depth analysis of qualitative data gathered from thirty interviews with older middle managers in Canada, we explore the mechanisms through which job loss is experienced as a “blessing in disguise”. We consider how individuals make sense of their experience of job loss and how they use career exploration in their framing of job loss and as an opportunity for self‐fulfillment. Copyright © 2007 ASAC. Published by John Wiley & Sons, Ltd.     

The Interplay of Customer and Product Innovation Dynamics: An Exploratory Study

The challenges of successfully developing radical or really new products have received considerable attention from a variety of marketing, strategic, and organizational perspectives. Previous research has stressed the importance of a market‐driven customer orientation, the resolution of market and technological uncertainty, and organizational processes such as cross‐functional teams and organizational learning. However, several fundamental issues have not been addressed. From a customer's perspective, a more innovative product tends to have uncertain benefits and requires customers to learn new behaviors. Customer preferences can, therefore, change as product experience and learning increase. From a firm's perspective, it is unclear how to be customer‐oriented under such dynamic preferences, and product strategies using evolving technologies will tend to interact with how customers learn about an innovation. This research focuses on identifying unresolved issues about these customer and product innovation dynamics. A conceptual framework and series of propositions are presented that relate both changing technology and customer learning to a firm's strategic decisions in developing and launching really new products. The framework is based on in‐depth interviews with high‐tech product managers across several sectors, focusing on the business‐to‐business context. The propositions resulting from the framework highlight the need to consider relevant customer dynamics as integral to a firm's product innovation process. Successful innovation strategies and future research challenges are discussed, and applications to better understanding customer needs and theories of disruptive innovation are examined. Several key insights for innovation success hinge on a broad, downstream orientation to customer needs and product innovation dynamics. To be effective innovators, firms must know their customers' customers and competitors as well as or better than their immediate customers do. Market research must extend downstream for a comprehensive understanding of customer needs dynamics. In the context of disruptive innovation, new dimensions of customer needs may become more valuable based on perceived downstream customer trends. Firms may also innovate on secondary needs because mainstream customers do not always give firms the design freedom to radically innovate on primary features. Understanding customer commitments and how they develop under evolving needs can help firms focus resources on innovative efforts more likely to be accepted by customers.     

The cost-effectiveness and monetary benefits of dabigatran in the prevention of arterial thromboembolism for patients with non-valvular atrial fibrillation in the Netherlands

Background: Atrial fibrillation (AF) causes a significant health and economic burden to the Dutch society. Dabigatran was proven to have at least similar efficacy and a similar or better safety profile when compared to vitamin K antagonists (VKAs) in preventing arterial thromboembolism in patients with AF.

Objective: To evaluate the cost-effectiveness and monetary benefit of dabigatran vs VKAs in Dutch patients with non-valvular AF. Value-based pricing considerations and corresponding negotiations on dabigatran will be explicitly considered.

Methods: The base case economic analysis was conducted from the societal perspective. Health effects and costs were analysed using a Markov model. The main model inputs were derived from the RE-LY trial and Dutch observational data. Univariate, probabilistic sensitivity, and various scenario analyses were performed.

Results: Dabigatran was cost saving compared to VKAs. A total of 4,552 QALYs were gained, and €13,892,288 was saved in a cohort of 10,000?AF patients. The economic value of dabigatran was strongly related to the costs of VKA control that are averted. Notably, dabigatran was cost saving compared to VKAs if annual costs of VKA control exceeded €159 per person, or dabigatran costs were below €2.81 per day.

Conclusion: Dabigatran was cost saving compared to VKAs for the prevention of atrial thromboembolism in patients with non-valvular AF in the Netherlands. This result appeared robust in the sensitivity analysis. Furthermore, volume based reduction of the price in the Netherlands will further increase the monetary benefits of dabigatran.     

The Asymmetric Impact of War: Resilience,Vulnerability and Implications for EU Policy

Intereconomics - In 2019, over 96% of EU27 oil needs, nearly 90% of natural gas and over 43% of solid fuels were met by net imports, with the largest share coming from Russia (35% of oil, 40% of...     

Chronic illness medication compliance: a liminal and contextual consumer journey

Journal of the Academy of Marketing Science - The consumer journey has drawn interest from marketers as an avenue to strengthen sales through managing touchpoints. However, a firm-centric view has...