A theorem on translations by Hille,and its interpretation from the point of view of the theory of probability

Abstract

The Taylor expansion of a function around a point a may, as is well-known, be formally written      

Determinants of smallholder farmers' perceptions of risk in the Eastern Highlands of Ethiopia

This paper reports findings from a study of 178 farm households from two contrasting areas in the Eastern Highlands of Ethiopia. It examines risk perceptions of smallholder farmers under varying contexts. The study utilized both qualitative and quantitative methods of data collection and analysis. It was hypothesized that human capital and household characteristics and orientation, access to resources, infrastructure, information and environmental factors influence perceptions of risks in different ways. Data reduction for independent variables was done by factor analysis (principal component extraction method). Factor analyses identified factors influencing smallholder farmers' perceptions of sources of risks. Logistic regression analyses were used to study the relationships of identified principal components to perceived frequencies of occurrences and consequences of various sources of risks. Logistic regression analyses revealed that asset endowments, locational settings and livelihood diversification strategies pursued determine smallholders' perceived risks. Key findings from the informal survey point out differentiation in perceptions of causes and sources of risks by different actors.     

Funding Modes of German Banks: Structural Changes and their Implications

We investigate the funding modes of German banks and the implications for lending and profitability during 1992–2002. We find that at many banks, deposits from customers decrease in relative terms while interbank liabilities increase as a source of funding. We cannot detect a negative impact of the relative decline in deposits on lending. The decreasing ability of banks to collect deposits and the substitution of deposits by interbank liabilities unfavorably affects the net interest result of banks that exhibit a deposit deficit, especially savings banks. Our findings indicate a structural lengthening of the intermediation chain, which has broader implications for the functioning and stability of the financial system.     

Alpha forecasting in factor investing: discriminating between the informational content of firm characteristics

Financial Markets and Portfolio Management - This paper applies a linear alpha forecasting framework to enhance commonly used factor investing strategies by taking into account the informational...     

The development of IB as a scientific field

International business (IB) is today an established field in business studies with two professional associations and numerous academic publications. However, it is much younger than many other fields in the management area. Although economists were focusing on international issues even before, it was not until after the Second World War that IB started to emerge as a scientific field. The purpose of this paper is to analyse this development from the early days up to the present time. In so doing, using a theoretical framework, it focuses on the organizing of the field, i.e. how early informal contacts eventually led to the formation of formal organizations, the launching of journals, and with the passage of time the publishing of handbooks. The paper provides empirical evidence of all these steps. In this way it presents data on significant contributions to the field.     

Brand loyalty evolution and the impact of category characteristics

A common managerial belief indicates that brand loyalty declines over the years, with consumers becoming more heterogeneous in their choices. The earlier research investigating the phenomenon of brand loyalty decline is, however, inconclusive and does not offer an answer to the reasons behind brand loyalty evolution. In this study, we investigate brand loyalty evolution and explore the impact that a number of category characteristics have on driving brand loyalty evolution. We use Danish panel data across 54 categories over a period of 6 years (2006–2011). Our findings show that at the aggregate level, brand loyalty declines, but this evolution is category-specific, with only a small number of categories showing a significant decline. We further demonstrate that an increase in category penetration results in a negative impact on brand loyalty evolution, whereas an increase in the share of private label brands has a positive impact. We discuss the implications for theory and practice.

     

Optimal vs satisfactory transparency: The impact of global macroeconomic fluctuations on corporate competitiveness

Being able to separate temporary global macroeconomic influences – caused by fluctuations in exchange rates, interest rates and inflation – from intrinsic performance – related to a superior product, production process or management – is crucial to assessing the development of a firm’s competiveness. Against that background, this paper analyzes institutions’ role in making firms supply outside shareholders with relevant information corresponding to satisfactory transparency from the shareholder perspective. Based on a sample of the 100 largest public European firms, it is found that no firm provided information to a level deemed satisfactory by the outside shareholder. One explanation may be that optimal transparency for the firm does not equal satisfactory transparency for the outside shareholder. However, the implementation of IFRS/IAS 1 in the EU as of 2005 and a company’s international cross-listing activities exhibit associations with a better supply of information and a narrowing of the gap. Shareholders in the Anglo-Saxon corporate governance system are provided with more relevant information than those in other corporate governance systems. The paper adds to the literature on the role of institutions in international corporate governance, with a particular focus on information asymmetries in an international business context.