Mergers and Acquisitions in the Software Industry

This paper analyzes approaches investigating success drivers of mergers and acquisitions (M&A) in the software industry. The literature review covers a classification of research papers in the generic and software industry specific M&A research discipline. The results accentuate that the impact of success factors depends on the research context and that many factors have not been examined so far with respect to the software industry. Building on these insights, the resulting areas for research are pointed out. The investigation of software industry specific factors, in particular, promises to contribute to the analysis of variance in M&A performance.     

AIDS treatment and intrahousehold resource allocation: Children's nutrition and schooling in Kenya

The provision of antiretroviral medications is a central component of the response to HIV/AIDS and consumes substantial public resources from around the world, but little is known about this intervention's impact on the welfare of children in treated persons' households. Using longitudinal survey data from Kenya, we examine the relationship between the provision of treatment to adults and the schooling and nutrition outcomes of children in their households. Weekly hours of school attendance increase by over 20% within 6 months after treatment is initiated for the adult patient. We find some weak evidence that young children's short-term nutritional status also improves. These results suggest how intrahousehold allocations of time and resources may be altered in response to health improvements of adults.     

Notenbankbilanzanalyse: Ein neues Werkzeug der Geldpolitik in der Subprime-Krise

Im Verlauf der Subprime-Krise verschlechterte sich die Notenbankbilanz der FED substanziell. Sind die herk?mmlichen Analyseinstrumente der Geldpolitik vor diesem Hintergrund noch ausreichend? Oder erfordern die aktuellen geldpolitischen Entwicklungen neue Analysemethoden in Form einer Notenbankbilanzanalyse? Müssen Betrachtungen der Geldqualit?t die Beobachtung der Geldmenge sowie der Notenbankzinssetzung erg?nzen?     

Relative Liquidity,Fund Flows and Short‐Term Demand: Evidence from Exchange‐Traded Funds

We show that highly liquid Exchange‐Traded Funds (ETFs), especially those that are more liquid than their underlying basket of securities (i.e., positive relative liquidity), are particularly attractive to investors. Using three definitions of liquidity, we find that relative liquidity predicts net fund flows, as well as inflows and outflows positively and significantly. We further document a liquidity clientele among institutional investors: (i) relative liquidity is significantly more important for short‐ than for long‐term investors; and (ii) relative liquidity is inversely related to investors’ average holding duration in the ETFs. These two findings provide evidence that relative liquidity encourages short‐term demand.     

Microfoundations of strategic problem formulation

Before a strategy can be developed, the problem it is supposed to address needs to be formulated. We establish the microfoundations of strategic problem formulation by developing a theory that predicts a core set of impediments to formulation that arise when complex, ill‐structured problems are addressed by heterogeneous teams. These impediments fundamentally constrain and narrow problem formulation, thereby limiting solution search and potential value creation. We establish these impediments as a set of design goals, which, if remedied by an appropriately constructed mechanism, can expand problem formulation to be more comprehensive. Finally, we consider how organizations can improve problem formulation by creating a structured process that satisfies the theoretically derived design goals and detail a specific example of this mechanism (collaborative structured inquiry). Copyright © 2012 John Wiley & Sons, Ltd.     

Mental Accounting,Access Motives,and Overinsurance*

The access motive for insurance posits that insurance derives its value from providing access to a loss remedy that is unaffordable without insurance. I explore the potential of this alternative insurance motive to explain attitudes towards modest risks, and I argue that mental accounting makes the access motive relevant for understanding both the popularity of warranties and the avoidance of deductibles. The value of partial insurance is shown to critically depend on the way in which the insurer pays benefits. This can explain several empirical regularities that are difficult to reconcile within existing models.     

Exploring the effects of leaders’ individualized consideration in extreme contexts

Abstract

Role clarity and trust in leadership are two crucial factors supporting soldiers in coping with uncertainty and imperfect knowledge. The present study examined the effects of leaders’ individualized consideration on both factors in a sample composed of 161 paratroopers from a parachute division of the NATO Airborne Forces. Conditional process modeling revealed that (1) leaders showing individualized consideration increase followers’ role clarity and, in parallel, develop a trusting relationship with them; (2) critical upward communication and perceived workload mediated and moderated these relationships, respectively. The implications of these findings for safety research and their practical applications are outlined.     

Understanding the Determination of Severance Pay: Mandates,Bargaining, and Unions*

A substantial share of severance payments derives from private contracts or collective agreements. In this paper, we study the determination of these payments. We analyze joint bargaining over wages and severance payments in a search-and-matching model with risk-averse workers. Individual bargaining results in levels of severance pay that provide full insurance, but also depend on unemployment benefits and job-finding rates. Unions also choose full insurance. Because their higher wage demands reduce job creation, this requires higher severance pay. Severance pay observed in eight European countries, to which we calibrate the model, lies between predictions from the bargaining and union scenarios.