The European Insolvency Regulation and the UNCITRAL Model Law on Cross‐Border Insolvency

This article compares the Recast European Insolvency Regulation of 2015 with the UNCITRAL Model Law on Cross‐Border Insolvency of 1997, focussed on their scope of application, international jurisdiction and the coordination of main and secondary proceedings. The scopes of both catalogues of norms and their rules on coordination of main and secondary insolvency proceedings reflect one another. However, the Recast EIR makes a significantly greater contribution to the unification of law and is also more fully differentiated and more precise, even if this comes at a price, namely, limited flexibility. The UNCITRAL Model Law made an important contribution to the harmonisation of international insolvency law but requires now modernisation. Copyright © 2017 INSOL International and John Wiley & Sons, Ltd.     

Johan Åkermans Beitrag zur Konjunkturtheorie Zu seinem 80. Geburtstag

Ohne Zusammenfassung     

Selbstorganisation von Verbrauchern-theoretische Überlegungen und empirische Befunde

Zusammenfassung Der Beitrag referiert die Ergebnisse zweier in den Jahren 1977/78 durchgeführten Befragungen von Vorständen und Mitgliedern von Verbrauchervereinen in der BRD und bringt sie in Zusammenhang mit weiterführenden Argumentationen, die im Rahmen laufender Forschungsvorhaben der AGVP erarbeitet wurden.Ausgehend von einer Analyse der Handlungen von fremd- und selbstorganisierten Verbrauchervereinen wird der Frage nachgegangen, ob die derzeit bestehenden selbstorganisierten Verbrauchervereine eine formale und inhaltliche Alternative zu bestehenden Verbraucherfremdorganisationen bilden.

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The paper reports on a study of local consumer organizations in the Federal Republic of Germany with and without individual membership. The study is part of a theoretical and empirical evaluation of present consumer policy aiming at the discovery of ways to activate consumer organizations. Above all, the project explores whether organizations with individual membership would be an organizationally feasible and qualitatively preferable alternative.To do this, it was necessary, as a first research step, to evaluate the existing local consumer organizations by considering various aspects of organizational and individual behaviour within them. Questionnaires were constructed for both officials and members of the organizations. The study shows that local consumer organizations with and without individual membership do not differ much in their activities. Distributing information about prices and qualities of goods becomes the main task. The direct membership of consumers in consumer organizations does not automatically lead to a qualitatively different situation.Member consumer organizations—that receive their legitimization because of a connection to the rank-and-file — need active consumers. Therefore, in the second step in this research phase, an attempt was made to explain the extent of individual activity in consumer organizations. It was shown that preference for collective strategies and participative organizational structure were relatively strong predictors. The study shows further that organizations without individual membership tend to resemble member organizations; as the organizational structure becomes rigid, individual activity ceases.

     

Learning from leading-edge customers at The Sims: opening up the innovation process using toolkits

Recently, toolkits for user innovation and design have been proposed as a promising means of opening up the innovation process to customers. Using these tools, customers can take on problem-solving tasks and design products to fit their individual needs. To date, arguments in favor of this new concept have been limited to the idea of satisfying each user's needs in a highly efficient and valuable way. The aim of this empirical study is to extend our knowledge of how users deal with 'the invitation to innovate' and how attractive individual user designs might be to other users. In studying the users of toolkits for the immensely popular computer game The Sims , we found that (1) users are not 'one-time shoppers'– in fact, their innovative engagement is rather long-lasting, continuous, evolving, and intense. We also found that (2) leading-edge users do not merely content themselves with the official toolkits provided by the manufacturer. They employ user-created tools to push design possibilities even further. (3) Moreover, individual user designs are not only attractive to the creators themselves; instead, certain innovative solutions are in high demand among other users. Based on our findings, we discuss how toolkits and their users might add to the process of innovation in general. We argue that toolkits could serve as a promising market research tool for guiding a firm's new product development efforts. Furthermore, toolkits may serve as a crèche for interested but inexperienced users who could evolve into leading-edge users over time. These innovative users might then be integrated into more radical product development efforts.     

Subsampling realised kernels

In a recent paper we have introduced the class of realised kernel estimators of the increments of quadratic variation in the presence of noise. We showed that this estimator is consistent and derived its limit distribution under various assumptions on the kernel weights. In this paper we extend our analysis, looking at the class of subsampled realised kernels and we derive the limit theory for this class of estimators. We find that subsampling is highly advantageous for estimators based on discontinuous kernels, such as the truncated kernel. For kinked kernels, such as the Bartlett kernel, we show that subsampling is impotent, in the sense that subsampling has no effect on the asymptotic distribution. Perhaps surprisingly, for the efficient smooth kernels, such as the Parzen kernel, we show that subsampling is harmful as it increases the asymptotic variance. We also study the performance of subsampled realised kernels in simulations and in empirical work.