Bücher

WISSENSCHAFT

Bücher     

The phantom of the opera: Cultural amenities, human capital, and regional economic growth

We analyze the extent to which endogenous cultural amenities affect the spatial equilibrium share of high-human-capital employees. To overcome endogeneity, we draw on a quasi-natural experiment in German history and exploit the exogenous spatial distribution of baroque opera houses built as a part of rulers' competition for prestigious cultural sights. Robustness tests confirm our strategy and strengthen the finding that proximity to a baroque opera house significantly affects the spatial equilibrium share of high-human-capital employees. A cross-region growth regression shows that these employees induce local knowledge spillovers and shift a location to a higher growth path.     

What really matters: Discounting, technological change and sustainable climate

This paper discusses the interplay between the choice of the discount rate, greenhouse gas mitigation and endogenous technological change. Neglecting the issue of uncertainty it is shown that the Green Golden Rule stock of atmospheric carbon is uniquely determined, but is not affected by technological change. More generally it is shown analytically within the framework of a reduced model of integrated assessment that the optimal stationary stocks of atmospheric carbon depend on the choice of the discount rate, but are independent of the stock of technological knowledge. These results are then reinforced numerically in a fully specified integrated assessment analysis.     

Quo Vadis MRIO? Methodological, data and institutional requirements for multi-region input-output analysis

In order to understand wider sustainability impacts of consumption and to successfully promote and implement sustainable consumption and production policies, there is a need to capture the whole life-cycle impact of products and services across international supply chains. Multi-region input-output (MRIO) databases are a well described and suitable foundation for global sustainability analyses addressing a wide range of policy and research questions. In this paper we reflect on the reasons for the recent boom in MRIO compilation, summarise the current state of development and discuss future options for MRIO analysis. We list in detail the requirements for efficient and effective MRIO research and propose systemic and institutional changes. We deliberately try to go beyond existing ambitions for MRIO compilation and thus intend to stimulate discussion and to lay out the options for the future of MRIO research.     

The WTO Panel Report on Boeing subsidies: a critical assessment

On 31 March 2011, the World Trade Organisation’s Dispute Settlement Body circulated the final Panel Report on US subsidies for the aircraft manufacturer Boeing. The long expected decision marks a turning point in the biggest trade dispute in WTO history, but its interpretations diverge substantially: both the United States and the European Union have claimed a “sweeping” victory, and yet both parties appealed parts of the Panel Report in April 2011. In addition, the Airbus Appellate Body Report in the Airbus case, which was issued on 18 May 2011, reversed many of the Panel’s findings against the EU. Which WTO-inconsistent subsidies did the Dispute Settlement Body find and what is the outlook for the future?     

Incumbent innovation and domestic entry

This paper analyzes the escape-entry incentive for innovation by incumbent firms. The threat posed by the possibility of leading-edge firms entering the market influences incumbent innovation. To overcome problems of endogeneity, we apply an instrumental variable approach to analyze a rich firm-level dataset (1987–2000) for Germany. We find evidence that domestic entry has a negative effect on incumbent product innovation, which is a strong indication of new entrants’ comparative advantage in commercializing new ideas. In contrast, domestic entry has a positive effect on incumbent process innovations, an effect also known as the escape-entry effect.     

Actor network pictures and networking activities in business networks: An experimental study

In recent years, there has been increasing interest among business-to-business marketing scholars in the processes of managerial cognition. In particular, actors' network pictures, defined as the cognitive representations of managers' business surroundings have attracted much attention. However, there has so far been no empirical research on the impact that network pictures have on managerial behavior. The purpose of this paper is therefore to understand if and how specific pertinent network picture characteristics — namely power, dynamics, broadness, and indirectness — are associated with different behavioral choices, i.e. networking strategies. Based on an experiment with 445 Executive MBA students, all international managers across different industries, we find that managers' choices when managing business relationships, their strategic actions, are affected by the way they perceive their surrounding business network. However, amongst the different theoretical models of networking activities tested, only the power dimension showed significant associations with all four network picture characteristics. This study represents the first to empirically study the connection between cognition and behavior in business-to-business markets, as well as one of the few to apply an experimental design to study a business-to-business marketing related phenomenon. Also, it paves the way for future understanding of the association between network picture characteristics and networking strategies in interaction between actors.     

Going Beyond Impact Factors: A Survey‐based Journal Ranking by Agricultural Economists

A consistent and comprehensive ranking of journals relevant for agricultural economists cannot rely on impact factors for at least two major reasons: (i) the scientific database by Thomson Reuters, on which the standard impact factor is based, includes only a very limited number of relevant journals; (ii) the standard impact factor cannot be compared across research fields of different sizes. Survey‐based journal rankings may overcome these problems. We report on such a survey‐based ranking initiated by the Agricultural Economics Associations of Germany and Austria. Results of the ranking and a classification of journals, i.e. a rating, are provided for 160 selected journals. Scientific quality is assessed by an index based on the researchers’ perception of the quality standards of each journal and of the quality of its published articles. The survey‐based ranking allows a much more comprehensive and consistent ranking than the impact factor, as specific agricultural economics journals can be directly compared with neighbouring economic and interdisciplinary journals to which agricultural economists submit their work. The low impact factors of core agricultural economics journals are put into perspective. The scientific quality of the top agricultural economics journals is assessed as being rather high and above most of the relevant interdisciplinary journals from agricultural and food sciences that are typically characterised by higher impact factors. Agricultural economists’ perceptions on the scientific quality of the journals vary more across journals than perceptions of their relevance.     

Sentimental Preferences and the Organizational Regime of Betting Markets

We analyze the price impact of sentimental bettor preferences within a bookmaker betting market. A theoretical model demonstrates that, under reasonable assumptions about the nature of demand in a market with strong competition, the bookmaker will offer lower prices for bets with comparatively stronger demand. Using a sample of more than 16,000 English soccer matches we find evidence that more favorable odds are extended to bets on more popular clubs and that this effect is amplified on weekends when sentimental bettors face lower opportunity costs to wager. Our findings help to explain why the market for sports gambling operates as a hybrid structure with bookmakers able to attract a considerable share of the betting volume, although identical contracts are traded on exchange markets at lower costs: the organizational design of a quote‐driven market enables the dealer to take advantage of sentimental bettor preferences.     

Is the efficient market hypothesis day-of-the-week dependent? Evidence from the banking sector

In this article, we propose a new hypothesis: that the efficient market hypothesis is day-of-the-week-dependent. We apply the test to firms belonging to the banking sector and listed on the NYSE. We find significant evidence that the efficient market hypothesis is day-of-the-week-dependent. Overall, for only 62% of firms, the unit root null hypothesis is rejected on all the five trading days. We also discover that when investors do not account for unit root properties in devising trading strategies, they obtain spurious profits.