A panel data model for subjective information on household income growth

Subjective expectations about future income changes are analyzed, using household panel data. The models used are extensions of existing binary choice panel data models to the case of ordered response. We consider static models with random and fixed individual effects. We also look at a dynamic random effects model which includes a measure for permanent and transitory income. We find that income change expectations strongly depend on realized income changes in the past: those whose income fell, are more pessimistic than others, while those whose income rose are more optimistic. Expected income changes are also significantly affected by employment status, family composition, permanent income, and past expectations. Expectations are then compared to the head of household’s ex post perception of the realized income change for the same period. The main finding is that rational expectations are rejected, and that in particular, households whose income has decreased in the past underestimate their future income growth.     

Irrweg des bedingungslosen Grundeinkommens

The discussion about the unconditional basic income (UBI) is receiving increased attention as a number of countries are considering or already experimenting with such schemes. Advocates argue that it is egalitarian, liberal, individualistic and economically sensible. However, this article argues that the UBI does not fulfil any of these four criteria. On the contrary, the introduction of a UBI would lead to less freedom and autonomy for many individuals. An employment account or some other flexible benefit account, which would give individuals more autonomy over their use of public services, are much better ways of ensuring a secure income and creating opportunities for individual citizens.     

Concepts and Definitions of CSR and Corporate Sustainability: Between Agency and Communion

This paper provides an overview of the contemporary debate on the concepts and definitions of Corporate Social Responsibility (CSR) and Corporate Sustainability (CS). The conclusions, based on historical perspectives, philosophical analyses, impact of changing contexts and situations and practical considerations, show that "one solution fits all"-definition for CS(R) should be abandoned, accepting various and more specific definitions matching the development, awareness and ambition levels of organizations.     

Mortgage Fund Flows, Capital Appreciation, and Real Estate Cycles

This paper provides strong evidence for a positive feedback loop between property prices and mortgage supply, using data from the U.S. commercial property and mortgage markets over the 1991 to 2011 period. The empirical analyses control for the endogeneity of property prices, mortgage flows, mortgage interest rates, and loan to value ratios, and provide two main findings. First, exogenous increases in mortgage supply, measured with the growth of the CMBS market, significantly reduce property cap rates. Second, volatility of past price changes and the “biggest loss” in property values in the past significantly affect mortgage supply. This positive feedback loop may be an important driving force for real estate cycles.     

Recruitment advertising: The marketing-human resource interface

The common perception of recruitment advertising is of the "want ads" in the local or national newspapers. Despite the lack of academic interest, in some cases, recruitment advertising has adopted the color, imagination, and creativity of consumer advertising. Some recruiters have recognized the marketing benefits of job ads and the need for a corporate communications policy covering all company communications. This paper examines the limited literature on recruitment advertising. The authors compile a list of characteristics of marketing-oriented recruitment advertisements and apply these to their exploratory analysis of the recruitment section of one popular Sunday newspaper in the United Kingdom.     

Focus on cash transfer programs: assessing the eligibility of the Bolsa Família program in Brazil

Quality & Quantity - Income transfer programs are important public policies in fighting poverty and reducing inequality. However, such a strategy is often criticised as being ineffective, as...     

The use of an interim CEO during succession episodes and firm performance

Our study investigates an unexplored succession process—interim CEO successions. We define an interim CEO succession as a case where the title of chief executive officer is vacated by the incumbent and the board of directors has not announced a permanent successor, but instead designates a particular individual as ‘interim CEO,’ or ‘acting CEO,’ or ‘CEO until a permanent successor is named.’ Theory predicts that interim CEO successions will lead to the type of disruption that can harm firm performance, even after a permanent successor is appointed. Our data show that interim CEO succession processes are widely employed by publicly‐traded U.S. firms, and that they are associated with lower performance during the period in which the interim serves. However, whether the interim CEO also simultaneously serves as chairman moderates the impact of this type of succession on firm performance, as well as on long‐term firm survival. Copyright © 2009 John Wiley & Sons, Ltd.     

Revelations of a gambler

Knowing that a decision maker maximizes expected utility with respect to some (unknown) utility U and some (unknown) probability P, what can one tell about P by observing his decisions? We discuss this revealed preference question primarily in the simple case of a two-element (H and T) state space, and show that the possible revelations of P_T/P_H are precisely those of the form P_T/P_Hε∪^K_k=1 (γ_k,δ_k), for some algebraic numbers γ_k,δ_k.