Testing the efficiency of the Norwegian housing market

The question of whether or not the housing market is efficient is posed by an increasing number of economists, policymakers, homebuyers, and homesellers. This article tests the efficiency hypothesis on data from the housing market in Oslo over the period 1991–2002, employing the Case–Shiller time-structure test on a repeat-sales house price index and returns to housing. We demonstrate that both the repeat-sales house price index and returns contain time structure and that the housing market is characterized by inefficiencies. We also find, surprisingly, that the housing market consistently yields higher appreciation at lower volatility than the stock market over the period.     

Cultural change that sticks

When a major change initiative runs aground, leaders often blame their company's culture for pushing it off course. They try to forge ahead by overhauling the culture--a tactic that tends to fizzle, fail, or backfire. Most cultures are too well entrenched to be jettisoned. The secret is to stop fighting your culture--and to work with and within it, until it evolves in the right direction. Today's best-performing companies, such as Southwest Airlines, Apple, and the Four Seasons, understand this, say the authors, three consultants from Booz & Company. These organizations follow five principles for making the most of their cultures: 1. Match strategy to culture. Culture trumps strategy every time, no matter how brilliant the plan, so the two need to be in alignment. 2. Focus on a few critical shifts in behavior. Wholesale change is hard; choose your battles wisely. 3. Honor the strengths of the existing culture. Every culture is the product of good intentions and has strengths; put them to use. 4. Integrate formal and informal interventions. Don't just implement new rules and processes; identify "influencers" who can bring other employees along. 5. Measure and monitor cultural evolution. Otherwise you can't identify backsliding or correct course. When the leaders of Aetna applied these rules while implementing a new strategy in the early 2000s, they reinvigorated the company's ailing culture and restored employee pride. That shift was reflected in the business results, as Aetna went from a $300 million loss to a $1.7 billion gain.     

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Ohne Zusammenfassung     

Targeting online display ads: Choosing their frequency and spacing

With real-time bidding, advertisers can decide how often (ad frequency) and in what time interval (ad recency) to show an ad to a specific user. Ads shown often and in quick succession might increase brand and ad recognition on the one hand but might annoy users on the other hand. These recognition and annoyance effects, in turn, can have opposing consequences for click-through rates (CTRs). Guided by theory and previous studies, we examine how the frequency (high vs. low) and the recency (small vs. large time intervals) of ad impressions relates to a banner's CTR and whether this is moderated by the campaign type (diverse or not), the brand's advertising expenditure (high vs. low), and the type of industry (selling durable vs. non-durable goods). To do so, we use a large data set containing information on 5.8?bn ad impressions and 1.8?m clicks delivered for 158 different advertisers from 25 industries. We show that higher ad frequency and higher ad recency relate to a lower CTRs, especially when having a less diverse campaign, for brands which are spending more on advertising, and, to some extent, for firms selling durables.     

Schwaches Produktivitätswachstum — zyklisches oder strukturelles Phänomen?

Labour productivity growth in Germany and in the OECD countries has decelerated significantly in recent years. This observation is astonishing, given the fact that modern digital services can now be found throughout the economy. It may be a statistical artefact, but if it is a realistic observation, it should be investigated. The authors describe many reasons for this development. For example, the services sector, with its traditionally low productivity, makes up an increasingly large part of the economy. Moreover, the cost intensity of innovations is growing, and there are not enough innovative investments. What should be done? Reforms are suggested which aim at exploiting unused potential and create suitable conditions for facilitating sustainable productivity increases. Important policy areas include digitisation, energy transition and demographic change. But reforms must also be thought of as investments into the capacity of employees to work productively.     

Verbesserung der Regierungsführung in den AKP-Ländern?

Die Europ?ische Union verhandelt zurzeit mit den AKP-L?ndern über so genannte Economic Partnership Agreements. Diese Abkommen haben vor allem die Entwicklung der AKP-L?nder als Ziel. Eine elementare Vorbedingung für Entwicklung ist die Qualit?t der Regierungsführung. Jedoch ist eine gute Regierungsführung in vielen AKP-L?ndern derzeit alles andere als selbstverst?ndlich. Wie kann die Europ?ische Union dazu beitragen, diese Missst?nde zu beheben und eine nachhaltige Entwicklung der betroffenen L?nder zu f?rdern? Sind die Economic Partnership Agreements überhaupt ein ad?quates Mittel, um diese Herausforderung zu bew?ltigen? PD Dr. Matthias Busse, 41, leitet den Kompetenzbereich Weltwirtschaft am Hamburgischen WeltWirtschaftsInstitut (HWWI); Steffen Gr?ning, 28, MA International Economics, ist Forschungsassistent am HWWI und promoviert an der Universit?t Hamburg. Dieser Artikel basiert auf einer Studie, die im Auftrag der Friedrich-Ebert-Stiftung durchgeführt wurde. Die vollst?ndige Studie kann von der Webseite des HWWI heruntergeladen werden: www.hwwi.org.     

Gender differences in perceived workplace harassment and gender egalitarianism: A comparative cross-national analysis

Using 2015 International Social Survey Program (ISSP) data on 38,179 individuals from 36 countries in 9 relatively homogeneous global regions, we analyze the gender differences and the gender gap in perceived workplace harassment (PWH) with particular attention to gender equality's and gender egalitarianism's roles in molding these differences. We find that despite large regional differences, women in most countries are more likely than men to perceive workplace harassment, although this likelihood is higher in countries that score favorably on our gender equality measures. Hence, political empowerment and better economic opportunities alter women's perceptions of workplace harassment, increasing the probability of their experiencing it. Our results also underscore the important roles of values and gender egalitarian practices. Whereas enhanced gender egalitarianism values increase women's perceptions of workplace harassment, concrete practices tend to reduce them. Especially for management, this result highlights the importance of actually implementing gender equality policies at a corporate level, because a discrepancy between corporate values and practices on this issue will only accentuate the perception of harassment.     

Shaping Retail Brand Personality Perceptions by Bodily Experiences

Customer experiences play an important role in retail brand management. This research investigates how bodily experiences in retail environments influence customers’ perceptions of retail brand personalities. Based on research on human personality perception, we propose that bodily experiences transfer metaphoric meaning to customers’ brand perceptions. In a field experiment and a lab experiment we manipulated participants’ bodily experiences (feeling of hardness and temperature) and consistently found a metaphor-specific transfer of experiences to retail brand personality perceptions (on the dimensions “ruggedness” and “warmth”). A third study reveals the mechanism behind the effect and demonstrates concept activation elicited by bodily experiences in customers’ minds.     

Who Is the Loser When I Lose the Game? Does Losing an Advergame Have a Negative Impact on the Perception of the Brand?

Many computer games are based on the principle of competition, making the outcome of the game, namely, the prospect of victory and the threat of defeat, a key element. A lab experiment was conducted to study the effects of a game's outcome on the player's mood, brand attitude, and game attitude as well as the experience of flow (N = 95; between-subject design: game lost versus game won versus no induction of the game outcome). The results show that although winners are not in a better mood after the game, they rate the game as better and assess the brands advertised more positively than before they played the game. They have an increased likelihood of experiencing flow, whereas no significant effects of losing the game could be detected due to the total mediation of the flow experience in the case of the losing condition.     

Bridging the Energy Efficiency Gap: A Field Experiment on Lifetime Energy Costs and Household Appliances

Providing consumers with information that can lead to more energy-efficient choices can help reduce energy use and greenhouse gas emissions while reducing costs to consumers. A natural field experiment is conducted in collaboration with an electrical retailer to test strategies for influencing sales of household appliances. The experiment involves two product categories, fridge-freezers and tumble driers. Information on lifetime energy cost of appliances is provided through a label and training of sales staff. For fridge-freezers, the authors find no significant effects. For tumble driers, the combined treatment and training treatment reduce average energy use of tumble driers sold by 4.9% and 3.4%, respectively. The effect is strongest initially, over 12% on average for the first 3 months for the combined treatment but declines over time. The effect is significant at the 5% level for the combined treatment while not significant for sales staff training.