The International Competitiveness of Germany and other European Economies: The Assessment of the Global Competitiveness Report

The Global Competitiveness Report of the World Economic Forum examines the relative competitiveness of economies on a broad basis of microeconomic and macroeconomic indicators. The following discussion uses the results of the Global Competitiveness Report 2004–2005 and investigates how the relative competitiveness of Germany and other European countries has developed over the recent past.     

A comprehensive look at luxury brand marketing research from 2000 to 2016: a bibliometric study and content analysis

The purpose of this study is to examine how scholarly research on luxury brand marketing has evolved in the twenty-first century. This literature review focuses on 242 articles related to luxury marketing. The contributions of these articles are thoroughly analyzed, combining qualitative interpretations with bibliometric citation analysis that uses a social network of referrals. This study identifies the most influential universities, research outlets, and scholars in the recent evolution of luxury marketing research. The study also identifies current and future research streams, geographic scope, and underlying research methodologies, and it reveals the most frequently used theories and prominent constructs in luxury marketing research. There are few studies that have examined the literature review of the luxury marketing discipline. No previous research has investigated luxury branding by means of a bibliometric analysis and qualitative assessment within such a large scope. Building on the results of this analysis, researchers can target their studies precisely and, thus, increase the contributions of their empirical research.

     

Value Orientations, Income and Displacement Effects, and Voluntary Contributions

Identifying the value orientations of subjects participating in market or non-market decisions by having them participate in a ring game may be helpful in understanding the behaviour of these subjects. This experiment presents the results of changes in the centre and the radius of a value orientations ring in an attempt to discover if the measured value orientations exhibit income or displacement effects. Neither significant income effects nor displacement effects are identified. An external validity check with a voluntary contribution game provides evidence that value orientations from rings centred around the origin of the decision-space explain significant portions of voluntary contributions while value orientations from displaced rings do not.     

Continuous-time mean-variance portfolio optimization in a jump-diffusion market

In this paper, we take up an approach of (Lindberg, in Bernoulli, 15(2):464–474, 2009) who introduced a new parameterization of the Black–Scholes model that allows for an easy solution of the continuous-time Markowitz mean-variance problem. We generalize the results of (Lindberg, in Bernoulli, 15(2):464–474, 2009) to a jump-diffusion market setting and slightly correct the proof and the assertion of the main result. Further, we demonstrate the implications of the Lindberg parameterization for the stock price drift vector in different market settings, analyse the dependence of the optimal portfolio from jump and diffusion risk and finally indicate how to use the method. We particularly also show how the optimal strategy can be obtained with the restricted use of historical data.     

Exploring PMOs through community of practice theory

This article explores project management offices (PMOs) through community of practice theory. Preliminary results from a national health care case study are used to confirm the legitimacy of this approach. Today's knowledge‐based economy calls for mechanisms to share knowledge. The issue of making more with less is at stake in order to reuse good practices, support innovative practice, and prevent the reinvention of the wheel. Members of these communities are at the heart of the learning process. The originality of this research is that it sheds light on PMOs in a new theoretical perspective within the field of knowledge management.     

When Organizational Justice Matters for Affective Merger Commitment

We investigate when organizational justice matters to employees’ commitment in the postacquisition process after a company is taken over in a cross‐border acquisition. Overwhelming evidence from the literature suggests that employees who are treated fairly during acquisitions are more committed to their new firms. We extend this finding by dividing organizational justice into three subdimensions: informational justice, interpersonal justice, and procedural justice. We find evidence that procedural justice is an important antecedent of affective merger commitment at an early stage of the integration period, while informational justice becomes important at a later stage. Further analysis on heterogeneity between the target firm's employees and the bidder firm's employees reveals that, immediately after the acquisition, target firm's employees value knowing where they will be at the new firm (procedural justice), while bidder firm employees are more concerned about communication and transparency (informational justice). Our results point to the importance of organizational justice in a cross‐border merger and acquisition (M&A) setting and the need for a separate study of issues related to bidder firms and target firms. © 2016 Wiley Periodicals, Inc.     

Portfolio optimization based on GARCH-EVT-Copula forecasting models

This study uses GARCH-EVT-copula and ARMA-GARCH-EVT-copula models to perform out-of-sample forecasts and simulate one-day-ahead returns for ten stock indexes. We construct optimal portfolios based on the global minimum variance (GMV), minimum conditional value-at-risk (Min-CVaR) and certainty equivalence tangency (CET) criteria, and model the dependence structure between stock market returns by employing elliptical (Student-$t$ and Gaussian) and Archimedean (Clayton, Frank and Gumbel) copulas. We analyze the performances of 288 risk modeling portfolio strategies using out-of-sample back-testing. Our main finding is that the CET portfolio, based on ARMA-GARCH-EVT-copula forecasts, outperforms the benchmark portfolio based on historical returns. The regression analyses show that GARCH-EVT forecasting models, which use Gaussian or Student-$t$ copulas, are best at reducing the portfolio risk.