The EU’s new competition policy standards

In a 2008 article in the EU’s Competition Policy Newsletter, Peter Lowe, Director General of the EU Commission’s Directorate Competition, synthesised the experience of his office with regard to the design of competition policy institutions for the 21st century. A year earlier, he had co-authored another article, appearing in the same venue, recapitulating the Commission’s lessons learned from the Energy Sector Inquiry and the need for effective unbundling of energy transmission networks. The reader of both, at first astounded by the apparent gap between policymaking reality and reflections upon it, soon detects a rather pragmatic approach to shaping regulatory agendas. But are there limits to expediency?     

The Strategy of foreign-invested manufacturing enterprises in China: Export-orientated and market-orientated FDI revisited

This paper examines export-orientated and market-orientated foreign direct investment (FDI) in China's manufacturing industry. Based on Fung's () survey estimation of China's market-orientated FDI in 1992 and China's Third National Industrial Census in 1995, we quantify the proportion of market-orientated FDI in China 1992–2002. By combining and verifying various data sources, our estimation shows that market-orientated FDI accounts for the majority of China's total inward FDI in manufacturing industry and has grown faster than export-orientated FDI over the period 1992–2002. Our industry level analysis suggests that Overseas Chinese investors are more export-orientated than Western investors. The study suggests that many inward investors follow a dual market strategy. The coexistence of export-orientated and Chinese domestic market-orientated FDI is a reflection of the flexibility of MNEs to adjust and adapt ownership attributes to the local market context. The study offers insights into the evolutionary development path taken by foreign-invested manufacturing enterprises in China.     

Optimal portfolios with a positive lower bound on final wealth

We consider the determination of optimal portfolios under a lower bound on the final wealth. Possible applications range from capital guarantee strategies over life insurance investment where part of the benefit is a guaranteed return on capital to continuous-time mean-variance problems with a strictly positive lower bound. Our solution method consists of transforming the original problem into a portfolio problem without a positive lower bound but a transformed utility function and a modified initial wealth.     

A Bibliometric Review of Open Innovation: Setting a Research Agenda

Through an objective, systematic, and comprehensive review of the literature on open innovation (OI), this article identifies gaps in existing research, and provides recommendations on how hitherto unused or underused organizational, management, and marketing theories can be applied to advance the field. This study adopts a novel approach by combining two complementary bibliometric methods of co‐citation analysis and text mining of 321 journal articles on OI that enables a robust empirical analysis of the intellectual streams and key concepts underpinning OI. Results reveal that researchers do not sufficiently draw on theoretical perspectives external to the field to examine multiple facets of OI. Research also seems confined to innovation‐specific journals with its focus restricted to a select few OI issues, thereby exerting limited influence on the wider business community. This study reveals three distinct areas within OI research: (1) firm‐centric aspects of OI, (2) management of OI networks, and (3) role of users and communities in OI. Thus far, studies have predominantly investigated the firm‐centric aspects of OI, with a particular focus on the role of knowledge, technology, and R&D from the innovating firm's perspective, while the other two areas remain relatively under‐researched. Further gaps in the literature emerge that present avenues for future research, namely to: (1) develop a more comprehensive understanding of OI by including diverse perspectives (users, networks, and communities), (2) direct increased attention to OI strategy formulation and implementation, and (3) enhance focus on customer co‐creation and conceptualize “open service innovation.” Marketing (e.g., service‐dominant logic), organizational behavior (e.g., communities of practice), and management (e.g., dynamic capabilities) offer suitable theoretical lenses and/or concepts to address these gaps.     

Pflegeberatung ist Vertrauenssache

M?ngeln in der h?uslichen Pflege pr?ventiv begegnen – Vertrauen ohne Kontrolle, Routine, überforderung oder das Nichtbeachten des Beziehungsgeflechtes zwischen Pflegenden und Gepflegten führt oft zu Problemen. Der Gesetzgeber verpflichtete deshalb die Pflegekassen und Tr?gerverb?nde von ambulanten Pflegeeinrichtungen zur Erarbeitung von Richtlinien und standardisierten Verfahren für die Pflegefachberatung. Leider gibt es bislang keine verbindliche Umsetzung.     

Rationierung: Teufelszeug oder Herausforderung zum Umdenken?

Umgang mit knappen Ressourcen - Das Schreckgespenst der Rationierung macht sich im Gesundheitswesen breit und beunruhigt Patienten, Anbieter von Gesundheitsleistungen und den Gesetzgeber gleicherma?en. Pflegende befürchten, selbst Opfer oder Henkersknechte dieses Ph?nomens zu werden. Sind diese ?ngste begründet? Und – besteht die M?glichkeit zum Gegensteuern? Eine kritische Einsch?tzung von Ralf Gratias.     

Pricing assets with higher moments: Evidence from the Australian and us stock markets

This paper investigates the importance of higher moments of return distributions in capturing the variation of average stock returns for companies listed in the leading S&P US and Australian indices. We find that Australian stocks are more negatively skewed but less leptokurtic than US stocks. As a result, we find that co-skewness plays a more important role in explaining Australian returns while co-kurtosis is consistently influential for US stock returns. We postulate that the differences in results are related to the underlying firm characteristics of the companies in the two indices, where principally the Australian firms are noticeably smaller than their US counterparts and concentrated in a smaller number industry sectors. This implies that for many smaller exchanges around the world higher moment characteristics displayed by the US market may not be applicable. We also show our results are robust to partly explaining average stock returns in the presence of size, value, and momentum effects.     

Host–home country linkages and host–home country specific advantages as determinants of foreign acquisitions by Indian firms

This paper examines the complementarity of country-specific linkages with country-specific advantages in explaining the foreign acquisitions by Indian MNEs by testing and extending further the Eclectic Paradigm. The approach to internationalisation dominated by the Eclectic Paradigm has constantly faced challenges in gaining acceptance as a holistic framework in explaining outward foreign direct investment (OFDI). In 2006 Dunning acknowledged that the role of networks and linkages (Dunning, 2006a). In this paper we explore the view that linkages between host and home country should be included in the Eclectic Paradigm as institutional assets. Country-specific linkages add to richness and improve explanatory power of the Eclectic Paradigm. Linkage variables are shown to be an adjunct to the Eclectic Paradigm, not an alternative to it.     

Systemtheorie für Journalisten

Ohne Zusammenfassung The online version of the original article can be found at