Unverzichtbar: Erfahrene Kollegen

Zusammenfassung  Arbeitskr?ftesituation in der Pflege — 2010 ist fast jeder dritte Erwerbst?tige über 50. Das betrifft auch die Pflegebranche. Die Ver?nderungen, die sich dadurch bei gleichzeitigem Nachwuchsmangel ergeben, werden allerdings bisher wenig diskutiert. Welche M?glichkeiten gibt es, dem Arbeitskr?ftemangel in der Pflege zu begegnen?     

Laying off credit risk: Loan sales versus credit default swaps

How do markets for debt cash flow rights, with and without accompanying control rights, affect the efficiency of lending? A bank makes a loan, learns if it needs monitoring, and then decides whether to lay off credit risk. The bank can transfer credit risk by either selling the loan or buying a credit default swap (CDS). With a CDS, the originating bank retains the loan's control rights; with loan sales, control rights pass to the loan buyer. Credit risk transfer leads to excessive monitoring of riskier credits and insufficient monitoring of safer credits. Increases in banks' cost of equity capital exacerbate these effects. For riskier credits, loan sales typically dominate CDS but not for safer credits. Once repeated lending and consequent reputation concerns are modeled, although CDSs remain dominated by loan sales for riskier credits, for safer credits they can dominate loan sales, supporting better monitoring (albeit to a limited extent) while allowing efficient risk sharing. Restrictions on the bank's ability to sell the loan expand the range in which CDSs are used and monitoring is too low.     

Impacts of the Japanese patent system on productivity growth

We investigate empirically how the Japanese patent system has affected post-war growth in Japanese total factor productivity. The system has been criticized for several reasons, including that it encourages numerous filings of narrow claims that build incrementally on fundamental technologies developed by domestic and foreign inventors. Stated in different terms, the system was designed to promote technological catch-up and diffusion through incremental innovation. However, its effectiveness in achieving this purpose has not been studied systematically. We provide econometric evidence that the technology diffused through the Japanese patent system had a significant and positive impact on Japan's technical progress.     

南加州大学马歇尔商学院——隐藏的骚扰

由于公司性骚扰事件影响极其恶劣,所以许多公司对此的态度是决不姑息。我们研究发现,在公司里,还有各种各样的无礼行为（incivility）同样会造成很强的负面影响,但这些行为却很少受到重视。     

Demand estimation and market definition for broadband Internet services

This paper analyses residential demand for Internet access in Austria with a focus on broadband Internet connections. Austria has cable network coverage of about 50% and is, therefore, a good candidate to analyse the elasticity of demand for DSL where cable is available and where it is not. We also include mobile broadband via UMTS or HSDPA in our analysis and estimate various nested logit models to derive conclusions for market definition. The estimation results suggest that demand for DSL is elastic and that cable networks are likely to be in the same market as DSL connections both at the retail and at the wholesale level. We discuss possible implications for the regulation of wholesale broadband access markets. All views expressed are solely the authors’ and do not bind RTR or the Telekom-Control-Kommission (TKK) in any way nor are they official position of RTR or TKK.     

Zuhause sterben

Zusammenfasung  Was leistet Homecare? — Ein strukturierter Betreuungsansatz kann einen wesentlichen Beitrag leisten, das für den Patienten in seiner letzten Lebensphase Wichtige zu priorisieren. Das gilt sowohl für die medizinisch-pflegerische Versorgung als auch bei pers?nlichen Anliegen des Patienten.     

From Quality Circles to Self-Managed Work Teams: Are Employee Teams Legal in the United States?

This paper focuses on the legal status of employee teams, such as quality circles, that are commonly used within organizations in the United States. At present, the National Labor Relation Act (the Act), which governs labor–management relations, also has direct implications for the types of employee teams that can be legally implemented within organizations. This paper reviews the governing sections of the Act and analyzes how they apply to the use of employee teams. Suggestions for avoiding or dealing with illegally formed employee teams are offered.     

Rationing in IPOs

We provide a model of bookbuilding in IPOs, in which the issuer can choose to ration shares. Before informed investors submit their bids, they know that, in the aggregate, winning bidders will receive only a fraction of their demand. We demonstrate that this mitigates the winners curse, that is, the incentive of bidders to shade their bids. It leads to more aggressive bidding, to the extent that rationing can be revenue-enhancing. In a parametric example, we characterize bid and revenue functions, and the optimal degree of rationing. We show that, when investors information is diffuse, maximal rationing is optimal. Conversely, when their information is concentrated, the seller should not ration shares. We provide testable predictions on bid dispersion and the degree of rationing. Our model reconciles the documented anomaly that higher bidders in IPOs do not necessarily receive higher allocations.