Weichenstellung für den europäischen Emissionshandel

Die EU-Kommission hat eine Weichenstellung für den europ?ischen Emissionshandel vorgeschlagen. Nachdem die Zertfikate bisher kostenlos zugeteilt wurden, sollen sie ab 2013 vollst?ndig versteigert werden. Wie wirkt sich die Versteigerung auf die Marktstruktur im Emissionshandel aus? Wie sollte ein konkretes Auktionsdesign aussehen, um Ineffizienzen in der Anfangszuteilung zu verhindern?     

Accounting-based Valuation of Polish Listed Companies

This study examines the value relevance of the new accounting system in Poland. Using a model derived from the Edwards-Bell-Ohlson valuation framework, the relation of current earnings and lagged book values with the stock prices of Polish listed companies is tested. The accounting data are derived from the financial statements prepared under The Act on Accounting of 1994 , which assured a full compliance of the Polish accounting standards with the European Union directives. The results show that both current earnings and lagged book values are positively and significantly related to prices, and the magnitude of this relation is comparable to that reported in more advanced markets. Also, the incremental information content of lagged book value is greater than that of current earnings.     

Children's Responses to Advertising in Social Games

This study explored children's (ages 9 through 12) level of persuasion knowledge and peer influence susceptibility concerning advertising in social games and investigated how these variables affect children's desire for the brands advertised in these games. Results showed that (1) children have a fairly good knowledge of the advertising in social games yet hold uncritical attitudes toward it and claim to be not very susceptible to peer influence; (2) the most important predictors of children's desire for the advertised brands are a low critical attitude and high peer influence susceptibility; and (3) recognition and understanding of advertising in social games is effective in reducing advertised brand desire only for children who are familiar with social games.     

Determinants of brand equity in cultural organizations: the case of an art exhibition

The purpose of this research is two-fold. First, to explore the factors that help to create brand equity in cultural organizations from the visitor viewpoint and second, to examine the impact of cultural brand equity on visitor satisfaction as well as on future intentions. A model of the relationships is developed and empirically tested using data collected from visitors attending The Ages of Mankind cultural exhibition in Castilla and León, Spain. In the present study, evidence is found to support the propositions that brand equity is closely linked to the particular image it conveys, to the event's recognition, the quality of the exhibitions and the cultural values it transmits. Brand equity also impacts visitor perception of the most recent exhibition, as well as future intentions to attend or even pay an admission fee.     

Perceptions of representatives of public,private, and community sector institutions of the barriers and enablers for physically active transport

Active transport bridges many shared concerns in the public health and transport sectors. To positively affect opportunities for active transport, public health and transport professionals are engaging with other sectors, including urban planning, housing, recreation, retail, education, and employer groups. A first step in such inter-sectoral collaboration is to understand the perceptions of key players in all of these sectors. This paper describes the results of structured interviews with senior and middle-level administrators from public, private, and community groups in a rapidly developing region in Queensland, Australia, to assess the perceived barriers and enablers to active transport. Key themes emerged relating to infrastructure delivery, public transport services, walk- and cycle-friendly community attributes, political leadership and government coordination, and societal travel norms and culture. There were also themes relating to limits due to resources and limited relevant technical expertise, institutional and practitioner cultures, and agencies not identifying with their roles in active transport. Policies and cross-government initiatives were seen to hold promise, including economic incentives and built environment guidelines, campaigns targeting public attitudes and opinions, and community participation in policy-making. These elements are potential keys to positively promoting comprehensive active transport initiatives among gatekeepers and leaders across different sectors.     

Owning capital or being shareholders: An equivalence result with incomplete markets

Many recent papers in macroeconomics have studied the implications of models with household heterogeneity and incomplete financial markets under the assumption that households own the stock of physical capital and undertake the intertemporal investment decisions. In these models, production exhibits constant returns to scale, households maximize expected discounted utility, and firms rent capital and labor from households to maximize period by period profits. This paper considers the case in which infinitely lived firms, rather than households, make the intertemporal investment decisions. Under this assumption, it shows that there exists an objective function for firms that results in the same equilibrium allocation as in the standard setting with one period lived firms. The objective requires that firms maximize their asset value, which is defined as the discounted value of future cash flows using present value processes that do not allow for arbitrage opportunities.     

To Discount or Not to Discount: An Assessment of Perceptions,Beliefs, and Intentions to Use Electronic Auctions with Discounts

In the digital economy, electronic auction systems are becoming more prevalent in facilitating the transactions between buyers and sellers. Auction websites, such as eBay and Amazon, as well as more sophisticated platforms, such as Moai and FrictionlessCommerce have increased transaction volume by offering tailored auction protocols to specific customer groups. meet2trade is a generic electronic market platform that supports various auction mechanisms. This study examines the impact of a discount in a second-price, sealed-bid mechanism on bidding behavior and market outcomes. Emphasis is thereby placed on bidders’ system-based perceptions, beliefs about usage and institutional-based trust, and intention to use such an auction. Ninety students were recruited to participate in an experiment held at a Western European university. The experiment observed user behavior in second-price auctions with and without a discount. The results demonstrate that although discounts do affect bidding behavior and economic outcomes, they do not influence bidder’s intentions to use such auction mechanisms. Instead, we found that intention to use is influenced by institutional and usage beliefs that are shaped by system-based perceptions, which in turn provide specific advice to market engineers on the technical aspects influencing system adoption.