Are interest rates too low? Empirical evidence and implications for German life insurers

The current financial crisis has reduced government bond yields in Germany, the U.S., the UK and other countries. Low interest rates do create some problems for the European insurance industry. Especially life insurers seem to face some difficulties. The empirical results reported in this paper give support to the point of view that the relationship among German long-term interest rates, consumer price inflation and industrial production has changed significantly in the year 2009. Turning to the important question under which circumstances an increase to interest rates is likely to occur the empirical evidence reported in this paper does indicate that higher inflation rates should be a cause for rising bond yields.     

Stock market reactions to entry mode choices of multinational hotel firms

This paper contends that when entry mode choices are aligned with the characteristics of the host country, investors are likely to respond more positively to the expansion announcement than when there is no or little alignment. Empirical results from the international hotel industry support this contention. The findings specifically reveal that the announcements of new management contracts in developing countries, and new franchise agreements in developed countries, cause superior abnormal returns. The study also further supports the notion that control and ownership need to be treated as separate dimensions in the entry mode literature.     

2008年全球经济展望

经过4年的强劲增长之后，全球经济面临着严峻挑战：美国次贷危机导致的金融动荡、多国住宅市场的调整、创纪录油价和食品价格导致的全球通胀率高涨，以及美元贬值对美国以外国家的影响。     

Modeling of Income and Indicators of Poverty and Social Exclusion Using the Generalized Beta Distribution of the Second Kind

There are three reasons why estimation of parametric income distributions may be useful when empirical data and estimators are available: to stabilize estimation; to gain insight into the relationships between the characteristics of the theoretical distribution and a set of indicators, e.g. by sensitivity plots; and to deduce the whole distribution from known empirical indicators, when the raw data are not available. The European Union Statistics on Income and Living Conditions (EU‐SILC) survey is used to address these issues. In order to model the income distribution, we consider the generalized beta distribution of the second kind (GB2). A pseudo‐likelihood approach for fitting the distribution is considered, which takes into account the design features of the EU‐SILC survey. An ad‐hoc procedure for robustification of the sampling weights, which improves estimation, is presented. This method is compared to a non‐linear fit from the indicators. Variance estimation within a complex survey setting of the maximum pseudo‐likelihood estimates is done by linearization (a sandwich variance estimator), and a simplified formula for the sandwich variance, which accounts for clustering, is given. Performance of the fit and estimated indicators is evaluated graphically and numerically.     

Public research intensity and the structure of German R&D networks: a comparison of 10 technologies

A rich literature has emerged that analyzes the emergence of inter-organizational networks. However, little is still known about how and why the (global) structures of such networks differ between technologies. Based on a rich database covering subsidized R&D cooperation in Germany, we compare cooperation networks of 10 distinct technologies. A particular focus is hereby on the existence of systematic differences between networks that are dominated by firms and those that primarily connect public research organizations. Among others, we find that the first tend to be larger and less dense with big firms being the most central organizations. In comparison, networks dominated by public actors are stronger centralized and involve more isolates.     

Expatriate selection: An empirical study identifying significant skill profiles

Effective selection procedures constitute an important factor in increasing expatriate success. However, research lacks findings regarding which skills to screen in international selection processes and whether to base expatriate selection on a culture‐specific or culture‐general skill profile. In an attempt to gather such evidence, an empirical study was conducted in the United States and Germany. Managers in both nations judge intercultural communication skills and intercultural sensitivity to be important intercultural competencies. Moreover, culture‐specific skills seem to be required when engaged in both a U.S. and German working context. Recommendations for complementing culture‐general and culture‐specific skill profiles are discussed. © 2004 Wiley Periodicals, Inc.