Die Kalkulation ausfallrisikobedrohter Finanztitel mit Rating-Übergangsmatrizen

Ohne Zusammenfassung     

Multi-channel-retailing und kundenbezogene erfolgsrechnung

Die Kombination von Online-Shops, station?ren Gesch?ften und Versandkatalogen versetzt den Einzelh?ndler in die Lage, seine Kunden an unterschiedlichen Orten zu unterschiedlichen Zeiten zu erreichen. Die Bearbeitung des Marktes mit m?glichst vielen Kan?len kann der Schlüssel zum Erfolg sein. Wissen die Multi-Channel-Retailer aber tats?chlich, welche Kan?le ihre Kunden nutzen und welche Kunden welchen Deckungsbeitrag liefern? Kann es sein, dass bestimmte Kunden nur oder überwiegend den elektronischen Kanal nutzen und mehr Handlungskosten als Rohertr?ge verursachen? Antworten hierauf bietet die kundenbezogene Erfolgsrechnung.     

Macro-logistics and externality cost trends in South Africa – underscoring the sustainability imperative

The challenges facing the logistics industry in a fossil fuel-challenged global economy are highlighted by transportation's rising contribution to logistics costs, as evidenced in the USA's and South Africa's logistics costs time series, the two longest-running such series available globally. The anticipated persistence of rising, volatile oil prices and mounting pressure to account for externalities will exacerbate the increase in transport costs (TCs). The results of South Africa's externality cost model show that transport externalities add an additional 18% to already high TCs. In the South African context, the equally largest contributors to freight transport externalities are accidents involving road freight vehicles and road freight emissions. The visibility of these costs is the first step towards internalisation and illustrates the desirability of a fundamental shift in the structure of the South African freight transport industry through the introduction of long-distance intermodal solutions.     

Liquidity biases in asset pricing tests

Microstructure noise in security prices biases the results of empirical asset pricing specifications, particularly when security-level explanatory variables are cross-sectionally correlated with the amount of noise. We focus on tests of whether measures of illiquidity, which are likely to be correlated with the noise, are priced in the cross-section of stock returns, and show a significant upward bias in estimated return premiums for an array of illiquidity measures in Center for Research in Security Prices (CRSP) monthly return data. The upward bias is larger when illiquid securities are included in the sample, but persists even for NYSE/Amex stocks after decimalization. We introduce a methodological correction to eliminate the biases that simply involves weighted least squares (WLS) rather than ordinary least squares (OLS) estimation, and find evidence of smaller, but still significant, return premiums for illiquidity after implementing the correction.     

In Memoriam

Rotterdam, April 1874.     

Benefits and Disadvantages of Individuals’ Multiple Team Membership: The Moderating Role of Organizational Tenure

Many employees in today’s organizations are involved in more than one team at the same time. Building on the challenge-hindrance stressor framework, this study investigates potential benefits and disadvantages of such multiple team membership (MTM) for individual employees. Furthermore, we extend this framework with insights from the job demands-resources model to propose that, depending on an employee’s organizational tenure, individual MTM will differentially shape his or her perceptions of work challenge and role ambiguity, subsequently influencing the employee’s job performance and absenteeism. We tested our conceptual model using time-lagged multi-source data from a large organization of applied research (N = 1211). Our results demonstrate that, for employees with relatively low organizational tenure, MTM was negatively associated with perceived work challenge and positively associated with perceived role ambiguity, which in turn associated with lower job performance and higher absenteeism. For employees with higher organizational tenure, by contrast, MTM associated positively with their work challenge perceptions and subsequent performance outcomes, whereas MTM was unrelated to perceived role ambiguity as well as absenteeism. These findings identify relevant psychological mechanisms and a key contingency factor that explain when and why MTM may have positive or negative individual-level consequences.     

Die Innovationsfähigkeit deutscher Metropolregionen — ein Vergleich

Within the article, new key findings on the innovation capability of the largest metropolitan areas in Germany are presented. One result is that the innovation capability is relatively heterogeneously distributed among the metropolitan areas. Munich possesses an enormous lead in innovation, and is one of the most innovative regions in Germany. Compared to Munich, the metropolitan areas of Berlin Brandenburg and Hamburg possess an underdeveloped innovation capability. However, through its capital function, Berlin-Brandenburg, has an excellent potential to catch up. Nevertheless, the metropolitan areas have still a long way ahead to develop their regional innovation profile and to close in the gap with the Munich region.     

Mutual Gains? Health‐Related HRM,Collective Well‐Being and Organizational Performance

Research on the effects of HR management on employees’ psychological well‐being has yielded inconclusive results. Moreover, prior works remain unclear on whether human resource practices specifically aimed at enhancing employee well‐being also benefit organizational performance. Building on signaling theory and conservation of resources theory, our study investigates the relationship between health‐related human resource management (HHRM), employees’ collective well‐being (in terms of collective emotional exhaustion and collective engagement) and organizational performance. Results from a multi‐source field study of top management team members, HR representatives, and 15,952 employees in 88 organizations reveal a positive indirect relationship between HHRM and employees’ collective well‐being, which is mediated by employees’ positive stress mindset. In addition, we find this positive indirect association to depend on the level of transformational leadership climate in organizations. Finally, our findings also show a positive indirect relationship between HHRM and company performance, mediated by employees’ positive stress mindset and collective engagement.