Sovereign Risk: Are the EU's New Member States Different?*

This article examines whether rating agencies and investors perceive the sovereign risk of the new member states (NMS) of the European Union (EU) as different from that of other emerging markets. The results suggest the NMS have enjoyed favourable treatment since somewhere between 2002 and 2004, amounting to an advantage of 1.8 notches in ratings and 100 basis points in foreign currency spreads. We argue that, although several explanations of this effect are possible, it is most likely because of higher policy credibility bestowed by EU membership.     

Developments in accounting regulation: A synthesis and annotated bibliography of evidence and commentary in the 2009 academic literature

In this article, we synthesize in annotated bibliography form, recent regulation-related findings and commentaries in the academic literature. This annotated bibliography is one in a series of bibliographies that summarizes regulation-related academic research. We reviewed academic outlets such as The Accounting Review, The Journal of Accounting Research, The Journal of Accounting and Economics, Accounting Horizons, The Journal of Accounting, Auditing & Finance, The Journal of Accounting and Public Policy, The Journal of Business, Finance & Accounting, Auditing: A Journal of Practice and Theory, and Research in Accounting Regulation. We annotate results of regulation-related research studies and key points from regulation-related commentaries.     

Technology in the rear-view mirror: how to better incorporate the history of technology into technology education

The history of technology can play an important role in illuminating the fundamentals of technological change, but it is important that technology teachers, teacher educators, curriculum developers and researchers can be provided with good analytical tools for this purpose. In this article, we propose a model of techno-historical interplay, as a help in deciding what historical artefacts and systems should be included in technology curricula and teaching as well as in analyzing and conveying to students the fundamental issues of technological change. We want to emphasize particularly three points of importance in employing the model as a tool of analysis. First of all, it is crucial to decide what one wants the technologically literate student to know about technology and technological change. This should include an awareness of the historical and geographical contingency of any technology. Second, on the basis of this decision one should adapt the model as a tool for selecting relevant technologies. Third, the model should be applied as an instrument of analysis of the history of the selected technological artefacts or systems as well as theories of technological development.     

Agency and structure in management accounting research: Reflections and extensions of Kilfoyle and Richardson

This paper is a reaction to and extension of Kilfoyle and Richardson's (K&R) paper “Agency and structure in budgeting: thesis, antithesis and synthesis” [Critical Perspectives on Accounting, 2011;2:183–199] with the aim of contributing to the ongoing discussion about how to conceptualize agency and structure in management accounting research. More specifically, while we fully sympathize with K&R's overall conclusion that a duality perspective (as opposed to dualism) has the best potential to address the intriguing paradox of embedded agency, we also argue that some of their writings open up for multiple interpretations, of which some may be problematic if we want to dissolve the separation of agency and structure. As a reaction to this, we propose a number of specifications resulting in a duality perspective which is grounded in a ‘flat and local’ ontology. This perspective, in turn, forms the basis for the development of a general framework which identifies four principal origins of embedded agency, of which K&R mainly discuss one. In relation to K&R, our paper thus extends their line of argument by suggesting a number of interesting, yet largely unexplored avenues for future management accounting research.     

Why not use SDF rather than beta models in performance measurement?

This paper analyzes performance measurement based on stochastic discount factors, compared to beta models traditionally used in computing funds’ (Jensen) alphas. From a theoretical point of view, standard alphas suffer from several limitations. Our paper addresses this issue from an empirical point of view using a sample of Swiss mutual funds from 2000 to 2011. Our results suggest that the key for a “fair” comparison between stochastic discount function (SDF) and beta models is the specification of the set of primitive assets used to calibrate the SDF function. Once this is established, the size of (absolute) performance differences considerably decreases between the two model families. However, there are sizeable performance deviations in the cross-section of funds if conditioning information is incorporated in the tests, up to some 20 basis points per month, or about 2.3 % per year. In almost all cases, the SDF-alphas are lower than the standard (Jensen) alphas. In absolute terms, the average SDF-based underperformance of the funds is way larger than the average total expense ratio (TER) of the funds, both in a conditional and unconditional setting.     

The hand that rocks the cradle: Disciplinary socialization at the American Accounting Association's Doctoral Consortium

Motivated by the current turbulence in academic accounting in the USA, this paper problematizes the disciplinary socialization that occurs beyond school-specific educational processes. Using data pertaining to the American Accounting Association's Doctoral Consortium, this paper illustrates that the most important lesson about academic accounting may have been the righteousness of the fields’ stratification hierarchy. In other words, learning one's place in the US academy may be more important than any theory or technique within academic accounting. The conduct of the Consortium casts doubt on a substantive socialization agenda.     

Legal Framework of Decentralized Energy Business Models in Germany: Challenges and Opportunities for Municipal Utilities

Feasible and profitable business models to better integrate and harness decentrally generated renewable energy are expected to constitute a key element for the energy transition in Germany. Until now, generated electricity of decentralized systems is to the largest extent only used by the property owner directly or fed into the public grid. To make better use of the generated electricity, it is necessary to find business models that provide an opportunity for different market actors, such as municipal utilities and residential prosumers. Due to the importance, yet low-anticipated monetary potential of such solutions, the legislator encourages their implementation by exemption of statutory fees, levies and taxes as well as by offering public remunerations, premiums and compensations in some cases. Capitalizing on these benefits, however, is only feasible under compliance with the legal requirements. In the light of the considerations above, this work states and analyzes the legal and regulatory framework of different business models within the German energy landscape. The major aim is to identify opportunities and challenges for the implementation of the business models self consumption, direct consumption, direct marketing, demand response, community electricity storage and net metering at the municipal level. The findings show that the profitability of various decentralized on-site business models depends primarily on the current statutory cost exemptions and compensations. At the same time, the regulation is characterized by unsystematic specific exemptions which leads to uncertainty regarding long-term planning. Additionally, although not directly privileged by the existing legal framework, municipal utilities are better suited to handle the legal burdens due to their experience and their administrative infrastructure.     

Managing complex development projects: arenas, knowledge processes and time

The literature on project management has been dominated by techniques and methods for separating activities and making thought out plans. Closely related to this research stream is the research on product development, which seems to advocate somewhat of a different strategy where managing projects is a matter of enabling the crossing of functions and knowledge bases. This paper attempts to integrate these two lines of research.
The paper is based on two in–depth case studies of project management in product development contexts. The projects under study were highly complex and consisted of multiple interrelated parts, which called for 'tightly coupled' organizational solutions. From our point of view, much effort by the project management teams was put into establishing a project that was responsive and where participating local units were oriented toward various 'global' measures.
In our conception, the overall deadline seemed to have played an important role for promoting communal and interactive problem solving. Furthermore, the deadline emphasized the need for global arenas where the interactive problem solving could take place. It is argued that time–based controls set a global time for the project. The paper also demonstrates the importance of various global arenas, such as testing activities and project management forums, in order to keep track of time limits and to trigger global knowledge processes. Furthermore, based on the notion of 'separation' and 'coupling' of sub–systems and project phases, the paper suggests a model identifying four types of project organizations. The paper contributes to the knowledge on project management in complex product development.     

Perceived importance of native language use in service encounters

Despite the importance of interactions in services, the role language plays in services is an under-researched field. This paper outlines for which services language is especially important. Consistent across studies in three countries (Belgium, Canada and Finland), the findings suggest that bilingual consumers find it particularly important to be served in their native language in high-involvement services. Moreover, for high-involvement services, all consumers find it important to be served in their native language. For low-involvement services, elderly consumers are less willing to switch language than young consumers. The importance of native language use did not differ between males and females.