Anmerkungen zum Beitrag von Schmidbauer in ZVP, 1, 1977/1

Ohne ZusammenfassungGünter Wiswede ist Professor für Wirtschaftspsychologie an der Universität Köln, Institut für Sozialpsychologie, Universitätsstraße 75, D-5000 Köln. Kurt Monse ist Wissenschaftlicher Mitarbeiter an der Gesamthochschule Wuppertal, Fachbereich Wirtschaftswissenschaft, Gaußstraße 20, Gebäude M, D-5600 Wuppertal 1.     

A framework to facilitate institutional arrangements for smallholder supply in developing countries: An agribusiness perspective

The industrialization of agriculture and the potential problem of small-scale farmer marginalization calls for a fresh approach to the design of agribusiness supply chain arrangements in developing countries. The objective of the paper is to contribute to a better understanding of institutional arrangements that can promote stable smallholder agribusiness contracting arrangements in a developing country context. A case study approach, incorporating a transaction cost framework, is used to test whether trust can significantly change the contract characteristics of supply. The results suggest that although the presence of trust can influence the contract characteristics of a supply arrangement, it may not be significant because of other factors in a developing country context. Bearing this in mind, a number of institutional arrangements are recommended in order to promote more stable contract conditions.     

Bankruptcy behavior in the NFL: does the overtime structure change the strategy of the game?

Companies in financial distress have an incentive to take on high-risk/high-reward projects, known as ??bankruptcy behavior.?? This paper investigates the activity of bankruptcy behavior outside of the corporate setting by analyzing the effects of the overtime structure in the NFL relative to College Football. In overtime, the first team to score in the NFL wins. In college football, however, both teams in overtime get a chance to score and the winner is decided when one team outscores the other. This structure causes different strategies for the NFL teams approaching overtime relative to college football teams. Using the variance in scoring throughout the game, I find evidence that NFL teams take on more risk late in the game to avoid overtime, or act as if they have bankruptcy behavior.     

Kommentar zu Millers Beitrag

Ohne ZusammenfassungKurt Markert ist Vorsitzender einer Beschlußabteilung im Bundeskartellamt, (D-1000 Berlin 61, Mehringdamm 129) und Honorarprofessor für Wirtschaftsrecht an der Freien Universität Berlin.     

A Performance Comparison Between Cross-Sectional Stochastic Dominance and Traditional Event Study Methodologies

In this study, the performance of cross-sectional stochastic dominance (SD), first proposed by Falk and Levy (FL) (1989), is compared with three traditional event study methodologies: the Mean Adjusted model, the Market Adjusted model, and the Market and Risk Adjusted Returns model. The comparison technique we use is a simulations approach similar to that of Brown and Warner (BW) (1980). BW show that the Mean Adjusted and Market Adjusted Returns models perform as well as the more sophisticated Market and Risk Adjusted Returns model. FL, however, provide a very compelling argument against the three traditional event study methodologies. The problem, they note, is not the theoretical need for risk adjustment; it is the definition and measurement of risk. FL assert that the observed abnormal returns (or lack thereof) may be due to omitted variables, a market proxy effect, or other specification errors in implementing the traditional event study methodologies.The present research finds that SD analysis without the bootstrap method for statistical testing is not very useful at any level of abnormal return. However, when the bootstrap method of statistical testing is employed, SD is found to perform as well as, and sometimes better than, the three traditional models in detecting simulated abnormal performance at all test levels. The results are consistent with FL\'s assertion that the improved performance may result from the SD methodology being free from the specification errors inherent in the three traditional event study models.     

Elefantenhochzeit in Österreich — ÖGK und ÖGPuK fusionieren

Ohne Zusammenfassung