EZB: Mehr Transparenz wagen

The ECB is a central bank with a high level of transparency. However, it still does not publish voting records or minutes, and it publishes infl ation forecasts only on a quarterly basis. This paper argues that both the credibility and effectiveness of the ECB’s monetary policy could be enhanced by enlarging its transparency. This is especially necessary if the central bank takes such far-reaching decisions as the unlimited bond buying programme. Then the public has a right to know how and why this decision was taken.     

Social learning and technology adoption: the case of coffee pruning in Peru

A unique natural experiment involving a coffee pruning technology is used to study social learning. The yield effects of pruning take two years to appear, a characteristic that aids in identifying social learning apart from correlated unobservable variables that are a concern in the social learning and technology adoption literature. Panel data are employed that start with a private initiative which introduced systematic pruning in central Peru and that contain the population of participating growers. Results show a jump of at least 0.15 in the probability of adoption two years after the first pruning in a grower's group.     

Measuring customer experience in service: A systematic review

The aim of this systematic review is to identify how customer experience in the service sector has been measured in relevant publications in the marketing field. A sample of 33 papers was collected from two electronic databases—the Web of Science (Thomson Reuters) and Scopus (Elsevier)—covering a large number of publications. After analyzing the articles and reviewing the customer experience literature, the following are our main contributions: (i) clarification of the concepts that appear in the literature review of customer experience in the service sector; (ii) classification of the variables, scales, and constructs related to customer experience in service; (iii) demonstration of the service experience as the preponderant construct that is used to measure customer experience in service; and (iv) proposal of a new dimension—the concept of ‘pre-experience’—to measure customer experience in service. These contributions can provide a more solid basis for measuring customer experience in service.     

Why some are more equal: Family firm heterogeneity and the effect on management’s attention to CSR

Research at the family firm–Corporate Social Responsibility (CSR) nexus lacks agreement about whether family firms are more or less socially responsible than their non‐family counterparts, which leads discussion relating to the bright and dark side of socioemotional wealth (SEW). We add to this ongoing debate in two different ways. First, we build on family firm heterogeneity and argue for a gray side to SEW, located between the bright and dark sides that is dependent upon the kind of family firm ownership. Second, we assume that prior research on a diverse set of CSR behaviors may, to some extent, explain the contradicting results; thus, we propose going back a step and focusing on management’s attention to CSR as an important antecedent of CSR behavior. By analyzing the letters to the shareholders of German HDAX firms from 2003 to 2012, this study finds that family ownership positively affects management’s attention to CSR, mainly driven by founders and family foundations. The research adds to our understanding of the family firm–CSR nexus by scrutinizing the role SEW plays in management’s attention to CSR when it comes to family firm heterogeneity.     

People,Actors, and the Humanizing of Institutional Theory

In much contemporary institutional scholarship, the term ‘actor’ is used as a shorthand for any entity imbued with agency. Talking about actors in institutions thus serves the necessity of allocating agency before returning to the analysis of institutional structures and processes. We find this approach to actorhood limiting, conceptually and normatively. Grounded in the perspective of pragmatist phenomenology, we assert the need for distinguishing between persons and actors, and the value of integrating the person into institutional analysis. We conceive of persons as humans with a reflective capacity and sense of self, who engage with multiple institutions through the performance of institutional roles. People may acquire actorhood by temporarily aligning their self with what is expected from a particular actor-role in an institutional order. Conversely, institutions enter people’s lifeworld as they are personified in people’s social performances. We outline this perspective and examine conceptual and normative implications that arise from the integration of human experience in institutional analysis.     

Utility maximization under a shortfall risk constraint

The article analyzes optimal portfolio choice of utility maximizing agents in a general continuous-time financial market model under a joint budget and downside risk constraint. The risk constraint is given in terms of a class of convex risk measures. We do not impose any specific assumptions on the price processes of the underlying assets. We analyze under which circumstances the risk constraint is binding. We provide a closed-form solution to the optimization problem in a general semimartingale framework. For a complete market, the wealth maximization problem is equivalent to a dynamic portfolio optimization problem.