A multicountry measure of comovement and contagion in international markets: definition and applications

Review of Quantitative Finance and Accounting - This paper introduces a new measure of comovement and contagion of crises between countries, applies it to 16 world crises, including the current...     

Assessing the role of option grants to CEOs: How important is heterogeneity?

This paper revisits the question of whether CEO compensation practices are in keeping with those justified by agency theory. We develop and analyze a new panel Tobit model, estimated by modern Bayesian methods, in which the heterogeneity of covariate effects across firms is modeled in a hierarchical way. We find that our specification of heterogeneity provides a significantly improved fit to the data. Our results show support for the hypothesis that companies increase option awards to their CEOs when agency problems become more pronounced. We also find that liquidity constraints matter in defining the cash–option mix of CEO compensation.     

Quantitative Approaches to Fiscal Sustainability Analysis: A Case Study of Turkey since the Crisis of 2001

This case study of fiscal sustainability in Turkey after thecrisis in 2001 reviews and extends quantitative approaches tofiscal sustainability analysis and brings them together in auser-friendly tool applicable in a data-sparse environment.It combines a dynamic simulations approach with a steady-stateconsistency approach. It also incorporates user-defined stresstests and stochastic simulations to deal with uncertainty. Andit derives the future distribution of debt-output ratios, evaluatingthe fiscal adjustment required to stabilize them. Value at Riskanalysis shows that considerable risks remain unless explicitfeedback rules from debt surprises to the primary surplus areimplemented.     

Income Inequality and Income Mobility in the Scandinavian Countries Compared to the United States

This paper compares income inequality and income mobility in the Scandinavian countries and the United States during 1980–90. The results suggest that inequality is greater in the United States than in the Scandinavian countries and that this inequality ranking of countries remains unchanged when the accounting period of income is extended from one to eleven years. The pattern of mobility turns out to be remarkably similar, in the sense that the proportionate reduction in inequality from extending the accounting period of income is much the same. But we do find evidence of greater dispersion of first differences of relative earnings and income in the United States. Relative income changes are associated with changes in labor market and marital status in all four countries, but the magnitude of such changes are largest in the United States.     

Sustainable Development in Retailing: What is the Impact on Store Choice?

Sustainability is gaining ground in the food retail industry. But empirical studies on sustainable development in retailing are rare when it comes to highlighting the customer's perspective. This paper investigates the impact of sustainability initiatives on store choice. We report from a web‐based conjoint experiment with 153 customers from Austria, Germany and Switzerland and investigate 1224 choice‐decisions conducted between June and October 2009. We find that sustainability is more than a soft topic and has a hard impact on customers’ store choice. In particular we show that price is not of paramount importance when it comes to store choice, and if retailers consider different sustainability measures they can have a positive impact on store choice. We propose that retailers incorporate matters of sustainability in general management and performance‐oriented management. Further, more detailed implications apply. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment     

International review of ecodesign programs for products and lessons learned for China

ABSTRACT

Since the 1980s, ecodesign has emerged as a new guiding principle for integrating environmental aspects into product design and development, with the aim of reducing adverse environmental life-cycle impacts. For China, the concept of ecodesign is becoming important in advancing Chinese industrial development while mitigating the rise in national energy consumption and emissions. We reviewed 28 existing ecodesign labels and supporting programs adopted globally to identify lessons learned and best practices for the development of potential ecodesign labeling programs in China. We find that systematic framework and process and inclusion of various stakeholders in developing criteria, certification requirements and supporting policies in the form of green procurement, small local pilot subsidies, and active outreach and communication are key success factors of international programs. Based on international experiences and by leveraging existing Chinese frameworks for labeling and policies, China has an opportunity to lead in developing broader environmental criteria for a new ecodesign labeling program.     

‘Social Mixing' or ‘Gentrification'? Contradictory Perspectives on Urban Change in the Berlin District of Neukölln

In the past two decades, the Berlin district of Neukölln has received considerable attention from politicians, planners, urban scholars and the media. This article discusses the role that the academic concepts of ‘social mixing' and ‘gentrification' play in the overlapping and partly contradictory narratives that have been employed to interpret transformations in one particular part of the district, Nord‐Neukölln. While the area is still characterized as a place of poverty and decline, it has more recently come to be known as a ‘hip place to be' among young (creative) urbanites, students and artists. Various urban players such as politicians, planners, urban sociologists, activists, interest groups and the media participate in the construction of these narratives and, in the process, adopt the concepts of social mixing and gentrification according to their respective rationales and preferences. Both concepts play a pivotal role in justifying contradictory claims and interventions. As a consequence, ‘social mixing' and ‘gentrification' are more than just analytical concepts for interpreting urban transformations; they have themselves become part of these transformations and have an impact on local developments. We conclude that urban scholarship must reflect more on its own role and positioning in the arena of urban transformation.     

Exploring justice judgment patterns in Asia: a four country multi-group latent class analysis

We explore workers’ justice judgment patterns to understand how they use information to assess fair treatment at work. Justice judgment patterns are the unique set of information that individuals draw upon and use when evaluating the overall fairness of an entity. Data from four samples of workers from Malaysia, Cambodia, the Philippines, and China were analyzed using a multi-group latent class analysis. Results suggest four classes of justice judgment processes, three of which represent different patterns of heuristic processing. Comprehensive processors use a wide range of information when making justice judgments, while minimalist processors consider a limited range of information. Reward-focused processors focus on distributive justice cues and treatment-focused processors specifically attend to interpersonal justice cues while neglecting distributive justice cues. The latent class structure shared conceptual meaning across countries but the patterns had different rates of representation. Findings suggest that individuals do not always use complete information when assessing how fairly they are treated at work. Many appear to use heuristics that emphasize minimizing information processing, instrumental outcomes, or more relational outcomes. Results and implications are discussed.     

领导-部属交换感知匹配对员工工作表现的影响

本文通过410个领导与部属的配对样本分析了领导-部属交换(LMX)的感知匹配及其对员工工作表现的影响.基于自评-他评概念模型,本文提出了LMX感知的四种匹配类型:双高匹配(高领导LMX/高部属LMX)、双低匹配(低领导LMX/低部属LMX)、员工高估(低领导LMX/部属LMX)和员工低估(高领导LMX/低部属LMX).分析结果表明:(1)双高匹配LMX对员工工作表现有正向影响;(2)双低匹配LMX对员工工作表现有负向影响;(3)员工高估LMX可以正向预测工作满意度和组织承诺,员工低估LMX可以正向预测工作绩效和组织公民行为.本文研究验证了LMX感知匹配模型在中国情境下的有效性.     

Business and the International Human Rights Regime: A Comparison of UN Initiatives

This article argues that the extension of the international regime of human rights to companies has not changed the essentially state-centric nature of the regime. The analysis focuses on three recent United Nations initiatives: (1) ‘Norms on the Responsibilities of Transnational Corporations and Other Business Enterprises with Regard to Human Rights’, (2) the Global Compact, and (3) the work of the UN special representative on business and human rights. The analysis shows that, despite these initiatives, states are the primary holders of human rights obligations and have a key role in the decision making and enforcement of the regime. Companies have participated to the regime, but they have done so mainly through lobbying governments and thus enforcing the role of states. The analysis also shows that the engagement of new actors to decision-making about the extension of regime norms is essential for norm adoption. Finally, the issue of non-compliant companies needs to be resolved before the regime can be considered established.