An agent based model concept for assessing modal share in inter-regional freight transport markets

This paper introduces an Agent based modelling approach to model inter-urban freight transport between two or more trading regions. The use of the model is to ascertain the modal share of competing transport modes (road and intermodal) while taking complex transport service supply–demand dynamics into account. It is structured by modules describing company generation, supplier choice, modal competition and International road freight transport market dynamics. The behaviour of individual actors is simulated using normative agent behaviour and market knowledge. Using the micro-simulation approach, shippers and carriers (primarily road hauliers and a maritime based intermodal operator) interact through simulated contracts resulting in the generation of tours. The service performance of the tours is fed back into the model for decision making during contract deliberations. Preliminary application of model to Mediterranean case study show that market share gains of around 25–30% are obtained with policy interventions of financial subsidies to intermodal services and more frequent shipping services in the intermodal transport respectively.     

Evaluating the robustness of lead time demand models

This paper examines the robustness of lead time demand models for the continuous review (r, Q) inventory policy. A number of classic distributions, (e.g. normal, lognormal, gamma, Poisson and negative binomial) as well as distribution selection rules are examined under a wide variety of demand conditions. First, the models are compared to each other by assuming a known demand process and evaluating the errors associated with using a different model. Then, the models are examined using a large sample of simulated demand conditions. Approximation results of inventory performance measures—ready rate, expected number of backorders and on-hand inventory levels are reported. Results indicate that distribution selection rules have great potential for modeling the lead time demand.     

Family,religion and economic performance: A critique of cultural determinism

Arguing that some attitudes that may constitute an obstacle to the development process are culturally funded, cultural determinism pleads that underdevelopment is essentially generated endogenously, in other words, that people in developing countries, with their beliefs and their attitudes, are the more liable for the poverty in which they live. The simplicity of these arguments has seduced a large number of scholars but what seems to be a cultural brake on economic development could be explained otherwise. This critique of cultural determinism's arguments attempts to supply an alternative version of the interaction of culture and development, from which power, class, domination and the international division of labour will not be excised. In order to simplify this study only two of the cultural features most often referred to will be brought into focus: religion and family and patterns of kinship.     

Corporate governance and impression management in annual results press releases

We study the association between corporate governance and impression management in annual results press releases (ARPRs). Press releases constitute a timely vehicle to communicate firm performance to third parties but they can be manipulated to distort readers’ perceptions of corporate achievements. We predict that governance mechanisms actively monitor managerial disclosures, improving firm transparency and thus reducing impression management in ARPRs. The results confirm that strong governance limits impression management, consistent with governance monitoring effectively reducing self-serving disclosures by management. Our evidence suggests that management disclosure practices respond, at least partly, to informative motivations. We also show that strong governance firms are more likely to release an ARPR.     

Does socially responsible investment equity indexes in emerging markets pay off? Evidence from Brazil

This paper explores the financial performance of a mainstream socially responsible investment equity index in emerging markets: the Brazilian Corporate Sustainability Index. The results indicate that investors in emerging markets could accommodate their ethical values while at the same time not scarifying their overall portfolio performance in bullish market periods. However, the financial crisis led ethical investors to take a riskier and less profitable portfolio. These results seem to be due to socially responsible investment in Brazil that, as with other emerging markets, is highly influenced by social and institutional factors.     

Der Transmissionsmechanismus der Geldpolitik — eine Ergänzung

In March 2015 Wirtschaftsdienst published the article “The Transmission Mechanism of Monetary Policy — Where is the Boost to Lending?” by Daniel Hagemann and Monika Wohlmann. Manuel Rupprecht asserts in his response that their argumentation concentrates too heavily on credit supply. He points to the importance of credit demand and the declining significance of bank loans. Hagemann and Wohlmann respond by providing detailed information on the sources of company financing and state that more than half of the financing for companies in the eurozone originated from banks.     

Declaraciones institucionales y percepciones individuales sobre la sustentabilidad en escuelas de negocios mexicanas

The objective of this paper is to analyze how business schools of Mexican universities deal with the concept of sustainability as part of their educational task. In order to achieve a comprehensive vision, this study considers the environmental, the social, and the economic components of sustainability. After discussing the conceptual dimensions of education for sustainability, the empirical part of the paper consists of two sections: a content analysis of how official university documents handle the concept of sustainability and a survey of professors’ and students’ perceptions of sustainability. The analysis shows that both professors and students in the Management and Accounting disciplines need to extend their understanding about the economic and environmental aspects of sustainability. The results of this study provide information that can guide the efforts made by institutions of higher learning for training their professors and offering a comprehensive education for their students in all three components of sustainability.     

Board Effectiveness and Cost of Debt

Does the board of directors influence cost of debt financing? This study of a sample of Spanish listed companies during the period 2004?C2007 provides some evidence about the question. The results suggest that two board attributes ?C director ownership and board activity ?C appear to influence in the risk assessment of debtholders because of their ability to reduce agency cost and information asymmetry. We also find a non-linear relationship between board size and cost of debt, suggesting that from certain levels the benefits of large boards may be outweighed by the cost of poorer communication and increased decision-making time.     

A dynamic perspective on the determinants of accounts payable

Companies can use supplier financing as a source of short-term finance. The main objective of this paper is to extend the literature on the determinants of accounts payable and to test whether the accounts payable follow a model of partial adjustment. To do this, we use a sample of 3,589 small and medium sized firms in the UK. Using a dynamic panel data model and employing GMM method of estimation we control for unobservable heterogeneity and for potential endogeneity problems. The results reveal that firms have a target level of accounts payable. In addition, we find that larger firms, with better access to alternative internal and external financing and with a lower cost, use less credit from suppliers. Moreover, firms with higher growth opportunities use more trade credit for financing sales growth.