Karriereoption Selbständigkeit — Chancen für Diplomkaufleute mit dem Schwerpunkt Marketing

Die Hochschulausbildung im Schwerpunktfach Marketing zielt eher in Richtung einer unselbst?ndigen T?tigkeit. Fachleute für Vermarktung und Verkauf fehlen aber auch in den Gründerteams vieler Start-up-Unternehmen. Hier bieten sich unternehmerische Karrierechancen für Hochschulabsolventen, wenn auch nicht unbedingt sofort nach dem Studium, so doch sp?ter, nachdem ausreichend Branchenerfahrung gesammelt wurde.     

The Term Structure of Interest Differentials in a Target Zone with Time-varying Devaluation Risk

We extend Svensson's (1991b) analysis of the term structure of interest rate differentials in a target zone. First, the model includes a time-varying devaluation risk, and second, we analyse the term structure of interest differentials vis-a-vis Germany in five countries: Belgium, Denmark, France, Italy and the Netherlands. In our sample, 1983–1993, we differentiate between stable and unstable periods. The findings for Denmark and the Netherlands, and for Belgium in the relatively stable period are broadly in line with Svensson's theory, whereas the other results are more in accordance with the model that allows for a time-varying devaluation risk.
(J.E.L. E43, F31).     

Optimal Policy for Financial Market Liberalizations: Decentralization and Capital Flow Reversals

Financial market liberalizations are an integral part of economic development. While initial booms in investment and output are commonly seen as signs of successful deregulation, they often reverse at a later stage as international capital flows turn negative and economic growth slows markedly. Such reversals of fortunes have commonly been attributed to incorrect policies that supposedly followed the initial, appropriate measures. It is unclear, however, if capital flow reversals are actually the result of policy reversals, or if they occur as part of the normal transition when financial liberalization is accompanied by a single suboptimal policy. The later hypothesis has not been explored in the theoretical literature
We construct a general equilibrium growth model of a small open economy, in which capital flow reversals are the result of a single, suboptimal policy imposed at the beginning of the financial liberalization. We show how improper taxation of foreign borrowing initially leads to strong growth fuelled by an investment boom and foreign borrowing. Still along the transition, however, the model predicts that capital flows must reverse endogenously at a later stage, as the debt burden rises and the country-specific risk premium increases. Our data on the Latin American and East Asian countries provide strong support for our hypothesis.     

Endogenous strength of intellectual property rights: Implications for economic development and growth

The key institution that determines sustained growth in R&D-based growth models is the strength of intellectual property rights, which are usually assumed to be exogenous. In this paper we endogenize the strength of the intellectual property rights and show how private incentives to protect these rights affect economic development and growth. Our model explains endogenous differences in intellectual property rights across countries as private incentives to invest in property rights generate multiple equilibria. We show that the resulting institutional threshold offers an explanation for why the effect of a transfer of institutions from one country to another depends on the quality of the institutions that were imported.     

Cooperation in an Overlapping Generations Experiment

Recent theoretical work shows that folk theorems can be developed for infinite overlapping generations games. Cooperation in such games can be sustained as a Nash equilibrium. But, of course, there are other equilibria. This paper investigates experimentally whether cooperation actually occurs in a simple overlapping generations game. Subjects both play the game and formulate strategies. Our main finding is that subjects fail to exploit the intertemporal structure of the game. Even when we provided subjects with a recommendation to play the grim trigger strategy, most of the subjects still employed safe history-independent strategies. Journal of Economic Literature Classification Numbers: C72, C92, D90.     

Corporate taxation, incumbency advantage and entry

It is the purpose of this paper to show that corporation tax may affect industrial structure. Analyzing the effects of corporation tax, we demonstrate that it tends to favour incumbents over entrants. We further show that the effect of this advantage on an incumbent's output depends on his profit or loss history. An incumbent with a past profit is likely to produce a greater output, thereby partially or fully crowding out an entrant's output. In contrast, an incumbent with a past loss is more likely to produce a smaller output, making entry easier.     

THE FACT AND CAUSES OF VARIATION IN STRUCTURAL DEVELOPMENT PROCESSES

As organizations adapt to changes in environmental conditions and internal needs, they often develop new structures. Research has described several diverse processes by which this development takes place (cf. Chandler, 1962; Child, 1972; Pettigrew, 1973; Sproull, et al., 1978). The only explanations provided thus far for these divergent views is methodological artefact and observer bias (Allison, 1971). In this paper, three parallel case studies are used to show that such differences are real - different organizations do follow different development paths. Evidence is provided to suggest that this variation is caused by the differing structures of organizational control surrounding new structures.     

Imitation and Belief Learning in an Oligopoly Experiment

We examine the force of three types of behavioural dynamics in quantity–setting triopoly experiments: (1) mimicking the successful firm, (2) rules based on following the exemplary firm, and (3) rules based on belief learning. Theoretically, these three types of rules lead to the competitive, the collusive, and the Cournot–Nash outcome, respectively. In the experiment we employ three information treatments, each of which is hypothesized to be conducive to the force of one of the three dynamic rules. To a large extent, the results are consistent with the hypothesized relationships between treatments, behavioural rules, and outcomes.     

Looking back, looking ahead: Biased technological change, substitution and the wage gap

The implications of ICT on wage inequality are studied by applying a CES production function with skilled and unskilled labour. Skill-biased technological change increases wage inequality. The result is reinforced in a two-sector general equilibrium model if the income elasticity of the demand for high-tech goods and the elasticity of substitution between final goods are larger than one.     

Virtual Meetings With Hundreds of Managers

This paper describes the use of a Group Support System (GSS) in a distributed meeting with hundreds of managers. All were managing directors of the local banks of Rabobank. The distributed meeting has contributed to reducing the lead-time of a decision of hundreds of managers from an estimated 6 months to 4 weeks while at the same time increasing the involvement of the managers. The paper discusses the processes followed, the results achieved, the feedback from the managers as collected in a survey and the lessons learned. The experience shows that large-scale virtual meetings with business managers are feasible today. The participants recognize the usefulness of the virtual meeting but also indicate the need to improve the processes followed and the IT used.