Money-supply turbulence and exchange-rate turbulence: Some empirical results

The purpose of this paper is to present the results of a simple empirical test of the hypothesis that volatile money supplies have led to volatile exchange rates. The results suggest that while there may exist a broad positive relation between money supply and exchange-rate volatility, it may not be discernible for small variations in turbulence.     

An Empirical Exploration of Decision-making Under Agency Controls and Stewardship Structure

abstract Two theories have emerged in the managerial control literature as to the best way for organizations to ensure that managers are acting in the firm's best interest: agency theory, which stresses controlling decision‐makers through monitoring and incentives aligned with organizational goals, and stewardship theory, which stresses that decision‐makers will act in the organization's best interest even in the absence of controls. Much of the research investigating the utility of these two positions is based on archival data where actual decision‐making can only be inferred. In this study, we utilize a laboratory methodology in order to determine if decision‐makers actually make different decisions when under the types of control (or lack thereof) suggested in these two theories. The results of this study show that individuals under agency controls invest more in alternatives that maximize profits of an organization than individuals under stewardship controls.     

For those about to talk we salute you: an experimental study of credible deviations and ACDC

We test the Average Credible Deviation Criterion (ACDC), a stability measure and refinement for cheap talk equilibria introduced in De Groot Ruiz et al. (Equilibrium selection in cheap talk games: ACDC rocks when other criteria remain silent, Working paper, University of Amsterdam 2012a). ACDC has been shown to be predictive under general conditions and to organize data well in previous experiments meant to test other concepts. In a new experimental setting, we provide the first systematic test of whether and to which degree credible deviations matter for the stability of cheap talk equilibria. Our principal experimental result is that in a setting where existing concepts are silent, credible deviations matter and matter gradually, as predicted by ACDC.     

Acquisition Pattern Analysis for Relationship Marketing: A Conceptual and Methodological Redefinition

Traditionally, relationship marketing focuses upon the interaction between suppliers and consumers. In this article, the authors propose that relationship marketing cannot ignore another type of (long-term) interaction: the one between consumers and products. Both types of interaction should be taken into account when assessing the nature and the quality of the relationship. The relevant literature on consumer–product interactions is limited. Existing theoretical concepts, including brand loyalty, cannot adequately cover the full notion of consumer–product interactions. Acquisition pattern analysis (APA) seems capable of providing an alternative. It provides an insight in the structure of product sets and acquisition orders. However, the available techniques for APA cause confusion by their emphasis on either the structure or the order of product acquisitions. The authors propose a methodological improvement, which has analytical implications as well. A study on purchases of financial products demonstrates the proposed alternative approach, and managerial implications are discussed.     

How advertising in offline media drives reach of and engagement with brands on Facebook

ABSTRACT

Research investigating the drivers of consumers’ engagement with brands on social media is proliferating. However, little is known about how advertising outside social media drives engagement with brands on social media. This study aims to explore the relation between advertising spend in different offline media (TV, radio, newspapers, magazines, out of home), and reach of and engagement with brand pages on Facebook. The study uses a unique real-life data-set containing information about the Facebook pages of 45 brands for approximately three years combined with Nielsen Advertising Spend data. Results showed that while advertising in offline media influenced organic and viral reach, the number of page likes was directly influenced by advertising on Facebook only. It can be concluded that offline advertising is relevant in driving consumers’ online brand engagement; however, there is a unique set of drivers for organic reach, viral reach and likes.     

Stochastic rationing by waiting list

In a stochastic queueing environment in which participants maximize expected utility, changes in queueing parameters have predictable impacts on waiting list size. For example, a decrease in mean service time cannot produce a decrease in waiting list size when arrival rate and mean service time are functionally independent.     

Size of employment unit and injury rates in British manufacturing: a secondary analysis of WIRS 1990 data

This article uses unique information provided by the WIRS 1990 dataset in order to explore the relation between size and industrial injury in British manufacturing industry. Results are reported for both independent establishments and for those which form part of larger organisations. The examination of the relation between the injury rate and other variables is permitted by use of a regression model.     

International adjustment and finance: Lessons of 1985–91

This is a review article of a conference volume on the effects of dollar depreciation in 1985 on the balances of payments of the U.S., Japan, and Germany. The body of the book consisted of in-depth country studies of changing patterns of foreign trade which asked whether the changes from 1986 to 1990 were consistent with the predictions of economists and the expectations of policymakers. On the basis of the evidence, Krugman concluded that exchange rates do promote adjustment and that the international mechanisms had worked about as well as could be expected from 1986 to 1990. This review article maintains a contrary conclusion; that the overvalued dollar from 1981 to 1985 severely injured the import-competing sector of U.S. manufacturing. As a result, the American external deficit widened for two years after depreciation, and stability was not restored to the external position by 1990 even though the dollar had been at the level of 1980 for about three years. This crippling of import-displacing manufacturing also helps to explain the unique character of the 1990–91 recession.