The wage policy of firms: comparative evidence for the US and Germany from personnel data

The wage policy of a German firm and a US firm is subjected to a comparative analysis, focusing on the relation between wages and hierarchies. While previous studies have examined only one particular firm, this paper investigates two plants belonging to the same owners with similar production processes but in different institutional environments. Convex wage profiles over the hierarchy levels of both plants are found. The US plant shows considerably higher intensity of intra-firm competition in terms of higher intra-level wage inequality and annual promotion rate. In contrast, wages are more distinctly attached to hierarchy levels in the German firm, as shown by wage regressions. The results are discussed in relation to previous studies.     

Crowdworking: working with or against the crowd?

Journal of Economic Interaction and Coordination - Our current labour market is affected by massive changes like digitalization, automation and globalization, which gives rise to completely new...     

Solutions to the request reassignment problem in collaborative carrier networks

The paper considers an arrangement for exchanging transportation requests to facilitate collaboration among independent carriers. The goal is to maximize the total profit without decreasing the individual profit of the carriers. Two solution approaches are developed for this problem involving decentralized control and auction based exchange mechanisms. The results are compared with those obtained without collaboration and by a centralized control. They indicate that horizontal collaboration pays off even in highly competitive environments.     

Do economic,institutional or political variables explain regulated wholesale unbundled local loop rate setting?

This study examines OECD fully unbundled and line-sharing monthly wholesale prices for 2002–2008. Although both series are well explained by the models, the principal contribution of the research is that economic, institutional and political factors explain mandated wholesale rate settings. The study finds evidence of both regulatory capture (to benefit incumbents) and retail margin setting to encourage entry (to benefit entrants).     

Leverage and Risk Taking under Moral Hazard

Journal of Financial Services Research - In this paper, I analyze the effectiveness of different capital regulations in mitigating the effects of moral hazard that exists only for systemically...     

Campbell,David F. J. (2019) global quality of democracy as innovation enabler. Palgrave Studies in Democracy,Innovation, and entrepreneurship for growth: Palgrave Macmillan (508 p.). e-book: https://doi.org/10.1007/978-3-319-72529-1

Quality & Quantity -     

Climate risks and U.S. stock-market tail risks: A forecasting experiment using over a century of data

We examine the predictive value of the uncertainty associated with growth in temperature for stock-market tail risk in the United States using monthly data that cover the sample period from 1895:02 to 2021:08. To this end, we measure stock-market tail risk by means of the popular Conditional Autoregressive Value at Risk (CAViaR) model. Our results show that accounting for the predictive value of the uncertainty associated with growth in temperature, as measured either by means of standard generalized autoregressive conditional heteroskedasticity (GARCH) models or a stochastic-volatility (SV) model, mainly is beneficial for a forecaster who suffers a sufficiently higher loss from an underestimation of tail risk than from a comparable overestimation.     

An ambidextrous learning model for the internationalization of firms from emerging economies

Emerging economies are playing an increasingly important role in the global economy. The rising phenomenon of the internationalization process of firms in emerging economies, or emerging market firms, particularly their capacity to increase their presence in the markets of developed economies, has been insufficiently studied. Because of the unique characteristics of emerging economies, some assumptions of traditional international models are irrelevant. This paper provides a theoretical framework that explains the importance of different types of knowledge and the relationships between them in the internationalization process. We delineate an ambidextrous learning strategy that is contingent on different levels of firm competitiveness.