Long-term reactions to large stock price declines and increases in the European stock market: a note on market efficiency

This study tests for underreaction and overreaction in European large cap markets by examining the abnormal returns of those stocks in the EuroStoxx 50 Index following large price increases and decreases. We find that large price increases and declines tend to be followed by average market returns. Thus, our results support the efficient market theory, rather than any of the behaviour finance hypotheses. This insight is contrary to price patterns found in various national markets.     

The impact of role models on entrepreneurial intentions and behavior: a review of the literature

Despite the presence of the term ‘entrepreneurial role model’ (ERM) in the discourse on entrepreneurship, existing empirical evidence on the effects of role models is rather limited. By investigating 86 published journal articles, we provide a structured overview of the academic research on role models’ effects on entrepreneurial intentions and behavior. We reveal that prior research focuses particularly on different types of role models (by whom), at which stage of life (when) and in which context the exposure to role models occurs. We use these research areas to structure our review. By expanding the understanding of the current state of ERM research, we reveal research gaps and provide future research recommendations. Our work could help policy makers and educators consider the different types of role models, the sociocultural context and the life cycle stage of the participants in structuring their entrepreneurship education programs.

     

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     

Regelgebundene Fiskalpolitik und Schuldenkommissionen

Die Staatsschuldenkrise im Euroraum kann kurzfristig nicht gel?st werden: Die finanzielle Unterstützung für die Schuldnerstaaten reicht nicht aus, deren Austerit?tsprogramme wirken zu restriktiv und die Mitgliedsl?nder sind nicht bereit, auf Fiskalkompetenz zu verzichten. Die Autoren stellen hier ein Konzept vor, das zu h?heren sWachstumsraten und niedrigeren Schuldenquoten in den betroffenen L?ndern führt.     

Extracting Legitimacy: An Analysis of Corporate Responses to Accusations of Human Rights Abuses

Journal of Business Ethics - We ask what type of neutralization techniques corporations apply to allegations of human rights abuses. We proceed by undertaking a Qualitative Content Analysis (QCA)...     

Ex-post implementation and preference aggregation via potentials

We introduce several notions of potentials for mechanism design problems with interdependent values, and relate them to implementation in ex-post equilibrium. Whereas ex-post implementation is closely linked to the ordinal concept of best-alternative potentials, the celebrated Vickrey–Clarke–Groves mechanism corresponds to the stronger notion of a cardinal potential: agents agree not only on the best alternative, but also on the quantitative differences between all alternatives. We characterize all valuations that allow for cardinal potentials, and use this characterization for: (1) Identifying valuations for which ex-post implementation is possible; (2) Identifying classes of valuations for which all ex-post implementable choice rules correspond to cardinal potentials. The latter allows us to extend to interdependent valuations a result for dominant strategy implementation in private values settings, due to Roberts (The Characterization of Implementable Choice Rules, North-Holland, Amsterdam, 1979). We wish to thank an associate editor, two anonymous referees, Paul Milgrom and Burkhard Schipper for helpful comments and stimulating remarks.