Parlamente in non-fiktionalen und fiktionalen AngebotenThe portrayal of parliaments in non-fictional and fictional TV-programs

Parliaments are the hearts of democracy. This is where negotiations between different political actors on different levels take place, where negotiation processes are consolidated and where binding decisions for our society are made. We are currently witnessing both an increase in the importance of media coverage for political communication and a fragmentation of the audience’s exposure to it. This article analyzes how non-fictional and fictional TV-programs depict the logic behind the working method of the parliament. Based on a comprehensive theoretical discussion, a quantitative content analysis of parliamentary reporting in Berlin direkt and the depiction of parliamentary procedures in the Danish TV-series Borgen was conducted. Results show that both Berlin direkt and Borgen depict the procedural character of parliamentary negotiation processes and therefore help the public gain a better understanding of parliamentary procedures.     

Entrepreneurial Attitudes as Drivers of Managers’ Boundary‐Spanning Knowledge Ties in the Context of High‐Tech Clusters

This study investigates the role of entrepreneurial attitudes for small and medium‐sized enterprise managers' tendency to create knowledge acquisition ties with managers of other organizations in the context of an institutionalized high‐tech cluster. We examine how innovation orientation, perceived personal control, need for achievement, and self‐esteem influence boundary‐spanning tie creation as a crucial facet of entrepreneurial behavior in the cluster context. Applying exponential random graph models to survey data collected in a German biotech cluster, we find that innovation orientation and perceived personal control positively affect managers' tendency to rely on interpersonal ties to gather knowledge. In contrast, need for achievement and self‐esteem are negatively related to knowledge tie creation.     

Illiquidity transmission from spot to futures markets

We develop a model of illiquidity transmission from spot to futures markets that formalizes the derivative hedge theory of Cho and Engle (1999). The model shows that spot market illiquidity does not translate one to one to the futures market but, rather, interacts with price risk, liquidity risk, and the risk aversion of the market maker. The model's predictions are tested empirically with data from the stock market and markets for single-stock futures and index futures. The results support our model and show that the derivative hedge theory provides an explanation for the liquidity link between spot and futures markets.     

The Myth of Self-Managing Teams: A Reflection on the Allocation of Responsibilities between Individuals, Teams and the Organisation

Concepts that include the participation and empowerment of workers are becoming increasingly important nowadays. In many of these concepts, the formal responsibility is delegated to teams. Does this imply that the normative responsibility for the actions of teams is also delegated? In this article we will reflect on the difference between holding a person accountable and bearing responsibility. A framework is elaborated in order to analyse the accountability and responsibility of teams. In this framework, the emergence of a collective mind, and the organisational factors that influence the extent to which teams have the possibility of acting in a responsible way play an important role. It shows that teams can bear responsibilities that could never be carried by a group of individuals. The framework is used to analyse two sample cases with self-managing teams in production facilities. The authors discuss the implications for the theory and practice of self-managing teams and the allocation of responsibility between individuals, teams and the organisation.     

Analyse über Bündnisse für Arbeit auf unsicherem Grund—Replik auf Hübler

In der Februarausgabe des WIRTSCHAFTSDIENST ver?ffentlichten wir einen Aufsatz von Professor Olaf Hübler mit dem Titel „Quo vadis, betriebliches Bündnis?“ ¹. Hierzu eine Replik von Heiko Massa-Wirth und Hartmut Seifert und anschlie?end eine Erwiderung von Olaf Hübler. Dr. Hartmut Seifert, 62, ist Leiter des Wirtschafts- und Sozialwissenschaftlichen Instituts (WSI) in der Hans B?ckler Stiftung; Heiko Massa-Wirth, 30, Dipl.-Verwaltungswissenschaftler, ist Promotionsstipendiat am WSI. ¹ O. Hübler : Quo vadis, betriebliches Bündnis?, in: WIRTSCHAFTSDIENST, 86. Jg. (2006), H. 2, S. 96-101.     

Long-run stock performance of German initial public offerings and seasoned equity issues

We estimate the long-run stock performance after initial public offerings (IPOs) in the German capital market with a larger sample than prior studies and alternative benchmarks (the equally and the value-weighted market portfolio, size portfolios and matching stocks). In addition we present the first results on the long-run performance after seasoned equity issues (SEOs) in Germany. We conclude that size portfolios and matching stocks are better benchmarks than market portfolios. Using buy‐and-hold abnormal returns, we estimate that German stocks involved in an IPO or in a SEO, on average, underperform a portfolio consisting of stocks with a similar market capitalization by 6% in three years. This is considerably less than the underperformance after IPOs and SEOs in the US market reported by Loughran and Ritter (1995) and the underperformance after IPOs in Germany reported by Ljungqvist (1997). We also show that the apparent underperformance of the 1988–1990 IPO cohort discussed by Ljungqvist (1997) disappears when the abnormal performance estimate is based on size instead of market portfolios.     

Works council and training effects on satisfaction

This paper investigates the direct and indirect impact of works councils via further training on job satisfaction. Basic estimates on an individual level do not reveal clearly direct effects, but on an establishment level, the existence of a works council increases the average job satisfaction. We also find a positive, weakly significant effect on an individual level accompanied by training under instrumental variables estimation and if we control for personal characteristics.     

Unobserved Individual and Firm Heterogeneity in Wage and Job‐Duration Functions: Evidence from German Linked Employer–Employee Data

Abstract. We analyse the correlations between individual and firm fixed effects, and wage and job‐duration functions. Our results for large firms suggest that low‐wage firms tend to be stable firms, suggesting that lower wages can buy job stability. Furthermore, high‐wage workers sort into the stable low‐wage firms. Our interpretation is that high‐wage workers have a higher wage to insure against job loss and can afford more easily to forgo wages in favour of job stability. This may provide an explanation of the puzzle identified in previous literature that high‐wage workers are matched to low‐wage firms.     

Hedging Long-Term Forwards with Short-Term Futures: A Two-Regime Approach

In this paper we investigate Metallgesellschafts problem of hedging long-term forwards with short-term futures. Very different hedging strategies have been proposed in the literature. We attribute these differences to the underlying valuation approaches for oil futures and empirically compare five model-based hedging strategies. In particular, we consider a strategy which results from a two-regime pricing model. This continuous-time equilibrium model reflects the observation that prices of oil futures exhibit a very different behavior for low and high oil prices. Our empirical study shows that time diversification is the dominant effect for an effective hedging of long-term oil forwards with short-term futures. JEL classification G13, G30     

Neue Medienumgebungen,andere Auswahlkriterien?

Due to the wide range of diverse media content in today’s high-choice media environment, decisions on sampling methods are mandatory for content-analytical research projects. While including some objects of study into their analysis and excluding others, researchers influence the results of their investigation. Until now, methodological contributions have rarely discussed such cases of selection bias. In this article, we focus on content-related criteria of selection and propose a framework for the systemization of various dimensions of selection. Along the distinction between a diagnostic and a prognostic epistemic goal, we differentiate between a media-centric and an audience-centric dimension. For each dimension, various criteria of selection are discussed. We argue, that future content-analytical research projects could – depending upon the study’s objective – start from this systemization in order to define the particular set of objects of study. By doing this, researchers can adequately counter a less prominent source of error in content analyses, i.?e., the error of coverage.