A new perspective on the exporter productivity premium: online trade

We use a unique firm-level data set including 9000 companies from 26 European Union countries covering four different sectors to take a close look at the relationship between online exports and productivity. The online exporter productivity premium is estimated using different techniques (ordinary least squares, quantile regressions and robust estimation). Results consistently indicate that the estimated online exporter productivity premium is statistically different from zero, positive and significant from an economic point of view. European online exporters, according to these results, are approximately 2% more productive than non-online exporters. Productivity differences between firms could be related to variables that are not included in the empirical model. More research would be needed to address this issue in the future.     

Measuring volatility with the realized range

Realized variance, being the summation of squared intra-day returns, has quickly gained popularity as a measure of daily volatility. Following Parkinson [1980. The extreme value method for estimating the variance of the rate of return. Journal of Business 53, 61–65] we replace each squared intra-day return by the high–low range for that period to create a novel and more efficient estimator called the realized range. In addition, we suggest a bias-correction procedure to account for the effects of microstructure frictions based upon scaling the realized range with the average level of the daily range. Simulation experiments demonstrate that for plausible levels of non-trading and bid–ask bounce the realized range has a lower mean-squared error than the realized variance, including variants thereof that are robust to microstructure noise. Empirical analysis of the S&P500 index-futures and the S&P100 constituents confirms the potential of the realized range.     

Mutual fund characteristics, managerial attributes, and fund performance

This study provides a comprehensive examination of recent mutual fund performance by analyzing a large set of both mutual funds and fund attributes in an effort to link performance to fund-specific characteristics. The results indicate that the hypothesized relationships between performance and the explanatory variables are generally upheld. After taking into consideration general market conditions and fund investment objective, the characteristic variables that relate to fund popularity, growth, cost, and management also explain performance. Finally, after controlling for survivorship and benchmark error as well as fund-specific factors, the results refute the performance persistence phenomenon.     

全球化水平与经济脆弱性关系研究——基于欧洲统计数据的分析

在本文中,我们验证了这样一种假设,即:在欧洲全球化水平较高的国家和全球化水平较低的国家当面对经济危机时,同样脆弱。我们用马斯特里赫特全球化指数(MGI)来界定各国的全球化水平,用五个关键的经济指标来衡量经济危机的严重程度。结果表明:一方面,全球化水平的提升增加了国家面对经济危机时的脆弱性;另一方面,较高的全球化水平也增加了解决危机的机会。     

Soziale Lage — Was sind die drängendsten Probleme?

Democracy seems to be at risk. People elect populists and autocrats, who offer simple solutions to social problems. Often, these problems are not even real ones but are only perceived as such. Economists have measures to determine which problems are fact-based, but they cannot draw a clear distinction between academic analysis and normative demand. If politics pursues a correction of a market outcome, any normative criteria other than efficiency have to be outlined explicitly. Nevertheless, some authors consider inequality one of the central contemporary social and economic challenges. Marcel Fratzscher emphasises that the solution is not found in more redistribution via taxes and transfers, but rather through greater equality of opportunity and social and educational mobility. Bert Rürup thinks that to stabilise the acceptance of the compulsory pension scheme, the dominance of the equivalence principle should be reduced. Further, the existence of different federal subsidy schemes should be replaced by a fixed federal contribution rate in alignment with the pension expenditures. In an international comparison, the fiscal burden for households with small and mid-level earned incomes is exceptionally high in Germany. In order to reduce this burden, Rürup suggests a contribution-free allowance for the social insurance contributions.     

Whose firm is it anyway? Analyzing ownership effects on IPO performance

This study revisits current practice that ownership holding at IPO has a homogeneous impact on IPO performance. Using signalling theory, we develop and test a conceptual model explaining the relationships between the aggregated ownership structure and IPO price premium. We argue that aggregated ownership has a direct effect on issue price premium, and offer specific hypotheses on the effect of the shares sold during the offering by each type of owner on IPO performance. We use archival data from a sample of US firms that issued IPOs between 1996 and 2000 and find a significant direct effect of ownership configuration, namely, heterogeneity in effect of each ownership type on IPO performance as well as interaction effects between different ownership types. Copyright © 2013 ASAC. Published by John Wiley & Sons, Ltd.     

Astroturfing Global Warming: It Isn’t Always Greener on the Other Side of the Fence

Astroturf organizations are fake grassroots organizations usually sponsored by large corporations to support any arguments or claims in their favor, or to challenge and deny those against them. They constitute the corporate version of grassroots social movements. Serious ethical and societal concerns underline this astroturfing practice, especially if corporations are successful in influencing public opinion by undertaking a social movement approach. This study is motivated by this particular issue and examines the effectiveness of astroturf organizations in the global warming context, wherein large corporate polluters have an incentive to set up astroturf organizations to undermine the importance of human activities in climate change. We conduct an experiment to determine whether astroturf organizations have an impact on the level of user certainty about the causes of global warming. Results show that people who used astroturf websites became more uncertain about the causes of global warming and humans’ role in the phenomenon than people who used grassroots websites. Astroturf organizations are hence successful in promoting business interests over environmental protection. In addition to the multiple business ethics issues it raises, astroturfing poses a significant threat to the legitimacy of the grassroots movement.     

Interprofessional conflict, accommodation, and the flow of capital: The ASB vs The securities industry and its lawyerS

In an earlier paper, Martens and McEnroe (1991) found that the Auditing Standards Board (ASB) substantially rewrote major sections of the exposure draft (ED) of Statement on Auditing Standards (SAS) No. 54 to accommodate the wishes of a special interest group, the legal profession. This study involves a similar examination of the development of SAS 72, from its status as an ED to its release as an official auditing promulgation. Specifically, an analysis is made of the positions existing in the ED for SAS 72, the comments submitted to the ASB, and the changes made to the final SAS in light of those comments. The results indicate that the ASB once again accommodated the desires of a special interest group; in this case, the securities industry and its lawyers. A reason for the accommodation is proposed in the context of certain sociological theories of the professions. It is suggested that the ASB, acting as an agent of capital, was convinced that a less restrictive standard was necessary in order to facilitate the role that underwriters play in the flow of investment capital.     

Branding HIV/AIDS communication: the social marketing campaigns of MTV and Viacom

• Based on an ethnographic study of the production and reception of HIV/AIDS public service campaigns by MTV and Viacom, this paper examines the role of branding in HIV/AIDS education promotion. A main premise of the paper is that audiences for HIV/AIDS social marketing campaigns are now less addressed in terms of the classic HIV/AIDS prevention categories of ‘general public’ and ‘risk groups’ and are increasingly viewed as ‘market segments’ implicated in the campaigns in relation to the techniques of branding. Drawing on examples from research conducted amongst audiences in the North of England, the findings highlight the differing audience understandings of the branded consumer objects and icons of HIV awareness. Using a cultural materialist perspective, concerned with the relationship between the campaigns and social relations, this paper examines the process of corporate-sponsored HIV/AIDS campaigns. The findings underscore how social marketing campaigns are increasingly being related to as branded media objects and icons, closely tied to people's material experience and understandings of the aesthetics framing these branded objects and icons. The paper argues that identification and engagement with the campaigns is most evident amongst participants who shared the consumer values and the marketing discourses used by marketing managers and producers of the public service announcements.

Copyright © 2009 John Wiley & Sons, Ltd.     

“The Unbearable Lightness of Cleaning”: Representations of Domestic Practice and Products in Good Housekeeping Magazine (UK): 1951–2001

In this paper we begin to open the black box that constitutes the organisation of domestic cleaning and consumption in the latter half of the twentieth century. We focus specifically on change and continuity in the manner in which cleaning practices and cleaning products are represented in the UK woman's magazine Good Housekeeping, in the late modern period. After a discussion of the modern history of cleanliness, we proceed with a rationale for why this magazine was chosen for our analysis, followed by a summary of our methodology. We then argue that three phases of representation may be delineated in the time period we investigated. The first phase, which is apparent in the 1951 and 1961 issues, we have named “pride in domestic practice” and it covers a period when, what we call “the women's lobby”, speaks in a uniform voice about the tasks of the housewife and the purpose of domestic cleaning. The second phase, manifest in the 1971 and 1981 issues, is termed “domestic dreaming”, and it heralds a period when Good Housekeeping calls its readership to dream about the potentials of a transformed consumer culture. The third phase, which is evident in some respects in 1981, but which is more clearly present in 1991 and 2001, we have called “modern advising in a late modern world”. During this period, Good Housekeeping settles into a new role as a modern advisor of cleaning products and practices within the context of a world that poses significant complexities. Our discussion also focuses on how three values of cleanliness; that associated with germs, aesthetics and efficiency/ease are present in the magazine. Our analysis is contextualised in relation to the cultural silencing of cleanliness in this period and related to social and cultural changes associated with feminism and consumer culture.