Antecedents and effects of emotions in strategic decision-making: a literature review and conceptual model

Individual emotions are essential driving forces in strategic decision-making. Nevertheless, the current state of research on emotions and their effects on strategic decision-making is fragmented and inconsistent. Therefore, this paper presents a narrative literature review that aims to bring some structure into current research and to advance an agenda for a future research on emotions in the strategic decision-making context. Based on cognitive appraisal theory and affective events theory this review focuses on organizational and individual antecedents for the development of emotions in the strategic decision-making context as well as on the effects of emotions on the strategic decision-making process. The paper concludes with a conceptual framework that summarizes the findings of this review and indicates possible directions for future research.     

Measurement of market integration and arbitrage

We develop a measurement theory of market integration, basedon two notions of 'integrated markets'. First, two markets cannotbe perfectly integrated in any sense if one can construct twoportfolios, one from each market, that have identical payoffsbut different prices. In that case, the law of one price isviolated across the markets. Second, they cannot be integratedin a stronger sense if there are cross-market arbitrage opportunities.Two measures of market integration are developed, respectivelyreflecting these notions. The smaller the measures, the moreclosely integrated (in the respective senses) the markets. Amongother things, they are interpreted as measuring pricing discrepancybetween markets.     

Einkommen,Preise und Wechselkurs

Ohne ZusammenfassungIch danke Prof. Klaus Rose, Prof. Helga Luckenbach und Prof. Otmar Issing für freundliche Anregungen.     

Investitionsvolumen und Herausforderungen eines nationalen Glasfaserausbaus in Deutschland

Der fl?chendeckende Glasfaserausbau in Deutschland ist mit hohen Kosten verbunden. Insbesondere die Anschlüsse in dünn besiedelten Gebieten lassen die Kosten steigen. Die Autoren berechnen verschiedene M?glichkeiten der Kostenaufteilung.     

A nonnormative theory of inflation and central bank independence

A Nonnormative Theory of Inflation and Central Bank Independence. — The authors study monetary policy under different central bank constitutions when the labor-market insiders set the minimal wage so that the outsiders are involuntarily unemployed. If the insiders are in the majority, the representative insider will be the median voter. The authors show that an independent central bank, if controlled by the median voter, does not produce a systematic inflation bias, albeit equilibrium employment is too low from a social welfare point of view. A dependent central bank, in contrast, is forced by the government to collect seigniorage and to take the government’s re-election prospects into account. The predictions of their theory are consistent with the evidence that central bank independence decreases average inflation and inflation variability, but does not affect employment variability.     

The euro: Major policy implications for Europe and the global economy

The paper examines the potential of the euro as an international currency. Owing to a large home base the long‐run potential is substantial. Much depends on whether the European Central Bank will be able to gain the reputation of a tough authority that issues a stable currency. Based on a comparison with the concepts of monetary targeting and inflation targeting, it is argued that the ECB's policy strategy is inferior as regards providing guidance to inflation expectations. The paper also discusses exchange rate policy and concludes that it is unlikely that Europe will join a new international exchange rate system.     

Messung von mindestreserveeffekten

Ohne Zusammenfassung     

The Motivation of Entrepreneurs: Are Employed Managers and Self-employed Owners Different?

Are managers entrepreneurs? What motivates them to run a firm? Are managers different from self-employed firm owners? In which points do they differ? And why is it that they are different? The following article examines these questions based on a survey of German engineering firms in which managers and self-employed owners answer why they are motivated to run a firm and what hinders their firms from growing more rapidly.