Explaining co-movements between equity and CDS bid-ask spreads

In this paper I show that the co-movements between bid-ask spreads of equities and credit default swaps vary over time and increase over crisis periods. The co-movements are strongly related to systematic risk factors and to the theoretical debt-to-equity hedge ratio. I document that hedging and asymmetric information, besides higher funding costs and market volatility risk, are driving factors of the commonality and are significantly priced in CDS bid-ask spreads.     

Regreso al futuro. Continuidad del diálogo sobre el trabajo y la tecnología en la OIT

La preocupación por el desempleo tecnológico no es nueva. Los debates que tuvieron lugar en el decenio de 1960 sobre la automatización reflejaban tanto optimismo como preocupación por la potencial destrucción de empleo causada por la tecnología. Al estudiar los archivos de la OIT, y en particular la información recopilada por su ṢOficina de Automatizaciónṣ, se observa que muchas propuestas actuales se debatieron durante aquel periodo, aunque nunca se tradujeron en políticas de reglamentación. La autora reabre este antiguo debate, como un buen punto de partida para abordar los problemas actuales en consonancia con el mundo del trabajo que aspiramos a construir.     

CSR 2.0 — Die Kommunikation von Nachhaltigkeit in Sozialen Medien

Das Soziale Internet (Web 2.0) macht jeden potenziell zum Kommunikator — die Agenda-Setting-Funktion verlagert sich von den Massenmedien zu den Teilnehmern Sozialer Netze. Damit sehen sich Unternehmen einer zunehmend vielf?ltigen, selbstbewussten und kritischen ?ffentlichkeit gegenüber. Um Nachhaltigkeit glaubhaft zu kommunizieren, sollten Unternehmen sich daher als dialogbereiter Gespr?chspartner in Sozialen Netzen etablieren. Der vorliegende Beitrag leitet aus aktuellen Beispielen vier Spielregeln für die CSR-Kommunikation im Web 2.0 ab.     

Regulating unlawful behavior in the global business environment: The functional integration of sovereignty and multilateralism

This article uses the Convention on Cybercrime as a case study to illustrate the functional integration of international law into diverse national legal systems through the paradigm of treaty harmonization. Nations control the impact of international regulation on domestic business interests by implementing legislation to preserve fundamental rights. Thus, the sovereignty-based legal harmonization model better explains the baseline characteristics of national sovereignty while recognizing that global cooperation in business is a necessary and positive feature of multilateralism.Critics dismiss sovereignty as irrelevant, claiming instead that a “new world order” has emerged in its place. That kind of deconstructionist talk typically injects fear of multilateralism into the global business community. However, the premise is flawed because it ignores the actual mechanics of treaty accession and the synergy between international law and commerce in the global legal environment.     

The governance of privatized firms: authority,reposnisbility and disclosure1

In any market economy, a fundamental question is how to make management accountable to shareholders and also to the requirements of law. This paper raises selective, critical issues of corporate governance that are particularly relevant to problems of the accountability of boards of directors to their shareholders in transition economies. These issues include the separation of ownership and control and the duties of directors; the need for disclosure given that separation; and the corporate charter as a vehicle for the direct participation of shareholders in governance. The paper suggests that one of the best models of corporate governance that transition economies can use is that employed by the leveraged-buyout (LBO) and venture capital funds operating in the West. It argues that weaknesses in corporate governance may undermine the entire privatization process. Economics and law are too often seen as separate disciplines. In reality, they come together in transition economies perhaps with greater impact than elsewhere.     

Unternehmungskooperation entlang der Wertschöpfungskette — Implikationen für das Marketing von Automobilherstellern

Am Beispiel von Toyota und der Automobilindustrie allgemein wird in diesem Beitrag gezeigt, dass die zunehmende partnerschaftliche Zusammenarbeit zwischen einem Original Equipment Manufacturer (OEM) und seinen Systemlieferanten sich derzeit zwar vorrangig auf die Bereiche F&E, Produktion und Logistik konzentriert, aber bedeutsame Einflüsse auf das Marketing und insbesondere die Markenpolitik des OEMs hat.     

Macht es einen Unterschied? Ein ökonomischer Blick auf die Geschlechtlichkeit von Sprache

Experimental evidence in the fields of linguistics and psychology supports the hypothesis that gendered language, such as omitting the female genus, is attended by a perception bias and may thereby foster the cognitive exclusion of women. Economic approaches have furthermore encountered a correlation between the gender intensity of language and individual behaviour. The full extent of the bias and its related undesirable social consequences, for instance on occupational gender segregation or gender pay gaps, remain unknown. This paper points out research gaps, methodological challenges and the significance of gendered language in economics.