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Idiosyncratic Consumption Risk and Predictability of the Carry Trade Premium: Euro Area Evidence

The empirical failure of the uncovered interest rate parity condition seems to be the reflection of risk premia on foreign currencies. After the formation of foreign currency portfolios according to interest rate differentials or forward discounts, recent studies suggest that either consumption- or currency return-based pricing factors explain the cross-section of foreign currency…

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English / 01/09/2008

Benediktinerabteien aus ökonomischer Sicht. Über die ausserordentliche Stabilität einer besonderen Institution

Die Benediktinerklöster weisen im Vergleich zu anderen Institutionen eine ungewöhnlich lange Lebensdauer auf. Unsere empirische Untersuchung aller je existierenden Benediktinerabteien in Bayern, Baden-Württemberg und der Deutschschweiz zeigt, dass ein durchschnittliches Kloster fast 500 Jahren alt wird. Kombiniert mit dem Befund, dass nur rund ein Viertel der Klosterschliessungen auf…

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English / 01/09/2008

Noblesse Oblige? Determinants of Survival in a Life and Death Situation

This paper explored the determinants of survival in a life and death situation created by an external and unpredictable shock. We are interested to see whether pro-social behaviour matters in such extreme situations. We therefore focus on the sinking of the RMS Titanic as a quasi-natural experiment do provide behavioural evidence which is rare in such a controlled and life…

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English / 01/09/2008

Why does the amount of income redistribution differ between United States and Europe? The Janus face of Switzerland

In this paper, the amount of income redistribution in the United States, the European Union, and Switzerland is compared and empirically related to economic, political, and behavioral determinants elaborated in the literature. Lying in between the two poles, Switzerland provides unique evidence about the relative merits of competing hypotheses. It tips the balance against the…

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English / 01/09/2008

Modality-independent processes in cued motor preparation revealed by cortical potentials

We used event-related potentials (ERPs) in a crossmodal stimulus-response compatibility paradigm to identify modality-independent aspects of rule processing and cued response facilitation. Participants responded to a lateralized target with the ipsilateral (compatible) or contralateral (incompatible) hand. Cue-target modality and cue-target order were manipulated. The cue preceded…

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English / 01/09/2008

Industry churning and the evolution of cities: Evidence for Germany

In this paper we show that the recent model by Gilles Duranton [Duranton, G., 2007. Urban evolutions: The fast, the slow, and the still. American Economic Review 97, 197-221] performs remarkably well in replicating the city size distribution of West Germany, much better than the simple rank-size rule known as Zipf's law. The main mechanism of this theoretical framework is the…

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English / 01/09/2008

Organising a multi-stakeholder process - Creating a paradoxical collaborative identity

Within this study multi-stakeholder collaboration is presented as new form of relational organising in response to a crisis of governance in the international environmental politics arena. As a form of societal collaboration, multi-stakeholder processes aim for societal change within the contested field of sustainable development. Multi-stakeholder collaboration is modelled as the…

English / 01/09/2008

A stakeholder perspective to family firm performance

Through the lens of stakeholder theory this text deepens our understanding of financial and nonfinancial performance outcomes in family firms across multiple stakeholder categories, including the family level of analysis. Based on this foundation, we develop a typology of performance relationships between performance outcomes: overlapping, causal, synergistic, and substitutional. We…

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English / 01/09/2008

Egalitarianism in young children

Human social interaction is strongly shaped by other-regarding preferences. These preferences are key for a unique aspect of human sociality – large scale cooperation with genetic strangers – but little is known about their developmental roots. We show here that young children’s other-regarding preferences assume a particular form – inequality aversion – that develops strongly…

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English / 28/08/2008

Strukturierte Produkte - je einfacher, desto besser

Empirische Untersuchungen zeigen, dass sich einfach strukturierte Produkte für die Anleger am meisten lohnen. Wegen mangelnder Transparenz seitens der Anbieter und wegen psychologischer Fehleinschätzungen kaufen viele Investoren aber oft komplexe und teure Vehikel.

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English / 26/08/2008

The importance of a bottom up development perspective when serving the base of the pyramid

Multinational Corporations can contribute to reach the targeted poverty reduction goals – the Millennium Development Goals of the United Nations. Linking the core business of a multinational with development goals can be found in the concept of Serving the Base of the Pyramid mainly pushed by C.K. Prahalad and Stuart L. Hart. In the “classic” development work, bottom up approaches,…

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English / 22/08/2008

Corporate Taxation and the Welfare State

The paper compares the impact of corporate taxation and social insurance on foreign direct investment (FDI) and unemployment. Four main results are derived: (i) the optimal size of the welfare state depends on the degree of risk-aversion and the unemployment rate as a measure of labor income risk. The unemployment rate partly reflects the country's exposure to globalization; (ii…

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English / 20/08/2008

Travel incentives as tournament compensation - Problems of contestant heterogeneity and solutions

Whereas the theoretical literature on organizational reward systems repeatedly points to the importance of tournament models from an efficiency perspective, very few is known about the application and effectiveness of tournament compensation in organizations, especially when contestant heterogeneity is taken into account. While the distorting effects of contestant heterogeneity on…

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English / 13/08/2008

Towards a model of collective organizational identification: a longitudinal survey study

This paper develops a model of collective organizational identification for the work-unitlevel. Following Chen and colleagues’ (2004) procedure for validating collective constructs, we first describe the theoretical development process of a collective perception of organizational identification. In a second step, we extend our understanding of the theoretical construct by…

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English / 13/08/2008

Economic view on CSR - odd couple or happy relationship?

The relationship between corporate social responsibility (CSR) and economic payoff has been an increasingly important issue for scholarly discussion. To enable a better understanding of the similarities, distinctions and complementarities between explaining theories, I set forth a theoretical basis for constituting CSR activities on an individual level. An alternative modeling of the…

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English / 13/08/2008

The new political role of business in a globalized world: a call for a paradigm shift in CSR

Mainstream theorizing in management and economics is based on the assumption that business firms focus on profits only, while it is the task of the state system to provide public goods and to regulate the economy in such a way that business activities contribute to the common good. Business firms are conceived of as private actors and governments and their state agencies are…

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English / 13/08/2008

That’s relevant! Towards a taxonomy of practical relevance

Recently there has been a growing concern amongst organisation and management scholars about the practical relevance of their research. Yet, although many researchers talk about ‘relevance’ they hardly ever define what they mean by that. The term itself has different meanings, which often even contradict each other. This ambiguity is problematic as it implies different and even…

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English / 13/08/2008

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