|Handelsmanagement. Offline-, Online- und Omnichannel-Handel|
Aufgrund der fundamentalen Veränderungen im Handel und in der Distribution wurde auf der bewährten Grundkonzeption des Buches aufsetzend, eine grundlegende Neukonzeption vorgenommen. Gravierende und strukturelle Änderungen vor allem im technologischen Umfeld des Handels seit dem Erscheinungsjahr der dritten Auflage wälzen den Handel um und erfordern eine strategische und operative Ausrichtung des Buches an Offline-, Online- und Omnichannel-Handelsunternehmen. Die fundamental veränderten Geschäftsmodelle und Distributionsnetzwerke bringt auch mit Blick nach vorne („Perspektive 2025+“) eine entsprechend andere Sichtweise des Handels mit sich. Dieser radikale Strukturbruch erfordert nicht nur Kurskorrekturen, sondern Neuorientierungen von Unternehmen, die in dieser vierten Auflage eingehend und basierend auf neuesten Studienergebnissen sowie einem Blick in die Zukunft aufgegriffen werden. Die vierte Auflage ist ein neues Buch geworden. Handelsmanager, die mit Beispielen, Meinungen und Stellungnahmen im Buch vertreten sind, haben durch die Bereitstellung der erforderlichen Materialien die Möglichkeit zur Integration von vielfachen und umfassenden Fallstudien geliefert.
Swoboda, B., Foscht, T. und Schramm-Klein, H. (2019): Handelsmanagement. Offline-, Online- und Omnichannel-Handel, 4. Aufl., Verlag Franz Vahlen, München.
|Diversity and equality in Bosnia and Herzegovina: Limits to legislation, public debate and workplace practices|
This article seeks to contribute to knowledge about workplace diversity and equality in an under-researched country. Focusing on the south-eastern European transition economy of Bosnia and Herzegovina, it elaborates on the country’s legislation, public debate and previous research in the field. The article draws on a synopsis of the legislative framework, existing literature, public media and personal communications with human resource practitioners. There is only limited research on diversity and equality in Bosnia and Herzegovina. Ethnicity and gender are the most common grounds for discrimination. Although a solid body of legislation addressing anti-discrimination and equality issues exists, implementation is insufficient. The public debate tends to reinforce inter-ethnic conflicts and a negative atmosphere regarding sexual minority rights. Due to the general lack of research on diversity and equality in Bosnia and Herzegovina, the findings presented in this article only can serve as a first approximation of the topic. Further academic research on concrete business practices and perspectives of human resource managers is needed. Firms not only need to increase compliance with anti-discrimination law, but they should also focus more on the benefits a multi-ethnic society can offer. This is the first article in the management literature that provides comprehensive insight into workplace diversity and equality in Bosnia and Herzegovina.
Ortlieb, R., Rahimić, Z., Hirt, C., Bešić, A. und Bieber, F. (2019): Diversity and equality in Bosnia and Herzegovina: Limits to legislation, public debate and workplace practices, in: Equality, Diversity and Inclusion: An International Journal, pp. 1-16, doi: doi.org/10.1108/EDI-10-2017-0231.
|Tendenzen der zukünftigen Entwicklung der IFRS|
Der Abschluss der großen Standardsetzungsprojekte zu Finanzinstrumenten (IFRS 9), Umsatzrealisierung (IFRS 15), Leasing (IFRS 16) und Versicherungsverträgen (IFRS 17) gibt Gelegenheit, die Entwicklung des IASB und IFRS Revue passieren zu lassen und Vermutungen anzustellen, wie es künftig mit den IFRS weitergehen wird. In diesem Beitrag werden zwei Bereiche diskutiert: Erstens die strategische Positionierung des IASB und der IFRS und zweitens die inhaltlichen Entwicklungen hinsichtlich Bilanzierung und Bewertung sowie Berichterstattung.
Wagenhofer, A. (2019): Tendenzen der zukünftigen Entwicklung der IFRS, in: RWZ: Recht & Rechnungswesen, S. 40-46.
|Voting over Disclosure Standards|
This article examines the nature of disclosure standards, under the assumption that (i) standards preferred by more firms are collectively chosen and (ii) privately informed firms prefer standards that increase market perceptions about the value of their assets. A standard is stable if it is preferred by a large enough super-majority of firms over any other standards. Absent any restriction on possible standards, only unanimity would make a standard stable. By contrast, when requiring standards that classify news from best to worst, there is at most a single stable standard, and it must be full disclosure. For a large class of distributions over valuations, the required super-majority is about two-thirds, close to the majority required in many standard-setting boards. Value distributions with heavy tails, such as news that contains extreme risks, require higher super-majorities to be stable. These insights are robust to settings in which the information is used in decision-making.
Bertomeu, J., Magee, R. P. und Schneider, G. (2019): Voting over Disclosure Standards, in: European Accounting Review, Vol. 28, No. 1, pp. 45-70, doi: doi.org/10.1080/09638180.2018.1444500.
|Corruption in space: A closer look at the world's subnations|
Corruption levels differ not only between but also within countries. In this paper we analyze spatial interdependencies in corruption levels for a large sample of 1232 subnational regions from 81 countries. Based on a spatial autoregressive model, which controls for country-fixed effects and corrects for spatial autocorrelation in the error term, we find that a subnational region's corruption level is positively correlated with neighboring subnational regions' corruption levels. Extending the core model and allowing for heterogeneous spatial effects, we find that most spillovers among subnational regions occur within national borders. Moreover, in particular high income subnational regions and subnational regions with relative low corruption levels tend to spill in space. This is due to their high degree of connectivity in terms of economic, sociocultural and political exchange with other subnational regions. Our estimation results underline the importance to consider not only a subnational region's own characteristics, but also spatial interdependencies when implementing efficient anti-corruption policies at the local level.
Borsky, S. und Kalkschmied, K. (2019): Corruption in space: A closer look at the world’s subnations, in: European Journal of Political Economy, pp. 1-23, doi: doi.org/10.1016/j.ejpoleco.2019.05.004 [27.05.2019].
|Risk assessment of the low-carbon transition of Austria's steel and electricity sectors|
To limit global temperature increase below +2°C, societies need to reduce greenhouse gas emissions radically within the next few decades. Amongst other mitigation measures, this requires transforming process-emission intensive industries towards emission neutrality. One way to this end is the renewables-based electrification of industries. We present results of a recent co-production process which brought together stakeholders from industry, policy, administration and science to co-create climate-neutral transition pathways for the steel and electricity sectors in Austria. The results summarized here are the definition of reliable pathways and the identification of associated risks pertaining to pathway implementation, including a macro-economic quantification. We find that risks to implementation (barriers) are at least as important as risks of implementation (negative consequences). From the quantitative analysis we find that, provided that barriers can be reduced, macroeconomic costs of the transition are only moderate and that stakeholders might overestimate risks, when neglecting economy-wide feedbacks.
Bachner, G., Wolkinger, B., Mayer, J., Tuerk, A. und Steininger, K. W. (2019): Risk assessment of the low-carbon transition of Austria’s steel and electricity sectors, in: Environmental Innovation and Societal Transitions, pp. 1-24, doi: doi.org/10.1016/j.eist.2018.12.005 [26.12.2018].
|Cryptocurrency-portfolios in a mean-variance framework|
We apply the Markowitz mean-variance framework in order to assess risk-return benefits of cryptocurrency-portfolios. Using daily data of the 500 most capitalized cryptocurrencies for the time span 1/1/2015 to 12/31/2017, we relate risk and return of different mean-variance portfolio strategies to single cryptocurrency investments and two benchmarks, the naively diversified portfolio and the CRIX. In an out-of-sample analysis accounting for transaction cost we find that combining cryptocurrencies enriches the set of ‘low’-risk cryptocurrency investment opportunities. In terms of the Sharpe ratio and certainty equivalent returns, the 1/N-portfolio outperforms single cryptocurrencies and more than 75% of mean-variance optimal portfolios.
Brauneis, A. und Mestel, R. (2019): Cryptocurrency-portfolios in a mean-variance framework, in: Finance Research Letters, Vol. 28, pp. 259-264, doi: doi.org/10.1016/j.frl.2018.05.008.
|How to Choose Between Fixed- and Variable-Rate Loans|
The current low-interest-rate landscape influences the decision whether to secure these low long-term interest rates with a fixed-rate agreement or to benefit from the current negative short-term rates with a variable-rate loan. The decision is based on expected future interest rates. We propose two criteria, namely the effective interest rate and the total repayments which serve as an approximation, to decide what type of loan is more advantageous. In this context, we also present the effects of varying future interest rates on the three selected repayment agreements; i.e. lump sum, constant principal and annuity repayments.
Fischer, E. O. und Kampl, L.-M. (2019): How to Choose Between Fixed- and Variable-Rate Loans, in: Journal of Banking and Financial Research (BankArchiv), Vol. 67, No. 2, pp. 125-135. doi: dx.doi.org/10.2139/ssrn.3244477.
|Die Steirische Berufsberatung von 1919-1930: Eine exemplarische Darstellung tradierter Geschlechterrollen bei der Berufswahl|
Der gegenständliche Beitrag bewegt sich im Problemfeld ‚geschlechtstypischer‘ Lehrberufswahl von Jugendlichen. Die Mehrheit der männlichen und weiblichen Jugendlichen folgt bei ihrer Lehrberufswahl tradierten Rollenvorstellungen, welche in männlich dominierten handwerklich-technischen und weiblich dominierten kaufmännisch-verwaltenden Berufsfeldern resultiert. Der Beitrag skizziert die Entwicklung der Steirischen Berufsberatung zwischen 1919 und 1930 unter dem Blickwinkel des ‚globalen Megatrends‘ der Veränderung der Geschlechterrollen. Deutlich werden im Zuge der historischen Betrachtung die bereits vorhandenen Fundamente bis heute gültiger Konzepte der Berufs- und Bildungsberatung sowie der deutliche Einfluss kulturell-kognitiver Institutionen auf die Berufswahl.
Dreisiebner, G. und Tafner, G. (2018): Die Steirische Berufsberatung von 1919-1930: Eine exemplarische Darstellung tradierter Geschlechterrollen bei der Berufswahl, in: Wirtschaftspolitische Blätter, Sonderausgabe 2018, S. 171-180.
|Handbuch Kultursoziologie. Band 1: Begriffe – Kontexte – Perspektiven – Autor_innen und Band 2: Theorien – Methoden – Felder|
Die Vielfalt kultursoziologischer Ansätze, Diskurse, Arbeitsfelder und Methoden wird in diesem Handbuch kompakt dargestellt. Geboten wird damit die Möglichkeit zur Orientierung innerhalb des heterogenen Feldes der Kultursoziologie. Unterschiedliche Positionen und das mit ihnen jeweils verbundene Verständnis von „Kultur“ werden sichtbar gemacht und die Leser_innen zur weiterführenden Auseinandersetzung mit diesem Forschungsfeld eingeladen. Band 1 des Handbuchs widmet sich dem Begriff der Kultur, der Kontextualisierung des Themenfeldes „Kultursoziologie“ im interdisziplinären Umfeld, seiner Entwicklung und gegenwärtigen Ausformung in unterschiedlichen Weltregionen sowie zentralen kultursoziologischen Autor_innen. Band 2 gibt Einblick in theoretische und methodische Ansätze der Kultursoziologie und präsentiert den derzeitigen Stand kultursoziologischer Forschung zu ausgewählten Gegenstandsbereichen.
Moebius, S., Nungesser, F. und Scherke, K. (Hrsg.) (2019): Handbuch Kultursoziologie. Band 1: Begriffe – Kontexte – Perspektiven – Autor_innen, Springer VS, Wiesbaden.
|Three outstanding NOeG presentations: Morgenstern, Viner, and Menger on the laws of costs and returns|
This paper re-examines three outstanding contributions on the laws of costs and returns that were first presented at NOeG meetings in the interwar period. Oskar Morgenstern, in a paper presented in January 1930, provided a lucid account of the unresolved problems in the Marshallian approach to the construction of long-run industry supply curves. A few months later, Jacob Viner presented his classic paper on “Cost curves and supply curves”. Viner’s contribution, with its rigorous geometrical derivation of industry supply curves from the firms’ cost situations in competitive conditions, became the model for innumerable textbook presentations of these issues, and a springboard for many further contributions. In another brilliant paper, first presented at a NOeG meeting in December 1935, Karl Menger severely criticized the axiomatic acceptance of the law of diminishing returns. Menger showed that the existing a priori “proofs” of this law are invalid, and made a strong plea for empirical verification. The present paper re-examines the three contributions, discusses their importance for the further development of partial equilibrium analysis, and suggests some reasons for their continuing relevance for present-day microeconomics.
Gehrke, C. (2019): Three outstanding NOeG presentations: Morgenstern, Viner, and Menger on the laws of costs and returns, in: Empirica, pp. 1-17, doi: doi.org/10.1007/s10663-019-09443-8 [30.04.2019].
|Asymmetries in Business Cycles and the Role of Oil Prices|
We estimate asymmetries in innovations to Solow residuals for 11 Organization for Economic Co-operation and Development (OECD) countries using stochastic frontier analysis. Likelihood ratio statistics and variance ratios imply that all countries with net energy imports have significant negative asymmetries, whereas other countries do not. We construct a simple theoretical model in which the measured Solow residual combines effects from technology, factor utilization, and the terms of trade. For oil importers, the model implies an asymmetric response of measured total factor productivity to oil price increases and decreases. When we condition Solow residuals separately on positive and negative oil price changes to allow asymmetric responses, evidence for remaining negative asymmetric innovations to the Solow residuals vanishes for all countries except Switzerland. Switzerland's relatively dominant financial sector suggests that their asymmetries could be due to a financial crisis, a hypothesis that we test and fail to reject.
Daniel, B. C., Hafner, C. M., Simar, L. und Manner, H. (2019): Asymmetries in Business Cycles and the Role of Oil Prices, in: Macroeconomic Dynamics, Vol. 23, No. 4, pp. 1622-1648, doi: doi.org/10.1017/S1365100517000360.
|Knowledge Spillovers, Congestion Effects, and Long-Run Location Patterns|
We introduce an evolutionary two-country model to characterize long run location patterns of the manufacturing activities of competing multinational enterprises. Firms located in country 1 can decide to offshore their manufacturing activities to country 2. The profitability of production in a country depends on several factors: unitary costs of production, the number of firms that are located in each country, within-country spillovers, and cross-border spillovers. Furthermore, profits in country 2 are influenced by congestion costs. Country 1 is assumed to be technologically advanced and has an advantage in terms of internal spillovers. In contrast, country 2 offers lower production unit cost which, however, may be offset by congestion costs. The firms’ (re)location choices are based on a simple comparison of current production costs obtained in the two countries and the dynamics of switching is modeled by a simple replicator dynamics. The global analysis of the resulting one-dimensional dynamical system reveals that a large advantage in terms of unitary production costs encourages the firms to off-shore manufacturing activities to country 2. This off-shoring process stops when congestion costs offset this advantage of country 2, even though congestion costs do not cause all manufacturing activities to be re-shored to country 1. The re-shoring process can be accelerated by an increase of within-country spillovers in country 1, while cross-border spillovers tend to favor a geographic dispersion of manufacturing activities and make location patterns that lead to suboptimal long run outcomes less likely.
Bischi, G. I., Kopel, M., Lamantia, F. und Radi, D. (2018): Knowledge Spillovers, Congestion Effects, and Long-Run Location Patterns, in: Commendatore, P., Kubin, I., Bougheas, S., Kirman, A., Kopel, M. und Bischi, G. I. (Hrsg.): The Economy as a Complex Spatial System. Macro, Meso and Micro Perspectives, Springer Proceedings on Complexity, Wiesbaden, S. 192-215, doi: https://doi.org/10.1007/978-3-319-65627-4_11.
Kontakt: Michael Kopel, Institut für Organisation und Institutionenökonomik, Tel.: 0316/380 - 7182
|Can hierarchy hold back the dynmics of self-reinforcing processes? A simulation study on path dependence in hierarchies|
Theories of path dependence and incumbent inertia assume that self-reinforcing mechanisms lead to highly persistent and eventually inefficient institutional solutions. The resulting lock-in is likely to threaten the viability of an organization. While path dependence theory was initially developed as a market-based approach, it has more recently been transferred to institutional settings and in particular to hierarchies. Some critics doubt, however, its applicability to hierarchical organizations. The major argument states that asymmetric power structures in organizations differ significantly from symmetric coordination modes and autonomous evolutionary dynamics. Hierarchical authority is assumed to be stronger and to rule out emergent autonomous dynamics. This reasoning raises the question whether hierarchical structures are actually strong enough to suppress (deliberately) the power of evolutionary self-reinforcing organizational dynamics, or vice versa. To our knowledge, there are no studies to date examining in detail these reverse dynamics. In this paper, we build on simulations to study these competing dynamics and possible conditions that favor one view or the other. We suggest using agent-based simulation and modeling, conceiving of institutional change as an interdependent multi-level process that can be analyzed numerically. The results indicate that in most situations self-reinforcing organizational dynamics can actually overrule hierarchical authority, whilst in some other situations formal authority proves to be stronger.
Petermann, A., Schreyögg, G. und Fürstenau, D. (2019): Can hierarchy hold back the dynamics of self-reinforcing processes? A simulation study on path dependence in hierarchies, in: Business Research, pp. 1-33, doi: doi.org/10.1007/s40685-019-0083-9 [23.01.2019].
|How followers’ emotional stability and cultural value orientations moderate the impact of health-promoting leadership and abusive supervision on health-related resources|
Health-related resources at work are crucial for followers to stay fit and cope with stress. This study investigates the impact of leadership behavior on followers’ resources as antecedents of their health. It thereby takes follower characteristics (emotional stability) and cultural aspects (power distance/collectivism) into account. A total of 503 employees from Austria, Germany and Slovenia took part in this study and provided information on their leaders’ health-promoting behaviour and abusive supervision as well as on their own emotional stability, perceived power distance and collectivism. The results suggest that followers differently benefit from or suffer under perceived leadership: high power distance enhances the positive effect of health-promoting leadership on follower resources, while collectivism strengthens the negative impact of abusive supervision on the same resources. Emotionally stable followers who are working with highly abusive leaders experience the strongest threat to their health resources. In brief, this study contributes to a deeper understanding of how leaders impact those resources known to influence followers’ health.
Bregenzer, A., Felfe, J., Bergner, S. und Jimenez, P. (2019): How followers’ emotional stability and cultural value orientations moderate the impact of health-promoting leadership and abusive supervision on health-related resources, in: German Journal of Human Resource Management, pp. 1-30, doi: doi.org/10.1177/2397002218823300 [02.02.2019].
Kontakt: Sabine Bergner, Institut für Unternehmensführung und Entrepreneurship, Tel.: 0316/380 - 7359
|Why Do Markets Change? Some Conventionalist Considerations on the Stability and Dynamic of Markets|
This paper wants to develop a dynamic approach of markets. We take the economics of conventions (EC) as the basic theoretical framework and expand it regarding concepts, which help to answer the question under which circumstances markets are either (persistently) stable or (radically) dynamic. We introduce EC as a European research program focusing on uncertainty as the fundamental problem on markets. Then we develop the concept of market regimes to draw on some main pillars of the EC and at the same time to focus attention more, as it is usually the case, on the question why conventions are stable and why they change. We argue that usually markets are relatively stable; however, crises, exogenous factors, and divergent interpretations of quality on the individual level (dissatisfaction/critique of key actors) lead to change of conventions and consequently changing market regimes. Analytically, the existing regime fails to overcome uncertainty and establish market coordination. The empirical part of the paper illustrates the theoretical concepts with the case of a regional wine market where radical change led to the fall of the market convention and the rise of the domestic convention.
Jakelja, L. und Brugger, F. (2019): Why Do Markets Change? Some Conventionalist Considerations on the Stability and Dynamic of Markets, in: Historical Social Research, Vol. 44, No. 1, pp. 160-187, doi: 10.12759/hsr.44.2019.1.160-187.
|The anti-paradox of cooperation: Diversity may pay!|
This paper considers the stability and success of a public good agreement. We allow for any type and degree of asymmetry regarding benefits and costs. We ask the question whether asymmetry and which type and degree of asymmetry is conducive to cooperation? We employ a simple non-cooperative game-theoretic model of coalition formation and derive analytical solutions for two scenarios: an agreement without and with optimal transfers. A central message of the paper is that asymmetry does not have to be an obstacle for successful cooperation but can be an asset. We qualify two central results in the literature. Firstly, the paradox of cooperation, known since Barrett (1994) and reiterated by many others afterwards, stating that under those conditions when cooperation would matter most, stable agreements achieve only little. Secondly, a kind of “coalition folk theorem”, known (without proof) in the literature for a long time, stating that without transfers, stable coalitions will be smaller with asymmetric than symmetric players. We show that even without transfers the grand coalition can be stable if there is a negative covariance between benefit and cost parameters with massive gains from cooperation. Moreover, with transfers, many distributions of benefit and cost parameters lead to a stable grand coalition, again, some of them implying huge gains from cooperation. Stability and success greatly benefit from a very skewed asymmetric distribution of benefit and costs, i.e., diversity may pay!
Finus, M. und McGinty, M. (2019): The anti-paradox of cooperation: Diversity may pay!, in: Journal of Economic Behavior & Organization, Vol. 157, pp. 541–559, doi: doi.org/10.1016/j.jebo.2018.10.015.
|A note on “Renegotiation in repeated games”|
In Renegotiation in Repeated Games (1989), J. Farrell and E. Maskin present, among other results, sufficient conditions for payoffs to be “weakly renegotiation-proof”. We show that a step in the corresponding proof is not correct by giving a counterexample. We then provide a correct proof with slightly more demanding sufficient conditions.
Günther, M., Kuzmics, C. und Salomon, A. (2019): A note on “Renegotiation in repeated games”, in: Games and Economic Behavior, Vol. 114, pp. 318-323, doi: https://doi.org/10.1016/j.geb.2019.01.002.
|Debt Restructuring: When Do Loan and Bond Prepayments Pay Off?|
For ten years interest rates in the Eurozone have been declining. This has created a situation where loan or bond prepayments and subsequent refinancing transactions are potentially beneficial for debtors. The advantageousness depends on the costs induced. We analyze the favorability of debt restructuring using the method of differential investment and provide critical limits for the nominal interest rate of the new loan up to which prepayment is optimal. The calculations address both fixed and variable rate loans and consider whether the debt agreement is repaid at maturity or in annuities.
Fischer, E. O. und Wöckl, I. (2019): Debt Restructuring: When Do Loan and Bond Prepayments Pay Off?, in: Journal of Banking and Financial Research (BankArchiv), Vol. 67, No. 1, pp. 39-49. doi: dx.doi.org/10.2139/ssrn.3225608.
|Effects of Increasing Enforcement on Financial Reporting Quality and Audit Quality|
A widely held assumption in policy making and empirical research is that increasing the strength of public enforcement improves financial reporting quality and audit quality. This paper provides a more nuanced view. In a model with a manager who can manage earnings, a strategic auditor, and an enforcement institution, we show that enforcement and auditing are complements in a weak enforcement regime but can be substitutes in a strong regime. Although stronger enforcement always mitigates earnings management, the effects of different instruments of strengthening enforcement are ambiguous. We show that they can improve or impair financial reporting quality and audit quality, depending on production risk, accounting system characteristics, and the scope of auditing relative to enforcement.
Ewert, R. und Wagenhofer, A. (2019): Effects of Increasing Enforcement on Financial Reporting Quality and Audit Quality, in: Journal of Accounting Research, Vol 57, No. 1, pp. 121-168, doi: 10.1111/1475-679X.12251.
Kontakt: Ralf Ewert, Institut für Unternehmensrechnung und Wirtschaftsprüfung, Tel.: 0316/380 - 7168 und Alfred Wagenhofer, Institut für Unternehmensrechnung und Controlling, Tel.: 0316/380 - 3500
|Kompetenzorientierter Unterricht: Theoretische Grundlagen – erprobte Praxisbeispiele|
Die Bildungsdebatten der letzten Jahre haben, verstärkt durch internationale Schulleistungsstudien wie PISA oder TIMSS, den Blick auf die Ergebnisse von Lern- und Bildungsprozessen gelenkt, insbesondere im Spiegel des Kompetenzerwerbs. Die AutorInnen stellen konkrete Unterrichtsmethoden und -beispiele vor, die Lehramtsstudierende sowie Lehrerinnen und Lehrer bei der Durchführung kompetenzorientierten Unterrichts unterstützen.
Fritz, U., Lauermann, K., Paechter, M., Stock, M. und Weirer, W. (Hrsg.) (2019): Kompetenzorientierter Unterricht: Theoretische Grundlagen – erprobte Praxisbeispiele, Verlag Barbara Budrich GmbH, Leverkusen.
|Stable and Pareto Optimal Group Activity Selection From Ordinal Preferences|
In several situations agents need to be assigned to activities on basis of their preferences, and each agent can take part in at most one activity. Often, the preferences of the agents do not depend only on the activity itself but also on the number of participants in the respective activity. In the setting we consider, the agents hence have preferences over pairs “(activity, group size)” including the possibility “do nothing”; in this work, these preferences are assumed to be strict orders. The task will be to find stable assignments of agents to activities, for different concepts of stability such as Nash or core stability, and Pareto optimal assignments respectively. In this respect, particular focus is laid on two natural special cases of agents’ preferences inherent in the considered model, namely increasing and decreasing preferences, where agents want to share an activity with as many (as few, respectively) agents as possible.
Darmann, A. (2018): Stable and Pareto Optimal Group Activity Selection From Ordinal Preferences, in: International Journal of Game Theory, Vol. 47, No. 4, pp. 1183-1209, doi: link.springer.com/article/10.1007%2Fs00182-018-0612-3.
Kontakt: Andreas Darmann, Institut für Finanzwissenschaft und Öffentliche Wirtschaft, Tel.: 0316/380 - 7139
|Preferences under Ignorance|
A decision maker (DM) makes choices from different sets of alternatives. The DM is initially ignorant of the payoff associated with each alternative and learns these payoffs only after a large number of choices have been made. We show that, in the presence of an outside option, once payoffs are learned, the optimal choice rule from sets of alternatives can be rationalized by a DM with strict preferences over all alternatives. Under this model, the DM has preferences for preferences while being ignorant of what preferences are “right.”
Gossner, O. und Kuzmics, C. (2019): Preferences under Ignorance, in: International Economic Review, Vol. 60, No. 1, pp. 241-257, doi: 10.1111/iere.12351.
|Österreich, Europa und die Welt. Internationale Beziehungen im 20. und 21. Jahrhundert|
Anhand ausgewählter Beispiele beleuchtet der Sammelband die Prozesshaftigkeit von Geschichte aus österreichischer Perspektive: Es geht um innen- und außenpolitische Entwicklungen seit 1918, vor allem aber auch um die Positionierung und Rolle der Republik Österreich in Europa und in der Welt. Expertinnen und Experten aus den Bereichen Geschichte, Rechtswissenschaften, Ökonomie, Demographie und Entwicklungspolitik spannen mit ihren Aufsätzen einen weiten Bogen: von den letzten Jahren der Habsburgermonarchie, den Krisen der Zwischenkriegszeit und dem Ende Österreichs durch den „Anschluss“ 1938 über die Rolle der neutralen Alpenrepublik im Kalten Krieg, ihren Weg in die EU und ihre Bedeutung im Kontext einer (gesamt)europäischen Außenpolitik bis hin zur jüngsten Schulden-, Euro- und Finanzkrise und schließlich zur Rolle Österreichs in der internationalen Entwicklungszusammenarbeit und in internationalen Organisationen.
Iber, W. M. und Teibenbacher, P. (Hrsg.) (2019): Österreich, Europa und die Welt. Internationale Beziehungen im 20. und 21. Jahrhundert, Reihe: Wissenschaft kompakt: Wirtschaft, Gesellschaft, Politik. Schriften des Instituts für Wirtschafts-, Sozial- und Unternehmensgeschichte an der Karl-Franzens-Universität Graz, Band 1, LIT Verlag, Münster.
Kontakt: Walter M. Iber, Institut für Wirtschafts-, Sozial- und Unternehmensgeschichte, Tel.: 0316/380 - 3529
|Algorithmic trading and liquidity: Long term evidence from Austria|
We analyze the relation between algorithmic trading and liquidity using a novel data set from the Austrian equity market. Our sample covers almost 4.5 years, it identifies the market share of algorithmic trading at the stock-day level, and it comes from a market that has hitherto not been analyzed. We address the endogeneity problem using an instrumental variables approach. Our results indicate that an increase in the market share of algorithmic trading causes a reduction in quoted and effective spreads while quoted depth and price impacts are unaffected. They are consistent with algorithmic traders on average acting as market makers.
Mestel, R., Murg, M. und Theissen, E. (2018): Algorithmic trading and liquidity: Long term evidence from Austria, in: Finance Research Letters, Vol. 26, pp. 198-203, doi: doi.org/10.1016/j.frl.2018.01.004.
|Strategic management of product and brand extensions: Extending corporate brands in B2B vs. B2C markets|
Decisions about expanding an existing product portfolio and capturing new markets are of critical importance to a firm’s financial performance and growth. Yet, important questions remain in regard to the extent to which product and brand extensions contribute to a firm’s profit in B2B and B2C markets, respectively, and how firms with corporate brands in these markets should pursue an extension strategy that provides maximum impact on firm profit. The authors theorize and empirically address these questions based on a study of firms listed in the U.S. Fortune 500 published ranking. Findings of this research have important prescriptive implications for the management of B2B and B2C firms’ growth-based extension strategy and contribute to B2B theory.
Liu, Y., Foscht, T., Eisingerich, A. B. und Tsai, H.-T. (2018): Strategic management of product and brand extensions: Extending corporate brands in B2B vs. B2C markets, in: Industrial Marketing Management, Vol. 71, pp. 147-159, doi: doi.org/10.1016/j.indmarman.2017.12.016.
|Integer optimization with penalized fractional values: The Knapsack case|
We consider integer optimization problems where variables can potentially take fractional values, but this occurrence is penalized in the objective function. This general situation has relevant examples in scheduling (preemption), routing (split delivery), cutting and telecommunications, just to mention a few. However, the general case in which variables integrality can be relaxed at cost of introducing a general penalty was not discussed before. As a case study, we consider the possibly simplest combinatorial optimization problem, namely the classical Knapsack Problem. We introduce the Fractional Knapsack Problem with Penalties (FKPP), a variant of the knapsack problem in which items can be split at the expense of a penalty depending on the fractional quantity. We analyze relevant properties of the problem, present alternative mathematical models, and analyze their performance from a theoretical viewpoint. In addition, we introduce a Fully Polynomial Time Approximation Scheme for the approximate solution of the general problem, and an improved dynamic programming approach that computes the optimal solution in one relevant case. We computationally test the proposed models and algorithms on a large set of instances derived from benchmarks from the literature.
Malaguti, E., Monaci, M., Paronuzzi, P. und Pferschy, U. (2019): Integer optimization with penalized fractional values: The Knapsack case, in: European Journal of Operational Research, Vol. 273, No. 3, pp. 874-888, doi: doi.org/10.1016/j.ejor.2018.09.020.
|Capacity Planning Under Uncertainty and the Cost of Capital|
We explore how risk aversion affects optimal capacity and pricing decisions within the economic setting of Banker and Hughes (1994). A risk-averse firm invests in fixed capacity and sets a product price, but can also purchase spot capacity at higher unit cost. Initial capacity and price are set by maximizing the firm’s mean-variance certainty equivalent. We find that, contrary to common intuition, optimal capacity or list prices can increase under greater risk aversion depending on exogenous fundamentals. We show how the firm’s capacity and price choices affect the economic trade-off between the mean and the risk of the firm’s uncertain payoffs. We also show that the cost of capital is affected not only by the firm’s covariance with other assets, but also by its payoff mean. The objective of minimizing the cost of capital is, therefore, fundamentally inconsistent with maximizing project value.
Johnstone, D. und Wagenhofer, A. (2018): Capacity Planning Under Uncertainty and the Cost of Capital, in: Journal of Management Accounting Research, Vol. 30, No. 3, pp. 169-185, doi: 10.2308/jmar-51859.
|Forecasting the joint distribution of Australian electricity prices using dynamic vine copulae|
We consider the problem of modelling and forecasting the distribution of a vector of prices from interconnected electricity markets using a flexible class of drawable vine copula models, where we allow the dependence parameters of the constituting bivariate copulae to be time-varying. We undertake in-sample and out-of-sample tests using daily electricity prices, and evidence that our model provides accurate forecasts of the underlying distribution and outperforms a set of competing models in their abilities to forecast one-day-ahead conditional quantiles of a portfolio of electricity prices. Our study is conducted in the Australian National Electricity Market (NEM), which is the most efficient power auction in the world. Electricity prices exhibit highly stylised features such as extreme price spikes, price dependency between regional markets, correlation asymmetry and non-linear dependency. The developed approach can be used as a risk management tool in the electricity retail industry, which plays an integral role in the apparatus of modern energy markets. Electricity retailers are responsible for the efficient distribution of electricity, while being exposed to market risk with extreme magnitudes.
Manner, H., Alavi Fard, F., Pourkhanali, A. und Tafakori, L. (2019): Forecasting the joint distribution of Australian electricity prices using dynamic vine copulae, in: Energy Economics, Vol. 78, pp. 143-164, doi: doi.org/10.1016/j.eneco.2018.10.034.
|Macroeconomic implications of switching to process-emission-free iron and steel production in Europe|
Climate change is one of the most serious threats to the human habitat. The required structural change to limit anthropogenic forcing is expected to fundamentally change daily social and economic life. The production of iron and steel is a special case of economic activities since it is not only associated with combustion but particularly with process emissions of greenhouse gases which have to be dealt with likewise. Traditional mitigation options of the sector like efficiency measures, substitution with less emission-intensive materials, or scrap-based production are bounded and thus insufficient for rapid decarbonization necessary for complying with long-term climate policy targets. Iron and steel products are basic materials at the core of modern socio-economic systems, additionally being essential also for other mitigation options like hydro and wind power. Therefore, a system-wide assessment of recent technological developments enabling almost complete decarbonization of the sector is substantially relevant. Deploying a recursive-dynamic multi-region multi-sector computable general equilibrium approach, we investigate switches from coke-to hydrogen-based iron and steel technologies in a scenario framework where industry decisions (technological choice and timing) and climate policies are misaligned. Overall, we find that the costs of industry transition are moderate, but still ones that may represent a barrier for implementation because the generation deciding on low-carbon technologies and bearing (macro)economic costs might not be the generation benefitting from it. Our macroeconomic assessment further indicates that anticipated bottom-up estimates of required additional domestic renewable electricity tend to be overestimated. Relative price changes in the economy induce electricity substitution effects and trigger increased electricity imports. Sectoral carbon leakage is an imminent risk and calls for aligned course of action of private and public actors.
Mayer, J., Bachner, G. und Steininger, K. W. (2019): Macroeconomic implications of switching to process-emission-free iron and steel production in Europe, in: Journal of Cleaner Production, Vol. 210, pp. 1517-1533, doi: doi.org/10.1016/j.jclepro.2018.11.118.