|Job quality of refugees in Austria: Trade-offs between multiple workplace characteristics|
Do employers tend to exploit refugees or do they offer them high-quality jobs? This article examines the job quality of refugees from Afghanistan and Syria working in Austria. It uses unique survey data of 316 refugees and cluster analysis to identify job quality profiles. Drawing on well-established job quality frameworks, it considers multiple dimensions of job quality, including pay, job security, overqualification in terms of level and content area, learning opportunities, at-home feeling and health aspects. The findings reveal four job quality profiles with considerable trade-offs or compromises between job quality dimensions. Furthermore, the job quality profiles are associated with the methods refugees use to find a job. The study enhances understanding of labour market integration of refugees and the associated role of human resource management.
Ortlieb, R. and Weiss, S. (2020): Job quality of refugees in Austria: Trade-offs between multiple workplace characteristics, in: German Journal of Human Resource Management, pp. 1-25, doi: 10.1177/2397002220914224.
|Risks in Public–Private Partnerships: A Systematic Literature Review of Risk Factors, Their Impact and Risk Mitigation Strategies|
Public–private partnerships (PPPs) are a popular way to form synergies between public and private partners in order to overcome modern challenges and develop new opportunities. However, recent research suggests that PPPs entail more risks than other projects. In this systematic literature review, we analyze 159 articles published in international journals and identify eight major risk factors in PPPs. We integrate our results into a risk management framework and examine how the risk factors potentially impact PPPs before summarizing risk mitigation strategies. Our findings offer a cross-sectoral perspective and bridge the gap between research and practical implementation. By developing a novel conceptual model we advance the understanding of risks in PPPs and contribute to the theoretical foundations.
Rybnicek, R., Plakolm, J. and Baumgartner, L. (2020): Risks in Public–Private Partnerships: A Systematic Literature Review of Risk Factors, Their Impact and Risk Mitigation Strategies, in: Public Performance & Management Review, pp. 1-35, doi: doi.org/10.1080/15309576.2020.1741406 [10.4.2020].
Contact: Robert Rybnicek, Department of Corporate Leadership and Entrepreneurship, Phone: +43(0)316/380 - 7355
|The Effect of Cross-Border Taxation on Ownership Chains|
I investigate the inﬂuence of taxation on ownership chains and speciﬁcally on the location decision for intermediate holding companies. By examining the effect of the introduction of a cross-border group taxation regime in Austria in 2005 on ownership chains of European multinational ﬁrms, I ﬁnd evidence that foreign parent companies already invested in Austria restructured their ownership chains in order to meet the requirements of the group taxation regime. This effect is larger for foreign parent companies with loss-generating subsidiaries. Collectively, my empirical ﬁndings suggest that, when evaluating the effect of cross-border group taxation regimes, companies follow a detailed tax planning strategy that takes tax-base effects into account.
Rünger, S. (2019): The Effect of Cross-Border Group Taxation on Ownership Chains, in: European Accounting Review, Vol. 28, No. 5, pp. 929-946, doi: doi.org/10.1080/09638180.2018.1564689.
|Sociology of the Sacred: The Revitalization of the Durkheim School at the Collège de Sociologie and the Renewal of a Sociology of Sacralization by Hans Joas|
This article analyzes three key stages in the development of the sociology of the sacred: the Durkheim school, the Collège de Sociologie, and the work of Hans Joas. First, it shows that the Collège de Sociologie was deeply influenced by the Durkheimians’ studies on religion and the gift but interpreted them in a very specific way. Whereas the Collège and the Durkheim school agree on the importance of the sacred for social cohesion, they disagree on other important theoretical, methodological, and political issues. Second, it compares Hans Joas’s studies on sacralization processes to the Durkheimian sociology of religion and the sacred sociology of the Collège. It argues that Joas’s analyses, even though they are inspired by Durkheim, in particular go beyond the Durkheim school and the Collège in three respects: (a) they provide an account of the articulation of the experience of the sacred; (b) they ground sacralization processes in a theory of action; and (c) they contextualize sacralization processes in terms of a sociology of institutions and power.
Moebius, S. (2020): Sociology of the Sacred: The Revitalization of the Durkheim School at the Collège de Sociologie and the Renewal of a Sociology of Sacralization by Hans Joas, in: Joas, H. und Pettenkofer, A. (Ed.): The Oxford Handbook of Émile Durkheim, Oxford University Press, Oxford, doi: 10.1093/oxfordhb/9780190679354.013.25.
|Price Measurement Using Scanner Data: Time-Product Dummy Versus Time Dummy Hedonic Indexes|
This paper compares two model‐based multilateral price indexes: the time‐product dummy (TPD) index and the time dummy hedonic (TDH) index, both estimated by expenditure‐share weighted least squares regression. The TPD model can be viewed as the saturated version of the underlying TDH model, and we argue that the regression residuals are “distorted toward zero” due to overfitting. We decompose the ratio of the two indexes in terms of average regression residuals of the new and disappearing items. The decomposition aims to explain the conditions under which the TPD index suffers from quality‐change bias or, more generally, lack‐of‐matching bias. An example using scanner data on packaged men's T‐shirts illustrates our framework.
De Haan, J., Hendriks, R. and Scholz, M. (2020): Price Measurement Using Scanner Data: Time-Product Dummy Versus Time Dummy Hedonic Indexes, in: Review of Income and Wealth, pp. 1-24, doi: doi.org/10.1111/roiw.12468 [7.5.2020].
|Commercial Property Price Indices and Indicators: Review and Discussion of Issues Raised in the CPPI Statistical Report of Eurostat (2017)|
Commercial property price indices (CPPIs) are needed to monitor financial stability, guide investment decisions by firms, and improve national accounts. Due to a lack of suitable data, however, reliable CPPIs are often hard to construct. Here we survey the current state of the CPPI literature and assess the contribution of the recently published Eurostat CPPI report.
Hill, R. J, and Steurer, M. (2020): Commercial Property Price Indices and Indicators: Review and Discussion of Issues Raised in the CPPI Statistical Report of Eurostat (2017), in: Review of Income and Wealth, pp. 1-16, doi: doi.org/10.1111/roiw.12473 [15.5.2020].
|Aggregation mechanisms for crowd predictions|
When the information of many individuals is pooled, the resulting aggregate often is a good predictor of unknown quantities or facts. This aggregate predictor frequently outperforms the forecasts of experts or even the best individual forecast included in the aggregation process (“wisdom of crowds”). However, an appropriate aggregation mechanism is considered crucial to reaping the benefits of a “wise crowd”. Of the many possible ways to aggregate individual forecasts, we compare (uncensored and censored) arithmetic and geometric mean and median, continuous double auction market prices and sealed bid-offer call market prices in a controlled experiment. We use an asymmetric information structure, where participants know different sub-sets of the total information needed to exactly calculate the asset value to be estimated. We find that prices from continuous double auction markets clearly outperform all alternative approaches for aggregating dispersed information and that information lets only the best-informed participants generate excess returns.
Palan, S., Huber, J. and Senninger L. (2019): Aggregation mechanisms for crowd predictions, in: Experimental Economics, pp. 1-27, doi: doi.org/10.1007/s10683-019-09631-0 [9.11.2019].
|Grenze zwischen Berufs- und Privatleben im Wissenschaftsfeld. Eine Bourdieusche Perspektive|
Silvana Weiss untersucht in diesem Buch die Grenze zwischen Berufs- und Privatleben im Wissenschaftsfeld, wofür sie zwei Theoriestränge miteinander verbindet: Bourdieus Theorie der Praxis und klassische Grenzziehungstheorien. In zwei empirischen Studien beleuchtet sie den Zusammenhang zwischen den Spielregeln des Feldes, individuellen Grenzziehungspraktiken und Karrieren in der Wissenschaft. Es zeigt sich, dass Zeitinvestment und intrinsische Motivation mit jeder Qualifikationsstufe steigen und dass die Grenze zwischen Berufs- und Privatleben zunehmend verschwimmt. Dennoch gestalten nicht alle Wissenschaftler und Wissenschaftlerinnen ihr Leben völlig entgrenzt, sondern es gibt durchaus vielfältige Grenzziehungspraktiken. Insgesamt geben die Befunde Anlass zur kritischen Betrachtung der Spielregeln im Wissenschaftsfeld.
Weiss, S. (2019): Grenze zwischen Berufs- und Privatleben im Wissenschaftsfeld. Eine Bourdieusche Perspektive, Springer Gabler, Wiesbaden.
|Die Wesentlichkeit in der Nachhaltigkeitsberichterstattung - haben die Österreicher oder die Deutschen recht?|
In der nichtfinanziellen Berichterstattung nimmt der Wesentlichkeitsbegriff eine zentrale Rolle ein, da Unternehmen aufgrund ihrer geringen Erfahrung mit der verpflichtenden NFI-Berichterstattung vor dem Problem stehen, für die Offenlegung relevante Belange und Themen zu identifizieren. Der Beitrag beschäftigt sich mit der unterschiedlichen Auslegung der Wesentlichkeit in Österreich und Deutschland und zeigt, dass die österreichische Interpretation dem Willen des europäischen Gesetzgebers entspricht, während der deutsche Wesentlichkeitsbegriff zu restriktiv ausgelegt wird.
Niggemann, F. and Schneider, G. (2020): Die Wesentlichkeit in der Nachhaltigkeitsberichterstattung – haben die Österreicher oder die Deutschen recht?, in: RWZ - Zeitschrift für Recht und Rechnungswesen, Vol. 3, pp. 89-94.
|Post-war Economies (Austria-Hungary)|
The Austrian economy went through several phases in the interwar period, beginning with general post-war misery and massive currency devaluation. This article focuses on the immediate post-war period after World War One up to the end of the 1920s. The country recovered only slowly from the economic aberrations and confusions resulting from the end of the war in 1918. This was also due to the fact that hardly anyone believed in the viability of the young republic. Only very few realized that the economic conditions for an independent Austria were in place. Admittedly, the structures remained extremely fragile, as the devastating effects of the “Great Depression” finally showed.
Iber, W. M. (2020): Post-war Economies (Austria-Hungary), in: Daniel, U., Gatrell, P., Janz, O., Jones, H., Keene, J., Kramer, A. and Nasson, B. (Ed.): 1914-1918-online. International Encyclopedia of the First World War, Freie Universität Berlin, Berlin, pp. 1-13, doi: 10.15463/ie1418.11462 [16.4.2020].
Contact: Walter M. Iber, Department of Economic, Social and Business History, Phone: +(0)316/380 - 3529
|Higher frequency hedonic property price indices: a state-space approach|
The hedonic imputation method allows characteristic shadow prices to evolve over time. These shadow prices are used to construct matched samples of predicted prices, which are inserted into standard price index formulas. We use a spatio-temporal model to improve the method’s effectiveness on housing data at higher frequencies. The problem is that at higher frequencies, there may not be enough observations per period to reliably estimate the characteristic shadow prices. In such cases, the reliability of the hedonic imputation method is improved by using a state-space formulation which yields estimates of the shadow prices that are weighted sums of previous periods’ information. In addition, the state-space representation of the model includes a geospatial spline surface which significantly reduces the number of parameters to be estimated when compared to the standard practice of including postcode dummies in the model. Empirically, using a novel criterion, we show that in higher frequency comparisons, our hedonic method outperforms competing alternatives.
Hill, R. J., Rambaldi, A. N. and Scholz, M. (2020): Higher frequency hedonic property price indices: a state-space approach, in: Empirical Economics, pp. 1-25, doi: doi.org/10.1007/s00181-020-01862-y [11.4.2020].
|The role of social and technical excludability for the success of impure public good and common pool agreements: The case of international fisheries|
We argue that international fisheries are a prime example to study the incentive structure of forming impure public good and common pool agreements. We consider a fully integrated multiple zone model, in which zones are linked through density-dependent migration. The incentive to accede to Regional Fishery Management Organizations (RFMOs) is related to multiple characteristics. Firstly, the relative patch sizes of the high seas, which is the internationally (publicly) accessible domain, compared to exclusive economic zones, which are state-owned (privately owned). This can be related to the degree of socially constructed excludability. Secondly, the intensity of fish migration between various zones, which can be related to the degree of technical excludability. Thirdly, the growth rate of the resource, which can be interpreted as the degree of rivalry, with a low (high) degree of rivalry approximating public good (common pool) features. We show that, generally, excludability reduces free-riding incentives but also the need for cooperation, a variant of the “paradox of cooperation”. Moreover, we show that the benefit-cost duality between public goods and common pool resources generally holds except for some extreme parameter values for which a low degree of rivalry fosters the success of cooperation. Finally, through a variation of the diffusion matrix, we can also analyze a closed as well as a sink-source system.
Finus, M., Schneider, R. and Pintassilgo, P. (2020): The role of social and technical excludability for the success of impure public good and common pool agreements. The case of international fisheries, in: Resource and Energy Economics, Vol. 59, pp. 1-21, doi: doi.org/10.1016/j.reseneeco.2019.101122.
|Being Smart Is Not Enough: Personality and Interests Predict Intention, Status and Success of Leaders and Entrepreneurs Beyond Ability|
Three separate studies demonstrate that socio-emotional skills add incremental validity beyond ability when predicting leadership and entrepreneurship intention, emergence as well as success. Study 1 uses a longitudinal approach and demonstrates that cognitive ability predicts the intention to become a business leader or entrepreneur 2 years in the future. Importantly, vocational interests increase this ability-driven prediction of leadership and entrepreneurship intention. Study 2 investigates business leaders and shows that those with higher cognitive ability more likely emerge as top-level leaders, receive more income and perform slightly better. The leaders’ personality added validity beyond ability when predicting income, leadership level and performance. Finally, Study 3 demonstrates that cognitive ability predicts a person’s entrepreneurial status but not performance. Additionally, considering personality traits improves the prediction of who becomes an entrepreneur and successfully performs as such. Importantly, personality traits and vocational interests boost the importance of ability in the field of leadership and entrepreneurship.
Bergner, S. (2020): Being Smart Is Not Enough: Personality and Interests Predict Intention, Status and Success of Leaders and Entrepreneurs Beyond Ability, in: Frontiers in Psychology, doi: doi.org/10.3389/fpsyg.2020.00204 [18.02.2020].
Contact: Sabine Bergner, Department of Corporate Leadership and Entrepreneurship, Phone: +(0)316/380 - 7359
|Steuerkomplexität im Vergleich zwischen Deutschland und Österreich – Eine Analyse des Status quo|
Die Komplexität von Steuersystemen gewinnt in der Debatte um den internationalen Steuerwettbewerb zunehmend an Bedeutung. Im vorliegenden Beitrag erfolgt, basierend auf den Befragungsdaten, die dem Tax Complexity Index von Hoppe et al. (2019) zugrunde liegen, eine umfassende Gegenüberstellung der Komplexität der Steuersysteme von Deutschland und Österreich unter Berücksichtigung der Mittelwerte aller vom Index abgedeckten Länder. Die Steuergesetze weisen sowohl in Deutschland als auch in Österreich einen verhältnismäßig hohen Grad an Komplexität auf. Bei den steuerlichen Rahmenbedingungen fällt der Grad an Komplexität in beiden Ländern dagegen niedrig aus, wobei Österreich im Durchschnitt weniger komplex ist als Deutschland.
Hoppe, T., Rechbauer, M. and Sturm, S. (2019): Steuerkomplexität im Vergleich zwischen Deutschland und Österreich - Eine Analyse des Status quo, in: Steuer und Wirtschaft, Vol. 96, No. 4, pp. 397-412.
|A Global Scientific Community? Universalism Versus National Parochialism in Patterns of International Communication in Sociology*|
The paper starts from the thesis that unhindered international communication is a central characteristic of modern science. Second, the paper argues that scientific progress cannot be defined unequivocally in the social sciences. Four structures inhibit free international communication (linguistic barriers, the size of a national sociological community, the quality of scientific research, and the influence of specific sociologists and their schools). Third, three kinds of data are used to investigate the relevance of these factors: The participation in international congresses, the quotation patterns in major sociological journals and the reasons for the exceptional success of three sociologists, from the USA, France and Germany, respectively. Finally, a short hint toward the development of sociology outside the Western world is given. The paper concludes with some reflections on strategies to change the one-sided, asymmetrical communication in sociology toward a more balanced pattern.
Haller, M. (2019): A Global Scientific Community? Universalism Versus National Parochialism in Patterns of International Communication in Sociology*, in: International Journal of Sociology, Vol. 49, No. 5-6, pp. 342-369, doi: doi.org/10.1080/00207659.2019.1681863.
|Programm, personelle und organisatorische Entwicklung des Forschungsinstituts für Sozialwissenschaften von 1918/1919 bis zum heutigen Institut für Soziologie und Sozialpsychologie (ISS)|
Der Beitrag verfolgt das Ziel, die institutionelle und personelle Entwicklung der Kölner Soziologie ausgehend vom 1919 gegründeten „Forschungsinstitut für Sozialwissenschaften“ – dem ersten sozialwissenschaftlichen Institut in Deutschland – bis zum heutigen „Institut für Soziologie und Sozialpsychologie“ (ISS) zu rekonstruieren und greift hierbei u. a. auf Zeitzeugengespräche wichtiger Protagonisten zurück. Köln ist ein zentraler Ort für die Geschichte der Soziologie in Deutschland, da hier die ersten Institutionalisierungsschritte der sich entwickelnden einzelwissenschaftlichen Fachdisziplin begannen und die dortige Soziologie sich zum Mittelpunkt des deutschsprachigen Fachs entwickelte. Nach 1945 beförderte die Kölner Soziologie den Aufstieg der empirischen Sozialforschung in Deutschland und avancierte zu einem der wirkmächtigsten Zentren der Disziplin. Bis heute ist Köln für eine dezidiert empirische Soziologie bekannt. Zentrale Personen, die für die Entwicklung der Kölner Soziologie einen maßgeblichen Beitrag geleistet haben, sind u. a. die ehemaligen Lehrstuhlinhaber Leopold von Wiese, René König, Erwin K. Scheuch, Renate Mayntz, Friedhelm Neidhardt und Jürgen Friedrichs.
Knebelspieß, S. and Moebius, S. (2019): Programm, personelle und organisatorische Entwicklung des Forschungsinstituts für Sozialwissenschaften von 1918/19 bis zum heutigen Institut für Soziologie und Sozialpsychologie (ISS), in: Kölner Zeitschrift für Soziologie und Sozialpsychologie (KZfSS), Vol. 71, pp. 515-552, doi: doi.org/10.1007/s11577-019-00649-z.
|Measures to enhance the effectiveness of international climate agreements: The case of border carbon adjustments|
Actions on climate change which are not supported by all countries are not very effective. However, full participation in a global climate treaty with meaningful emission reductions is difficult to achieve. The non-excludability of the public good mitigation provides an incentive to abstain from global action. Moreover, carbon leakage renders it unattractive to join a treaty without full participation. We study whether and under which conditions border carbon adjustments (BCAs) can mitigate free-riding and reduce carbon leakage in a simple strategic trade model. We show that BCAs can lead to large stable climate agreements, including full participation, associated with large global welfare gains if treaties do not restrict membership (open membership), as this is typical for environmental agreements. We caution against restricting accession to treaties (exclusive membership), as this is typical for trade agreements, which may serve individual but not global interests.
Al Khourdajie, A. and Finus, M. (2020): Measures to enhance the effectiveness of international climate agreements: The case of border carbon adjustments, in: European Economic Review, Vol. 124, pp. 1-18, doi: https://doi.org/10.1016/j.euroecorev.2020.103405.
|Order-invariant tests for proper calibration of multivariate density forecasts|
Established tests for proper calibration of multivariate density forecasts based on Rosenblatt probability integral transforms can be manipulated by changing the order of variables in the forecasting model. We derive order‐invariant tests. The new tests are applicable to densities of arbitrary dimensions and can deal with parameter estimation uncertainty and dynamic misspecification. Monte Carlo simulations show that they often have superior power relative to established approaches. We use the tests to evaluate generalized autoregressive conditional heteroskedasticity‐based multivariate density forecasts for a vector of stock market returns and macroeconomic forecasts from a Bayesian vector autoregression with time‐varying parameters.
Dovern, J. and Manner, H. (2020): Order‐invariant tests for proper calibration of multivariate density forecasts, in: Journal of Applied Econometrics, pp. 1-17, doi: doi.org/10.1002/jae.2755 [11.02.2020].
|Distribution of Health Care Resources in Austria - Inequality Assessment of Different Health Care Resources at Different Points in Time|
A major objective of health policy in many countries is to avoid inequality in the distribution of health care resources. Our goal is to provide initial insight into the inequality in the regional distribution of different health care resources per capita and the variation of the inequality over time in Austria to provide starting points for policy recommendations and international comparisons. We also aim to examine whether the type of inequality measure and need-adjustment has an impact on the results. The findings reveal that inequality in the distribution of GPs with contracts with social health insurance is comparably small, but we observe an increase in inequality from 2002 to 2014. In general, there is a clear trend toward private physicians, of whom private specialists preferably open their practices in densely populated areas. Despite considerable reductions in public hospital beds between 2002 and 2014, the distribution across regions remains almost constant. The use of different inequality measures and need-adjustment provides additional insights so that custom-made policies to reduce inequalities can be developed.
Sommersguter-Reichmann, M. and Reichmann, G. (2019): Distribution of Health Care Resources in Austria – Inequality Assessment of Different Health Care Resources at Different Points in Time, in: International Journal of Health Services, pp. 1-13, doi: doi.org/10.1177/0020731419893058 [10.12.2019].
|Behind Migrant and Non-Migrant Worktime Inequality in Europe: Institutional and Cultural Factors Explaining Differences|
Migrants often work longer hours than their non-migrant counterparts. In this article we examine reasons behind this inequality, arguing that institutional working time configurations at the country level impact on worktime inequality. Our cross-country comparative study uses data from the European Labour Force Survey. We focus on France, Sweden, Austria and the UK as archetypal examples of working time configurations and breadwinner models in Europe. Our findings indicate that institutional and cultural factors play a role in working hour differences between migrants and non-migrants. We conclude that more centralized worktime regulation and bargaining foster equality, and we suggest several avenues for future research.
Ortlieb, R. and Winterheller, J. (2020): Behind Migrant and Non‐Migrant Worktime Inequality in Europe: Institutional and Cultural Factors Explaining Differences, in: British Journal of Industrial Relations, pp. 1-31, doi: doi.org/10.1111/bjir.12521 [14.01.2020].
|Optimal dynamic control of predator-prey models|
This paper combines work to use a decision support tool for sustainable economic development, while acknowledging interdependent dynamics of population density, and interferences from outside. We get new insights derived from experimental approaches: analytical models (optimal dynamic control of predator–prey models) provide optimal dynamic strategies and interventions, depending on different objective functions. Our economic experiments are able to test the applicability of these strategies, and in how far decision-makers can learn to improve decision-making by repeated applications. We aim to analyse a sustainable environment with diametrical goals to harvest as much as possible while allowing optimal population growth. We find interesting insights from those who manage the dynamic system. With the methodology of experimental economics, the experiment at hand is developed to analyse the capability of individual persons to handle a complex system, and to find an economic, stable equilibrium in a neutral setting. We have developed a most interesting simulation model, where it will turn out that prices play a less important role than availability of the goods. This aspect could become a new important aspect in economics in general and in sustainable environments especially.
Becker, O. and Leopold-Wildburger, U. (2019): Optimal dynamic control of predator-prey models, in: Central European Journal of Operations Research, doi: doi.org/10.1007/s10100-019-00656-7 [02.11.2019].
|Future Engineering Lab – Planspielentwicklung in der Fahrzeugindustrie|
Digitalisierung und digitale Transformation tangieren nicht nur die technologische (Arbeits-)Umwelt, sondern auch Aspekte wie Prozesse, Organisationsstrukturen, Kompetenzen der Mitarbeitenden und Unternehmenskultur. Gleichzeitig gilt es in Organisationen, die Potenziale der bestehenden Belegschaft zu nutzen und diese im bevorstehenden Kulturwandel zu begleiten. In diesem ebenso komplexen wie aktuellen Themenfeld bewegt sich das Kooperationsprojekt Future Engineering Lab. Im Rahmen dieses Projekts soll in Form eines Planspiels ein Konzept für eine neue Entwicklungsmethodik im Fahrzeugbau unter Laborbedingungen (Future Engineering Lab) für die Mitarbeitenden der beteiligten Organisationen erlebbar werden. Im vorliegenden Beitrag steht der Prozess der Entwicklung dieses Planspiels im Fokus.
Dreisiebner, G., Fachbach, B., Tafner, G., Slepcevic-Zach, P., Stocker, A. and Stock, M. (2019): Future Engineering Lab – Planspielentwicklung in der Fahrzeugindustrie, in: Ostendorf, A., Thoma, M. und Welte, H. (Ed.): bwp@Spezial AT-2: Wirtschaftspädagogik in Österreich 2019 – Beiträge zum 13. Österreichischen Wirtschaftspädagogikkongress, 17. Mai 2019, pp. 1-17.
|Dynamic Status Effects, Savings, and Income Inequality|
This article advances the hypothesis that the intensity of status preferences depends negatively on the average wealth of society (endogenous dynamic status effect), in accordance with empirical evidence. Our theory replicates the contradictory historical facts of an increasing saving rate along with declining returns to capital over time. By affecting the dynamics of the saving rate, the dynamic status effect raises inequality, thereby providing a behavioral mechanism for the observed diverse dynamics of income inequality across countries. In countries in which the dynamic status effect is strong (weak), inequality rises (declines) over time in response to a positive productivity shock.
Dioikitopoulos, E. V., Turnovsky, S. J. and Wendner, R. (2020): Dynamic Status Effects, Savings, and Income Inequality, in: International Economic Review, Vol. 61, No. 1, pp. 351-382, doi: doi.org/10.1111/iere.12426.
|Public good agreements under the weakest-link technology|
We analyze the formation of public good agreements under the weakest‐link technology. Whereas policy coordination is not necessary for symmetric players, it matters for asymmetric players; however, this fails in the absence of transfers. By contrast, with a transfer scheme, asymmetry may be an asset for cooperation. We characterize various types and degrees of asymmetry and relate them to the stability of self‐enforcing agreements. Asymmetric distributions of autarky public good provision levels (also representing asymmetric interests in cooperation) that are positively skewed tend to be conducive to the stability of agreements. We show that under such conditions, even a coalition including all players can be stable. However, asymmetries that foster stability (instability) tend to be associated with low (high) gains from cooperation.
Caparrós, A. and Finus, M. (2020): Public good agreements under the weakest-link technology, in: Journal of Public Economic Theory, pp. 1-28, doi: doi.org/10.1111/jpet.12426 [11.02.2020].
|Does investor risk perception drive asset prices in markets? Experimental evidence|
We explore how individual risk perception influences prices and trading behavior in a market setting. Specifically, our study lets experimental participants trade assets characterized by varying shapes of return distributions. While common mean-variance models predict identical prices for most of our assets, we find trading prices to differ significantly. Assets that are perceived as being less risky on average (despite having identical volatility) trade at significantly higher prices. Individually, traders who perceive a certain asset to be less risky are also net buyers on average. With regard to different risk measures, our results show that the probability of a loss is the strongest predictor of transaction prices and risk perception. All these results hold also for experienced traders and when traders can trade two assets at the same time.
Huber, J., Palan, S. and Zeisberger, S. (2019): Does investor risk perception drive asset prices in markets? Experimental evidence, in: Journal of Banking and Finance, Vol. 108, pp. 1-17, doi: doi.org/10.1016/j.jbankfin.2019.105635.
|Industry and leadership experiences of the heads of departments and their impact on the performance of public universities|
Purpose: The purpose of this paper is to identify whether the prior industry experience (IE) or industry leadership experience (ILE) of the head might influence the department’s publication output, the ability to acquire external research funds or its entrepreneurial activities (e.g. the commercialization of research results through patents).
Rybnicek, R., Leitner, K.-H., Baumgartner, L. and Plakolm, J. (2019): Industry and leadership experiences of the heads of departments and their impact on the performance of public universities, in: Management Decision, Vol. 57, No. 12, pp. 3321-3345, doi: doi.org/10.1108/MD-10-2018-1173.
|Post-Yugoslav Feminist Activism in the 21st Century|
The development of an explicitly feminist positioning already in the 1970s and the existence of initiatives alternative to the agenda of the state women’s organizations is what distinguishes the former Yugoslavia from other countries of the former Eastern bloc with respect to women’s activism. Feminist activism received a powerful impetus in the 1990s from the violent transition of the successor countries of federal Yugoslavia. The political, economic and cultural upheavals of this period were reflected by the feminist theory and activism produced in the 1990s. By contrast, the period since 2000 has received far less research attention with few exceptions. Studies of feminist politics of the generation that came of political age after 2000 (“millennials”) are needed as political, economic and social conditions differ dramatically in comparison to socialist and transitional periods. The special issue “Post-Yugoslav Feminist Activism in the 21st Century” focuses on the variety of feminist activism since 2000 in the post-Yugoslav territory. By feminist activism, we mean individual and group actors that use disruptive and conventional tactics to contest gender-based arrangements of domination and subordination in society. The articles presented here address two large problem areas that sometimes overlap within one article: generations and legacies on the one hand (Sutlović, Bias, Siročić), and activism toward gender justice on the other (Kersten-Pejanić, Spasovska and Kotevska, Pollozhani and Trevisani).
Oates-Indruchová, L. and Siročić, Z. (Ed.) (2019): Post-Yugoslav Feminist Activism in the 21st Century, Special Section of Women’s Studies International Forum 77, Elsevier, Amsterdam.
|Evaluative voting or classical voting rules: Does it make a difference? Empirical evidence for consensus among voting rules|
We provide empirical evidence for Tullock’s claim that many of the problems known from social choice literature do not show up in practice. In particular, even though theoretically the use of different voting rules can lead to very different outcomes, there appears to be rather high consensus among voting rules when applied to real-world preference data. In addition, the famous and widely studied problem of majority cycles seems to be of little significance in practice. In this study, based on data collected in an online-survey in connection with the 2015 parliament election in the Austrian federal state of Styria, we confirm these findings to a high degree. Our analysis is based on an approach using a nonparametric bootstrap and includes various forms of evaluative voting (which has recently received increasing attention).
Darmann, A., Grundner, J. and Klamler, C. (2019): Evaluative voting or classical voting rules: Does it make a difference? Empirical evidence for consensus among voting rules, in: European Journal of Political Economy, Vol. 59, pp. 345-353, doi: doi.org/10.1016/j.ejpoleco.2019.04.003.
|Model and Moment Selection in Factor Copula Models|
This article develops a simultaneous model and moment selection procedure for factor copula models. Since the density of the factor copula is generally not known in closed form, widely used likelihood or moment-based model selection criteria cannot be directly applied on factor copulas. The new approach is inspired by the methods for generalized methods of moments proposed by Andrews (1999) and Andrews and Lu (2001). The consistency of the procedure is proved and Monte Carlo simulations show its good performance in finite samples in different scenarios of sample sizes and dimensions. The impact of the choice of moments in selected regions of the support on model selection and value-at-risk prediction is further examined by simulation and an application to a portfolio consisting of ten stocks in the Deutscher Aktienindex (DAX30) index.
Duan, F., Manner, H. and Wied, D. (2019): Model and Moment Selection in Factor Copula Models, in: Journal of Financial Econometrics, pp. 1-31, doi: doi.org/10.1093/jjfinec/nbz039 [24.12.2019].
|Conditional Variance Forecasts for Long-Term Stock Returns|
In this paper, we apply machine learning to forecast the conditional variance of long-term stock returns measured in excess of different benchmarks, considering the short- and long-term interest rate, the earnings-by-price ratio, and the inflation rate. In particular, we apply in a two-step procedure a fully nonparametric local-linear smoother and choose the set of covariates as well as the smoothing parameters via cross-validation. We find that volatility forecastability is much less important at longer horizons regardless of the chosen model and that the homoscedastic historical average of the squared return prediction errors gives an adequate approximation of the unobserved realised conditional variance for both the one-year and five-year horizon.
Mammen, E., Perch Nielsen, J., Scholz, M. and Sperlich, S. (2019): Conditional Variance Forecasts for Long-Term Stock Returns, in: Risks, Vol. 7, No. 4, pp. 1-22, doi: https://doi.org/10.3390/risks7040113.