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Publications 2019

A Stackelberg knapsack game with weight control

We address a bilevel knapsack problem where a set of items with weights and profits is given. One player, the leader, may control the weights of a given subset of items. The second player, the follower, outputs the actual solution of the resulting knapsack instance, maximizing the overall profit. The leader receives as payoff the weights from those items of its associated subset that were included in the solution chosen by the follower. We analyze the leader's payoff maximization problem for three different solution strategies of the follower and discuss the complexity of the corresponding problems. In particular, we show that, when the follower adopts a greedy strategy, setting the optimal weight values is NP-hard. Also, it is NP-hard to provide a solution within a constant factor of the best possible solution. However, a MIP-formulation can be given. Moreover, the truncated greedy strategy allows an easy answer for the revision of weights. For the additional case, in which the follower faces a continuous (linear relaxation) version of the above problems, the optimal strategies can be fully characterized and computed in polynomial time.

Pferschy, U., Nicosia, G. and Pacifici, A. (2019): A Stackelberg knapsack game with weight control, in: Theoretical Computer Science, Vol. 799, pp. 149-159, doi: doi.org/10.1016/j.tcs.2019.10.007.

Contact: Ulrich Pferschy, Department of Statistics and Operations Research, Phone: +43 (0)316/380 - 3496

Conservatism in debt contracting: theory and empirical evidence

This paper surveys both the theoretical and the empirical archival literature on conservatism when accounting information is used for debt contracting. The theoretical literature shows mixed results whether conservative accounting is desirable, which depends on the underlying agency problem, the information available, and the contracting space. The empirical literature takes a more holistic view in measuring the degree of conservatism. It studies a broad array of possible effects of conservatism in debt financing, but also beyond. The results overwhelmingly support the view that conservatism plays a useful role in debt contracting, although there are also some mixed results. We describe key results and empirical designs, and we provide suggestions for future research.

Penalva, F. and Wagenhofer, A. (2019): Conservatism in debt contracting: theory and empirical evidence, in: Accounting and Business Research, Vol. 49, No. 6, pp. 619-647, doi: doi.org/10.1080/00014788.2019.1609899.

Contact: Alfred Wagenhofer, Department of Accounting and Control, Phone: +43 (0)316/380 - 3500

Assessment of the Interest Barrier Rule of Article 4 of the EU Anti-Tax Avoidance Directive for a Sample of European Firms

This study investigates the economic consequences and the effectiveness of the interest barrier rule of article 4 of the EU Anti-Tax Avoidance Directive on an EU-wide basis. The analyses performed are based on a sample of 492,977 firms from 21 EU Member States. The economic consequences of the interest barrier rule are fairly small. Without an allowance and an exemption for stand-alone firms, the findings indicate that between 13.97% and 17.29% of all EU firms will be affected by the interest barrier. This percentage decreases substantially, to between 0.51% and 0.81%, if an allowance of EUR 3 million is granted. When evaluating the effectiveness of the interest barrier, the results show that the interest barrier is effective in aligning interest deductibility with real economic activity in the vast majority of EU Member States. Moreover, it is more effective than a thin capitalization rule with a safe harbour debt-to-equity ratio. The results obtained provide valuable insights for lawmakers as to how to choose effectively among the legislative options provided by article 4 of the EU Anti-Tax Avoidance Directive.

Petutschnig, M., Rechbauer, M. and Rünger, S. (2019): Assessment of the Interest Barrier Rule of Article 4 of the EU Anti-Tax Avoidance Directive for a Sample of European Firms, in: World Tax Journal, Vol. 11, No. 3, pp. 347-378.

ContaCt: Martina Rechbauer, Department of Accounting and Taxation, Phone: +43 (0)316/380 - 6440

Consumer Policy in 28 EU Member States: An Empirical Assessment in Four Dimensions

This article examines consumer policy in 28 EU Member States. It introduces a new methodological framework and several indicators to analyse legal, social, enforcement, and associational dimensions of consumer policy. Drawing on the most recent data, the empirical results provide a detailed picture of consumer policy across Europe displayed in several indices. The results furthermore allow for statistically testing consumer policy regimes, as suggested by previous research. These indices reveal great differences between individual countries but only few instances of statistically significant differences between consumer policy regimes. Considering legal and political accounts as well as sociological explanations that have not yet been applied, possible explanations for these findings are discussed. It is concluded that comparative consumer policy analysis should further analyse differences between individual European countries in several dimensions and should not only account for consumer policy regimes from a legal or a political science perspective. The methodological framework and the theoretical explanations outlined in this article may help to accomplish this goal.

Nessel, S. (2019): Consumer Policy in 28 EU Member States: An Empirical Assessment in Four Dimensions, in: Journal of Consumer Policy, Vol. 42, No. 4, pp. 455-482, doi: doi.org/10.1007/s10603-019-09428-x.

Contact: Sebastian Nessel, Department of Sociology, Phone: +43 (0)316/380 - 3547

Using the Borda rule for ranking sets of objects

We analyze the problem of ranking sets of objects based on a ranking over the single objects. In recent years various papers used the sum of individual scores for the objects, in particular Borda scores, to make such comparisons. The advantage of this approach lies in providing a complete ranking of sets of objects and therefore can be seen as an alternative to other methods based on best and/or worst objects. The paper contributes in two ways. On the one hand, we highlight certain drawbacks that arise when using Borda scores in such comparisons. On the other hand, we provide two characterization results for Borda-sum rankings, one for the restricted setting of sets of equal cardinality and one for the general setting which allows for comparisons of sets of unequal cardinality.

Darmann, A. and C. Klamler, C. (2019): Using the Borda rule for ranking sets of objects, in: Social Choice and Welfare, Vol. 53, No. 3, pp. 399-414, doi: doi.org/10.1007/s00355-019-01190-w.

Contact: Christian Klamler, Department of Public Economics, Phone: +43 (0)316/380 - 3465

Why Do Extreme Work Hours Persist? Temporal Uncoupling as a New Way of Seeing

This paper develops temporal uncoupling as a new way of seeing the puzzling persistence of extreme work hours as well as the temporal relations of organizations and their environments. Drawing on a historical case study, we trace and analyze the genesis, reinforcement, and maintenance of extreme work hours in an elite consulting firm over a period of 40 years. We find that a small shift in temporal structuring mobilized two positive feedback processes. These processes consolidated a temporal order which increasingly uncoupled from the traditional workweek. Grounded in these findings, we make two contributions. First, we challenge the orthodox view of entrainment as an ideal synchronous relation between organizations and their environments. Instead, we offer temporal uncoupling as an alternative lens. It enables us to see how both synchrony and asynchrony are potentially viable options, which co-exist and sometimes co-constitute each other. Second, we shed new light on temporality as a constitutive force that underpins extreme work hours and offer a novel explanation of their persistence as a case of systemic temporal lock-in. We develop positive feedback as a mechanism that explains how small temporal shifts can become consolidated into hardly reversible temporal lock-ins.

Blagoev, B. and Schreyögg, G. (2019): Why Do Extreme Work Hours Persist? Temporal Uncoupling as a New Way of Seeing, in: Academy of Management Journal, doi: doi.org/10.5465/amj.2017.1481 [03.09.2019].

Contact: Georg Schreyögg, Department of Human Resources Management, Phone: +43 (0)316/380 - 7183

Die Leitlinien der EU zur Berichterstattung über nichtfinanzielle Informationen und Unterschiede der Umsetzung der CSR-Richtlinie zwischen Deutschland und Österreich

Die Leitlinien der EU zur Nachhaltigkeitsberichterstattung sind mit großem Interesse erwartet worden. Die Beurteilung der Nützlichkeit der Leitlinien für Anwender fällt teils ernüchternd und zwiespältig aus. Schon vor der Veröffentlichung der Leitlinien war klar, dass diese einen rechtlich unverbindlichen Charakter aufweisen. Das hat einerseits für die berichtspflichtigen Unternehmen den Vorteil, dass neben den bestehenden EU-Richtlinien (v.a. ist hier die CSR-RL zu beachten) und der jeweiligen nationalen Umsetzung (in Deutschland durch das CSR-RUG) keine weiteren Bestimmungen verpflichtend zu beachten sind. Andererseits helfen die Leitlinien auch nicht bei der Definition von Mindeststandards, was aus Unternehmenssicht zu bedauern ist. Die Leitlinien enthalten keinen vollständigen Katalog von berichtspflichtigen Sachverhalten und nichtfinanziellen Leistungsindikatoren. Stattdessen beschränken sie sich auf das Aufzählen exemplarisch ausgewählter Leistungsindikatoren für die in der CSR-RL geforderten Aspekte. Es wird auch stets betont, dass die beispielhaften Sachverhalte und Indikatoren nur dann berichtspflichtig sind, wenn sie das Wesentlichkeitskriterium erfüllen. Insb. wird es Unternehmen nicht erspart bleiben, auf ein oder mehrere nationale bzw. internationale Rahmenwerk(e) zurückzugreifen. Dies gilt insb. auch für eine detaillierte Definition der Wesentlichkeit. Es ist zu erwarten, dass eines dieser Rahmenwerke die GRI-Standards sein werden. Die Bedeutung der Rahmenwerke zeigt sich auch darin, dass die Leitlinien an mehreren Stellen auf eine Vielzahl von Rahmenwerken verweisen. Auch der deutsche Gesetzgeber schreibt den berichts-pflichtigen Unternehmen nicht die Anwendung eines nationalen bzw. internationalen Rahmenwerks vor. Allerdings wird dennoch das Zurückgreifen auf Rahmenwerke empfohlen. Es ist auch davon auszugehen, dass die berichtspflichtigen Unternehmen diese Empfehlungen in Zukunft einhalten werden. Da allerdings der deutsche Gesetzgeber kein spezielles Rahmenkonzept hervorhebt, wird es interessant sein, zu beobachten, ob sich eines der Rahmenkonzepte als Standard herausbilden wird. Die GRI-Standards werden laufend weiterentwickelt. Somit ist zu erwarten, dass diese in Zukunft Aspekte und Themen abdecken, die derzeit noch in anderen Rahmenwerken konkreter und genauer behandelt werden. Obwohl die Leitlinien unverbindlich sind, können sie einen wertvollen Beitrag für die Rechtsinterpretation leisten, zumal die im Vergleich zur CSR-RL wesentlich ausführlichere Darstellung die Intention des europäischen Gesetzgebers bei der Erstellung der CSR-RL erkennen lässt. Insb. sind die Leitlinien also auch bei der Beantwortung der Frage, ob die Umsetzung in Deutschland durch das CSR-RUG dem Geist der CSR-RL entspricht, hilfreich. Deutlich positiv zu beurteilen ist, dass die Leitlinien einen ersten Schritt in Richtung der Entwicklung von Prinzipien der Nachhaltigkeitsberichterstattung im europäischen Rechtsrahmen machen. Die Frage, ob sich eher ein einzelfall- oder ein prinzipienorientiertes System durchsetzen wird, ist allerdings noch offen. Die Leitlinien halten an einigen Stellen fest, dass sektorenspezifische Betrachtungen hilfreich und in gewissen Fällen vonnöten sind bzw. sein werden. Dies gilt insb. für die Beurteilung der Wesentlichkeit.

Schneider, G. (2019): Die Leitlinien der EU zur Berichterstattung über nichtfinanzielle Informationen und Unterschiede der Umsetzung der CSR-Richtlinie zwischen Deutschland und Österreich, in: Der Konzern, Heft 5, pp. 214-220.

Contact: Georg Schneider, Department of Accounting and Reporting, Phone: +43 (0)316/380 - 3641

Wirtschaftspädagogik. Ein Lehrbuch

Ausgehend von einem breiten Selbstverständnis der Disziplin wird in diesem Buch der Bogen von der Entstehung der Wirtschaftspädagogik über ihre Handlungsfelder hin zur Entwicklung der wirtschaftspädagogischen Professionalität und den aktuellen Forschungsschwerpunkten am Institut für Wirtschaftspädagogik an der Universität Graz gespannt. Das vorliegende Buch ist ein Lehrbuch der Wirtschaftspädagogik aus österreichischer Perspektive in der zweiten, komplett überarbeiteten und erweiterten Auflage, das einerseits den Studierenden als Grundlage und Begleitung zur Verfügung steht und andererseits auch für alle anderen, an der Wirtschaftspädagogik interessierten, gedacht ist.

Slepcevic-Zach, P., Stock, M., Tafner, G. and Riebenbauer, E. (Ed.) (2019): Wirtschaftspädagogik. Ein Lehrbuch, 2nd Ed., Unipress, Graz.

Contact: Peter Slepcevic-Zach, Department of Business Education and Development, Phone: +43 (0)316/380 - 7271

Sehnsucht nach dem nationalen Container. Zur symbolischen Ökonomie des neuen Nationalismus in Europa

In diesem Beitrag wird zunächst der Begriff des „Rechtspopulismus“ problematisiert und dafür plädiert, die betreffenden Phänomene stattdessen als „Neonationalismus“ zu kennzeichnen. Die gängigen kulturalistischen, sozioökonomischen und soziopolitischen Erklärungsangebote zum Aufstieg des Neonationalismus werden vorgestellt und einige wesentliche Ungereimtheiten erörtert. Um die Reduktionismen dieser Erklärungsmodelle zu umgehen, wird sodann auf Pierre Bourdieus Theorie des sozialen Raums zurückgegriffen, zugleich aber aus dem Referenzrahmen national segmentierter Containergesellschaften herausgelöst. Hierbei wird gezeigt, dass die transnationale Öffnung nationaler Gesellschaften mit tiefgreifenden symbolischen Auf- und Abwertungen ökonomischer, kultureller und sozialer „Kapitalien“ einhergeht, über die die nationalen Containerbewohner verfügen. Entlang der einschlägigen Kapitaltypologie Bourdieus werden diese Auf- und Abwertungen skizziert und für eine nichtreduktionistische soziologische Erklärung des Neonationalismus fruchtbar gemacht. Der Beitrag schließt mit einigen Überlegungen zur Transnationalisierung und Renationalisierung sozialer Räume.

Kraemer, K. (2018): Sehnsucht nach dem nationalen Container. Zur symbolischen Ökonomie des neuen Nationalismus in Europa, in: Leviathan. Berliner Zeitschrift für Sozialwissenschaft, Vo. 46, No. 2, pp. 280-302, doi: doi.org/10.5771/0340-0425-2018-2.

Contact: Klaus Kraemer, Department of Sociology, Phone: +43 (0)316/380 - 3546

Can Geospatial Data Improve House Price Indexes? A Hedonic Imputation Approach with Splines

Determining how and when to use geospatial data (i.e. longitudes and latitudes for each house) is probably the most pressing open question in the house price index literature. This issue is particularly timely for national statistical institutes (NSIs) in the European Union, which are now required by Eurostat to produce official house price indexes. Our solution combines the hedonic imputation method with a flexible hedonic model that captures geospatial data using a non‐parametric spline surface. For Sydney, Australia, we find that the extra precision provided by geospatial data as compared with postcode dummies has only a marginal impact on the resulting hedonic price index. This is good news for resource‐stretched NSIs. At least for Sydney, postcodes seem to be sufficient to control for locational effects in a hedonic house price index.

Hill, R. J. and Scholz, M. (2018): Can Geospatial Data Improve House Price Indexes? A Hedonic Imputation Approach with Splines, in: The Review of Income and Wealth, Vol. 64, No. 4, pp. 737-756, doi: doi.org/10.1111/roiw.12303.

Contact: Robert J. Hill, Department of Economics, Phone: +43 (0)316/380 - 3442

Efficiency based measures of inequality

How should we make value judgments about wealth inequality? Harsanyi (1953) proposes that an individual evaluate wealth possibilities through expected utility under Rawl’s (1971) ”veil of ignorance” assuming wealth levels are assigned uniformly. We propose an alternative notion of how wealth levels are assigned, based on a contest. Inequality can be captured through the equilibrium properties of such a game. We connect these inequality measures to existing measures, demonstrating the conditions under which they satisfy the received key axioms of inequality measures (anonymity, homogeneity and the Pigou–Dalton principle), and how they can evaluate a tradeoff between greater total wealth and greater inequality.

Andonie, C., Kuzmics, C. and Rogers, B. W. (2019): Efficiency based measures of inequality, in: Journal of Mathematical Economics, Vol. 85, pp. 60-69, doi: doi.org/10.1016/j.jmateco.2019.09.002.

Contact: Christoph Kuzmics, Department of Economics, Phone: +43 (0)316/380 - 7111

Who inflates the bubble? Forecasters and traders in experimental asset markets

We use a laboratory experiment to study how forecasting contributes to mispricing. In the Baseline, we assign both the task of forecasting and the task of trading to the same subject. In treatment SamePay, we separate these tasks and assign them to two different subjects, who share the profits from trade. In treatment Accuracy, we pay forecasters according to the accuracy of their forecasts. We find that the separation of tasks induces some mispricing. Even worse, paying for accuracy reduces attention towards the fundamental value and generates major and persistent mispricing as well as trend extrapolation. We infer that it can be risky to incentivize only forecasting accuracy and not give forecasters the right “skin in the game”. Our findings are informative for tracing the sources of mispricing as well as for enhancing financial stability.

Giamattei, M., Huber, J., Graf Lambsdorff, J., Nicklisch, A. and Palan, S. (2019): Who inflates the bubble? Forecasters and traders in experimental asset markets, in: Journal of Economic Dynamics & Control, pp. 1-19, doi: doi.org/10.1016/j.jedc.2019.07.004 [17.07.2019].

Contact: Stefan Palan, Department of Banking and Finance, Phone: +43 (0)316/380 - 7306

Content and instructional design of MOOCs on information literacy: A comprehensive analysis of 11 xMOOCs

This paper aims to uncover the current status of information literacy (IL) instruction through massive open online courses (MOOCs), comparing the content and instructional design of existing offers and showing avenues for future MOOCs. An extensive search for existing MOOCs on IL revealed 11 offers that are available for analysis. A content analysis is conducted to compare their content and instructional design. The category system is based on the IL standards and performance indicators of the Association of College and Research Libraries (2000), which has been supplemented with additional categories and an evaluation grid for MOOCs. The results suggest first, that the topics covered by IL MOOCs differ widely. While some of the MOOCs mainly reflect the performance indicators suggested by the ACRL standards on IL from 2000, some other MOOCs focus on completely different topics such as fake news or internet security. Second, they show that MOOCs on IL tend not to emphasize subject-specific and country- or culture-specific contexts. Third, it shows that input-based teaching approaches dominate, while collaborative and interactive activities are only rarely used. Fourth, they allow drawing a possible connection between student engagement and design of the learning contents. The results confirm that MOOCs are a promising approach for developing IL skills and provide avenues for future MOOC projects, especially on IL.

Dreisiebner, S. (2019): Content and Instructional Design of MOOCs on Information Literacy: A Comprehensive Analysis of 11 xMOOCs, in: Information and Learning Science, Vol. 120, No. 3/4, pp. 173-189, doi: doi.org/10.1108/ILS-08-2018-0079.

Contact: Stefan Dreisiebner, Department of Information Science and Information Systems, Phone: +43 (0)316/380 - 3564

Wandel gestalten – Beiträge der Managementforschung zu Herausforderungen der Unternehmensführung

Nichts ist so beständig wie der Wandel. Ob digitale Transformation, älterwerdende Gesellschaften oder Effizienzdruck, die Managementherausforderungen sind vielfältig. Um als Unternehmen wettbewerbsfähig zu bleiben, gilt es wandlungsfähig zu sein. Wie das gelingen kann, diskutieren in diesem Band der Reihe Styrian Spirit of Management & Entrepreneurship knapp 30 ExpertInnen. Drei Fragen werden aufgegriffen: Wie wird die Gesamtorganisation zukunftsfit? Was soll bei der Personalführung beachtet werden? Und wie sieht das Entscheidungsmanagement agiler Unternehmen aus? Die einheitlich strukturierten Beiträge beginnen mit einem unternehmerischen Praxisfall woraufhin anschaulich aufbereitete Theorien folgen, aus denen letztlich Praxisempfehlungen abgeleitet werden.

Bergner, S., Fleiß, J. and Gutschelhofer, A. (Ed.) (2019): Wandel gestalten – Beiträge der Managementforschung zu Herausforderungen der Unternehmensführung, Reihe: Styrian Spirit of Management and Entrepreneurship, Band 2, Grazer Universitätsverlag – Leykam, Graz.

Contact: Sabine Bergner, Department of Corporate Leadership and Entrepreneurship, Phone: +43 (0)316/380 - 7359

Investment Dynamics and Earnings-Return Properties: A Structural Approach

We propose the standard neoclassical model of investment under uncertainty with short‐run adjustment frictions as a benchmark for earnings‐return patterns absent accounting influences. We show that our proposed benchmark generates a wide range of earnings‐return patterns documented in accounting research. Notably, our model generates a concave earnings‐return relation, similar to that of Basu [1997], and predicts that the earnings‐return concavity increases with the volatility of firms’ underlying shock processes and decreases with the level of firms’ investments. We find strong empirical support for these predictions. Overall, our evidence suggests that our proposed benchmark is useful for understanding the joint dynamics of variables of interest to accounting research (e.g., earnings, returns, investment, market‐to‐book) absent accounting influences, a necessary precondition for inferring the effects of accounting from these dynamics.

Breuer, M. and Windisch, D. (2019): Investment Dynamics and Earnings‐Return Properties: A Structural Approach, in: Journal of Accounting Research, Vol. 57, No. 3, pp. 639-674, doi: doi.org/10.1111/1475-679X.12253.

Contact: David Windisch, Center for Accounting Research, Phone: +43 (0)316/380 - 7280

Uncertainty, Learning and International Environmental Agreements: The Role of Risk Aversion

This paper analyses the formation of international environmental agreements (IEAs) under uncertainty, learning and risk aversion. It bridges two strands of the IEA literature: (i) the role of learning when countries are risk neutral; (ii) the role of risk aversion under no learning. Combining learning and risk aversion seems appropriate as the uncertainties surrounding many international environmental problems are large, often highly correlated (e.g. climate change), but are gradually reduced over time through learning. The paper analyses three scenarios of learning. A key finding is that risk aversion can change the ranking of these three scenarios of learning in terms of welfare and membership. In particular, the negative conclusion about the role of learning in a strategic context under risk neutrality is qualified. When countries are significantly risk averse, then it pays them to wait until uncertainties have been largely resolved before joining an IEA. This may suggest why it has been so difficult to reach an effective climate change agreement.

Ulph, A., Pintassilgo, P. and Finus, M. (2019): Uncertainty, Learning and International Environmental Agreements: The Role of Risk Aversion, in: Environmental and Resource Economics, Vol. 73, No. 4, pp. 1165–1196, doi: doi.org/10.1007/s10640-018-0295-z.

Contact: Michael Finus, Department of Economics, Phone: +43 (0)316/380 - 3450

A case of evolutionary stable attainable equilibrium in the laboratory

We reinvestigate data from the voting experiment of Forsythe et al. (Soc Choice Welf 10:223-247, 1993). In every one of 24 rounds, 28 players were randomly (re)allocated into two groups of 14 to play a voting stage game with or without a preceding opinion poll phase. We find that the null hypothesis that play in every round is given by a particular evolutionarily stable attainable equilibrium of the 14-player stage game cannot be rejected if we account for risk aversion (or a heightened concern for coordination), calibrated in another treatment.

Kuzmics, C. and Rodenburger, D. (2019): A case of evolutionarily stable attainable equilibrium in the laboratory, in: Economic Theory, pp. 1-37, doi: doi.org/10.1007/s00199-019-01224-5 [22.08.2019].

Contact: Christoph Kuzmics, Department of Economics, Phone: +43 (0)316/380 - 7111

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. and Schramm-Klein, H. (2019): Handelsmanagement. Offline-, Online- und Omnichannel-Handel, 4th ed., Verlag Franz Vahlen, München.

Contact: Thomas Foscht, Department of Marketing, Phone: +43 (0)316/380 - 7200

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. and 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.

Contact: Renate Ortlieb, Department of Human Resources Management, Phone: +43 (0)316/380 - 7189

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, pp. 40-46.

Contact: Alfred Wagenhofer, Department of Accounting and Control, Phone: +43 (0)316/380 - 3500

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. and 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.

Contact: Georg Schneider, Department of Accounting and Reporting, Phone: +43 (0)316/380 - 3641

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. and 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].

Contact: Katja Kalkschmied, Department of Economics, Phone: +43 (0)316/380 - 7110

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. and 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].

Contact: Karl Steininger, Department of Economics, Phone: +43 (0)316/380 - 3451

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. and 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.

Contact: Roland Mestel, Department of Banking and Finance, Phone: +43 (0)316/380 - 7304

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. and 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.

Contact: Edwin O. Fischer, Department of Finance, Phone: +43 (0)316/380 - 3511

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. and Tafner, G. (2018): Die Steirische Berufsberatung von 1919-1930: Eine exemplarische Darstellung tradierter Geschlechterrollen bei der Berufswahl, in: Wirtschaftspolitische Blätter, Sonderausgabe 2018, pp. 171-180.

Contact: Gernot Dreisiebner, Department of Business Education and Development, Phone: +43 (0)316/380 - 3534

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. and Scherke, K. (Ed.) (2019): Handbuch Kultursoziologie. Band 1: Begriffe – Kontexte – Perspektiven – Autor_innen, Springer VS, Wiesbaden.
Moebius, S., Nungesser, F. and Scherke, K. (Ed.) (2019): Handbuch Kultursoziologie. Band 2: Theorien – Methoden – Felder, Springer VS, Wiesbaden.

Contact: Stephan Moebius, Department of Sociology, Phone: +43 (0)316/380 - 7081

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].

Contact: Christian Gehrke, Department of Economics, Phone: +43 (0)316/380 - 3457

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. and 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.

Contact: Hans Manner, Department of Economics, Phone: +43 (0)316/380 - 3446

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. and 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. (Ed.): The Economy as a Complex Spatial System. Macro, Meso and Micro Perspectives, Springer Proceedings on Complexity, Wiesbaden, pp. 192-215, doi: https://doi.org/10.1007/978-3-319-65627-4_11.

Contact: Michael Kopel, Department of Organization and Economics of Institutions, Phone: +43 (0)316/380 - 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. and 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].

Contact: Georg Schreyögg, Department of Human Resources Management, Phone: +43 (0)316/380 - 7183

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. and 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].

Contact: Sabine Bergner, Department of Corporate Leadership and Entrepreneurship, Phone: +43 (0)316/380 - 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. and 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.

Contact: Luka Jakelja, Department of Sociology, Phone: +43 (0)316/380 - 7096

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. and 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.

Contact: Michael Finus, Department of Economics, Phone: +43 (0)316/380 - 3450

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. and 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.

Contact: Christoph Kuzmics, Department of Economics, Phone: +43 (0)316/380 - 7111

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. and 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.

Contact: Edwin O. Fischer, Department of Finance, Phone: +43 (0) 316/380 - 3511

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. and 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.

Contact: Ralf Ewert, Department of Accounting and Auditing, Phone: +43 (0) 316/380 - 7168 und Alfred Wagenhofer, Department of Accounting and Control, Phone: +43 (0) 316/380 - 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. and Weirer, W. (Ed.) (2019): Kompetenzorientierter Unterricht: Theoretische Grundlagen – erprobte Praxisbeispiele, Verlag Barbara Budrich GmbH, Leverkusen.

Contact: Michaela Stock, Department of Business Education and Development, Phone: +43 (0) 316/380 - 7272

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.

Contact: Andreas Darmann, Department of Public Economics, Phone: +43 (0) 316/380 - 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. and Kuzmics, C. (2019): Preferences under Ignorance, in: International Economic Review, Vol. 60, No. 1, pp. 241-257, doi: 10.1111/iere.12351.

Contact: Christoph Kuzmics, Department of Economics, Phone: +43 (0) 316/380 - 7111

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. and Teibenbacher, P. (Ed.) (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.

Contact: Walter M. Iber, Department of Economic, Social and Business History, Phone: +43 (0) 316/380 - 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. and 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.

Contact: Roland Mestel, Department of Banking and Finance, Phone: +43 (0) 316/380 - 7304

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. and 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.

Contact: Thomas Foscht, Department of Marketing, Phone: +43 (0) 316/380 - 7200

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. and 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.

Contact: Ulrich Pferschy, Department of Statistics and Operations Research, Phone: +43 (0) 316/380 - 3496

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. and 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.

Contact: Alfred Wagenhofer, Department of Accounting and Control, Phone: +43 (0) 316/380 - 3500

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. and 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.

Contact: Hans Manner, Department of Economics, Phone: +43 (0) 316/380 - 3446

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. and 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.

Contact: Karl Steininger, Department of Economics, Phone: +43 (0) 316/380 - 3451


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