Thorsten Hens, Klaus Reiner Schenk-Hoppe, Survival of the Fittest on Wall Street, In: Institutioneller Wandel, Marktprozesse und dynamische Wirtschaftspolitik : Perspektiven der Evolutorischen Ökonomik, Metropolis, Marburg, p. 339 - 370, 2004. (Book Chapter)
Der Beitrag von Thorsten Hens und Klaus Reiner Schenk-Hoppé liefert eine quantitative Analyse der evolutionären Dynamik von Finanzmärkten. Die evolutionäre Finanzmarkttheorie beruht auf einer konsequenten Weiterentwicklung des in letzter Zeit entstandenen verhaltenswissenschaftlich orientierten Ansatzes, der die traditionelle Finanzmarkttheorie ergänzt. Hens und Schenk-Hoppé stellen ein evolutionäres Simulationsmodell vor, bei dem der Aktienmarkt als heterogene Population von häufig interagierenden Portfolio-Strategien im Wettbewerb um Marktkapital verstanden wird. Dabei wenden sie eine an Darwinschen Ideen orientierte Theorie der Portfolio-Selektion auf Aktien des Dow Jones Industrial Average an. Sie analysieren die Vermögensdynamik zwischen unterschiedlichen Portfolio-Strategien in einem Aktienmarktmodell mit tatsächlich gezahlten Dividenden. Die evolutionäre stabile Portfolio-Strategie, deren Budgetanteile proportional zu den erwarteten relativen Dividenden der Aktien sind, erzielt dabei langfristig das höchste Anlagevermögen imWettbewerb mit anderen Strategien. Und sie ist zudem die einzige Strategie mit dieser Eigenschaft. |
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Martin Natter, Andreas Mild, Alfred Taudes, Christian Geberth, Web-based knowledge management in product concept development: the DELI approach, International Journal of Electronic Business, Vol. 2 (5), 2004. (Journal Article)
In this paper, we describe DELI ("Development Interactive"), a method and software system that supports the product concept development phase by multi-functional product development teams using Marketing Engineering methods. After motivating our research, we present core concepts underlying DELI: a data model encompassing customer and product attributes and preferences as well as a questionnaire generating tool based thereon, a novel integrated clustering and attribute/product positioning algorithm for market map generation and a conjoint-based market simulation component. All concepts are explained using a real-world mobile phone case study. |
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Thorsten Hens, Carlo Strub, Grundzüge der analytischen Makroökonomie, Springer-Verlag, Berlin/Heidelberg, 2004. (Book/Research Monograph)
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Enrico De Giorgi, Advancements on the Theory of Investment Science, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2004. (Dissertation)
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Hui Chen, Fei Leng, Pay-performance sensitivity in a heterogeneous managerial labor market, Journal of Management Accounting Research, Vol. 16 (1), 2004. (Journal Article)
The persistently low pay-performance sensitivity between executive compensation and firm performance has puzzled both practitioners and academics. We propose a hybrid model that incorporates both moral hazard and adverse selection problems to explain this puzzle. We argue that the managerial labor market is heterogeneous in nature, not homogeneous as assumed by the pure moral hazard model and empirical work based on this model. We demonstrate that the optimal pay-performance sensitivity derived from the hybrid model is lower than that derived from the pure moral hazard model. Furthermore, we also show that pay-performance sensitivity is a function of the mix of types in the market. The more capable managers there are in the market, the more likely the market's average pay-performance sensitivity is high. We then conduct an empirical test and find evidence that is consistent with the prediction of our model. |
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Anja Schulze, Management of organizational knowledge creation in new product development projects, Univ. St. Gallen, 2004. (Dissertation)
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Bruno Staffelbach, Prozesse im Change Management. Schweizer Arbeitgeber, Schweizer Arbeitgeber, Vol. 99 (4), 2004. (Journal Article)
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Bruno Staffelbach, Ausbildung Armee XXI am Beispiel der Inf Br 4, SOGAFLASH, Vol. 14 (1), 2004. (Journal Article)
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Bruno Staffelbach, Ingrid Pohl-Eckerstorfer, Genanalyse in der betrieblichen Personalwirtschaft, In: Schriften des Vereins für Socialpolitik, Gesellschaft für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, p. 135 - 152, 2004. (Book Chapter)
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Bruno Staffelbach, Ursin Bernard, Vertrauenskrise im Management: Wie lässt sich das verlorene Vertrauen zurückgewinnen, In: PSP Index 2004 - Porträts Schweizer Personaldienstleistungsunternehmen, jobindex media, Zürich, p. 24 - 27, 2004. (Book Chapter)
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Bruno Staffelbach, G. Schüpfer, Personalmanagement im Spital: Überlegungen zu Incentive Systemen, In: Jahrbuch Intensivmedizin 2004, Pabst Science Publishers, Lengerich, p. 389 - 397, 2004. (Book Chapter)
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Friedrich Schneider, Alexander Wagner, What tradable permits can and cannot do, In: Conference Proceedings, Forum Econogy, p. 0, 2004. (Book Chapter)
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Markus Leippold, Zvi Wiener, Efficient Trinomial Trees for Short Rate Models, Review of Derivatives Research, Vol. 7, 2004. (Journal Article)
In this article we discuss the implementation of general one-factor short rate models with a trinomial tree. Taking the Hull-White model as a starting point, our contribution is threefold. First, we show how trees can be spanned using a set of general branching processes. Secondly, we improve Hull-White's procedure to calibrate the tree to bond prices by a much more efficient approach. This approach is applicable to a wide range of term structure models. Finally, we show how the tree can be adjusted to the volatility structure. The proposed approach leads to an efficient and exible construction method for trinomial trees, which can be easily implemented and calibrated to both prices and volatilities. |
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Robert Göx, Erfolgsabhängige Gehälter, Belohnung für den Zufall und der Einfluss des Managements auf die Gestaltung seines eigenen Vergütungssystems, Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung, Vol. Sonderhe (51), 2004. (Journal Article)
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Robert Göx, Jens Robert Schöndube, Strategic transfer pricing with risk averse agents, Schmalenbach Business Review (sbr), Vol. 56, 2004. (Journal Article)
In this paper we analyze strategic transfer pricing with risk- and effort-averse divisional managers. In contrast to earlier literature, we find that the existence of a standard agency problem allows transfer pricing to serve as a commitment device even if the transfer prices are not mutually observable. The reason is that transfer prices are set above marginal cost to solve the agency problem and not for strategic purposes. Therefore, delegating the pricing authority to a risk-averse manager implies that he sets a higher product price than does the risk-neutral owner, because at the divisional level the transfer price represents the relevant unit cost for pricing. We show that the optimal scope of managerial authority generally depends on both the risk premium and the intensity of competition in the product market. We also identify conditions under which the delegation of pricing responsibilities to risk-averse managers constitutes a dominant strategy equilibrium. |
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Thomas Keil, Building external corporate venturing capability, Journal of Management Studies, Vol. 41 (5), 2004. (Journal Article)
How firms build new capabilities to adapt to changing environments is at the core of strategic management. However, research has addressed this question only recently. In this paper, I propose a model that describes how firms develop a capability to create and develop ventures through corporate venture capital, alliances, and acquisitions. The model is based on two longitudinal case studies of large corporations operating in the information and communication technology sector in Europe. At the core of this model are learning processes that enable the firm to build up an external corporate venturing capability, by utilizing learning strategies both within and outside venturing relationships. To build this new capability, firms engage in acquisitive learning. Critical to deepening the capability acquired is adaptation of all knowledge to the firm specific context through experiential learning mechanisms. I also discuss the important role that initial conditions and knowledge management practices play in determining the direction and effectiveness of specific learning processes that lead to an external corporate venturing capability. |
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W Kirsch, David Seidl, Zu den Grundlagen des Marketing. Reflexionen vor dem Hintergrund der Grundlagenforschung, In: Management mit Vision und Verantwortung – eine Herausforderung an Wissenschaft und Praxis, Gabler, Wiesbaden, p. 343 - 362, 2004. (Book Chapter)
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W Kirsch, David Seidl, Zur Rolle der Entscheidungsforschung in einer anwendungsorientierten Betriebswirtschaftslehre, In: Risikoforschung und Versicherung, Verlag Versicherungswirtschaft, Karlsruhe, p. 277 - 314, 2004. (Book Chapter)
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W Kirsch, David Seidl, Steuerungstheorie, In: Handwörterbuch Unternehmensführung und Organisation, Schäffer-Poeschel, Stuttgart, p. 139 - 156, 2004. (Book Chapter)
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W Kirsch, David Seidl, Zu den handlungstheoretischen Grundlagen der Personalwirtschaftslehre, In: Personaltheorie als Beitrag zur Theorie der Unternehmung, Hampp, Mering, p. 139 - 156, 2004. (Book Chapter)
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