Bruno Staffelbach, Das Intranet im Rücken, In: Schweizerische Handelszeitung, p. 2, 14 August 1997. (Newspaper Article)
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Thorsten Hens, Stability of tâtonnement processes of short period equilibria with rational expectations, Journal of Mathematical Economics, Vol. 28 (1), 1997. (Journal Article)
In this paper we propose a new tâtonnement process of short-period equilibria with rational expectations: current period prices move proportionally to current period excess demand while future prices are formed according to the perfect foresight hypothesis. It is shown that this process is locally asymptotically stable if all goods are gross substitutes, or if the equilibrium has no trade. In general this process differs from a tâtonnement process in contingent contracts prices and from a tâtonnement in asset and spot market prices. It also differs from Hicks' and exceptional stability. In an intertemporal variant of Scarf's example on the instability of the Walrasian tâtonnement process it will be seen that the tâtonnement process we propose is more stable than any other process investigated so far. |
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Michel Habib, Monitoring, implicit contracting, and the lack of permanence of leveraged buyouts, Review of Finance, Vol. 1 (2), 1997. (Journal Article)
We present a possible explanation for the lack of permanence of the very high levels of concentration of ownership that accompany leveraged buyouts. We first argue that some diffusion of ownership can be beneficial to the shareholders of a firm by encouraging the employees of the firm to enter into implicit contracts with the firm. The level of concentration of ownership that maximizes firm value is therefore that which trades off the well-known gains from monitoring with the gains from implicit contracting. We then argue that, in the process of concentrating the ownership of a firm that has excessively diffuse ownership to a level that maximizes firm value, investors in leveraged buyouts will choose an initial level of concentration of ownership that is very high. They will do so in order to put pressure on managers to breach existing implicit contracts. Following the breach of these contracts, investors will decrease the level of concentration of ownership to the level that maximizes firm value. There will be no further breach of implicit contracts, for such breach is incidental to the transformation of the firm from one that has excessively diffuse ownership to one that has the optimal level of diffusion of ownership. No change in the concentration of ownership therefore occurs once the level of diffusion of ownership that maximizes firm value has been attained. |
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Thorsten Hens, Exchange rates and perfect competition, Journal of Economics, Vol. 65 (2), 1997. (Journal Article)
The purpose of this note is to demonstrate that the commonly held belief that incomplete and perverse pass-through are incompatible with perfect competition is wrong! To this end, we consider two types of firms both operating in two countries. The demand sides of the markets of the two countries are separated and each type of firm produces its good in one of these countries. We study the effect of an exchange-rate change on the competitive equilibrium prices in each country. When producing for the foreign market causes the same costs as producing for the home market then the “law of one price” holds and an exchange-rate change is completely offset by price changes. Furthermore, when cost functions neither exhibit economies nor diseconomies of scope between producing for the home and producing for the foreign market then prices move in the “right” directions in response to an exchange-rate change. However, with general cost structures, even in this simple perfectly competitive model, “perverse” directions of price changes can result from an exchange-rate change. |
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Bruno Staffelbach, Michael Bruggmann, Leistungslöhne, In: Schweizerische Handelszeitung, p. 19, 15 May 1997. (Newspaper Article)
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Michel Habib, D Bruce Johnsen, Narayan Y Naik, Spinoffs and information, Journal of Financial Intermediation, Vol. 6 (2), 1997. (Journal Article)
We present an information-based explanation for spinoffs. When the various divisions of a firm are spun off into several firms that have separate stock market listings, the number of traded securities increases. This makes the price system more informative. It improves the quality of the investment decisions made by managers and reduces uninformed investors' uncertainty about the value of the divisions. Both effects serve to increase the sum total of the market values of the spun-off divisions above the market value of the original firm. |
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Bruno Staffelbach, Human Resource Management, In: Schweizerische Handelszeitung, p. 18, 6 February 1997. (Newspaper Article)
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Stefan Joos, Stefan Berner, Martin Arnold, Martin Glinz, Hierarchische Zerlegung in objektorientierten Spezifikationsmodellen, Softwaretechnik-Trends, Vol. 17 (1), 1997. (Journal Article)
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Brigitte Bailer, Geschäftsmodelle: Methoden und Qualität, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 1997. (Dissertation)
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Erik Brynjolfsson, Marshall Van Alstyne, Abraham Bernstein, Amy Renshaw, Tools for Teaching Change Management: The Matrix of Change and Supporting Software, In: 12th Annual Conference of the International Academy for Information Management (IAIM'97), February 1997. (Conference or Workshop Paper)
One of the key advantages of information technology is its ability to support new organizational forms. The task of shifting between old and new forms, however, can be a difficult, time consuming, and haphazard process (Davenport, 1993, Davenport and Stoddard, 1994; Hammer, 1990). Interactions among various work practices can lead to numerous unanticipated side effects as mangers alter individual practices without considering whole systems of work. In particular, the importance of complementarities among different practices has been formalized mathematically in the economic literature (Milgrom and Roberts, 1990). However, practicing managers and students have had difficult in applying these insights.
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Liliana Winkelmann, Rainer Winkelmann, Why are the unemployed so unhappy? Evidence from panel data, Economica, Vol. 65 (257), 1997. (Journal Article)
This paper tests for the importance of non-pecuniary costs of unemployment using a longitudinal data-set on life-satisfaction of working-age men in Germany. We show that unemployment has a large detrimental effect on satisfaction after individual specific fixed effects are controlled for. The non-pecuniary effect is much larger than the effect that stems from the associated loss of income. |
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Uschi Backes-Gellner, Achim Krings, Andrea Berkel, Theoretische Grundlagen der Personalökonomie, WISU-Studienblatt, Vol. 26 (4), 1997. (Journal Article)
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Uschi Backes-Gellner, Linus Geil, Managervergütung und Unternehmenserfolg - Stand der theoretischen und empirischen Forschung, Das Wirtschaftsstudium, Vol. 26 (5), 1997. (Journal Article)
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Uschi Backes-Gellner, Betriebliche Bildungsstrategien im europäischen Vergleich - Anlass zur Sorge für deutsche Unternehmen?, Personal Quarterly, Vol. 49 (12), 1997. (Journal Article)
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Dieter Sadowski, Uschi Backes-Gellner, Der Stand der betriebswirtschaftlichen Arbeitsrechtsanalyse, Zeitschrift für Betriebswirtschaft (4), 1997. (Journal Article)
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Uschi Backes-Gellner, Achim Krings, Zur relativen Vorteilhaftigkeit eines personalökonomischen Studienprogramms für die Arbeitsmarktchancen von Personalwirten, Sonderheft der Zeitschrift für Personalforschung „Personalwirtschaftliche Ausbildung an Universitäten“, 1997. (Journal Article)
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Uschi Backes-Gellner, Bernd Frick, Dieter Sadowski, Codetermination and personnel policies of German firms: the influence of works councils on turnover and further training, International Journal of Human Resource Management, Vol. 8 (3), 1997. (Journal Article)
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Carmen Tanner, Das Unsichtbare sichtbar machen, Ökologisches Wirtschaften, Vol. 12 (3-4), 1997. (Journal Article)
Präferenzen für Umweltgüter hängen immer vom Kontext ab, in dem der einzelne seine Entscheidung trifft. Da viele Umweltbelastungen nicht unmittelbar erfahrbar sind, müssen ökologische Handlungsalternativen in der konkreten Situation erst einmal "in den Sinn" kommen. Wahrnehmungshilfen wie Meßwerte, Okobilanzen oder Umweltlabels können dabei ökologische Präferenzen wachrufen. |
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Christian Haefke, Martin Natter, Tarun Soni, Heinrich Otruba, Adaptive methods in macroeconomic forecasting, International Journal of Intelligent Systems in Accounting, Finance, Vol. 6 (1), 1997. (Journal Article)
Adaptive methods are used to forecast three main Austrian economic indicators. We use a weighted recursive model as well as a neural network approach both with and without adaptive characteristics and compare our results to the forecasts of two Austrian research institutes. It appears that even models which use very limited information can outperform the two Institutes’ forcasts of the unemployment rate. For the case of most series adaptivity represents a possibility of improving the forecasts. |
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Marc Chesney, Hélyette German, Monique Jeanblanc-Picqué, M Yor, Some combinations of Asian, Parisian, and barrier options, In: Mathematics of Derivatives Securities, Cambridge University Press, Cambridge, p. 61 - 87, 1997. (Book Chapter)
This article addresses some of the valuation problems, in the Black and Scholes setting of a geometric Brownian motion for the underlying asset dynamics, for options whose pay-off is related to the terminal price of the stock and an arithmetic average of fixing and/or involves stopping times related to excursions. In all cases, we are able to provide at least the Laplace transform in time of the option price under a form whose complexity varies with the number of exotic features. We emphasize that we do not give closed form formulas for the general case, but we aim to develop a methodology which may be used in many cases. |
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