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The substantial booms and busts in agricultural prices marked by extreme events across commodities lead to heated debates about the effects of speculative trading on commodity price fluctuations. This study proposes a new approach to understanding extreme events and boom-bust processes in agricultural markets. Using weekly futures data for twelve indexed agricultural commodities during 2006 to 2016, we find that extreme price changes, located in the 10% tails of the distribution, cluster across agricultural markets. We then implement a multinomial logit model to investigate which factors are associated with the propagation of extreme events. Specifically, we disentangle three transmission conduits. (1) The macroeconomic conduit captures the possibility that the synchronized extreme price events are generated by business-cycle driven demand shifts mainly in emerging economies. (2) The financial conduit refers to potential links between extreme returns and the increasing flow of money from financial participants into agricultural futures markets. (3) Finally, the energy conduit accounts for possible spillover effects due to oil price shocks. Our results indicate an important role of managed money positions and oil prices while the real demand channel remains mostly insignificant. (C) 2017 Elsevier Ltd. All rights reserved.
Purpose:
While industrial marketers have long bundled their products and services to sell them as packages, to what extent should negotiators also rely on packaging their offers? Clearly, negotiating at a package level can tax the cognitive capacity of the involved parties at some point. Therefore, this study aims to analyze the impact of the number and type of issues that should be negotiated simultaneously to leverage the package strategy efficiently and effectively in multi-issue buyer-seller negotiations.
Design/methodology/approach:
The authors conducted and analyzed negotiation simulations with 676 students from 2 public universities.
Findings:
The authors’ results suggest that negotiating three out of six issues simultaneously is the least efficient but most effective strategy in multi-issue buyer-seller negotiations. Moreover, they found that bundling distributive and integrative issues is more efficient and effective than only bundling distributive or integrative negotiation issues in a package offer.
Originality/value:
Past research has examined the impact of negotiating a package as compared to each issue separately; however, little empirical attention has been directed toward understanding how to apply a package strategy in complex multi-issue negotiations.
We take an error management perspective on audit quality. Drawing on 18 months of participant observations and 38 interviews conducted in a Big 4 accounting firm, we develop a multi-level model of error management. With this model, we propose how organizational structures, team procedures and practices, and individual cognitions and emotions interact to manage errors. The multi-level model of error management allows us to conceptually integrate previous behavioral and social research on audit quality, contributes to the rising accounting firm error management literature, and explains how and why two general approaches from the broader error management literature to errors that are usually considered as opposing each other, i.e., error prevention and error resilience, may interact and actually entail each other in accounting firms.
The Kyoto Protocol’s Clean Development Mechanism (CDM) allows developed countries to meet part of their obligational emission reductions by carrying out emission reduction projects in developing countries. China imposed a price floor to the CDM carbon credits produced in China through its price review policy. Scholars have not agreed on the purpose of China’s price review policy. With a theoretical model and a coherent empirical study, the present study shows that the price floor imposed by China’s price review is more likely to protect those domestic project owners against price discrimination, rather than to distort the CDM market. Nevertheless, China’s price review has its own flaws. Although a regression study shows month of approval, types of projects and location of project can explain 55% of price floor designation, the operation of price review remains quite random and unpredictable in individual cases. This would bring extra bureaucratically uncertainty on its way to curb market uncertainty. Its function can be fulfilled by alternative policy tools with better economic efficiency and legal legitimacy, such as mandatory price disclosure and trading forum, which doesn’t have such drawback, but still be able to alleviate possible price discrimination in individual cases.
Gibt es einen Zusammenhang zwischen dem sozialen Entwicklungsstand einer Autokratie und ihrem Legitimationsanspruch? Dieser Frage geht der Beitrag am Beispiel der Säuglingssterblichkeit nach. Unter Berücksichtigung von 321 Autokratien aus 120 Ländern im Zeitraum von 1960 bis 2010 zeigen sich Unterschiede in der sozialen Entwicklung zwischen sechs Autokratietypen mit verschiedenen Legitimationsstrategien: elektorale Autokratien, kommunistische Ideokratien, Monarchien, Einparteiautokratien, Militärautokratien und personalistische Autokratien. Insbesondere, dass kommunistische Ideokratien im Vergleich besser abschneiden als (nicht-ideokratische) Einparteiautokratien, spricht dafür, dass sich die Art der Legitimationsstrategie auf die soziale Entwicklung auswirkt. Allerdings sollte der Einfluss von Legitimationsstrategien auf die soziale Entwicklung nicht überschätzt werden, vor allem da sich die Ergebnisse im Rahmen eines Wachstumskurvenmodells als vorläufig erweisen.
Several scholars concerned with global policy-making have recently pointed to a reconfiguration of authority in the area of climate politics. They have shown that various new carbon governance arrangements have emerged, which operate simultaneously at different governmental levels. However, despite the numerous descriptions and mapping exercises of these governance arrangements, we have little systematic knowledge on their workings within national jurisdictions, let alone about their impact on public-administrative systems in developing countries. Therefore, this article opens the black box of the nation-state and explores how and to what extent two different arrangements, that is, Transnational City Networks and Reducing Emissions from Deforestation and Forest Degradation, generate changes in the distribution of public authority in nation-states and their administrations. Building upon conceptual assumptions that the former is likely to lead to more decentralized, and the latter to more centralized policy-making, we provide insights from case studies in Indonesia, South Africa, Brazil, and India. In a nutshell, our analysis underscores that Transnational City Networks strengthen climate-related actions taken by cities without ultimately decentralizing climate policy-making. On the other hand, Reducing Emissions from Deforestation and Forest Degradation tends to reinforce the competencies of central governments, but apparently does not generate a recentralization of the forestry sector at large.
Based on large representative German household survey data, we compare incomes of the self-employed with those of paid employees. We find that the entrepreneurial income gap is largest for those holding a tertiary degree, but in two directions: positive for employers (self-employed with further employees) and negative for solo entrepreneurs. Entrepreneurs holding a tertiary degree also face the greatest income variation. However, some solo self-employed earn more than their employed counterparts, in particular those with a university entrance degree as the highest level of education.