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Postpurchase out-of-stock (PP-OOS) often happens in an online grocery context, where products appear to be available at the time a consumer places an order, but become OOS when the order is to be dispatched. This paper investigates two substitution policies that can mitigate negative responses: substitutions can match (i) on the dominant attribute and (ii) with a product from the consumers’ past purchase portfolio. According to data collected through two computer-simulated purchase experiments, involving more than 3,000 households and five product categories, matching the substitution on the dominant attribute increases acceptance, but this dominant attribute varies across\ud category differentiation level (flavor for horizontal differentiated categories like cereals or crips vs. brand for vertical differentiated categories like margarine or ketchup). Category differentiation also informs acceptance of national brand or private-label flavor substitutes, such that, same-flavor private label is prefered more in horizontal differentiated categories. Matching on the basis of previous purchases has positive effects for both category differentiation levels, and when combining both policies, the previous purchase matching effect grows stronger for same flavor, rather than same brand, matching. These detailed insights establish several key managerial implications for substitution policies in online grocery contexts.

Obesity is increasing worldwide, and in many countries, the problem is particularly serious among lower-income groups. Front-of-pack nutritional warning labels are a prominent regulatory tool to fight obesity and have been implemented or are currently being debated in many countries. Existing studies document that warning labels incentivize consumers to substitute away from unhealthy products. However, not much is known about equilibrium price changes in response to consumers’ utility for warning labels. Using household purchase data in the cereal category, this article studies the adjustments of prices after the mandatory introduction of warning labels in Chile. The authors develop a model showing that warning labels lead to higher prices of labeled cereals, as is also observed in data. In contrast, prices of unlabeled products tend to drop or at least increase less, incentivizing price-sensitive consumers to remain in the category. The authors decompose postlabeling market share adjustments into a pure label effect that fixes prices at initial levels after regulation and a total effect that accounts for price reoptimizations. Their findings point to self-enforcing effects of a warning label regulation as the price adjustments amplify policy makers' goal of reducing unhealthy food intake, especially because market forces incentivize low-income segments to choose healthier alternatives.

Purpose This paper aims to provide a discussion on the interface and interactions between data, analytical techniques and impactful research in humanitarian health supply chains. New techniques for data capturing, processing and analytics, such as big data, blockchain technology and artificial intelligence, are increasingly put forward as potential “game changers” in the humanitarian field. Yet while they have potential to improve data analytics in the future, larger data sets and quantification per se are no “silver bullet” for complex and wicked problems in humanitarian health settings. Humanitarian health supply chains provide health care and medical aid to the most vulnerable in development and disaster relief settings alike. Unlike commercial supply chains, they often lack resources and long-term collaborations to enable learning from the past and to improve further. Design/methodology/approach Based on a combination of the authors’ research experience, interactions with practitioners throughout projects and academic literature, the authors consider the interface between data and analytical techniques and highlight some of the challenges inherent to humanitarian health settings. The authors apply a systems approach to represent the multiple factors and interactions between data, analytical techniques and collaboration in impactful research. Findings Based on this representation, the authors discuss relevant debates and suggest directions for future research to increase the impact of data analytics and collaborations in fostering sustainable solutions. Originality/value This study distinguishes itself and contributes by bringing the interface and interactions between data, analytical techniques and impactful research together in a systems approach, emphasizing the interconnectedness.

ispartof: JOURNAL OF POLICY ANALYSIS AND MANAGEMENT vol:42 issue:1 pages:35-59 status: published

The field of international business (IB) has been successful in developing a unique body of knowledge on the multinational corporation and on country-level contexts. A recurring debate concerns its claim to uniqueness, and to associated scholarly characteristics that distinguish IB from other fields of research. I discuss what makes IB research unique by looking at what IB theory can explain and predict. To that end, I leverage key theoretical arguments and empirical insights to advance an understanding of IB centered around a firm's ability to create added value in more than one location. I introduce a stylized model of the multi-locational firm embedded in multiple business systems characterized by equifinality. As a result of the qualitative disjunctures that separate one place from another, multi-locational firms are confronted with additional managerial and organizational challenges. These challenges are rooted in the process of "othering". Theorizing on the critical constructs of place, space, and organization, I argue that IB offers the most generalizable approach to understanding firms doing business in more than one location. IB's ultimate uniqueness lies in the potential of advancing a general theory of the firm in space.Le domaine des affaires internationales (International Business - IB) a réussi à développer un corpus unique de connaissances sur l’entreprise multinationale et les contextes au niveau du pays. Un débat récurrent porte sur sa prétention à l'unicité et les caractéristiques scientifiques associées qui distinguent l'IB des autres domaines de recherche. Je discute de ce qui rend la recherche en IB unique en examinant ce que la théorie de l'IB peut expliquer et prévoir. Pour ce faire, je m'appuie sur des évidences empiriques et des arguments théoriques clés afin d’élaborer une meilleure compréhension de l’IB centrée sur la capacité d'une entreprise à créer de la valeur ajoutée dans plus d'une localisation. J'introduis un modèle stylisé de l'entreprise multi-localisée encastrée dans de multiples systèmes commerciaux caractérisés par l'équifinalité. En raison des disjonctions qualitatives qui séparent un lieu d'un autre, les entreprises multi-localisées sont confrontées à des défis organisationnels et managériaux supplémentaires. Ces défis sont ancrés dans le processus d'« altérisation ». M'appuyant sur les construits cardinaux de lieu, d'espace et d'organisation, j’argumente que l'IB apporte l'approche la plus généralisable pour comprendre les entreprises opérant dans plus d'une localisation. L'unicité suprême de l'IB réside dans son potentiel à faire progresser une théorie générale de l'entreprise dans l'espace.El campo de negocios internacionales (IB por sus iniciales en inglés) ha venido desarrollando exitosamente un cuerpo de conocimientos único sobre la empresa multinacional y los contextos nacionales. Un debate recurrente se refiere a su pretensión de ser único y a las características académicas asociadas que distinguen a las empresas internacionales de otros campos de investigación. Discuto lo que hace que la investigación sobre negocios internacionales sea única examinando lo que la teoría de negocios internacionales puede explicar y predecir. Para esa finalidad, me apalanco en los principales argumentos teóricos y las ideas empíricas para avanzar en la comprensión de la IB centrada en la capacidad de una empresa para crear valor agregado en más de un lugar. Introduzco un modelo estilizado de empresa multilocalizada integrada en múltiples sistemas empresariales caracterizados por la equifinalidad. Como resultado de las disyuntivas cualitativas que separan un lugar de otro, las empresas multilocalizadas se enfrentan a retos adicionales de gestión y organización. Estos retos tienen su origen en el proceso de “otredad”. Teorizando sobre los conceptos críticos de lugar, espacio y organización, sostengo que negocios internacionales ofrece el enfoque más generalizable para entender a las empresas que hacen negocios en más de un lugar. La particularidad fundamental de la negocios internacionales radica en el potencial de avance de una teoría general de la empresa en el espacio.A área de negócios internacionais (IB) tem tido sucesso no desenvolvimento de um corpo único de conhecimento sobre a corporação multinacional e contextos em nível de país. Um debate recorrente diz respeito à sua reivindicação de singularidade e características acadêmicas associadas que distinguem IB de outros campos de pesquisa. Discuto o que torna a pesquisa em IB única ao observar o que a teoria em IB pode explicar e prever. Para esse fim, utilizo essenciais argumentos teóricos e insights empíricos para avançar na compreensão de IB centrado na capacidade de uma empresa de criar valor agregado em mais de um local. Apresento um modelo estilizado da empresa multilocalizada incorporada em vários sistemas de negócios caracterizados pela equifinalidade. Como resultado das disjunções qualitativas que separam um lugar do outro, as empresas multilocais são confrontadas com desafios administrativos e organizacionais adicionais. Esses desafios estão enraizados no processo de ostracismo. Teorizando sobre os construtos críticos de lugar, espaço e organização, argumento que IB oferece a abordagem mais generalizável para entender empresas que fazem negócios em mais de um local. A singularidade decisiva de IB está no potencial de avançar uma teoria geral da firma no espaço.国际商务 (IB) 领域成功地开发了关于跨国公司和国家层面情境的独特知识体系。一个反复出现的争论涉及其声称的独特性， 以及将 IB 与其它研究领域区分开来的相关学术特征。我通过审视 IB 理论可解释和预测的内容来讨论是什么让 IB 研究与众不同。为此， 我利用关键的理论论据和实证见解来增进对以公司在多于一个地点创造附加值的能力为中心的IB 的理解， 我提出了一个以等价性为特征的嵌入多业务系统中的多地点公司的程式化模型。由于将一个地方与另一个地方分隔开来的性质脱节， 多地点公司面临额外的管理和组织挑战。这些挑战植根于“他者化”过程。通过对场地、空间和组织的关键概念进行理论化， 我认为 IB 提供了一种最通用的方法来理解在多个地点开展业务的公司。IB 的最终独特性在于在空间发展公司通用理论的潜力。.

© 2022 The Authors. Journal of Organizational Behavior published by John Wiley & Sons Ltd.Based on social cognitive theory (SCT), we develop and test a model that links ethical psychological climate to ethically focused proactive behavior (i.e., ethical voice and ethical taking charge) via two distinct mechanisms (i.e., duty orientation and moral potency). Results from multi-wave field studies conducted in the United States, Turkey, France, Vietnam, and India demonstrate that an ethical psychological climate indirectly influences employees' ethical voice and ethical taking charge behaviors through the dual mechanisms of duty orientation and moral potency. Additionally, we find that individuals' moral attentiveness strengthened these mediating processes. Together, these findings suggest that ethical psychological climate is an important antecedent of ethically focused proactive behavior by stimulating individuals' sense of duty and enhancing their moral potency, particularly when employees are already highly attuned to moral issues.

Africa's rural population continues to expand rapidly, and labor productivity in agriculture and many rural-off farm activities remains low. This review uses the lens of a dual economy and the associated patterns of agricultural, rural, and structural transformation to review the evolution of Africa's rural employment and its inclusiveness. Many African countries still find themselves in an early stage of the agricultural and rural transformation. Given smaller sectoral productivity gaps than commonly assumed, greater size effects, and larger spillovers, investment in agriculture and the rural off-farm economy remains warranted to broker the transition to more and more productive rural employment. The key policy questions thus become how best to invest in the agri-food system (on and increasingly also off the farm) and how best to generate demand for nonagricultural goods and services that rural households can competitively produce. Informing these choices continues to present a major research agenda, with digital technologies, the imperative of greening, and intra-African liberalization raising many unarticulated and undocumented opportunities and challenges.

ispartof: FEMINIST ECONOMICS vol:29 issue:1 pages:266-297 status: published

ispartof: JOURNAL OF DEVELOPMENT STUDIES vol:59 issue:1 pages:39-57 status: published

We analyse the question of whether the use of forward-looking data in monetary policy is to be preferred over the use of current data. We use a behavioural macroeconomic model that generates periods of tranquillity alternating with crisis periods characterized by fat tails in the distribution of output gap. We find that in a strict inflation targeting (SIT) regime, the use of forward-looking data leads to a lower quality of monetary policymaking than in a dual mandate monetary policy regime, because the first regime creates more extreme movements in output and inflation than the second one. We also find that nowcasting tends to improve the quality of monetary policy, especially in a SIT regime. Finally, we provide a case study of monetary policies in the USA and the eurozone during 2000–20.

This paper studies a setting in which multiple suppliers compete for a buyer's procurement business. The buyer faces uncertain demand and there is a requirement to reserve capacity in advance of knowing the demand. Each supplier has costs that are two dimensional, with some costs incurred before demand is realized in order to reserve capacity and some costs incurred after demand is realized at the time of delivery. A distinctive feature of our model is that the marginal costs may not be constants, and this naturally leads us to a supply function competition framework in which each supplier offers a schedule of prices and quantities. We treat this problem as an example of a general class of capacity games and show that, when the optimal supply chain profit is submodular, in equilibrium the buyer makes a reservation choice that maximizes the overall supply chain profit, each supplier makes a profit equal to their marginal contribution to the supply chain, and the buyer takes the remaining profit. We further prove that this submodularity property holds under two commonly studied settings: (1) there are only two suppliers; and (2) in the case of more than two suppliers, the marginal two-dimension costs of each supplier are non-decreasing and constant, respectively., Comment: 35 pages

Inference on common parameters in panel data models with individual-specific fixed effects is a classic example of Neyman and Scott's (1948) incidental parameter problem (IPP). One solution to this IPP is functional differencing (Bonhomme 2012), which works when the number of time periods T is fixed (and may be small), but this solution is not applicable to all panel data models of interest. Another solution, which applies to a larger class of models, is "large-T" bias correction (pioneered by Hahn and Kuersteiner 2002 and Hahn and Newey 2004), but this is only guaranteed to work well when T is sufficiently large. This paper provides a unified approach that connects those two seemingly disparate solutions to the IPP. In doing so, we provide an approximate version of functional differencing, that is, an approximate solution to the IPP that is applicable to a large class of panel data models even when T is relatively small.

ispartof: INFORMATION & MANAGEMENT vol:60 issue:4 status: accepted

Climate finance is first and foremost a risk-management problem, which means three things for investors. First, prudent investors will seek to hedge climate change risk by reducing their exposure to this risk. Second, investors will demand compensation for holding this risk. Third, investors will engage with companies to urge them to reduce this risk if they are not adequately compensated for it. For companies, the main implication of climate-risk management by investors is that the companies with greater carbon emissions will have to pay a higher financial cost of carbon (FCC). In their new study described in this article, the authors undertake a comprehensive analysis of the risk compensation implications of exposing investors to carbon transition risk. They explore how corporate GHG emissions have affected the price-to-earnings (P/E) ratios of listed companies in Europe and the U.S. over the period 2016 to 2020. Their main finding is that financial markets are beginning to broadly discount companies whose high carbon emissions are viewed as subjecting them to higher levels of political and regulatory risk, and providing them with what amounts to a higher cost of capital. Although price-earnings ratios are generally lower for companies with higher emissions, the discount varies significantly by sector and across firm size, with larger companies experiencing the larger discounts. Although the carbon discount is similar in the U.S. and in Europe, the authors find significantly higher discounts in industries in Europe that are directly covered by carbon pricing through the EU ETS. They even find a small price discount on corporate debt for smaller issuers. Overall, what emerges is a clear pattern of investors' growing concern over climate risk, which translates into an increasingly material FCC for companies with high GHG emissions. This growing valuation discount for companies with high emissions should encourage them to progress further along their decarbonization path, which our results suggest have large financial as well as other social benefits.

We study redistribution in a setting where individual responsibility and circumstance characteristics determine pre-tax income. We distinguish between ex ante and ex post versions of the key principles of compensation and reward. Furthermore, we distinguish between absolute and relative versions of reward. On the basis of these axioms, we provide characterizations of five familiar and two new redistribution mechanisms.

The expectation of a mass movement out of cities due to the rise of remote work associated with the Covid-19 pandemic, is counter to longstanding theories of the benefits of agglomeration economies. It suggests centrifugal shifts of economic activity which could boost neighbourhood economies at the expense of the downtown core. Using mobile phone data from SafeGraph, we track migration and daily mobility patterns throughout the New York metropolitan area between July 2019 and June 2021. We find that diverse suburban centres and exurban areas have bounced back more quickly than the dense specialised commercial districts in and around Manhattan.

ispartof: TIJDSCHRIFT VOOR ECONOMISCHE EN SOCIALE GEOGRAFIE vol:113 issue:3 pages:250-256 status: published

This paper uses risk-shifting models to analyze some potential policy responses to asset price booms and bubbles. We argue that the presence of risk shifting can generate many of the features of such booms and so is a reasonable framework to explore these issues. Our analysis offers several insights. First, we find that determining whether there is indeed a bubble in asset markets is unimportant, since risk-shifting leads to the same inefficiencies regardless of whether it gives rise to a bubble or not. Second, while risk shifting offers a reason for intervention, we find the leading proposals for interventions against booms have ambiguous welfare implications in our model. Specifically, we show tighter monetary policy may exacerbate some inefficiencies due to risk shifting even as it mitigates others, and that leverage restrictions may fan asset prices and exacerbate excessive leverage rather than curb it.

Entrepreneurship can be fulfilling and enhance wellbeing, but also highly stressful and diminish wellbeing. This meta-analytical review synthesizes 319 effect sizes from 94 studies and 82 countries to establish whether individuals derive greater wellbeing from working for themselves or for someone else. The answer is partly positive in favor of entrepreneurship but depends on the components of wellbeing under investigation (positive wellbeing or negative wellbeing/mental illbeing) and the institutional context (especially the rule of law). We contribute by developing the component view of wellbeing as an organizing framework and by advancing an institutional perspective to guide research on entrepreneurs’ wellbeing.

ispartof: COGENT BUSINESS & MANAGEMENT vol:10 issue:1 status: accepted

Households in developing countries are exposed to various shocks and risks, which leaves them vulnerable as they typically have limited resources to cope with them. Even though a large body of development literature has focused on the role of risk in rural livelihoods, the focus is often on single sources of risk and taking a unidimensional view on risk preference. This paper explores the diversity in risk perception and risk preferences of Ethiopian households by combining incentivized field experiments with detailed primary household survey data. We disentangle the relationship between risk perception and risk preferences using an innovative combination of time framing and instrumental variable estimation approaches. We find that our respondents are exposed to multiple past shocks and perceive multiple sources of future threats across different agricultural risk domains. Our respondents can be characterized as relatively risk-averse and loss-averse, and they also overweight unlikely extreme outcomes. We find a statistically significant association between the prospect theory risk preferences parameters—risk aversion, loss aversion, and probability weighting—and overall risk perception, domain-specific risk perceptions (except for the personal domain) and the impact dimension of future risk. Our findings make an important contribution to our understanding of farm households’ risk behavior, and can guide prioritizing development efforts to stimulate better informed and well-targeted risk management policy interventions.

Political scientists and sociologists have highlighted insecure work as a societal ill underlying individuals' lack of social solidarity (i.e., concern about the welfare of disadvantaged others) and political disruption. In order to provide the psychological underpinnings connecting perceptions of job insecurity with societally-relevant attitudes and behaviors, in this article the authors introduce the idea of perceived national job insecurity. Perceived national job insecurity reflects a person's perception that job insecurity is more or less prevalent in their society (i.e., country). Across three countries (US, UK, Belgium), the study finds that higher perceptions of the prevalence of job insecurity in one's country is associated with greater perceptions of government psychological contract breach and poorer perceptions of the government's handling of the COVID-19 crisis, but at the same time is associated with greater social solidarity and compliance with COVID-19 social regulations. These findings are independent of individuals' perceptions of threats to their own jobs. ispartof: ECONOMIC AND INDUSTRIAL DEMOCRACY vol:44 issue:2 pages:385-409 ispartof: location:England status: published

Contains fulltext : 287589.pdf (Publisher’s version ) (Open Access) Workers in the low-wage service sector represent a sociodemographically heterogeneous and particularly vulnerable group in terms of job security, job quality and health implications. However, organizational inclusion research has largely neglected this group. In contrast, this article builds on a qualitative study of a Dutch aircraft cleaning company in order to assess the ‘inclusivity of inclusion approaches' for less privileged groups of employees. By reconstructing how managers and cleaners draw/rework boundaries, we identify certain configurations of inclusion and exclusion that can unfold more or less 'inclusive' consequences for historically disadvantaged group members, and more or less exclusionary repercussions for particularly privileged and/or majority group members. We stress the need to say goodbye to a linear narrative of organizations becoming 'inclusive as such'. Furthermore, we argue that the presence of decent working and employment conditions and the absence of steep differences in those conditions between groups represent the 'silent foundation’ of creating inclusivity. Consequently, we ask: does inclusion research reach its ‘natural limits' by tiptoeing around the topic of equality? 07 januari 2023 32 p.

Appropriately considering adjustment costs, this paper develops a robust nonparametric framework to analyse profits, prices and productivity in a dynamic context. Dynamic profit change is decomposed into a dynamic Bennet price indicator and a dynamic Bennet quantity indicator. The latter is decomposed into explanatory factors. It is shown to be a superlative indicator for the dynamic Luenberger indicator. The application focuses on 1,638 observations of French meat-processing firms for the years 2012–2019. Using m-out-of-n bootstrapped data envelopment analysis, we obtain robust estimates and confidence intervals. The components of dynamic productivity growth fluctuate substantially. However, these fluctuations are often statistically insignificant.

We develop Generational Wealth Accounts (GWA): the first set of balance sheets, broken down by generations, to include all human capital, tangible wealth, financial wealth, and transfer wealth, and the uses to which these resources are put. We then use them to measure the size, nature (public or private; capital or current) and direction of inter-generational transfers and assess the sustainability of public and private consumption plans. We confirm that public sector consumption in the UK is unsustainable but show that the private sector is close to balance. Aggregate consumption plans are therefore unsustainable. Although public sector finances worsened significantly over the crisis, the private sector balance improved and capital transfers to the young increased, more than fully offsetting this deterioration. We find that increases in house prices redistributed resources away from the young and towards the old but had little effect on overall sustainability.

Employing a panel (1995-2015) of large R&D spending pharmaceutical firms, we investigate how internal basic research increases a firm’s innovative performance. We disentangle two mechanisms through which internal basic research affects technology development: (1) as strengthening of the firm’s absorptive capacity to build on externally conducted science, and (2) as a direct source of the firm’s innovation. We find that the positive relationship between internal basic research and innovation performance is significantly mediated by these two mechanisms, with the absorptive capacity mechanism relatively more important. The mediation relationships are more pronounced in recent years, with basic research as a direct source of innovation increasing in importance. This pattern is associated with a decline of corporate investments in basic research over time, and suggests that firms have adopted a more judicious and targeted approach to basic research aimed at getting more leverage out of a smaller commitment to basic research. ispartof: Industry And Innovation vol:29 issue:3 pages:396-424 status: Published online

We compare the implications of speculation versus hedging channels for bond markets in heterogeneous agents’ economies. Treasuries command a significant risk premium when optimistic agents speculate by leveraging their positions using bonds. Disagreement drives a wedge between marginal agent versus econometrician beliefs (sentiment). When speculative demands dominate, the interaction between belief heterogeneity and sentiment helps rationalize several puzzling characteristics of Treasury markets. Empirically, we test model predictions and find that larger disagreement (i) lowers the risk-free rate, (ii) raises the slope of the yield curve, and (iii) with positive sentiment increases bond risk premia and makes its dynamics countercyclical. This paper was accepted by Karl Diether, finance.

Social entrepreneurs need resources to develop their organizations and catalyze social impact. Existing research focuses on how social entrepreneurs access and use resources, yet it neglects how they search for resource holders. This issue is particularly salient in social entrepreneurs’ decisions about whom to approach for interpersonal feedback as a valuable resource. The current literature offers lists of individuals whom social entrepreneurs approach for feedback and implies these individuals can be easily accessed. Thus, it offers little insight into how social entrepreneurs select whom to approach for feedback and why, or why they struggle to access feedback. We conducted an in-depth inductive study based on 82 interviews with 36 nascent social entrepreneurs to investigate how they search for and select individuals to approach for feedback within and outside their social networks through an iterative appraisal process. Our findings start to open the black box of searching for resource holders in the resource mobilization process and offer insights on power and stigma in social entrepreneurship.

Contains fulltext : 235981.pdf (Publisher’s version ) (Open Access) In this study, we expand on the existing work on job crafting by focusing on (1) within-person fluctuation in affective experiences in relation to job crafting and person-job fit and (2) between-person fluctuations in personal growth initiative (PGI) as an important boundary condition of these relationships. Using multilevel data from 116 employees (341 observations), our results showed that fluctuations in positive active emotions (PAE) and negative active emotions (NAE) related positively to daily job crafting; this relationship was moderated by overall PGI levels. Next, we found a positive association between daily job crafting and daily person-job fit. Finally, we found indirect effects from NAE and PGI to daily fluctuations in person-job fit via daily fluctuations in job crafting; NAE and PGI energized employees to engage in daily job crafting, which contributed to their daily person-job alignment. We discuss implications for theory and practice. 20 p.

Organizational aesthetics comprises a way of understanding organizational life based on immediate sensory reactions (i.e., sight, hearing, taste, smell, and touch) to the material components of organizing (e.g., artifacts, physical settings, and material practices). Despite the growing interest in the topic, however, research is fragmented across management areas. To advance scholarly knowledge in this field, we reviewed the empirical work dealing with aesthetics. Our review yields two major insights. First, we identify three perspectives on the role of aesthetics. Scholars have treated aesthetics as (1) a directed stimulus (that elicits product evaluation and work organization), (2) a knowledge tool (that is entwined with creative work and everyday tasks), or (3) an open-ended outcome (that serves as a personal experience). Second, we find that each perspective highlights emotional and cognitive mechanisms through which aesthetics is implicated in organizing. Building on these two insights, our review offers an integrative framework that provides a comprehensive picture of the state of the field, illuminating the work of aesthetics in and around organizations and providing avenues for future studies.

This article demonstrates that low bank capital carries a negative externality because it amplifies local shock spillovers. We exploit a natural disaster that is transmitted to firms in nondisaster areas via their banks. Firms connected to a strongly disaster-exposed bank with lowest-quartile capitalization significantly reduce their total borrowing by 6.6% and tangible assets by 6.9% compared to similar firms connected to a well-capitalized bank. These findings translate to negative regional effects on GDP and unemployment. Additionally, following a disaster event, banks reduce their exposure to currently unaffected but generally disaster-prone areas.

ispartof: AFRICA JOURNAL OF MANAGEMENT vol:8 issue:1 pages:15-35 status: published

Multiple institutional affiliations (or co-affiliations) occur when an academic belongs to more than one organisation. Recent research shows an increase in academics with multiple affiliations, but evidence on how these are organised and on academics’ motivations is mainly anecdotal. In this study we develop a typology of co-affiliations, which identifies four types based on their purpose and origin. We draw on results from a unique international survey of academics in three major science nations (the UK, Germany and Japan) to study the different factors that could explain the four types of co-affiliations. The analysis shows that academics’ motivations (networking/prestige, resources, teaching or personal income) correlate with the observed co-affiliation type. Researcher-initiated and research-focused co-affiliations are often motivated by networking and resource access while co-affiliations that serve other than research purposes are more often income-motivated. Keywords: Multiple institutional affiliations, academic labour market, resource access, k-means clustering, science policy

We study statistical aspects of state-dependent Hawkes processes, which are an extension of Hawkes processes where a self- and cross-exciting counting process and a state process are fully coupled, interacting with each other. The excitation kernel of the counting process depends on the state process that, reciprocally, switches state when there is an event in the counting process. We first establish the existence and uniqueness of state-dependent Hawkes processes and explain how they can be simulated. Then we develop maximum likelihood estimation methodology for parametric specifications of the process. We apply state-dependent Hawkes processes to high-frequency limit order book data, allowing us to build a novel model that captures the feedback loop between the order flow and the shape of the limit order book. We estimate two specifications of the model, using the bid-ask spread and the queue imbalance as state variables, and find that excitation effects in the order flow are strongly state-dependent. Additionally, we find that the endogeneity of the order flow, measured by the magnitude of excitation, is also state-dependent, being more pronounced in disequilibrium states of the limit order book., Comment: 33 pages, 13 figures, v3: added a comparison with other related models plus some other minor amendments, to appear in Quantitative Finance

Many firms use forced rating systems in which supervisors must evaluate employees according to a predefined distribution. We develop new theory suggesting that forced ratings are less likely to enhance performance when supervisors assess subjective dimensions of employee performance (e.g., creativity), but can have some harmful side effects. In a laboratory experiment, employees work on a creative task, and supervisors rate their performance. We do not find any difference in the employees’ performance or effort in a creative task setting between forced and free ratings. We do, however, find that forced ratings create higher stress for employees (ex post stress scales and biomarkers). Higher stress in turn mitigates the positive effect of effort on creativity. Furthermore, we find that actual creativity explains less of supervisors’ ratings of employees’ performance under forced ratings. Instead, factors that are unrelated to actual creativity, such as eloquent writing and strategic gaming behavior, matter more. Results of an additional online experiment confirm that forced ratings work differently in tasks where performance needs to be evaluated subjectively compared to tasks where objective measures are available.

This article presents a synthesizing framework of the determinants of open innovation adoption in public organizations. We examine the fragmented literature and integrate earlier results. To provid...

The aim of this study was to identify developmental patterns of job insecurity, taking into account quantitative as well as qualitative job insecurity, and to examine if these groups vary with regard to different work-related learning aspects, that is, occupational self-efficacy, learning from supervisor and colleagues, and acquired knowledge and skills (KSAOs). We conducted latent class growth analysis using three-wave data of 1366 Dutch employees. Five job insecurity patterns were identified: (1) high stable (n = 132), (2) moderate-low stable (n = 555), (3) low stable (n = 217), (4) decreasing (n = 357) and (5) increasing (n = 105). In every class, the change pattern was similar for quantitative and qualitative job insecurity. Those in trajectories with high initial levels of job insecurity had lower initial levels of occupational self-efficacy, learning from others, and KSAOs than those with low initial levels of job insecurity. Additionally, job insecurity trajectories differed in the development of occupational self-efficacy over time. The findings indicate that there are distinct trajectories of the combination of quantitative and qualitative job insecurity, and that these demonstrate a substantial amount of heterogeneity concerning work-related learning.

We study whether carbon emissions affect the cross-section of US stock returns. We find that stocks of firms with higher total carbon dioxide emissions (and changes in emissions) earn higher returns, controlling for size, book-to-market, and other return predictors. We cannot explain this carbon premium through differences in unexpected profitability or other known risk factors. We also find that institutional investors implement exclusionary screening based on direct emission intensity (the ratio of total emissions to sales) in a few salient industries. Overall, our results are consistent with an interpretation that investors are already demanding compensation for their exposure to carbon emission risk.

This article aims to empirically explore how European labour markets are segmented and who the outsiders are. The article moves beyond the dichotomous approach to understanding labour market division, often based solely on examining employment relationships. Taking a multi-dimensional approach to defining labour market precariousness, this study incorporates aspects such as income, job prospects and subjective insecurity. Latent Class Analysis is used on data taken from the 2015 European Working Conditions Survey to extend the traditional definition of outsider-ness. Four labour market segments are found: insiders and three different types of outsiders: typical outsiders, dead-end insiders and subjective outsiders. Looking at the cross-national aspect, variations are found in the segmentation patterns, especially in terms of who the outsiders are. The findings show the need to examine various aspects of labour precariousness in order to capture the complexity of post-industrialised labour markets and identify different types of outsiders across Europe that need to be protected for building a more cohesive society. ispartof: Transfer-European Review of Labour and Research vol:27 issue:4 status: Published online

A new design can be compared with its contemporaries or older designs. In this study, we argue that the temporal distance between the new design and its comparison play an important role in understanding how a new design’s similarity with other designs contributes to its valuation. Construing the value of designs as a combination of their informational value and their expressive value, we propose the “anchored differentiation” hypothesis. Specifically, we argue that expressive value (which is enhanced by how much the new design appears different from others) is emphasized more than informational value (which is enhanced by how much the new design appears similar to others) compared with contemporary designs. Informational value, however, is emphasized more than expressive value when compared against designs from the past. Therefore, both difference from other contemporary designs (contemporary differentiation) and similarity to other past designs (past anchoring) help increase the value of a new design. We find consistent evidence for our theory across both a field study and an experimental study. Furthermore, we show that this is because temporal distance changes the relative emphasis on expressive and informational values. We discuss our contribution to the growing literature on optimal distinctiveness and design innovation by offering a dynamic perspective that helps resolve the tension between similarities and differences in evaluating new designs.

We find dealer-level evidence that recent regulation on the leverage ratio requirement causes deviations from covered interest parity. Our analysis uses a unique data set of currency derivatives with disclosed counterparty identities together with exogenous variation introduced by the U.K. leverage ratio framework. Dealers who are affected by the regulatory shock charge an additional premium of about 20 basis points per annum for synthetic dollar funding relative to unaffected dealers. This finding holds even after controlling for changes in clients' demand. Also, some clients increase their trading activity with unaffected dealers with whom they already had a preexisting relationship.

Globalization transforms not just the economics of production and exchange in the world, but also the political economy of public policies. We analyze how wine regulations, and more specifically planting rights restrictions, have been affected by globalization, in particular colonial expansions of wine producing empires. We study several historic cases and find that (a) planting right restrictions and compulsory uprooting of vineyards are introduced to deal with falling wine prices as colonial wine production takes off and expands; (b) that enforcement of the restrictions and uprooting was difficult and often imperfect; and (c) that there was a strong persistence of the policies: after their introduction the restrictions remain in place for a long time (often centuries) and they are only removed after major shocks to the political economy equilibrium.

On October 26, 2008, Porsche announced a largely unexpected domination plan for Volkswagen. The resulting short squeeze in Volkswagen’s stock briefly made it the most valuable listed company in the world. We argue that this was a manipulation designed to save Porsche from insolvency and the German laws against this kind of abuse were not effectively enforced. Using hand-collected data we provide the first rigorous academic study of the Porsche-VW squeeze and show that it significantly impeded market efficiency. Preventing manipulation is important because without efficient securities markets, the EU’s major project of the Capital Markets Union cannot be successful.

Does national culture influence entrepreneurship? Given that entrepreneurship and the economic, formal institutional, and cultural characteristics of nations are deeply intertwined and co-vary, it is difficult to isolate the effect of culture on entrepreneurship. In this study, we examine the self-employment choices of second-generation immigrants who were born, educated, and currently live in one country, but were raised by parents stemming from another country. We argue that entrepreneurship is influenced by durable, portable, and intergenerationally transmitted cultural imprints such that second-generation immigrants are more likely to become entrepreneurs if their parents originate from countries characterized by a strong entrepreneurial culture. Our multilevel analysis of two independent samples—65,323 second-generation immigrants of 52 different ancestries who were born, were raised, and live in the United States and 4,165 second-generation immigrants of 31 ancestries in Europe—shows that entrepreneurial culture is positively associated with the likelihood that individuals are entrepreneurs. Our results are robust to alternative non-cultural explanations, such as differences in resource holdings, labor market discrimination, and direct parent-child linkages. Overall, our study highlights the durability, portability, and intergenerational transmission of entrepreneurial culture as well as the profound impact of national culture on entrepreneurship. Supplemental Material: The online appendix is available at https://doi.org/10.1287/orsc.2022.1645 .

ispartof: TRANSPORTATION RESEARCH PART B-METHODOLOGICAL vol:166 pages:468-484 status: published

Background Global spending on health was continuing to rise over the past 20 years. To reduce the growth rates, alleviate information asymmetry, and improve the efficiency of healthcare markets, global health systems have initiated price and quality transparency tools in the hospital industry in the last two decades. Objective The objective of this review is to synthesize whether, to what extent, and how hospital price and quality transparency tools affected 1) the price of healthcare procedures and services, 2) the payments of consumers, and 3) the premium of health insurance plans bonding with hospital networks. Methods A literature search of EMBASE, Web of Science, Econlit, Scopus, Pubmed, CINAHL, and PsychINFO was conducted, from inception to Oct 31, 2021. Reference lists and tracked citations of retrieved articles were hand-searched. Study characteristics were extracted, and included studies were scored through a risk of bias assessment framework. This systematic review was reported according to the PRISMA guidelines and registered in PROSPERO with registration No. CRD42022319070. Results Of 2157 records identified, 18 studies met the inclusion criteria. Near 40 percent of studies focused on hospital quality transparency tools, and more than 90 percent of studies were from the US. Hospital price transparency reduced the price of laboratory and imaging tests except for office-visit services. Hospital quality transparency declined the level or growth rates of healthcare spending, while it adversely and significantly raised the price of healthcare services and consumers’ payment in higher-ranked or rated facilities, which was referred to as the reputation premium in the healthcare industry. Hospital quality transparency not only leveraged private insurers bonding with a higher-rated hospital network to increase premiums, but also induced their anticipated pricing behaviors. Conclusion Hospital price and quality transparency was not effective as expected. Future research should explore the understudied consequences of hospital quality transparency programs, such as the reputation/rating premium and its policy intervention.

Echenique, Lee, Shum, and Yenmez (2013) established the testable revealed preference restrictions for stable aggregate matching with transferable and nontransferable utility and for extremal stable matchings. In this paper, we rephrase their restrictions in terms of properties on a corresponding bipartite graph. From this, we obtain a simple condition that verifies whether a given aggregate matching is rationalizable. For matchings that are not rationalizable, we provide a simple greedy algorithm that computes the minimum number of matches that need to be removed to obtain a rationalizable matching. We also show that the related problem of finding the minimum number of types that we need to remove in order to obtain a rationalizable matching is NP‐complete.

ispartof: AGRICULTURAL ECONOMICS vol:53 issue:6 pages:968-975 status: published

We show that lenders charge higher interest rates for mortgages on properties exposed to a greater risk of sea level rise (SLR). This SLR premium is not evident in short-term loans and is not related to borrowers’ short-term realized default or creditworthiness. Further, the SLR premium is smaller when the consequences of climate change are less salient and in areas with more climate change deniers. Overall, our results suggest that mortgage lenders view the risk of SLR as a long-term risk and that attention and beliefs are potential barriers through which SLR risk is priced in residential mortgage markets.

ispartof: EUROPE-ASIA STUDIES status: Published online