Die Identifizierung von Lead Usern über soziale Netzwerke: Eine empirische Untersuchung unter jungen Konsumenten

In recent years, the lead user concept has received a great deal of attention in both academic research and corporate practice. Despite broad empirical evidence regarding the high potential of lead users for new product development, we still lack a full understanding of their nature and what enables individual consumers to become lead users. Our study addresses these fundamental issues in lead user research and examines them from a perspective which focuses on the social context of individual consumers. This angle is promising and fruitful as individual creative processes are couched in social networks. As a result, our investigation is guided by the following research question: Do lead users have a distinct social ‘footprint’ in social networks? We chose 34 groups of 804 young consumers as the empirical setting for our study, which yields two general findings: First, lead users are positioned as bridging links between different clusters of people. Being in this ‘boundary-spanning’ position implies that lead users have a wider reach and variety in receiving and distributing information and knowledge. Second, this finding is robust across different age groups. The insights from our study contribute to developing new means of identifying lead users in different settings, including Web 2.0 communities.     

Die Wirkung von informellen und internetbasierten Rekrutierungskanälen auf den Rekrutierungserfolg: Eine empirische Analyse in kleinen und mittleren Unternehmen

This study analyses the impact of informal and web-based recruitment sources on several dimensions of SME recruitment success. Our results show that informal recruitment sources unfold a different impact on applicant-pool quantity and -quality, and applicant fit than web-based recruitment sources. Informal recruitment sources (recruitment via personal networks, employee referrals etc.) enhance applicant-pool quality, person-organization fit and person-job fit. Web-based recruitment sources primarily increases applicant-pool quantity. HR-recruitment websites also unfold a positive effect on applicant-pool quality. Accordingly, the use of these recruitment sources needs to be planned in a strategic manner, in order to achieve firm specific recruitment goals regarding applicant-pool quantity and –quality.     

Die Bewertung von Verlustvorträgen und Tax Shields auf arbitragefreien Märkten

In this paper, the value of tax loss carryforwards is calculated using a modified arithmetic brownian motion for the taxable base. A formula for valuing tax loss carryforwards within a one period context is derived. A Monte-Carlos Simulation based on our findings leads to a valuation of tax loss carryforwards in a multiperiod setting and yields reasonable results. The methodology can also be used to value tax shields in a situation with an interest barrier as it is the case in the German tax system.     

Führung in Familienunternehmen: Besonderheiten der Entscheidungsfindung und Verhaltenssteuerung und deren Auswirkung auf den Unternehmenserfolg

This paper draws on a survey design to investigate whether family ownership and leadership have an influence on the decision-facilitating and decision-influencing roles of management control. Moreover, we investigate whether the more intuitive decision making in family firms which is often said to be caused by a lack of professionalism, is indeed a disadvantage. The results indicate significant differences in the use of management controls between family firms and non-family firms. However, in contrast to the prevailing view in literature, the performance of family firms is not affected negatively by their specific way of making decisions and by their more centralized management style. According to our data, the prevailing characterization of family firms as being less professionally managed seems questionable.     

Auf den Rangplatz kommt es an – Wirkung der Rangfolge von Produkten auf das Entscheidungsverhalten

Customers often search for and choose from ordered sets. E. g., online shops present their product assortments as lists; very often the products are listed according to criteria as defined by the customers. Based on theoretical explanations it can be assumed that the rank of a product in a list effects its demand. An empirical study run in the market for used cars shows the importance of that effect. The study also reveals the most preferred rank and provides further insights for an optimal ordering of products. Furthermore, the understanding of individual decision about rank ordered products can be deepened.     

Standardisierte Qualitätsinformationen und ihr Einfluss auf die Wahl von Leistungsanbietern – Ergebnisse einer empirischen Studie am Beispiel der Qualitätsberichte von Krankenhäusern

This study analyses the impact of standardized quality information of complex services on decisions, exemplified for Germany’s hospital quality reports. The presumed impact of quality information on decisions is based on theoretical considerations and hypotheses are developed accordingly. Though results of two experiments show that simplified quality indicators used in the quality reports for hospitals basically lead to consistent decisions, results also show that the impact of standardized quality information on decisions is not stable. It is disturbed and superimposed by the effects of additionally presented quality information. Implications for competition on hospital markets and for the effectiveness of standardized quality information as they are used in the hospitals’ quality reports are discussed as well as general conclusions about standardized information of complex services are drawn.     

Auswirkungen der IFRS-Umstellung auf die Risikoprämie von Unternehmensanleihen – Eine empirische Studie für Deutschland, Österreich und die Schweiz

Does an IFRS-adoption reduce the information asymmetry between firms and providers of debt capital and therefore the risk premium of corporate bonds? Contrary to prior empirical studies we examine the relationship between disclosure and cost of capital for debt financing. We analyse the impact of an IFRS-adoption on the risk premium of German, Austrian, and Swiss corporate bonds between 1997 and 2005. Our results indicate that the change in risk premium declines after an IFRS-adoption by 40%. However, the effect occurs with a time-lag.     

Zum Verhältnis von Wertadditivität bei Sicherheitsäquivalenten und Risikoanalyse — Replik zu den Anmerkungen „Sicherheitsäquivalente sind nicht überflüssig!“ von Björn Häckel, Christian Holtz und Hans Ulrich Buhl

Zusammenfassung  Die Forderung nach Geldmarktinvarianz in der Risikoanalyse impliziert weder Invarianz des Sicherheits?quivalentes im Hinblick auf den Kassenbestand (additive Konstante) noch Invarianz im Hinblick auf die Finanzierungsstruktur (multiplikative Konstante) des Investors. Hingegen kann sowohl konstante absolute Risikoaversion (Invarianz bezüglich additiver Konstanten) also auch konstante relative Risikoaversion (Invarianz bezüglich multiplikativer Konstanten) durchaus kompatibel mit Geldmarktinvarianz sein. Aus der Wertadditivit?t des Sicherheits?quivalentes bezüglich additiver Konstanten folgt jedoch Geldmarktinvarianz.

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On the relationship between value additivity of certainty equivalents and risk analysis

Summary  If the valuation of risky cash flow streams is independent of transactions in a perfect money market (as required in the so-called risk analysis), this does neither imply value additivity of the certainty equivalent with respect to additive constants, i.e. cash holdings, nor with respect to multiplicative constant, i.e. the capital structure of the investor. But both, constant absolute and constant relative risk aversion, i.e. value additivity with respect to additive and multiplicative constants, respectively, can be consistent with money market invariance. However, value additivity regarding additive constants implies money market invariance.

     

Say on Pay als Neuverhandlung von Managementverträgen,Kommentar zu Göx & Kunz: „Say on Pay – Ein Überblick über Gestaltungsoptionen, ökonomische Konsequenzen und Erkenntnisse aus Empirie und Laborexperimenten“

This Comment summarizes some of Robert Göx’ and Alexis Kunz’ core results and discusses potential future developments. These developments are inspired through the literature on renegotiation of principal-agent contracts.