A consistency result in general censoring models

In this paper we prove a consistency result for sieved maximum likelihood estimators of the density in general random censoring models with covariates. The proof is based on the method of functional estimation. The estimation error is decomposed in a deterministic approximation error and the stochastic estimation error. The main part of the proof is to establish a uniform law of large numbers for the conditional log-likelihood functional, by using results and techniques from empirical process theory.     

Enabling disruptive innovations through the use of customer analysis methods

The theory of disruptive innovation has had a profound effect on academic literature and management mindsets. Nevertheless, the processes that are required to develop disruptive innovations are not yet well understood. An essential part of creating disruptive innovations is gathering the right information on potential and current customers. The research questions that are addressed in this paper deal with the suitability of customer analysis methods for providing this information. The customer analysis model that is formulated in this paper summarizes the results of a literature review regarding the requirements of customer analysis for the success of disruptive innovations. With insights on context, customers, constraints and effects, the model reveals what information is needed to successfully shape the disruptive innovation process. Following the literature on disruptive and radical innovation, a group of eight customer analysis methods is selected and assessed. The analysis reveals that none of the existing methods can generate all of the required information. By combining and modifying the associated methods, the requirements of the proposed model and, by extension, the market can be met. Managers who follow the suggestions of this paper will develop a better understanding of current and potential customers and, therefore, unveil the potential of disruptive innovations.     

Enabling Opportunism: Revenue Sharing when Sales Revenues are Unobservable

We consider a supply chain with a supplier that sells to a retailer under a revenue‐sharing arrangement. Demand is uncertain and unobservable to the supplier. We assume that the retailer is rational, that is, the retailer behaves opportunistically and underreports sales revenues to the supplier whenever such underreporting is profitable. Assuming the supplier has the ability to audit the retailer and learn about the actual sales revenues, we show that the supplier will never find it optimal to audit to the point that ensures truthful reporting for all demand realizations. By committing to an auditing policy, the supplier can exploit retailer opportunism and derive profits that at times even exceed those that could be obtained when dealing with a retailer that always strictly adheres to the agreed‐upon contract terms. We also show that the retailer's opportunistic behavior can increase total supply chain profits.     

Belastungs- und Preiswirkungen der Missbrauchsbesteuerung bei Anteilsveräußerung nach Sacheinlage in eine Kapitalgesellschaft

In cases of contribution of assets into a corporation and subsequent sale of the participation by the shareholder within a retention period of seven years, the anti-abuse provision of article 22 paragraph 1 UmwStG is applied. Underlying the effects of the anti-abuse regulation on marginal share prices, the analysis shows no tax induced disadvantage in comparison with conventional law, provided that the present value of tax savings resulting from the increase in depreciation caused by the anti-abuse regulation is high enough and compensated in the purchase price. In terms of transparency and tax-law simplification, rejection of this anti-abuse provision is required.     

STATE TAXES AND LEGISLATIVE TURNOVER IN THE UNITED STATES

Mounting empirical evidence suggests that term limits and, by extension, higher legislative turnover increase the overall size of government and change its spending composition. However, less is known about the turnover's impact on the composition of tax revenues. This study fills this void by exploiting exogenous variation in term limits and redistricting as instruments for legislative turnover, which is found to be positively associated with most state taxes except for the corporate income tax. We hypothesize that the negative association between legislative turnover and corporate income taxes might be influenced by a higher propensity of business owners to enter term-limited state legislatures. (JEL H7, H3)     

Working Hours Flexibility and Timing of Retirement: Findings from Europe

This study investigates how flexibility in working hours affects retirement timing. It tests the assumption that decreasing weekly working hours delays retirement and extends working life. Using data from four waves of the Survey of Health, Ageing and Retirement in Europe (SHARE) and of the English Longitudinal Study of Ageing (ELSA), we analyze whether a shift from full-time to part-time work delays retirement. Results show that older workers who reduce their working hours retire earlier than those who stay in full-time employment. The effect is stronger in Central and Eastern Europe than in Scandinavian countries. No interaction effects for gender and work strain are found. We conclude that part-time work at the end of the career, as a means to extend working life, should be reevaluated.     

MVE, MCD, and MZE: A simulation study comparing convex body minimizers

Summary: In a recent work (Paris Scholz, 2002), a new robust estimator for convex bodies has been proposed, based on the estimation of a zonoid of a distribution. This so–called minimum volume zonoid estimator (MZE) is similar in type to the well–known robust approaches of the minimum volume ellipsoid (MVE) and the minimum covariance determinant (MCD), all three seeking for a subset of given data for which some criteria are minimized. We investigate the similarity between these three concepts by comparing which subsets are chosen to be the optimal ones.     

Aspects of Change for Management in the Internet Environment

This paper will explore the challenge that technology will deliver to management at both the tactical and strategic level. Changes in communication, content of communication, globalization of communication, are critical to these changes. The environment will support a greater degree of discontinuities in planning which is brought about by the globalization of management activities. Successful management must encompose the management of these discontinuities but use information in an artificial intelligence environment. The integration of these data and the actions that come from that integration must be understood within a moral framework. This revised version was published online in August 2006 with corrections to the Cover Date.