F?rdern aktienkursbasierte Vergütungsinstrumente langfristig orientierte Unternehmensentscheidungen? Lehren aus der Kreditkrise

The question whether stock-based management incentives encourage long-term oriented management decisions is the topic of a controversial public debate. Also, the existing academic literature provides no clear picture, mainly due to endogeneity problems. In this paper, we reexamine the issue in the context of the recent credit crises, which allows us to solve the endogeneity problem. In the empirical analysis we find that firms, which have awarded stock-based incentives to their executives prior or during the financial crises, face substantially lower cuts in investment spending. These firms also show higher levels of R&D investments during the financial crises. Overall, our results suggest that stock based long-term incentives promote long-term oriented management decisions.     

Change in intergenerational economic mobility in Norway: conventional versus joint classifications of economic origin

Studies of mobility within both sociology and economics most commonly use a conventional classification of social or economic origin, based on the position of the father only. The questions raised in the paper is whether there has been a trend towards more economic mobility, and whether conclusions about change based on a joint classification of both mother and father differ from those based on conventional classifications. These questions are addressed on the basis of register data on the earnings of the total Norwegian population of mothers, fathers and children from 1967 and onwards. The analyses focus on the earnings of the cohorts born between 1955 and 1970, and their earnings at the age of 34–35. The results do not support the argument in previous research that intergenerational economic mobility has increased in Norway. Moreover, the results based on a conventional approach differ from those based on a joint classification including the earnings of both mother and father. Using the latter approach there is no indication of a trend towards greater openness.     

Regression Analysis of Restricted Mean Survival Time Based on Pseudo-Observations

Regression models for survival data are often specified from the hazard function while classical regression analysis of quantitative outcomes focuses on the mean value (possibly after suitable transformations). Methods for regression analysis of mean survival time and the related quantity, the restricted mean survival time, are reviewed and compared to a method based on pseudo-observations. Both Monte Carlo simulations and two real data sets are studied. It is concluded that while existing methods may be superior for analysis of the mean, pseudo-observations seem well suited when the restricted mean is studied.     

Crisis in rural life and crisis in thinking: directions for critical research*

La crise contemporaine de la vie rurale et agricole c'est produite simultanément avec une crise de la pensée et de la recherche critique: une analyse basée sur l'engagement à créer une société plus rationelle, démocratique et égalitaire. L'économie politique, le paradigme prédominant, a contribuée de façon importante à l'identification et à l'analyse des méchanismes économiques sur lesquels se développent la crise sociale. Mais celui-ci n'a tenu aucun compte d'enquêter sur la façon dont une crise est vécue par ceux qui en sont le plus touchés, et sur les perspectives de changement queue crise du genre peut offrir. Ceci est due d'un côtéà la nature des hypothèses théoriques de l'économie politique, ainsi que sur la façon dont les économistes politiques utilisent les méthodes des sondages dans leurs travaux empiriques. En utilisant les ressources offertes par la theorie sociale et les résultats de recherche primaire et empirique, cet article suggère de nouvelles directions pour la recherche critique de la vie rurale. Nous expliquons que ce genre de recherche devrait devenir plus hermaneutique et phénoménologique dans le but de concentrer sur les perceptions, l'analyse personnelle et les activités de ceux qui vivent dans les milieux ruraux, surtout lorsque ceux-ci essaient de préserver leurs communautés contre l'influence de l'extérieur. II n'est plus nécessaire, de présumer que les chercheur(e)s et leur sujets doivent demeurer détachés si la recherche est sérieusement scientifique et érudite. Cet article considère certaines implications théoriques, empiriques et historiques qu'apporte cet argument. The contemporary crisis in agriculture and rural life has been paralleled by a crisis in critical thinking and research: analysis informed by the commitment to a more rational, democratic and egalitarian society. Political economy, the currently dominant critical paradigm, has made important contributions to the identification and analysis of the economic mechanisms through which social crisis develops. But it has by and large failed to probe both the ways in which crisis is actually experienced by people enduring it and the real possibilities for change that a crisis situation might offer. This failure stems both from the nature of the theoretical assumptions which inform political economy and the manner in which political economists deploy methods of survey research in their empirical work. Using both the resources of social theory and the results of empirical, primary research, this paper attempts to suggest new directions for critical research into rural life. J t argues that this research should adopt a more explicitly hermeneutical and phenomenological focus which should put the perceptions, self-understandings and activities of rural people themselves, particularly as they strive to preserve their communities against outside forces, more fully at the centre of analysis. No longer should it be assumed that researchers and those studied must remain separate if research is to be truly scholarly and scientific. The paper addresses some possible theoretical, empirical and historical     

Wage Inequality of US Truck Drivers

Using CPS data for the period 1979–2009, the wage dispersion of truck drivers (and subsets of the truck driving sample) is compared with the trends in wage dispersion of males economy‐wide. We find that truckers' wages experienced a decrease in inequality post‐deregulation, as expected given the literature on regulation's impact on the labor market. We also find that the wage dispersion for truckers is markedly different from males economy‐wide, providing evidence that the wage distribution of truck drivers has been dominated by the changing structure of the occupation post‐deregulation and largely immune to the factors that increased inequality for the aggregate labor market.     

TMR: An Automated System for Managing Revenue

Abstract

The Total Medical Record (TMR) system used by the Division of University Health Services at Duke University is an integrated medical and management information system. One module supports the financial needs of the division. To facilitate managerial performance, TMR automatically prints insurance claims, refund statements, revenue summary data, service utilization, itemized visit statements, monthly patient bills, dunning letters, and has a host of unique features that aid management with controlling the private fees generated by the University Health Services. In addition, the servicing of prepaid programs is accommodated, and the splitting of charges between prepaid and fee-for-service programs occurs automatically.     

License to fail? How leader group prototypicality moderates the effects of leader performance on perceptions of leadership effectiveness

Leadership often serves as an explanatory category for performance outcomes (i.e., failure and success). This process can strengthen or weaken leadership effectiveness, because contingent on their performance leaders may gain or lose follower endorsement — the basis of leadership. Drawing on the social identity analysis of leadership, we hypothesized that leader group prototypicality and performance information interact to predict followers' perceptions of leadership effectiveness. Because group prototypical leaders are more trusted by their followers, we hypothesized that group prototypical leaders are evaluated as more effective after failure information than non-prototypical leaders. In contrast, we predicted that both prototypical and non-prototypical leaders should receive similar evaluations of leadership effectiveness after success. We found support for our predictions in a scenario experiment, a cross-sectional field study, and a laboratory experiment.     

Vocal determinants of first impressions of young children

Audiotapes of the voices of77 preschool children were prepared. Subjects listened to the tapes, and then provided their impressions of the competence, leadership, dominance, warmth, and honesty of the children. Judgments of the voices' babyishness and attractiveness were also obtained. Perceivers reliably discriminated the children's voices along the dimensions of babyishness and attractiveness. Moreover, analyses revealed that the previously documented impact of these characteristics on first impressions of adults extends to impressions of young children. The similarity of the effects of these characteristics on impressions formed about children to those revealed for adults suggests that vocal qualities may have an impact on personality development via a process of self-fulfilling prophecy.