The new ‘sustainable communitarian’ logging schemes and their critique inside multiple-use conservation areas in the Brazilian Amazon: preliminary notes

Deforestation has risen sharply in Brazil since 2012, and conservation areas are facing increased pressure. This article studies the rise of so-called ‘sustainable’, ‘communitarian’, and/or ‘cooperative’ logging schemes inside multiple-use conservation areas in the Amazon. The findings, based on fresh field research in Acre and Pará, reveal conflicts, problems, and risks associated with logging schemes, although they are portrayed in the international timber trade as certified and socio-environmentally sustainable solutions that help conservation. However, the expansion of logging presents a danger for curtailing forest degradation, fires, and corruption that is linked to the fast returns from sale of timber, especially inside conservation areas that have been mostly intact until now. There is an urgent need to change the strategy of promoting logging as a key source of income for forest-dwellers, and a need to change the policies allowing the expansion of ‘sustainable logging’.     

Estimating the Spot Covariation of Asset Prices—Statistical Theory and Empirical Evidence

ABSTRACT

We propose a new estimator for the spot covariance matrix of a multi-dimensional continuous semimartingale log asset price process, which is subject to noise and nonsynchronous observations. The estimator is constructed based on a local average of block-wise parametric spectral covariance estimates. The latter originate from a local method of moments (LMM), which recently has been introduced by Bibinger et al.. We prove consistency and a point-wise stable central limit theorem for the proposed spot covariance estimator in a very general setup with stochastic volatility, leverage effects, and general noise distributions. Moreover, we extend the LMM estimator to be robust against autocorrelated noise and propose a method to adaptively infer the autocorrelations from the data. Based on simulations we provide empirical guidance on the effective implementation of the estimator and apply it to high-frequency data of a cross-section of Nasdaq blue chip stocks. Employing the estimator to estimate spot covariances, correlations, and volatilities in normal but also unusual periods yields novel insights into intraday covariance and correlation dynamics. We show that intraday (co-)variations (i) follow underlying periodicity patterns, (ii) reveal substantial intraday variability associated with (co-)variation risk, and (iii) can increase strongly and nearly instantaneously if new information arrives. Supplementary materials for this article are available online.     

Using crushed waste bricks for urban greening with contrasting grassland mixtures: no negative effects of brick-augmented substrates varying in soil type,moisture and acid pre-treatment

Ecological restoration aims at supporting biodiversity and ecosystem services, and urban greening is a great opportunity to achieve this goal. This is facilitated by species-rich seed mixtures based on local provenances, which are designed for certain nutrient and moisture regimes based on functional plant traits. Such grassland mixtures might be cultivated on crushed waste bricks, which would be a new component of water-holding urban substrates. Thus, we studied the effects of brick quantity and quality, acid pre-treatment of bricks, soil type and moisture on biomass of designed seed mixtures. Three greenhouse experiments were conducted, with substrates consisting of different brick ratios (5% vs. 30%), brick types (clean production waste vs. demolition material), and brick treatments (acid vs. control) tested on three trait-based mixtures and a non-regional commercial standard mixture. The trait-based mixtures included information on specific leaf area, seed mass and grass-to-legume ratio. There were no negative effects of demolition bricks, soil texture and moisture on grassland biomass. Acid-treated clean porous bricks improved biomass production of the standard and intermediate mixtures, while the effect was minimal with demolition bricks. Designed seed mixtures had a biomass similar to the standard mixture under dry conditions but did not benefit from high moisture like the standard mixture. In conclusion, waste bricks are a useful additive for urban restoration substrates to save raw material, and specifically designed regional mixtures can replace commercial grassland types on these substrates.

     

Coaching — Performanceorientierung und Managererwartung

Coaching — orientation on performance and expectations of managersThe author discusses the up to now controversial question what managers are thinking about coaching. The inquiry, developed in the Free University of Amsterdam, asks also for the expectations on coaching. The author finds out, that issues of leading take priority and that not only crises and conflicts are reasons to ask for a coaching, but also desires to improve the personal performance.     

Cross-border mergers and the cross-border effect: the case of the automotive supply industry

In this paper we examine stock price reactions to cross-border mergers and acquisitions in a particular industry, the automotive supply industry. We show that cross-border transactions entail a pronounced value creation for the acquiring shareholders and that this value creation also holds for transcontinental transactions, which to our knowledge have not been investigated so far. Splitting the sample by different types of targets indicates that the value creation mainly stems from takeovers of subsidiaries. By examining differences between national and international takeovers in cross-section, we sustain the recent evidence of a negative cross-border effect (i.e., cross-border mergers and acquisitions entail lower announcement returns than national ones).

Philosophie des coaching

The philosophy of coaching. Anthropological, hermeneutical and ethical implicationsCounselling and coaching can be understood as modern means to foster human autonomy, following the normative idea of the enlightenment. This anthropology must be completed with the Heideggerian concept of care, which clears misunderstandings of an asymmetry between coach and client. The hermeneutical dimension of coaching is analysed as creative and perspectival understanding on the basis of a fundamental questionability. With this innovative philosophical interpretation of coaching, its ethical values are adequately grounded.     

Developing an immigration policy for Germany on the basis of a nonparametric labor market classification

Summary: Based on a nonparametrically estimated model of labor market classifications, this paper makes suggestions for immigration policy using data from West Germany of the 1990s. It is demonstrated that nonparametric regression is feasible in higher dimensions with only a few thousand observations. In sum, labor markets are able to absorb immigrants are characterized by above average age and by professional occupations. On the other hand, labor markets for young workers in service occupations exhibit rising unemployment due to wage rigidities and are therefore not recommended for immigration. This raises a potential conflict between financing Germanys ailing social security system and protecting decreasing or rigid labor markets by immigration control.*We are grateful to Daron Acemoglu, Joshua Angrist, Herbert S. Buscher, Lars P. Feld, Simon Gächter, Ira Gang, Mark Killingsworth, Gebhardt Kirchgässner, Roger Klein, John Landon-Lane, Michael Lechner, Stephen Machin, Ruth Miquel, Michael Piore, Winfried Pohlmeier, Hans-Joachim Voth, two anonymous referees and seminar participants at Rutgers University, MIT, University of Konstanz, and University of St. Gallen for helpful comments. Markus Frölich gratefully acknowledges financial support by the Swiss National Science Foundation (NSF 4043-058311). Patrick Puhani gratefully acknowledges financial support by the Volkswagen Foundation, Hannover. We thank the Center for European Economic Research (ZEW), Mannheim, for letting us work with the full sample of the German Socio-Economic Panel. All remaining errors are our own.     

Strategy Formation Across Organizational Boundaries: An Interorganizational Process Model

Strategic decision‐makers today face complex environments with meta‐problems that cut across multiple industries. Single organizations cannot address these meta‐problems. As a result, organizations collaborate with partners, among them also competitors, and commonly work together in multi‐partner initiatives (MPIs). How these organizations jointly form an interorganizational strategy (IOS), however, is not well understood. In this paper, we extend the current strategy process conceptualizations from an intraorganizational focus of a single firm to an interorganizational process of multiple strategy‐making entities working together. We selected the eMobility sector as our research context to develop such an IOS process model. We first developed 25 cases on MPIs in the German‐speaking area based on interviews and desk research, before we focused on the eMobility ecology in the southern part of Germany. We identified 291 MPIs, conducted interviews with 19 central actors, held several workshops and informal gatherings, and complemented these data with an analysis of publicly accessible documents. Using an inductive research design, we developed a process model that unfolds in three phases: initiation, negotiation and execution. We reveal specific process dynamics in MPIs to be critical in the formation and manifestation of IOS.