Uncertainty,pluralism, and the knowledge-based theory of the firm: From J.-C. Spender’s contribution to a socio-cognitive approach

J.-C. Spender’s award-winning, knowledge-based theory of the firm is based on four premises: (1) The firm can be sufficiently understood as a system of knowledge, (2) explicit and implicit knowing can be clearly dissociated, (3) organizations are conceived as cognizing entities, and (4) intuition shaped by shared cultural practices is a superior source of managerial knowledge. This line of reasoning represents a social constructionist view of the enactment, transfer, and storage of knowledge according to which managerial knowledge is largely tacitly shaped by industry recipes and the firm’s socio-cultural conventions and other social processes. Although comprehensive in scope, we argue that a knowledge-based theory of the firm needs to integrate a cognitivist approach that includes the synergetic production of tacit and explicit knowledge, the role of reflective thinking in resolving strategic uncertainties, and the interaction between the individual and the social. This socio-cognitive theory of the firm posits that sustained competitive advantage of a firm is founded on the ability to align knowledge internally within the firm as well as externally with its stakeholders through the individual sense-making of feedback from other individuals.     

Teacher shortages, teacher contracts and their effect on education in Africa

Summary.  To enhance primary enrolment rates, many African countries have launched large teacher recruitment programmes in recent years. Given tight budgetary constraints, teachers are no longer employed in civil service positions, but on the basis of (fixed term) contracts typically implying considerably lower salaries and a sharply reduced amount of professional training. We analyse the effect of this change on educational quality in Niger, Togo and Mali, on the basis of very informative data, which are comparable across these countries. We use a variety of estimation techniques, including a non-parametric estimation of quantile treatment effects. Our results demonstrate that contract teachers tend to reduce inequalities in student outcomes. Overall, the effects are positive in Mali, somewhat mixed in Togo and negative in Niger. This ordering is consistent with theoretical expectations related to the manner in which contract teacher programmes were implemented differently in each of the three countries under study.     

Labor Schweiz: Vergleichende Wahlbeteiligungsforschung bei Kantonalen Parlamentswahlen

How to explain different levels in voting turnout among the Swiss sub-national units? To answer this question, this study presents the first comparative and macro-quantitative investigation of the voting participation in parliamentary elections of the Swiss Cantons between 1982 und 2004. The paper evaluates political institutions, socio-economic factors, and cultural foundations. According to our statistical inquiry we present four main determinants of cross-cantonal variance in voting turnout: mandatory voting laws, electoral thresholds, the coverage of partisan membership, and a culture of Catholicism. Moreover, the estimations reveal that there is no systematic influence of patterns of direct democracy on the voting participation in parliamentary cantonal elections.     

Does Fundraising Professionalization Pay?

Although fundraising organizations in the third sector have gone through a progressive professionalization process, it remains unclear whether this development has led to any financial benefits. This article focuses on the question of whether or not it pays off for fundraising organizations to invest in professionalization. The data for this study come from 165 organizations representing 45 percent of the Swiss fundraising market. We first propose the term “organizational fundraising capability” as a new construct for measuring the degree of professionalization and rationalization in fundraising management. We then analyze its relationship to overall net revenue from donations as well as the growth of net revenue from donations. Our analysis indicates that, in addition to organizational size measured by total revenue, revenue share from donations, and expansion strategy, fundraising capability makes an important contribution to explaining both an institution's net revenue from fundraising and the level of increase in net donations. The consequences for the development of professionalization and rationalization in fundraising are discussed.     

Globale ökonomische Eliten? Eine Globalisierungsthese auf dem Prüfstand der Empirie

Does globalization lead to global markets for managers and international careers? The hypothesis of the globalization literature, that a transnational management is emerging out of a global “war of talents” is examinded by using data on the migration of managers from the U.S., East Asia and Germany. The data show, that no significant brain drain between these countries is taking place and “brain circulation” of insiders with short-term stays abroad is the dominant career pattern. The less likely the exchange of an installed CEO, the more career systems are used for status achievement by Clans and the stronger the influence of informal cultural rules, the higher is the rate of insiders. Thus, between the U.S., Germany and East Asia no significant global markets for managers are evolving.     

Woodland fragments in urban landscapes are important bat areas: an example of the endangered Bechstein’s bat Myotis bechsteinii

Urban Ecosystems - Urban areas are increasing globally causing fragmentation and loss of habitats for many forest dwelling species. At the same time new habitats are created, which may be exploited...     

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.