Showing papers by "University of Mannheim published in 1999"
TL;DR: Although there is increased interest in marketing's changing role within the firm, there is little empirical research that measures the influence of marketing or links marketing's role to situation as mentioned in this paper, and there is no empirical study that links marketing role to situations.
Abstract: Although there is increased interest in marketing's changing role within the firm, there is little empirical research that measures the influence of marketing or links marketing's role to situation...
515 citations
TL;DR: In this paper, the effects of continuous off-the-job training (OFT) for East Germans after unification are analyzed in terms of their earnings and employment probabilities using the potential outcome approach to causality as general framework.
Abstract: The effects of continuous off-the-job training (OFT) for East Germans after unification are analyzed in terms of their earnings and employment probabilities. Using the potential outcome approach to causality as general framework, different matching procedures are suggested for the estimation. They allow for permanent and transitory shocks that influence OFT participation and labor-market outcomes. The matching procedures also take account of individually different starting dates. The data are taken from the German Socio-Economic Panel (GSOEP, 1990–1994). This dataset is very informative with respect to factors influencing the participation in training. The results show no positive effects of training.
387 citations
TL;DR: The data suggest that beginning cannabis use during early adolescence may lead to enduring effects on specific attentional functions in adulthood, as apparently, vulnerable periods during brain development exist that are subject to persistent alterations by interfering exogenous cannabinoids.
Abstract: Rationale and objective: The present study tested the hypothesis that chronic interference by cann- abis with endogenous cannabinoid systems during peri- pubertal development causes specific and persistent brain alterations in humans. As an index of cannabi- noid action, visual scanning, along with other atten- tional functions, was chosen. Visual scanning undergoes a major maturation process around age 12-15 years and, in addition, the visual system is known to react specifically and sensitively to cannabinoids. Methods: From 250 individuals consuming cannabis regularly, 99 healthy pure cannabis users were selected. They were free of any other past or present drug abuse, or history of neuropsychiatric disease. After an interview, physi- cal examination, analysis of routine laboratory para- meters, plasma/urine analyses for drugs, and MMPI testing, users and respective controls were subjected to a computer-assisted attention test battery comprising visual scanning, alertness, divided attention, flexibility, and working memory. Results : Of the potential pre- dictors of test performance within the user group, including present age, age of onset of cannabis use, degree of acute intoxication (THC+THCOH plasma levels), and cumulative toxicity (estimated total life dose), an early age of onset turned out to be the only predictor, predicting impaired reaction times exclu- sively in visual scanning. Early-onset users (onset before age 16; n = 48) showed a significant impairment in reaction times in this function, whereas late-onset users (onset after age 16; n = 51) did not di⁄er from controls (n = 49). Conclusions: These data suggest that beginning cannabis use during early adolescence may lead to enduring e⁄ects on specific attentional func- tions in adulthood. Apparently, vulnerable periods dur- ing brain development exist that are subject to persistent alterations by interfering exogenous cannabi- noids.
383 citations
TL;DR: In this article, a general theoretical framework that attempts to disentangle the various psychological elements in the decision-making process is presented and a rigorous and general methodology to model the theoretical framework, explicitly incorporating psychological factors and their influences on choices.
Abstract: We review the case against the standard model of rational behavior and discuss the consequences of various ‘anomalies’ of preference elicitation. A general theoretical framework that attempts to disentangle the various psychological elements in the decision-making process is presented. We then present a rigorous and general methodology to model the theoretical framework, explicitly incorporating psychological factors and their influences on choices. This theme has long been deemed necessary by behavioral researchers, but is often ignored in demand models. The methodology requires the estimation of an integrated multi-equation model consisting of a discrete choice model and the latent variable model system. We conclude with a research agenda to bring the theoretical framework into fruition.
327 citations
TL;DR: In this article, the authors argue that the focus on the plight of small investors is too narrow when applied to these countries and argue that this group is unlikely to play an important role in most developing and transition countries.
Abstract: The rapidly growing literature studying the relationship between legal origin, investor protection and finance has stimulated an important debate in academic circles. It has also generated a cottage industry of applied research and strong policy statements. This paper discusses the implications, in particular for developing and transition countries, from this literature. Our general conclusion is that its focus on the plight of small investors is too narrow when applied to these countries. We argue that this group is unlikely to play an important role in most developing and transition countries. External investors may still be crucial, particularly in transition countries, but they are more likely to come in as strategic investors or creditors. The paper also proposes a broader paradigm including other stakeholders and mechanisms of governance in order to better understand the problems facing these countries and generate policy implications that compensate for the weaknesses of capital markets.
290 citations
TL;DR: In this article, the authors provide a characterization of multidimensional incentive compatible mechanisms similar to that for one-dimensional mechanisms, where reservation utilities are endogenous and type-dependent, the participation constraint is binding for only one critical type.
281 citations
24 Aug 1999
TL;DR: A symbolic approximate method for solving the integrals using MTDDs (multi-terminal decision diagrams), a generalisation of MTBDDs, suitable for numerical integration using quadrature formulas based on equally-spaced abscissas, like trapezoidal, Simpson and Romberg integration schemes.
Abstract: This paper presents a symbolic model checking algorithm for continuous-time Markov chains for an extension of the continuous stochastic logic CSL of Aziz et al [1]. The considered logic contains a time-bounded until-operator and a novel operator to express steadystate probabilities. We show that the model checking problem for this logic reduces to a system of linear equations (for unbounded until and the steady state-operator) and a Volterra integral equation system for timebounded until. We propose a symbolic approximate method for solving the integrals using MTDDs (multi-terminal decision diagrams), a generalisation of MTBDDs. These new structures are suitable for numerical integration using quadrature formulas based on equally-spaced abscissas, like trapezoidal, Simpson and Romberg integration schemes.
256 citations
TL;DR: The authors examined the relationship between consensus on the type of SBU-level strategy among senior marketing and R&D-managers and organizational performance for a sample of 101 US and German SBUs in three industry sectors: consumer packaged goods, electrical equipment and components, and mechanical machinery.
Abstract: Our research examines the relationship between consensus on the type of SBU-level strategy among senior marketing and R&D-managers and organizational performance for a sample of 101 US and German SBUs in three industry sectors: consumer packaged goods, electrical equipment and components, and mechanical machinery.
254 citations
TL;DR: In this paper, a modified discrete Fourier transform DFT (MDFT) filter bank is proposed for subband image coding applications, where all analysis and synthesis filters obtained by appropriate complex modulation of a low-pass prototype filter are linear phase.
Abstract: In this paper, essential features of the recently introduced modified discrete Fourier transform DFT (MDFT) filter bank are presented. First, it is shown that all analysis and synthesis filters-obtained by appropriate complex modulation of a low-pass prototype filter-are linear phase. This is important for subband image coding applications. Another important property is the structure-inherent alias cancellation: all odd alias spectra are automatically compensated in the synthesis filter bank. Further, the MDFT filter bank provides perfect reconstruction for the same prototypes as for cosine-modulated filter banks. Thus, the same design methods can be used. Finally, different mappings of the input signal into the subbands are discussed and a comparison to the well-known cosine-modulated filter banks is given.
218 citations
TL;DR: The real options approach has recently received growing attention in R&D and technology management research as mentioned in this paper, and it has been used in practical investment decisions, however, there is a certain concern about the applicability to a wide range of problems.
Abstract: The real options approach has recently received growing attention in R&D and Technology Management research. Recent empirical findings by Ellis (1997) and Busby and Pitts (1997) also report growing attention and use in practical investment decisions. However, there is a certain concern about the applicability to a wide range of R&D related problems. The theoretical base behind options valuation is derived from the capital markets and thus assumes market conditions that are closer to the theoretical construct of ‘perfect competition’ than most other settings. Even under these conditions, several assumptions made and difficulties left are subject to controversial discussions. Of course these problems even gain importance when the R&D environment with its discontinuities and lack of regulation or institutionalized trade is assumed. This paper describes some basic properties of the real options approach and sheds light on existing problems for the application in R&D project evaluation. On the other hand, roads to application of the method are shown using the Geske model of option evaluation. One main goal of the paper is to broaden and deepen the discussion on real option models in R&D and Technology Management, which has in some cases been limited to stressing the advantages of the method rather than reflecting on applicability and concrete way of application of the method.
217 citations
TL;DR: In this article, a study was conducted in which consumers were presented an offer for an automobile and then asked to evaluate their satisfaction with the offer, likelihood of recommending, and likelihood of repurchasing the brand.
TL;DR: A quadratic-constrained design method for prototype filters yielding PR with arbitrary length and system delay is derived, and design examples are presented to illustrate the tradeoff between overall system delay and stopband attenuation (subchannelization).
Abstract: This paper presents a general framework for maximally decimated modulated filter banks. The theory covers the known classes of cosine modulation and relates them to complex-modulated filter banks. The prototype filters have arbitrary lengths, and the overall delay of the filter bank is arbitrary, within fundamental limits. Necessary and sufficient conditions for perfect reconstruction (PR) are derived using the polyphase representation. It is shown that these PR conditions are identical for all types of modulation-modulation based on the discrete cosine transform (DCT), both DCT-III/DCT-IV and DCT-I/DCT-II, and modulation based on the modified discrete Fourier transform (MDFT). A quadratic-constrained design method for prototype filters yielding PR with arbitrary length and system delay is derived, and design examples are presented to illustrate the tradeoff between overall system delay and stopband attenuation (subchannelization).
TL;DR: In this article, the authors studied all major German companies listed on the Frankfurt Stock Exchange for the three decades between 1961 and 1991 and found that the dynamics of stock prices in Frankfurt are remarkably similar to New York.
Abstract: Two traditional methods of managing equity portfolios are investing based on price momentum and value-based contrarian investing. These strategies may be motivated by a behavioral theory of under- and overreaction to news or by empirical research, mostly for the NYSE, that has found persistence in price movements over short horizons and reversion to the mean over longer horizons. However, the apparent success of these strategies may be due to institutional factors and the mismeasurement of risk, or it may result from data mining. For these reasons, we studied all major German companies listed on the Frankfurt Stock Exchange for the three decades between 1961 and 1991. The dynamics of stock prices in Frankfurt are remarkably similar to New York. The data suggest that equity prices reflect investor forecasts of company profits that are predictably wrong.
TL;DR: In this paper, the authors studied empirically the densities of access through three major access routes to the EC system, first through their national governments, or second indirectly, transmitted by their European peak organizations, or third directly to the supranational EC actors.
Abstract: The common agricultural policy of the EC with its market regulations is decided at EC level by a multilevel system of government, in which the Commission and the parliamentary parties of the European Parliament play the supranational role and the national ministries of agriculture act as parts of the intergovernmental system of the Council of Ministers. National interest groups have thereby three major access routes to the EC system, first through their national governments, or second indirectly, transmitted by their European peak organizations, or third directly to the supranational EC actors. The network approach is applied to study empirically the densities of access through these various routes. The links between actors in the agricultural policy domain are conceptualized as links for the exchange of resources, the most important resource of a policy domain being the final control of policy decisions. The political actors of the governance system originally hold full control of this valuable resource which they exchange for influence resources possessed by the interest groups, as public support or expert knowledge. Empirically, answers to the network questions depend on the type of resource and the viewpoint of the interviewed actors. An index is developed which indicates the resource flows between actors and the distribution of equilibrium control of policy decisions. It is shown that the national ministers of agriculture depend very much on the support and expertise of their national farmers'; lobby, whereas the Commission relies more on contacts within the political sector itself. Multilevel systems need a lot of political coordination, so that the political actors within such systems, especially at the supranational level, seem to deal first of all with each other and not so much with the demand side of politics, compared to the national ministers of agriculture.
TL;DR: In this paper, a discrete structural neoclassical model is used to explain desired hours, which depend on gross wage rates, tax and benefit rules, other income, and some background variables.
TL;DR: In this article, the permanent price impact of trades by investigating the relation between unexpected net order flow and price changes is analyzed based on a neural network model, which suggests that the assumption of a linear impact of orders on prices is highly questionable.
TL;DR: Discriminant analysis demonstrated good sensitivity and specificity of individual sensitization measures for distinguishing pain syndromes, particularly in combination with pain thresholds, which argue for the diagnostic value of psychophysical measures of sensitization.
Abstract: Sensitization to continued nociceptive stimulation is supposed to be involved in the development of chronic pain at several levels of the CNS, but experimental studies investigating the perceptual dynamics of sensitization in humans are rare, and the diagnostic validity of experimental pain models is not known. The present study used a tonic heat paradigm to assess early sensitization (15-100 s) to experimental pain in 30 chronic pain patients (15 musculoskeletal/back pain, 15 headache) and 23 healthy controls. Change in pain sensation during prolonged stimulation was measured by a dual sensitization method which combines subjective ratings and behavioural responses in an indirect psychophysical protocol protected against response bias. Phasic and tonic pain thresholds were measured for control purposes. The degree of sensitization was linearly related to stimulus temperature, and groups differed significantly in this 'sensitization gradient': chronic pain patients sensitized earlier and stronger than healthy subjects, musculoskeletal pain patients showed the strongest effect. Pain thresholds were lowered in headache patients only. Discriminant analysis demonstrated good sensitivity and specificity of individual sensitization measures for distinguishing pain syndromes, particularly in combination with pain thresholds. The results are in accordance with current models of spinal plasticity contributing to pathological pain states. They argue for the diagnostic value of psychophysical measures of sensitization.
TL;DR: In this paper, the authors describe optimal bankruptcy laws in a framework with asymmetric information, and reinterpret much of the evidence on the performance of Chapter 11, the "rather soft" U.S. reorganization procedure, questioning many negative conclusions.
Abstract: This article describes optimal bankruptcy laws in a framework with asymmetric information. The key idea is that the financial distress of a firm is not observed by its lenders for quite a while. As early rescues are much cheaper than late rescues, it may pay if the creditors are forgiving in bankruptcy, thereby inducing the revelation of difficulties as early as possible. Either “tough” or “soft” bankruptcy laws can be optimal, depending on the parameters. This implies that mandatory one-size-fits-all bankruptcy procedures cannot be optimal. “Hybrid” procedures, which try to combine elements of soft and tough procedures, are found to be redundant, and possibly harmful. Absolute priority rules may be helpful as a part of tough procedures, but their introduction is (partly) inconsistent with the design of soft procedures. The article also reinterprets much of the evidence on the performance of Chapter 11, the “rather soft” U.S. reorganization procedure, questioning many negative conclusions.
Posted Content•
TL;DR: In this paper, an econometric analysis of firm performance in Germany is presented, based on a unique panel data set with detailed information on almost 400 manufacturing firms over the 1986-94 period, and they find that firms operating in industries which are characterized by more intensive product market competition experience higher rates of productivity growth.
Abstract: Productivity growth has been slow in many continental European countries over the last few decades, especially in comparison with the United States. It has been argued that lack of product market competition and poor corporate governance are two of the main reasons for this phenomenon. However, predictions from theoretical models are far from unambiguous, and empirical evidence is sparse, in particular at the level of individual firms. In this paper, we aim to close this gap with an econometric analysis of firm performance in Germany. Based on a unique panel data set with detailed information on almost 400 manufacturing firms over the 1986-94 period, we find that firms operating in industries which are characterized by more intensive product market competition experience higher rates of productivity growth. We also find weak evidence for the notion that in Germany?s bank-based system of internal control, ownership concentration is harmful for productivity growth.
TL;DR: In this article, the authors developed and validated a scale measuring the extent of market orientation of a business organization's management systems including the organization system, information system, planning system, the controlling system, and the human resource management system.
Abstract: Market orientation has received substantial academic and practitioner interest over the last decade. However, previous research has not addressed the issue how a company's management systems can be designed in a market-oriented way. Starting from a systems-based perspective of management, the authors develop and validate a scale measuring the extent of market orientation of a business organization's management systems including the organization system, the information system, the planning system, the controlling system, and the human resource management system. Empirical results reveal a substantial positive impact of market-oriented management on market performance which in turn leads to financial performance.
TL;DR: In this article, the authors focus on the empirical assessment of determinants and effects of financing constraints at the firm level using a standard model of credit rationing based on asymmetric information firm age and size.
Abstract: This paper focuses on the empirical assessment of determinants and effects of financing constraints at the firm level. Using a standard model of credit rationing based on asymmetric information firm age and size are found to be factors which should influence the probability of financing constraints. Improving business conditions strengthen the degree of informational asymmetry. A unique panel of firm data for Germany, including direct information on financing constraints, is used for the econometric analysis. Firms' size and improving business conditions are found to have a significant effect. Furthermore, a significant impact on investment and R&D expenditures cannot be rejected.
Posted Content•
TL;DR: In this article, the authors focus on the defense strategies that firms pursue when threatened by rival new products in their markets and investigate retaliation as a multidimensional construct, combining the analysis of the marketing instrument used to react and the speed and breadth of retaliation.
Abstract: In this article, the authors focus on the defense strategies that firms pursue when threatened by rival new products in their markets. They investigate retaliation as a multidimensional construct. The integrative framework combines the analysis of the marketing instrument used to react and the speed and breadth of retaliation. Results emphasize the importance of the rival product's innovativeness in generating a reciprocal retaliation (a move in kind), though innovativeness slows the incumbent's reaction time. Market growth encourages rapid retaliation, especially on the product mix, whereas in concentrated markets, firms react less strongly on the product mix and exhibit slower reactions. The study also captures the phenomenon of incumbent inertia: Larger incumbents retaliate less strongly and more slowly.
TL;DR: The cholesterol-lowering effect is accompanied by a significant reduction of the platelet membrane activation markers CD62 and CD63 reflecting a reduced platelet activity that may contribute to the vasoprotective profile of fluvasatin.
TL;DR: In this paper, the existence, characterization, and calculation of equilibria in transportation networks, when the route capacities and demand requirements depend on time, is studied in a Banach space setting and formulated in terms of a variational inequality.
Abstract: We consider the existence, characterization, and calculation of equilibria in transportation networks, when the route capacities and demand requirements depend on time. The problem is situated in a Banach space setting and formulated in terms of a variational inequality.
TL;DR: In this paper, the authors suggest a triangular model of industrial service quality involving structural, process-consuming, and outcome-related aspects, which have strong impacts on the customer's trust, satisfaction, and commitment.
Abstract: The rapidly growing field of services marketing has had a strong focus on consumer
services. This article deals with industrial services, i.e., services provided by a
manufacturing company to organizational customers. The authors suggest a triangular
model of industrial service quality involving a disctinction between structural, process-
related, and outcome-related aspects. These three quality dimensions are shown to have
strong impacts on the customer’s trust, satisfaction, and commitment. The authors
discuss theoretical and managerial implications of their findings.
TL;DR: In this article, an orientation system for measuring customer satisfaction is developed, taking account of relevant literature, empirical studies on the satisfaction of retail organizations with their suppliers and the results of discussion with experts.
Abstract: Develops an orientation system for measuring customer satisfaction. Reveals dimensions of satisfaction experienced by retailers, taking account of the relevant literature, empirical studies on the satisfaction of retail organizations with their suppliers and the results of discussion with experts. Confirms that these are verified according to empirical criteria and quantified in respect of their contribution to delivering satisfaction to retailers. Identifies approaches on which to base activities, allowing suppliers of branded articles to give their customers greater customer satisfaction.
TL;DR: It is shown that small sized public pensions stimulate per capita income growth, but further increases in public pensions eventually reduce it, and fertility, on the other hand, falls by an increase in public pension if they are either small or large.
Abstract: Employing an overlapping generations endogenous growth model in which parents derive utility from having children and, additionally, expect children to support them in old age, this paper explores the interrelation between growth, fertility, and the size of pay-as-you-go financed public pensions. It is shown that small sized public pensions stimulate per capita income growth, but further increases in public pensions eventually reduce it. Fertility, on the other hand, falls by an increase in public pensions if they are either small or large. Medium sized public pensions, however, may stimulate fertility.
TL;DR: In this article, the authors focus on the defense strategies that firms pursue when threatened by rival new products in their markets, and investigate retaliation as a multidimensional construct, which is a common defense strategy in many industries.
Abstract: In this article, the authors focus on the defense strategies that firms pursue when threatened by rival new products in their markets. They investigate retaliation as a multidimensional construct. ...
TL;DR: In this paper, a diskursiven interview, einer Forschungsmethode, is described, e.g., den sozialen Deutungsmuster durch systematische Fallkontrastierungen und Typisierungs rekonstruiert werden konnen.
Abstract: Zusammenfassung: Der Beitrag befast sich mit dem diskursiven Interview, einer Forschungsmethode, die fur die Erhebung und Rekonstruktion sozialer Deutungsmuster entwickelt wurde. Es wird gezeigt, wie individuelle Derivatio nen sozialer Deutungsmuster mittels einer spezifischen Form des Leitfadeninterviews erfast werden konnen und wie auf dieser Basis die sozialen Deutungsmuster durch systematische Fallkontrastierungen und Typisierungen rekonstru iert werden konnen. Das diskursive Interview umfast also sowohl Befragungsals auch Auswahlund Interpretations verfahren. Dieser Beitrag konzentriert sich jedoch auf die Befragungsform des diskursiven Interviews. Im Mittelpunkt steht dabei die Konstruktion von Leitfaden. Hier werden allgemeine Fragen der Leitfadenkonstruktion und der Inter viewfuhrung ebenso diskutiert wie die Einsatzmoglichkeiten unterschiedlicher Frageformen und -techniken. Von zen traler Bedeutung sind dabei Aufforderungen zu Stellungnahmen und Begrundungen, zwei Frageformen, die in qualita tiven Interviewverfahren sonst nur selten akzeptiert werden.
TL;DR: In this article, the authors investigate the question of which interest-rate options valuation models are better suited to support the management of interest rate risk and identify a one-factor forward-rate model and two spot-rate models with two factors that are not significantly outperformed by any of the other four models.
Abstract: Our main goal is to investigate the question of which interest-rate options valuation models are better suited to support the management of interest-rate risk. We use the German market to test seven spot-rate and forward-rate models with one and two factors for interest-rate warrants for the period from 1990 to 1993. We identify a one-factor forward-rate model and two spot-rate models with two factors that are not significantly outperformed by any of the other four models. Further rankings are possible if additional criteria are applied.