Publications

Rare books of political economy are eminently collectable. Using historical prices, I employ hedonic regressions to estimate financial returns to collecting the works of ten eminent political economists and develop a price index for this corpus of collectables. For the observation period 1975–2019, I find that in those 45 years investing in rare political economy books yielded an average annual real rate of return of 2.8%, which is well in line with the returns to collecting rare books of classical literature. Compared with other collectibles such as fine art, investing in rare books turns out to be financially more profitable.

This paper uses Long Short Term Memory Recurrent Neural Networks to extract information from the intraday high-frequency returns to forecast daily volatility. Applied to the IBM stock, we find significant improvements in the forecasting performance of models that use this extracted information compared to the forecasts of models that omit the extracted information and some of the most popular alternative models. Furthermore, we find that extracting the information through Long Short Term Memory Recurrent Neural Networks is superior to two Mixed Data Sampling alternatives.

Stress in teaching and teacher training is a well-known issue and stress management during teacher training may not only be affected by individual coping efforts, but also determined by private and work-related networks the individual is integrated in. In that regard, our article aims firstly to identify sources of social support in the German teacher training system and secondly to analyze interdependencies in dyadic coping interactions based on the Actor-Partner Interdependence Model. On the basis of questionnaire data from 307 German trainees and qualified teachers from vocational and general schools, we found that mentors, partners, fellow trainees, colleagues at school, parents, and good friends were named as the most supportive reference persons during teacher training. In a follow-up survey, data from 49 sources of support were obtained, which could be assigned to the corresponding (trainee) teachers (in the sense of support recipients). These dyads thus form the basis for the analysis of dyadic coping interdependencies. The results of the moderator analyses show, among other things, that support recipients who prefer the coping strategy palliative emotion regulation tend to react rather sensitively to contrary coping strategies of the source of support with regard to their stress symptoms. Social interactions in this respect can represent both protective as well as risk factors. Therefore, a system of complex social interdependencies must be considered when analyzing relational resilience among prospective teachers.

Purpose
Scholarly interest in interorganizational learning (IOL) has spiked in the past decade because of its potential to absorb, transfer and create valuable knowledge for enhanced innovative performance and sustained competitive advantage. However, only a handful of review studies exists on the topic. The evolution of IOL has not been studied explicitly and there is a lack of understanding of the field trends. To fill this gap, this paper aims to comprehensively review the literature on IOL and map its evolution and trends using bibliometric techniques. In particular, the authors use visualization of science mapping freeware to systematize the findings and interpret the results.

Design/methodology/approach
The authors synthesize the findings using “evaluative bibliometric techniques” to identify the quality and quantity indicators of the IOL research and use “relational bibliometric techniques” to determine the structural indicators of the IOL field such as the intellectual foundations and emerging research themes of IOL research.

Findings
Through an analysis of 208 journal publications obtained from the Scopus database, the authors determine the leading authors, countries, highly cited papers and their contributions to the IOL literature. By identifying the key hotspots, intellectual foundations and emerging trends of IOL, the authors provide promising avenues in IOL research.

Originality/value
To the best of the knowledge, this study is the first to systematically review the IOL literature and provide future research directions.

In order to provide adaptive instruction in heterogeneous classes, teachers have to consider performance-related information for their decisions on which task difficulty level fits best for a particular student. Focusing on prospective teachers’ data-based decision-making, we aim to investigate their use of proximal and distal indicators of students’ ability and readiness to deal successfully with domain-specific tasks that are available for 32 student cases in a digital test environment. To address several hypotheses on the participants’ information-processing behaviors and decisions, we conducted a within-subject experiment in which we systematically varied the informational consistency of the presented student cases. We used a mixed-methods approach to measure observable information-processing behavior and decision-making. We assessed the effects of consistent/inconsistent cases on the amount, sequence, and perceived relevance of selected information, the type of processed information, the time needed for information processing, and the subjective confidence when making a decision via linear dynamic panel-data modeling.

It is well established that the effectiveness of pay-for-performance (PfP) schemes depends on employee- and organization-specific factors. However, less is known about the moderating role of external forces such as market competition. Our theory posits that competition generates two counteracting effects—the residual market and competitor response effects—that vary with competition and jointly generate a curvilinear relationship between PfP effectiveness and competition. Weak competition discourages effort response to PfP because there is little residual market to gain from rivals, whereas strong competition weakens incentives because an offsetting response from competitors becomes more likely. PfP hence has the strongest effect under moderate competition. Field data from a bakery chain and its competitive environment confirm our theory and let us refute several alternative interpretations.

Laws not only affect behavior due to changes in material payoffs, but they may also change the perception individuals have of social norms, either by shifting them directly or by providing information on these norms. Using detailed daily survey data and exploiting the introduction of lockdown measures in the UK in the context of the COVID-19 health crisis, we provide causal evidence that the law drastically changed the perception of the norms regarding social distancing behaviors. We show that this effect of laws on perceived norms is mostly driven by an informational channel and that the intervention made perceptions of social norms converge to the actual prevalent norm.

We study the choice of a principal to either delegate a decision to a group of careerist experts or to consult them individually and keep the decision-making power. Our model predicts a trade-off between information acquisition and information aggregation. On the one hand, the expected benefit from being informed is larger in case the experts are consulted individually. Hence, the experts either acquire the same or a larger amount of information, depending on the cost of information, than in case of delegation. On the other hand, any acquired information is better aggregated in the case of delegation, in which experts can deliberate secretly. To test the model’s key predictions, we run an experiment. The results from the laboratory confirm the predicted trade-off despite some deviations from theory on the individual level.

A comparative inspection of the rules of cross-border pension taxation across member countries of the Organization of Economic Cooperation and Development (OECD) shows that the existing pattern is extremely diverse and inconsistent and generates unfair outcomes for individuals and for countries. This article argues that this double fairness dilemma cannot be solved within the current network of double taxation treaties. Instead, it proposes a new approach for the taxation of old-age pensions in a world of high and increasing cross-border mobility of workers and pensioners. The article demonstrates that a coordinated move to frontloaded pension taxation would pave the way for an international pension tax order that eliminates the double fairness dilemma. An additional innovative element of frontloaded pension taxation is presented: the separation of individual tax assessment and tax payment, which may help curb political opposition against frontloaded pension taxation and smooth transitional effects after its introduction.

Human behavior can have effects on oneself and externalities on others. Mask wearing is such a behavior in the current pandemic. What motivates people to wear face masks in public when mask wearing is voluntary or not enforced? Which benefits should the policy makers rather emphasize in information campaigns—the reduced chances of getting the SARS-CoV-2 virus (benefits for oneself) or the reduced chances of transmitting the virus (benefits for others in the society)? In this paper, we link measured risk preferences and other-regarding preferences to mask wearing habits among 840 surveyed employees of two large Swiss hospitals. We find that the leading mask-wearing motivations change with age: While for older people, mask wearing habits are best explained by their self-regarding risk preferences, younger people are also motivated by other-regarding concerns. Our results are robust to different specifications including linear probability models, probit models and Lasso covariate selection models. Our findings thus allow drawing policy implications for effectively communicating public-health recommendations to frontline workers during the COVID-19 pandemic.

We study the impact of trade exposure on the job biographies of 2.4 million manufacturing workers in Germany. Rising export opportunities lead to two equally important sources of earnings gains: on the job and employer switches within the same industry. Highly skilled workers benefit the most. Import shocks mostly hurt low-skilled workers, especially when they possess lots of industry-specific human capital. They also destroy workers’ rents when separating from high-wage plants, and they leave strongly scarring effects in the event of a mass layoff. We connect our results to the growing theoretical literature on the labor market effects of trade.

In order to reduce the high level of concentration in the market segment of statutory audits of listed companies and to improve audit quality, new audit market regulations have been introduced (e.g., the mandatory rotation of the audit firm in the EU and the prohibition of single-provider auditing and consulting in the EU and in the U.S.). Other measures are currently discussed (e.g., joint audits or shared audits in the UK). However, the empirical evidence as to whether such regulations have the expected effects and whether there is actually a negative correlation between concentration and audit quality is mixed. This could be because the effects of regulatory measures on auditor and auditee incentives and their effects on market structure are interdependent, and, moreover, simultaneously determine audit quality. We therefore do not only provide a structured overview of the empirical literature on the effects of audit market regulations, but also discuss how to analyze these effects based on analytical models.