Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania最新文献

{"title":"Does Article Order Influence Impact?","authors":"Jonah A. Berger","doi":"10.2139/ssrn.1242155","DOIUrl":"https://doi.org/10.2139/ssrn.1242155","url":null,"abstract":"Why are certain articles more impactful than others? Citations are seen as an objective measure of scholarship and are used to determine everything from hiring and tenure to journal prestige and grant funding. But might mere article order (i.e., appearance in a journal issue) bias the number of citations an article receives? Might appearing earlier (e.g. first) lead articles to be cited more frequently? Analysis of 25 years of citation data indicates not only (1) that articles which appear earlier receive more citations, but that (2) this effect is likely a result of psychological biases in attention and memory: Earlier articles should benefit from primacy effects, which should lead them to be cited more. The findings suggest that article order not only reflects editors' perception of quality, but also influences the prominence research achieves. The results contribute to the marketing literature and deepen understanding around the drivers of article impact. They also have important implications for the management of journals, usage of citations as a decision metric, and position effects in marketing practice more generally.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"773 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2009-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85420054","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Conditions Under Which Index Models are Useful: Reply to Bio-Index Commentaries","authors":"J. Armstrong, A. Graefe","doi":"10.2139/ssrn.1938907","DOIUrl":"https://doi.org/10.2139/ssrn.1938907","url":null,"abstract":"This paper summarizes the key conditions under which the index method is valuable for forecasting and describes the procedures one should use when developing index models. The paper also addresses the specific concern of selecting inferior candidates when using the bio-index as a nomination helper. Political decision-makers should not use the bio-index as a stand-alone method but should combine forecasts from a variety of different methods that draw upon different information.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2008-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89459121","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Consumer Returns Policies and Supply Chain Performance","authors":"Xuanming Su","doi":"10.2139/ssrn.1020451","DOIUrl":"https://doi.org/10.2139/ssrn.1020451","url":null,"abstract":"This paper develops a model of consumer returns policies. In our model, consumers face valuation uncertainty and realize their valuations only after purchase. There is also aggregate demand uncertainty, captured using the conventional newsvendor model. In this environment, consumers decide whether to purchase and then whether to return the product, whereas the seller sets the price, quantity, and refund amount. \u0000 \u0000Using our model, we study the impact of full returns policies (e.g., using 100% money-back guarantees) and partial returns policies (e.g., when restocking fees are charged) on supply chain performance. Next, we demonstrate that consumer returns policies may distort incentives under common supply contracts (such as manufacturer buy-backs), and we propose strategies to coordinate the supply chain in the presence of consumer returns. Finally, we explore several extensions and demonstrate the robustness of our findings.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"75 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2008-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80426677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Answers to Frequently Asked Questions (FAQ) in Forecasting","authors":"J. Armstrong, Fred L. Collopy, K. Green","doi":"10.2139/ssrn.1159523","DOIUrl":"https://doi.org/10.2139/ssrn.1159523","url":null,"abstract":"Much has been learned in the past half century about producing useful forecasts. Those new to the area may be interested in answers to some commonly asked questions. A. Forecasting, the field B. Types of forecasting problem C. Common sense and forecasting D. Choosing the best method E. Assessing strengths and weakness of procedures F. Accuracy of forecasts G. Examining alternative policies H. New products I. Behavior in conflicts, such as negotiations and wars J. Effect of changing technology K. Stocks and commodities L. Gaining acceptance M. Keeping up-to-date N. Reading to learn more O. Help on forecasting P. References on forecasting","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2008-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74094201","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Reforming German Civil Servant Pensions: Funding Policy, Investment Strategy, and Intertemporal Risk Budgeting","authors":"R. Maurer, O. Mitchell, Ralph Rogalla","doi":"10.2139/ssrn.1157450","DOIUrl":"https://doi.org/10.2139/ssrn.1157450","url":null,"abstract":"We analyze the risks and rewards of moving from an unfunded defined benefit pension system to a funded plan for civil servants in Germany, allowing for alternative portfolio mixes using a Monte Carlo framework and a Conditional Value at Risk metric. First, we estimate contributions as a percent of salary that would fully fund future benefit promises for active employees. Second, we identify an investment strategy for plan assets that will minimize worst-case pension costs; this turns out to be 22% in equities, 47% in bonds, and 30% in real estate. Third, we explore the time path of pension fund asset shortfalls and the chances of contribution holidays for current and future generations. We show that moving toward a funded pension system for German civil servants can be beneficial to both taxpayers and civil servants.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2008-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91334685","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Hedge the Hedgers: Usage of Reinsurance and Derivatives by Property and Casualty Insurance Companies","authors":"Qingyi (Freda) Song Drechsler, J. Cummins","doi":"10.2139/ssrn.1138028","DOIUrl":"https://doi.org/10.2139/ssrn.1138028","url":null,"abstract":"This paper studies the usage of two common hedging tools, reinsurance and derivatives, by property and casualty insurance companies. In a simple mean-variance efficient optimization model, the two hedging tools display substitutive effect when asset and liability do not display strong natural hedging. I verify this relationship using a six-year insurance company firm-level data on reinsurance usage and off-balance sheet derivative trading recorded between 2000 and 2005. Controlling for firm specific variables, such as size, return and credit rating, such substitution effect indeed exists in the insurance companies' hedging decisions under a two-stage simultaneous equation framework.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2008-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88721546","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Can We All Get Along? Incentive Contracts to Bridge the Marketing and Operations Divide","authors":"Kinshuk Jerath, Serguei Netessine, Z. J. Zhang","doi":"10.2139/ssrn.2319865","DOIUrl":"https://doi.org/10.2139/ssrn.2319865","url":null,"abstract":"The marketing and operations management arms in a firm must work in coordination: marketing efforts to create demand go to waste if supply is suboptimal, and vice versa. However, achieving this coordination has remained a long-standing problem, because in most firms these units are managed in a decentralized manner. A major source of conflict is that marketing compensation is usually heavily weighted towards sales whereas operations compensation is usually heavily weighted towards expense reduction. In this paper, we invoke agency theory to determine compensation plans for sales and operations managers to coordinate their activities in the best interests of the firm. We first show in a single product scenario that, by rewarding the sales manager for increasing sales and the operations manager for reducing total cost, a firm cannot coordinate the two functions. Furthermore, a simple profit-sharing contract does not work, either, because of the free-rider problem. However, we show that each of the following two contract schemes can always achieve coordination: (1) rewarding the operations manager separately for increasing sales and reducing costs, and (2) rewarding him separately for reducing missed sales and leftover supply. We thus show that choosing the right performance metrics (before choosing the contract parameters) can mean the difference between being able to align the interests of the salesforce with those of the firm and not being able to do so. We identify coordination between demand and supply as a new driver of compensation structure and find, for instance, that the sales commission for the sales manager, even in the presence of risk aversion, can increase with uncertainty in demand, a conclusion that runs contrary to results from classic agency theory. In a multiproduct scenario, when one manager manages several products, the coordinating contracts are fairly complicated. However, we show that choosing the right form of workforce allocation: either a sales-focused organization (a separate sales manager for every product, one operations manager for all products) or an operations-focused organization (a separate operations manager for every product, one sales manager for all products) can help a firm to achieve near-perfect coordination. This is in line with the observation that most firms have either a \"sales image\" or a \"cost image,\" and sheds some light on how the underlying objective of aligning marketing and operations, while keeping the size of the salesforce small and compensation contracts simple, can influence the organization of a firm.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"100 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2007-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75670041","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Social Reinforcement: Cascades, Entrapment and Tipping","authors":"G. Heal, H. Kunreuther","doi":"10.1257/MIC.2.1.86","DOIUrl":"https://doi.org/10.1257/MIC.2.1.86","url":null,"abstract":"There are many social situations in which the actions of different agents reinforce each other. These include network effects and the threshold models used by sociologists (Granovetter, Watts) as well as Leibenstein's \"bandwagon effects.\" We model such situations as a game with increasing differences, and show that tipping of equilibria as discussed by Schelling, cascading and Dixit's results on clubs with entrapment are natural consequences of this mutual reinforcement. If there are several equilibria, one of which Pareto dominates, then we show that the inefficient equilibria can be tipped to the efficient one, a result of interest in the context of coordination problems.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2007-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74251937","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"India's Financial System","authors":"Franklin Allen, R. Chakrabarti, Sankar De","doi":"10.2139/SSRN.1261244","DOIUrl":"https://doi.org/10.2139/SSRN.1261244","url":null,"abstract":"With recent growth rates among large countries second only to China's, India has experienced nothing short of an economic transformation since the liberalization process began in the early 1990's. In the last few years, with a soaring stock market, significant foreign portfolio inflows including the largest private equity inflows in Asia, and a rapidly developing derivatives market, the Indian financial system has been witnessing an exciting era of transformation. The banking sector has seen major changes with deregulation of interest rates and the emergence of strong domestic private players as well as foreign banks. At the same time, there is some evidence of credit constraints for India's SME firms that rely heavily on trade credit. Corporate governance norms in India have strengthened rapidly in the past few years. Family businesses, however, still dominate the landscape and investor protection, while excellent on paper, appears to be less effective owing to an overburdened legal system and corruption. In the last few years microfinance has contributed in a big way to financial inclusion and is now attracting venture capital and for-profit companies - both domestic and foreign.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"143 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2007-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75381424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Evaluating the Effectiveness of Terrorism Risk Financing Solutions","authors":"","doi":"10.3386/W13359","DOIUrl":"https://doi.org/10.3386/W13359","url":null,"abstract":"The 9/11 attacks in the United States, as well as other attacks in different parts of the world, raise important questions related to the economic impact of terrorism. What are the most effective ways for a country to recover from these economic losses? Who should pay for the costs of future large-scale attacks? To address these two questions, we propose five principles to evaluate alternative programs. We first discuss how a federal insurance program with mandatory coverage and a laissez faire free-market approach for providing private insurance will fare relative to these principles. We conclude that neither solution is likely to be feasible here in the United States given the millions of firms at risk and the current structure of insurance regulation. We then evaluate how well the U.S. Terrorism Risk Insurance Act (TRIA), a public-private program to cover commercial enterprises against foreign terrorism on U.S. soil, meets the five principles. In particular, we show that TRIA has had a positive effect on availability of terrorism coverage and also has significantly contributed to reducing insurance premiums. TRIA is scheduled to terminate at the end of the year, but pending legislation would extend the program for fifteen years after December 31 (HR. 2761). In this paper, we show that such a long-term extension might have important impacts on the market. This could increase the take-up rate, as prices might be even lower than they are today. We show also, however, that if TRIA were extended for a long period of time in its current form, some insurers could \"game\" the program by collecting ex ante a large amount of premiums for terrorism insurance, while being financially responsible for only a small portion of the claims ex post. The general taxpayer and the general commercial policyholder (whether or not covered against terrorism) would absorb the residual insured losses. This raises major equity issues inherent in the design of the program.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2007-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76019450","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}