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Background: Extramedullary manifestations (EM) are rare in acute myeloid leukemia (AML) and their impact on clinical outcomes is controversially discussed. - Methods: We retrospectively analyzed a large multi-center cohort of 1583 newly diagnosed AML patients, of whom 225 (14.21%) had EM. - Results: AML patients with EM presented with significantly higher counts of white blood cells (p < 0.0001), peripheral blood blasts (p < 0.0001), bone marrow blasts (p = 0.019), and LDH (p < 0.0001). Regarding molecular genetics, EM AML was associated with mutations of NPM1 (OR: 1.66, p < 0.001), FLT3-ITD (OR: 1.72, p < 0.001) and PTPN11 (OR: 2.46, p < 0.001). With regard to clinical outcomes, EM AML patients were less likely to achieve complete remissions (OR: 0.62, p = 0.004), and had a higher early death rate (OR: 2.23, p = 0.003). Multivariable analysis revealed EM as an independent risk factor for reduced overall survival (hazard ratio [HR]: 1.43, p < 0.001), however, for patients who received allogeneic hematopoietic cell transplantation (HCT) survival did not differ. For patients bearing EM AML, multivariable analysis unveiled mutated TP53 and IKZF1 as independent risk factors for reduced event-free (HR: 4.45, p < 0.001, and HR: 2.05, p = 0.044, respectively) and overall survival (HR: 2.48, p = 0.026, and HR: 2.63, p = 0.008, respectively). - Conclusion: Our analysis represents one of the largest cohorts of EM AML and establishes key molecular markers linked to EM, providing new evidence that EM is associated with adverse risk in AML and may warrant allogeneic HCT in eligible patients with EM.

Background: Extramedullary manifestations (EM) are rare in acute myeloid leukemia (AML) and their impact on clinical outcomes is controversially discussed. - Methods: We retrospectively analyzed a large multi-center cohort of 1583 newly diagnosed AML patients, of whom 225 (14.21%) had EM. - Results: AML patients with EM presented with significantly higher counts of white blood cells (p < 0.0001), peripheral blood blasts (p < 0.0001), bone marrow blasts (p = 0.019), and LDH (p < 0.0001). Regarding molecular genetics, EM AML was associated with mutations of NPM1 (OR: 1.66, p < 0.001), FLT3-ITD (OR: 1.72, p < 0.001) and PTPN11 (OR: 2.46, p < 0.001). With regard to clinical outcomes, EM AML patients were less likely to achieve complete remissions (OR: 0.62, p = 0.004), and had a higher early death rate (OR: 2.23, p = 0.003). Multivariable analysis revealed EM as an independent risk factor for reduced overall survival (hazard ratio [HR]: 1.43, p < 0.001), however, for patients who received allogeneic hematopoietic cell transplantation (HCT) survival did not differ. For patients bearing EM AML, multivariable analysis unveiled mutated TP53 and IKZF1 as independent risk factors for reduced event-free (HR: 4.45, p < 0.001, and HR: 2.05, p = 0.044, respectively) and overall survival (HR: 2.48, p = 0.026, and HR: 2.63, p = 0.008, respectively). - Conclusion: Our analysis represents one of the largest cohorts of EM AML and establishes key molecular markers linked to EM, providing new evidence that EM is associated with adverse risk in AML and may warrant allogeneic HCT in eligible patients with EM.

Mutations of the isocitrate dehydrogenase-1 (IDH1) and IDH2 genes are among the most frequent alterations in acute myeloid leukemia (AML) and can be found in ∼20% of patients at diagnosis. Among 4930 patients (median age, 56 years; interquartile range, 45-66) with newly diagnosed, intensively treated AML, we identified IDH1 mutations in 423 (8.6%) and IDH2 mutations in 575 (11.7%). Overall, there were no differences in response rates or survival for patients with mutations in IDH1 or IDH2 compared with patients without mutated IDH1/2. However, distinct clinical and comutational phenotypes of the most common subtypes of IDH1/2 mutations could be associated with differences in outcome. IDH1-R132C was associated with increased age, lower white blood cell (WBC) count, less frequent comutation of NPM1 and FLT3 internal tandem mutation (ITD) as well as with lower rate of complete remission and a trend toward reduced overall survival (OS) compared with other IDH1 mutation variants and wild-type (WT) IDH1/2. In our analysis, IDH2-R172K was associated with significantly lower WBC count, more karyotype abnormalities, and less frequent comutations of NPM1 and/or FLT3-ITD. Among patients within the European LeukemiaNet 2017 intermediate- and adverse-risk groups, relapse-free survival and OS were significantly better for those with IDH2-R172K compared with WT IDH, providing evidence that AML with IDH2-R172K could be a distinct entity with a specific comutation pattern and favorable outcome. In summary, the presented data from a large cohort of patients with IDH1/2 mutated AML indicate novel and clinically relevant findings for the most common IDH mutation subtypes.

To investigate the efficacy and toxicities of CPX-351 outside a clinical trial, we analyzed 188 patients (median age 65 years, range 26-80) treated for therapy-related acute myeloid leukemia (t-AML, 29%) or AML with myelodysplasia-related changes (AML-MRC, 70%). Eighty-six percent received one, 14% two induction cycles, and 10% received consolidation (representing 22% of patients with CR/CRi) with CPX-351. Following induction, CR/CRi rate was 47% including 64% of patients with available information achieving measurable residual disease (MRD) negativity (<10(-3)) as measured by flow cytometry. After a median follow-up of 9.3 months, median overall survival (OS) was 21 months and 1-year OS rate 64%. In multivariate analysis, complex karyotype predicted lower response (p = 0.0001), while pretreatment with hypomethylating agents (p = 0.02) and adverse European LeukemiaNet 2017 genetic risk (p < 0.0001) were associated with lower OS. Allogeneic hematopoietic cell transplantation (allo-HCT) was performed in 116 patients (62%) resulting in promising outcome (median survival not reached, 1-year OS 73%), especially in MRD-negative patients (p = 0.048). With 69% of patients developing grade III/IV non-hematologic toxicity following induction and a day 30-mortality of 8% the safety profile was consistent with previous findings. These real-world data confirm CPX-351 as efficient treatment for these high-risk AML patients facilitating allo-HCT in many patients with promising outcome after transplantation.

To investigate the efficacy and toxicities of CPX-351 outside a clinical trial, we analyzed 188 patients (median age 65 years, range 26-80) treated for therapy-related acute myeloid leukemia (t-AML, 29%) or AML with myelodysplasia-related changes (AML-MRC, 70%). Eighty-six percent received one, 14% two induction cycles, and 10% received consolidation (representing 22% of patients with CR/CRi) with CPX-351. Following induction, CR/CRi rate was 47% including 64% of patients with available information achieving measurable residual disease (MRD) negativity (<10(-3)) as measured by flow cytometry. After a median follow-up of 9.3 months, median overall survival (OS) was 21 months and 1-year OS rate 64%. In multivariate analysis, complex karyotype predicted lower response (p = 0.0001), while pretreatment with hypomethylating agents (p = 0.02) and adverse European LeukemiaNet 2017 genetic risk (p < 0.0001) were associated with lower OS. Allogeneic hematopoietic cell transplantation (allo-HCT) was performed in 116 patients (62%) resulting in promising outcome (median survival not reached, 1-year OS 73%), especially in MRD-negative patients (p = 0.048). With 69% of patients developing grade III/IV non-hematologic toxicity following induction and a day 30-mortality of 8% the safety profile was consistent with previous findings. These real-world data confirm CPX-351 as efficient treatment for these high-risk AML patients facilitating allo-HCT in many patients with promising outcome after transplantation.

Simple Summary: Acute myeloid leukemia (AML) is a genetically heterogeneous disease. Clinical phenotypes of frequent mutations and their impact on patient outcome are well established. However, the role of rare mutations often remains elusive. We retrospectively analyzed 1529 newly diagnosed and intensively treated AML patients for mutations of BCOR and BCORL1. We report a distinct co-mutational pattern that suggests a role in disease progression rather than initiation, especially affecting mechanisms of DNA-methylation. Further, we found loss-of-function mutations of BCOR to be independent markers of poor outcomes in multivariable analysis. Therefore, loss-of-function mutations of BCOR need to be considered for AML management, as they may influence risk stratification and subsequent treatment allocation. Abstract: Acute myeloid leukemia (AML) is characterized by recurrent genetic events. The BCL6 corepressor (BCOR) and its homolog, the BCL6 corepressor-like 1 (BCORL1), have been reported to be rare but recurrent mutations in AML. Previously, smaller studies have reported conflicting results regarding impacts on outcomes. Here, we retrospectively analyzed a large cohort of 1529 patients with newly diagnosed and intensively treated AML. BCOR and BCORL1 mutations were found in 71 (4.6%) and 53 patients (3.5%), respectively. Frequently co-mutated genes were DNTM3A, TET2 and RUNX1. Mutated BCORL1 and loss-of-function mutations of BCOR were significantly more common in the ELN2017 intermediate-risk group. Patients harboring loss-of-function mutations of BCOR had a significantly reduced median event-free survival (HR = 1.464 (95%-Confidence Interval (CI): 1.005–2.134), p = 0.047), relapse-free survival (HR = 1.904 (95%-CI: 1.163–3.117), p = 0.01), and trend for reduced overall survival (HR = 1.495 (95%-CI: 0.990–2.258), p = 0.056) in multivariable analysis. Our study establishes a novel role for loss-of-function mutations of BCOR regarding risk stratification in AML, whic

We use administrative textual and non-textual data retrieved from publicly available archives to predict the performance of Danish startups at the time of foundation. The performance outcomes we consider are survival, high employment growth, a return on assets of above 20 percent, new patent applications and participation in an innovation subsidy program. We consider a base specification that includes variables for legal form, region, ownership and industry in all specifications and add variable sets representing firm names, business purpose statements (BPSs) as well as founder and startup characteristics. To forecast the two innovation-related performance outcomes well, we only need to include a set of variables derived from the BPS texts on top of the base variables while an accurate prediction of startup survival requires the combination of the firm names and the BPS variables along with founder characteristics. An accurate forecast of high employment growth needs the combination of the BPS variables and the founder characteristics. All information our forecasts require is likely to be easily obtainable since the underlying information is mandatory to report upon business registration in many countries. The substantial accuracy of our predictions for survival, employment growth, new patents and participation in innovation subsidy programs indicates ample scope for algorithmic scoring models as an additional pillar of funding and innovation support decisions.

Background: The combination of intermediate-dose cytarabine plus mitoxantrone (IMA) can induce high complete remission rates with acceptable toxicity in elderly patients with acute myeloid leukemia (AML). We present the final results of a randomized-controlled trial comparing IMA with the standard 7 + 3 induction regimen consisting of continuous infusion cytarabine plus daunorubicin (DA). Patients and methods: Patients with newly diagnosed AML >60 years were randomized to receive either intermediate-dose cytarabine (1000 mg/m2 twice daily on days 1, 3, 5, 7) plus mitoxantrone (10 mg/m2 days 1–3) (IMA) or standard induction therapy with cytarabine (100 mg/m2 continuously days 1–7) plus daunorubicin (45 mg/m2 days 3–5) (DA). Patients in complete remission after DA received intermediate-dose cytarabine plus amsacrine as consolidation treatment, whereas patients after IMA were consolidated with standard-dose cytarabine plus mitoxantrone. Results: Between February 2005 and October 2009, 485 patients were randomized; 241 for treatment arm DA and 244 for IMA; 76% of patients were >65 years. The complete response rate after DA was 39% [95% confidence interval (95% CI): 33–45] versus 55% (95% CI: 49–61) after IMA (odds ratio 1.89, P = 0.001). The 6-week early-death rate was 14% in both arms. Relapse-free survival curves were superimposable in the first year, but separated afterwards, resulting in 3-year relapse-free survival rates of 29% versus 14% in the DA versus IMA arms, respectively (P = 0.042). The median overall survival was 10 months in both arms (P = 0.513). Conclusion: The dose escalation of cytarabine in induction therapy lead to improved remission rates in the elderly AML patients. This did not translate into a survival advantage, most likely due to differences in consolidation treatment. Thus, effective consolidation strategies need to be further explored. In combination with an effective consolidation strategy, the use of intermediate-dose cytarabine in inducti

We study the total effect of the mobility of R&D workers on the firm that they join and the firm that they leave.•We document not only positive effects of R&D workers joining from other firms (in particular from those firms that are patent-active) but also of workers who have left the firm to join a patent-active new employer.•We hence find evidence for positive effects of mobility on innovation and, in particular, for labor mobility increasing the total innovative activity of the firms involved in the mobility event.•The interpretation of our findings as resulting from knowledge transfer is backed up by analysis of citations patterns between firms showing that the probability that firm A cites firm B (and vice versa) increases if there have been labor flows between these firms.•We thereby provide micro-level evidence for labor mobility stimulating the overall innovative activity of countries or regions through knowledge spillovers. We investigate the effect of mobility of R&D workers on the total patenting activity of their employers. Our study documents how mobile workers affect the patenting activity of the firm they join and the firm they leave. The effect of labor mobility is strongest if workers join from patent-active firms. We also find evidence of a positive feedback effect on the former employer's patenting from workers who have left for another patent-active firm. Summing up the effects of joining and leaving workers, we show that labor mobility increases the total innovative activity of the new and the old employer. Our study which is based on the population of R&D active Danish firms observed between 1999 and 2004 thus provides firm-level support for the notion that labor mobility stimulates overall innovation of a country or region due to knowledge transfer.

There are many thoughts and beliefs about entrepreneurship. This diversity in opinions and concepts may be triggered by the booming interest in entrepreneurship and in entrepreneurs. Journalists, politicians and academics, just to mention a few groups, have greatly turned their focus and attention towards entrepreneurs and entrepreneurship. And in the labour market, entrepreneurship has become one of the more attractive options. Entrepreneurship has indeed become a centre of attention throughout society. There are numerous definitions, terms, theories, thoughts, and conjectures on and around entrepreneurship. It is truly a multidisciplinary topic that draws on sociology, economics, management, and psychology, etc. It can therefore often be confusing to study, and exceedingly difficult to gather a coherent set of academic contributions on entrepreneurship. Very different things are investigated under the heading of entrepreneurship. Even when scholars discuss overlapping issues, the used terminology may often be misaligned. Indeed, even the most accomplished experts tend to be confused when debating topics on entrepreneurship. There can easily emerge a misperception and misunderstandings due to the muddy and inconsistent use of terms. Motivated by the need for understanding the differences in the way we perceive and think about entrepreneurship, the CBS Entrepreneurship BiS Platform set out to ask 10 scholars from CBS to offer their thoughts on 5 dimensions with regard to entrepreneurship. In what could best be described as a curiosity-driven relay, these scholars passed the baton over to the next person, resulting in a ‘run’ across departments and varying traditions of thought. They represented the Department of Innovation and Organizational Economics, the Department of Economics, the Department of Strategic Management and Globalization, the Department of Management, Politics and Philosophy, the Department of Business and Politics, and the Copenhagen School of Entre

There are many thoughts and beliefs about entrepreneurship. This diversity in opinions and concepts may be triggered by the booming interest in entrepreneurship and in entrepreneurs. Journalists, politicians and academics, just to mention a few groups, have greatly turned their focus and attention towards entrepreneurs and entrepreneurship. And in the labour market, entrepreneurship has become one of the more attractive options. Entrepreneurship has indeed become a centre of attention throughout society. There are numerous definitions, terms, theories, thoughts, and conjectures on and around entrepreneurship. It is truly a multidisciplinary topic that draws on sociology, economics, management, and psychology, etc. It can therefore often be confusing to study, and exceedingly difficult to gather a coherent set of academic contributions on entrepreneurship. Very different things are investigated under the heading of entrepreneurship. Even when scholars discuss overlapping issues, the used terminology may often be misaligned. Indeed, even the most accomplished experts tend to be confused when debating topics on entrepreneurship. There can easily emerge a misperception and misunderstandings due to the muddy and inconsistent use of terms. Motivated by the need for understanding the differences in the way we perceive and think about entrepreneurship, the CBS Entrepreneurship BiS Platform set out to ask 10 scholars from CBS to offer their thoughts on 5 dimensions with regard to entrepreneurship. In what could best be described as a curiosity-driven relay, these scholars passed the baton over to the next person, resulting in a ‘run’ across departments and varying traditions of thought. They represented the Department of Innovation and Organizational Economics, the Department of Economics, the Department of Strategic Management and Globalization, the Department of Management, Politics and Philosophy, the Department of Business and Politics, and the Copenhagen School of Entre

Background: Dose escalation and modification of CHOP has improved the prognosis of patients with aggressive lymphoma; even in the rituximab era, dose escalation for high-risk patients is exploited and frequently limited by drug toxicity. Idarubicin (Id) is a 4-demethoxy anthracycline analogue of daunorubicin with activity against lymphoma and has been reported to cause less cardiotoxicity than other anthracylines. The aim of this study was to replace doxorubicine with idarubicin in the CHOEP regimen and to find the maximum tolerable dose (MTD) of idarubicin based on hematotoxicity. Patients and methods: Between 11/96 and 09/98, 64 patients (pts) aged 18-75 yrs (pts. 18-60, LDH not elevated, >60 years all risk groups) with newly diagnosed aggressive lymphoma received 6 cycles of CIVEP-14 with an escalating dose of idarubicin, consisting of idarubicin (11-16 mg/m(2) d1) and standard doses of cyclophosphamide, vincristine, etoposide, and prednisone with G-CSF support. Results: 55 pts (median age 56 yrs) were evaluable for a final analysis with a median observation time of 9.3 years. The CR-rate was 77.4%; the 5 and 8-year-EFS rates were 46.4% (95% CI 32.5-60.3%) and 43.5% (29.4-57.6%), respectively, and the 5- and 8 yr OS rates were 64.6% (51.7-77.5%) and 59.9% (46.4-73.4%). 14/55 patients have died due to lymphoma progression, and 2/55 patients (3.6%) due to treatment related toxicity, 4/55 due to other causes (3 infections, 1 acute heart failure). In a matched pair analysis comparing CHOEP-14 and CIVEP-14, CIVEP-14 had a higher hematotoxicity with no significant differences in the event free and overall survival for the two regimens. Conclusions: Thus, idarubicin cannot be used instead doxorubicin even if its dose is escalated to achieve similar hematotoxicity. Doxorubicin remains the standard anthracycline for the treatment of aggressive NHL.

Background: Dose escalation and modification of CHOP has improved the prognosis of patients with aggressive lymphoma; even in the rituximab era, dose escalation for high-risk patients is exploited and frequently limited by drug toxicity. Idarubicin (Id) is a 4-demethoxy anthracycline analogue of daunorubicin with activity against lymphoma and has been reported to cause less cardiotoxicity than other anthracylines. The aim of this study was to replace doxorubicine with idarubicin in the CHOEP regimen and to find the maximum tolerable dose (MTD) of idarubicin based on hematotoxicity. Patients and methods: Between 11/96 and 09/98, 64 patients (pts) aged 18-75 yrs (pts. 18-60, LDH not elevated, >60 years all risk groups) with newly diagnosed aggressive lymphoma received 6 cycles of CIVEP-14 with an escalating dose of idarubicin, consisting of idarubicin (11-16 mg/m(2) d1) and standard doses of cyclophosphamide, vincristine, etoposide, and prednisone with G-CSF support. Results: 55 pts (median age 56 yrs) were evaluable for a final analysis with a median observation time of 9.3 years. The CR-rate was 77.4%; the 5 and 8-year-EFS rates were 46.4% (95% CI 32.5-60.3%) and 43.5% (29.4-57.6%), respectively, and the 5- and 8 yr OS rates were 64.6% (51.7-77.5%) and 59.9% (46.4-73.4%). 14/55 patients have died due to lymphoma progression, and 2/55 patients (3.6%) due to treatment related toxicity, 4/55 due to other causes (3 infections, 1 acute heart failure). In a matched pair analysis comparing CHOEP-14 and CIVEP-14, CIVEP-14 had a higher hematotoxicity with no significant differences in the event free and overall survival for the two regimens. Conclusions: Thus, idarubicin cannot be used instead doxorubicin even if its dose is escalated to achieve similar hematotoxicity. Doxorubicin remains the standard anthracycline for the treatment of aggressive NHL.

Reference price systems for prescription drugs constitute widely adopted cost containment tools. Under these regimes, patients co-pay a fraction of the difference between a drug's pharmacy retail price and a reference price that is set by the government. Reference prices are either externally (based on drug prices in other countries) or internally (based on domestic drug prices) determined. We study the effects of a change from external to internal reference pricing in Denmark in 2005. We find that the reform led to substantial reductions in retail prices, reference prices and patient co-payments as well as to sizable decreases in overall producer revenues and health care expenditures. The reform induced consumers to substitute away from branded drugs for which we estimate strong preferences. The increase in consumer welfare due to the reform therefore depends on whether or not we take perceived quality differences into account in its calculation.

Reference price systems for prescription drugs constitute widely adopted cost containment tools. Under these regimes, patients co-pay a fraction of the difference between a drug's pharmacy retail price and a reference price that is set by the government. Reference prices are either externally (based on drug prices in other countries) or internally (based on domestic drug prices) determined. We study the effects of a change from external to internal reference pricing in Denmark in 2005. We find that the reform led to substantial reductions in retail prices, reference prices and patient co-payments as well as to sizable decreases in overall producer revenues and health care expenditures. The reform induced consumers to substitute away from branded drugs for which we estimate strong preferences. The increase in consumer welfare due to the reform therefore depends on whether or not we take perceived quality differences into account in its calculation.

Scientific knowledge is an important ingredient in the innovation process. Drawing on the knowledge-based view of the firm and the literature on the relationship between science and technology, this paper scrutinizes the importance of university scientists’ mobility for firms’ innovative activities. Combining patent data and matched employer-employee data for Danish firms, we can track the labor mobility of R&D workers from 1999 to 2004. We find that new joiners contribute more than long-term employees to innovative activity in the focal firm. Among new firm recruits, we observe that newly hired former university researchers contribute more to innovative activity than newly hired recent graduates or joiners from firms, but only in firms with a high level of absorptive capacity in the form of recent experience of hiring university researchers. We find also that firms’ recent experience of hiring university researchers enhances the effect of newly hired recent graduates’ contributions to innovation.

We investigate the effect of mobility of highly skilled workers in Denmark on the total patenting activity of the firms involved for the population of R&D active Danish firms observed between 1999 and 2004. Our study documents how workers joining increase firms’ patenting activity. The effect is strongest if workers join from patent-active firms. We also find evidence of a positive feedback effect on patenting from workers who have left for another patent-active firm. Summing up the effects of joining and leaving workers, we show that labor mobility increases the total innovative activity of the new and the old employer. Our study thus provides firm-level support for the notion that labor mobility stimulates overall innovation of a country or region.

We investigate the workforce heterogeneity of startups with respect to education, age and wages. Our explorative study uses data on the population of 1,614 Danish firms founded in 1998. We track these firms until 2001 which enables us to analyze changes in workforce composition over time. Such a dynamic analysis constitutes a hitherto neglected area of entrepreneurship research. To assess relative workforce heterogeneity, we construct a simulated benchmark to which we compare observed workforce heterogeneity. We find that the initial workforce is relatively homogeneous compared to our benchmark. Our result holds both for non-knowledge-based and, to a lesser extent, knowledge-based startups. This seems surprising since a vast management literature advocates heterogeneous teams. The difficulties associated with workforce heterogeneity (like affective confl ict or coordination cost) as well as "homophily" (peoples inclination to bound with others with similar characteristics) hence appear to generally overweigh the benefits of heterogeneity (like greater variety in perspectives or more creativity). We also document that workforces become more heterogeneous over time - startups add workers with skills different from the workforce at startup. The initial supposedly "poor" mix of workforce characteristics is hence adjusted as the startup matures. This increase in workforce heterogeneity is, however, smaller compared to our benchmark but substantially larger than is team additions had the same characteristics as the initial team members.

Diese Dissertation befasst sich in drei empirischen Aufsätzen mit der Auslagerung von Informationstechnologien (IT) und Geschäftsprozessen. Der erste Beitrag untersucht die Auswirkung von IT-Outsourcing auf die Arbeitsproduktivität der auslagernden Unternehmen, wobei ein Endogenous Switching Regression Modell im Rahmen einer Cobb-Douglas Produktionsfunktion verwendet wird. Die Ergebnisse zeigen, dass Mitarbeiter, die hauptsächlich mit einem Computer arbeiten, produktiver sind in Unternehmen die IT auslagern. Daher kann die Computernutzung und IT Outsourcing als komplementäre Faktoren betrachtet werden, die sich beide positiv auf die Arbeitsproduktivität auswirken. Der zweite Aufsatz befasst sich mit der Wirkung von IT Outsourcing auf das Beschäftigungswachstum. Während Outsourcing zumindest kurzfristig oftmals mit einem Beschäftigungsabbau in den auslagernden Unternehmen assoziiert wird, können die mittel- bis langfristigen Auswirkungen von Outsourcing durchaus positiv sein. Durch einen Instrumentalvariablenansatz wird für mögliche Endogenität zwischen Beschäftigungswachstum und IT Outsourcing kontrolliert. Die empirischen Ergebnisse sprechen dafür, dass sich Outsourcing mittelfristig positiv auf das Beschäftigungswachstum der Unternehmen auswirkt. Allerdings zeigt eine separate Betrachtung des verarbeitenden Gewerbes und von Dienstleistungsunternehmen, dass dieser positive Effekt nur für letztere signifikant ist. Der dritte und letzte Beitrag untersucht die Auswirkung der Auslagerung von IT nahen Geschäftsprozessen auf die Unternehmensproduktivität. Diese Analyse basiert auf Paneldaten. Um Verzerrungen durch nicht beobachtbare Heterogenität von Firmen, Messfehler der Variablen und Simultanität der In- und Outputs zu erfassen, werden verschiedene Schätzverfahren im Rahmen einer Cobb-Douglas Produktionsfunktion verwendet. Die Ergebnisse zeigen einen signifikanten positiven Effekt der Auslagerung von Geschäftsprozessen auf die Produktivität der Unternehmen., This thesis consists of three essays that contribute to the empirical literature on information technology (IT) and business process outsourcing. The first essay analyses the impact of information technology outsourcing on labour productivity in outsourcing firms by using an endogenous switching regression model in a Cobb-Douglas production function framework. Estimation results show that employees who mainly work with a computer are more productive in firms conducting IT outsourcing. Therefore, computer usage and IT outsourcing can be interpreted as complementary factors that positively affect firms’ labour productivity. The second essay refers to the employment effects of IT outsourcing. Even though, in most cases outsourcing is widely associated with accompanied job losses in outsourcing firms, the medium and long term effects of outsourcing can absolutely still be positive. The analysis is conducted by using an instrumental variable approach to account for possible endogeneity between the employment growth rate and IT outsourcing. Estimation results provide empirical evidence that IT outsourcing has a positive effect on a firms’ medium-term employment growth rate. However, dividing the sample into manufacturing and service firms, a significant medium-term positive growth effect of IT outsourcing can only be observed for firms operating in the service sector. Finally, the last essay takes a close look at the impact of IT-related business process outsourcing on firm productivity. This analysis is based on panel data. In order to account for unobserved firm heterogeneity, measurement errors in the variables and simultaneity of inputs and output, different estimation techniques are applied to estimate a Cobb-Douglas production function model. The results clearly reveal a positive and significant impact of business process outsourcing on firm-level productivity.

Diese Dissertation befasst sich in drei empirischen Aufsätzen mit der Auslagerung von Informationstechnologien (IT) und Geschäftsprozessen. Der erste Beitrag untersucht die Auswirkung von IT-Outsourcing auf die Arbeitsproduktivität der auslagernden Unternehmen, wobei ein Endogenous Switching Regression Modell im Rahmen einer Cobb-Douglas Produktionsfunktion verwendet wird. Die Ergebnisse zeigen, dass Mitarbeiter, die hauptsächlich mit einem Computer arbeiten, produktiver sind in Unternehmen die IT auslagern. Daher kann die Computernutzung und IT Outsourcing als komplementäre Faktoren betrachtet werden, die sich beide positiv auf die Arbeitsproduktivität auswirken. Der zweite Aufsatz befasst sich mit der Wirkung von IT Outsourcing auf das Beschäftigungswachstum. Während Outsourcing zumindest kurzfristig oftmals mit einem Beschäftigungsabbau in den auslagernden Unternehmen assoziiert wird, können die mittel- bis langfristigen Auswirkungen von Outsourcing durchaus positiv sein. Durch einen Instrumentalvariablenansatz wird für mögliche Endogenität zwischen Beschäftigungswachstum und IT Outsourcing kontrolliert. Die empirischen Ergebnisse sprechen dafür, dass sich Outsourcing mittelfristig positiv auf das Beschäftigungswachstum der Unternehmen auswirkt. Allerdings zeigt eine separate Betrachtung des verarbeitenden Gewerbes und von Dienstleistungsunternehmen, dass dieser positive Effekt nur für letztere signifikant ist. Der dritte und letzte Beitrag untersucht die Auswirkung der Auslagerung von IT nahen Geschäftsprozessen auf die Unternehmensproduktivität. Diese Analyse basiert auf Paneldaten. Um Verzerrungen durch nicht beobachtbare Heterogenität von Firmen, Messfehler der Variablen und Simultanität der In- und Outputs zu erfassen, werden verschiedene Schätzverfahren im Rahmen einer Cobb-Douglas Produktionsfunktion verwendet. Die Ergebnisse zeigen einen signifikanten positiven Effekt der Auslagerung von Geschäftsprozessen auf die Produktivität der Unternehmen., This thesis consists of three essays that contribute to the empirical literature on information technology (IT) and business process outsourcing. The first essay analyses the impact of information technology outsourcing on labour productivity in outsourcing firms by using an endogenous switching regression model in a Cobb-Douglas production function framework. Estimation results show that employees who mainly work with a computer are more productive in firms conducting IT outsourcing. Therefore, computer usage and IT outsourcing can be interpreted as complementary factors that positively affect firms’ labour productivity. The second essay refers to the employment effects of IT outsourcing. Even though, in most cases outsourcing is widely associated with accompanied job losses in outsourcing firms, the medium and long term effects of outsourcing can absolutely still be positive. The analysis is conducted by using an instrumental variable approach to account for possible endogeneity between the employment growth rate and IT outsourcing. Estimation results provide empirical evidence that IT outsourcing has a positive effect on a firms’ medium-term employment growth rate. However, dividing the sample into manufacturing and service firms, a significant medium-term positive growth effect of IT outsourcing can only be observed for firms operating in the service sector. Finally, the last essay takes a close look at the impact of IT-related business process outsourcing on firm productivity. This analysis is based on panel data. In order to account for unobserved firm heterogeneity, measurement errors in the variables and simultaneity of inputs and output, different estimation techniques are applied to estimate a Cobb-Douglas production function model. The results clearly reveal a positive and significant impact of business process outsourcing on firm-level productivity.

We estimate the relative contribution of mobile scientists who leave academia for the private sector on the subsequent innovative performance of the firms they join. We use data on the population of Danish firms and their R&D workers for the period 1999-2004 and measure innovation performance by the (value-adjusted) number of patent applications at the European Patent Office. We compare the efficacy of mobile former university scientists to the effects of mobile workers hired from other firms as well as immobile workers on the innovation performance of their employer. Our main result is that mobile university scientists contribute substantially more to innovation than R&D workers hired from other firms who, in turn, contribute slightly less to industrial innovation than recent university graduates. By contrast, immobile workers add little to the innovative activity of their employer. We also find that the contribution of mobile R&D workers to innovation depreciates fairly rapidly. These findings provide us with three main managerial implications: Firstly, hiring scientists from universities is a way of boosting a firm’s innovative activity. Secondly, because hires from academia receive lower wages on average than hires from private sector firms, this implies that hiring R&D workers from academia may be a cost-effective way of improving innovation performance. Thirdly, firms need to take measures in order to further public-private researcher interaction to prevent the depreciation of the knowledge stock of their employees.

We study the mapping between labor mobility and industrial innovative activity for the population of R&D active Danish firms observed between 1999 and 2004. Our study documents a positive relationship between the number of workers who join a firm and the firm’s innovative activity. This relationship is stronger if workers join from innovative firms. We also find evidence for positive feedback from workers who leave for an innovative firm, presumably because the worker who left stays in contact with their former colleagues. This implies that the positive feedback (“social network effects”) that has been found by other studies not only exists but even outweighs the disruption and loss of knowledge occurring to the previous employer from the worker leaving. Summing up the effects of joining and leaving workers, we find ample evidence for mobility to be associated with an increase in total innovative activity of the new and the old employer.

We study the mapping between labor mobility and industrial innovative activity for the population of R&D active Danish firms observed between 1999 and 2004. Our study documents a positive relationship between the number of workers who join a firm and the firm’s innovative activity. This relationship is stronger if workers join from innovative firms. We also find evidence for positive feedback from workers who leave for an innovative firm, presumably because the worker who left stays in contact with their former colleagues. This implies that the positive feedback (“social network effects”) that has been found by other studies not only exists but even outweighs the disruption and loss of knowledge occurring to the previous employer from the worker leaving. Summing up the effects of joining and leaving workers, we find ample evidence for mobility to be associated with an increase in total innovative activity of the new and the old employer.

We estimate the relative contribution of mobile scientists who leave academia for the private sector on the subsequent innovative performance of the firms they join. We use data on the population of Danish firms and their R&D workers for the period 1999-2004 and measure innovation performance by the (value-adjusted) number of patent applications at the European Patent Office. We compare the efficacy of mobile former university scientists to the effects of mobile workers hired from other firms as well as immobile workers on the innovation performance of their employer. Our main result is that mobile university scientists contribute substantially more to innovation than R&D workers hired from other firms who, in turn, contribute slightly less to industrial innovation than recent university graduates. By contrast, immobile workers add little to the innovative activity of their employer. We also find that the contribution of mobile R&D workers to innovation depreciates fairly rapidly. These findings provide us with three main managerial implications: Firstly, hiring scientists from universities is a way of boosting a firm’s innovative activity. Secondly, because hires from academia receive lower wages on average than hires from private sector firms, this implies that hiring R&D workers from academia may be a cost-effective way of improving innovation performance. Thirdly, firms need to take measures in order to further public-private researcher interaction to prevent the depreciation of the knowledge stock of their employees.

We study the mapping between labor mobility and industrial innovative activity for the population of R&D active Danish firms observed between 1999 and 2004. Our study documents a positive relationship between the number of workers who join a firm and the firm’s innovative activity. This relationship is stronger if workers join from innovative firms. We also find evidence for positive feedback from workers who leave for an innovative firm, presumably because the worker who left stays in contact with their former colleagues. This implies that the positive feedback (“social network effects”) that has been found by other studies not only exists but even outweighs the disruption and loss of knowledge occurring to the previous employer from the worker leaving. Summing up the effects of joining and leaving workers, we find ample evidence for mobility to be associated with an increase in total innovative activity of the new and the old employer.

We estimate the relative contribution of mobile scientists who leave academia for the private sector on the subsequent innovative performance of the firms they join. We use data on the population of Danish firms and their R&D workers for the period 1999-2004 and measure innovation performance by the (value-adjusted) number of patent applications at the European Patent Office. We compare the efficacy of mobile former university scientists to the effects of mobile workers hired from other firms as well as immobile workers on the innovation performance of their employer. Our main result is that mobile university scientists contribute substantially more to innovation than R&D workers hired from other firms who, in turn, contribute slightly less to industrial innovation than recent university graduates. By contrast, immobile workers add little to the innovative activity of their employer. We also find that the contribution of mobile R&D workers to innovation depreciates fairly rapidly. These findings provide us with three main managerial implications: Firstly, hiring scientists from universities is a way of boosting a firm’s innovative activity. Secondly, because hires from academia receive lower wages on average than hires from private sector firms, this implies that hiring R&D workers from academia may be a cost-effective way of improving innovation performance. Thirdly, firms need to take measures in order to further public-private researcher interaction to prevent the depreciation of the knowledge stock of their employees.

We study the mapping between labor mobility and industrial innovative activity for the population of R&D active Danish firms observed between 1999 and 2004. Our study documents a positive relationship between the number of workers who join a firm and the firm’s innovative activity. This relationship is stronger if workers join from innovative firms. We also find evidence for positive feedback from workers who leave for an innovative firm, presumably because the worker who left stays in contact with their former colleagues. This implies that the positive feedback (“social network effects”) that has been found by other studies not only exists but even outweighs the disruption and loss of knowledge occurring to the previous employer from the worker leaving. Summing up the effects of joining and leaving workers, we find ample evidence for mobility to be associated with an increase in total innovative activity of the new and the old employer.

We estimate the relative contribution of mobile scientists who leave academia for the private sector on the subsequent innovative performance of the firms they join. We use data on the population of Danish firms and their R&D workers for the period 1999-2004 and measure innovation performance by the (value-adjusted) number of patent applications at the European Patent Office. We compare the efficacy of mobile former university scientists to the effects of mobile workers hired from other firms as well as immobile workers on the innovation performance of their employer. Our main result is that mobile university scientists contribute substantially more to innovation than R&D workers hired from other firms who, in turn, contribute slightly less to industrial innovation than recent university graduates. By contrast, immobile workers add little to the innovative activity of their employer. We also find that the contribution of mobile R&D workers to innovation depreciates fairly rapidly. These findings provide us with three main managerial implications: Firstly, hiring scientists from universities is a way of boosting a firm’s innovative activity. Secondly, because hires from academia receive lower wages on average than hires from private sector firms, this implies that hiring R&D workers from academia may be a cost-effective way of improving innovation performance. Thirdly, firms need to take measures in order to further public-private researcher interaction to prevent the depreciation of the knowledge stock of their employees.

We estimate the relative contribution of mobile scientists who leave academia for the private sector on the subsequent innovative performance of the firms they join. We use data on the population of Danish firms and their R&D workers for the period 1999-2004 and measure innovation performance by the (value-adjusted) number of patent applications at the European Patent Office. We compare the efficacy of mobile former university scientists to the effects of mobile workers hired from other firms as well as immobile workers on the innovation performance of their employer. Our main result is that mobile university scientists contribute substantially more to innovation than R&D workers hired from other firms who, in turn, contribute slightly less to industrial innovation than recent university graduates. By contrast, immobile workers add little to the innovative activity of their employer. We also find that the contribution of mobile R&D workers to innovation depreciates fairly rapidly. These findings provide us with three main managerial implications: Firstly, hiring scientists from universities is a way of boosting a firm’s innovative activity. Secondly, because hires from academia receive lower wages on average than hires from private sector firms, this implies that hiring R&D workers from academia may be a cost-effective way of improving innovation performance. Thirdly, firms need to take measures in order to further public-private researcher interaction to prevent the depreciation of the knowledge stock of their employees.

We study the mapping between labor mobility and industrial innovative activity for the population of R&D active Danish firms observed between 1999 and 2004. Our study documents a positive relationship between the number of workers who join a firm and the firm’s innovative activity. This relationship is stronger if workers join from innovative firms. We also find evidence for positive feedback from workers who leave for an innovative firm, presumably because the worker who left stays in contact with their former colleagues. This implies that the positive feedback (“social network effects”) that has been found by other studies not only exists but even outweighs the disruption and loss of knowledge occurring to the previous employer from the worker leaving. Summing up the effects of joining and leaving workers, we find ample evidence for mobility to be associated with an increase in total innovative activity of the new and the old employer.

"The author derives and estimates a model for profit maximization of German magazines. Quarterly data on German women's magazines observed between 1998 and 2001 are used in the econometrics. Main empirical results are that magazines with particularly circulation-sensitive advertising prices set cover prices below marginal cost and there are large and highly significant returns to scale and scope in production." (author's abstract), "Diese Arbeit entwickelt und schätzt ein Modell für die Gewinnmaximierung deutscher Zeitschriften. In der ökonometrischen Analyse werden vierteljährliche Daten des Zeitraums 1998 bis 2001 verwendet. Es zeigt sich, dass die Preise von Zeitschriften, deren Anzeigenpreis besonders stark auf Veränderungen in der verkauften Auflage reagieren, deutlich unter den Produktionskosten liegen. Zudem finden sich grosse und hochsignifikante Skalenerträge." (Autorenreferat)

We measure the quantitative importance of labor mobility as a vehicle for the transmission of knowledge and skills across firms. For this purpose we create a unique data set that matches all applications of Danish firms at the European Patent Office to linked employer-employee register data for the years 1999-2002. The Danish workforce is split into "R&D workers", who hold a bachelor's or a master's degree in a technical field, and "non{R&D workers". We find that mobile R&D workers ("R&D joiners"') contribute more to patenting activity than immobile R&D workers. Furthermore, R&D workers who have previously been employed by a patenting firm ("patent exposed workers") have a larger effect on patenting activity than R&D workers without this experience. Patent exposed R&D joiners constitute the most productive group of workers: for firms that patented prior to 1999, one additional worker of this type relates to an increase in the number of patent applications of the new employer by 0.0646. This corresponds to a 14 percent increase in the mean number of yearly patent applications. We also find that mobility of R&D workers increases the joint patenting activity of the donor and recipient firms, confirming the importance of labor mobility for innovation in the economy.

We measure the quantitative importance of labor mobility as a vehicle for the transmission of knowledge and skills across firms. For this purpose we create a unique data set that matches all applications of Danish firms at the European Patent Office to linked employer-employee register data for the years 1999-2002. The Danish workforce is split into "R&D workers", who hold a bachelor's or a master's degree in a technical field, and "non{R&D workers". We find that mobile R&D workers ("R&D joiners"') contribute more to patenting activity than immobile R&D workers. Furthermore, R&D workers who have previously been employed by a patenting firm ("patent exposed workers") have a larger effect on patenting activity than R&D workers without this experience. Patent exposed R&D joiners constitute the most productive group of workers: for firms that patented prior to 1999, one additional worker of this type relates to an increase in the number of patent applications of the new employer by 0.0646. This corresponds to a 14 percent increase in the mean number of yearly patent applications. We also find that mobility of R&D workers increases the joint patenting activity of the donor and recipient firms, confirming the importance of labor mobility for innovation in the economy.

We measure the quantitative importance of labor mobility as a vehicle for the transmission of knowledge and skills across firms. For this purpose we create a unique data set that matches all applications of Danish firms at the European Patent Office to linked employer-employee register data for the years 1999-2002. The Danish workforce is split into "R&D workers", who hold a bachelor's or a master's degree in a technical field, and "non{R&D workers". We find that mobile R&D workers ("R&D joiners"') contribute more to patenting activity than immobile R&D workers. Furthermore, R&D workers who have previously been employed by a patenting firm ("patent exposed workers") have a larger effect on patenting activity than R&D workers without this experience. Patent exposed R&D joiners constitute the most productive group of workers: for firms that patented prior to 1999, one additional worker of this type relates to an increase in the number of patent applications of the new employer by 0.0646. This corresponds to a 14 percent increase in the mean number of yearly patent applications. We also find that mobility of R&D workers increases the joint patenting activity of the donor and recipient firms, confirming the importance of labor mobility for innovation in the economy.

We measure the quantitative importance of labor mobility as a vehicle for the transmission of knowledge and skills across firms. For this purpose we create a unique data set that matches all applications of Danish firms at the European Patent Office to linked employer-employee register data for the years 1999-2002. The Danish workforce is split into "R&D workers", who hold a bachelor's or a master's degree in a technical field, and "non{R&D workers". We find that mobile R&D workers ("R&D joiners"') contribute more to patenting activity than immobile R&D workers. Furthermore, R&D workers who have previously been employed by a patenting firm ("patent exposed workers") have a larger effect on patenting activity than R&D workers without this experience. Patent exposed R&D joiners constitute the most productive group of workers: for firms that patented prior to 1999, one additional worker of this type relates to an increase in the number of patent applications of the new employer by 0.0646. This corresponds to a 14 percent increase in the mean number of yearly patent applications. We also find that mobility of R&D workers increases the joint patenting activity of the donor and recipient firms, confirming the importance of labor mobility for innovation in the economy.

We measure the quantitative importance of labor mobility as a vehicle for the transmission of knowledge and skills across firms. For this purpose we create a unique data set that matches all applications of Danish firms at the European Patent Office to linked employer-employee register data for the years 1999-2002. The Danish workforce is split into "R&D workers", who hold a bachelor's or a master's degree in a technical field, and "non{R&D workers". We find that mobile R&D workers ("R&D joiners"') contribute more to patenting activity than immobile R&D workers. Furthermore, R&D workers who have previously been employed by a patenting firm ("patent exposed workers") have a larger effect on patenting activity than R&D workers without this experience. Patent exposed R&D joiners constitute the most productive group of workers: for firms that patented prior to 1999, one additional worker of this type relates to an increase in the number of patent applications of the new employer by 0.0646. This corresponds to a 14 percent increase in the mean number of yearly patent applications. We also find that mobility of R&D workers increases the joint patenting activity of the donor and recipient firms, confirming the importance of labor mobility for innovation in the economy.

This paper analyzes the persistence of firms' exporting behavior in a panel of German manufacturing firms using dynamic binary choice models. We distinguish between true and spurious state dependence in exports and apply fixed effects methods that allow us to verify the robustness of our results to critical assumptions on firms' initial export status. We find robust evidence of state dependence in the current export status of firms. We also document an important role of unobserved permanent firm heterogeneity (spurious state dependence) and quantify the relative importance of different export determinants. Our results, which are consistent with the findings of previous studies on firms in developing countries and in the United States, show the presence of important sunk costs in export market entry and a depreciation of knowledge and experience in export markets.

This paper analyzes the persistence of firms' exporting behavior in a panel of German manufacturing firms using dynamic binary choice models. We distinguish between true and spurious state dependence in exports and apply fixed effects methods that allow us to verify the robustness of our results to critical assumptions on firms' initial export status. We find robust evidence of state dependence in the current export status of firms. We also document an important role of unobserved permanent firm heterogeneity (spurious state dependence) and quantify the relative importance of different export determinants. Our results, which are consistent with the findings of previous studies on firms in developing countries and in the United States, show the presence of important sunk costs in export market entry and a depreciation of knowledge and experience in export markets.

This paper analyzes the persistence of firms' exporting behavior in a panel of German manufacturing firms using dynamic binary choice models. We distinguish between true and spurious state dependence in exports and apply fixed effects methods that allow us to verify the robustness of our results to critical assumptions on firms' initial export status. We find robust evidence of state dependence in the current export status of firms. We also document an important role of unobserved permanent firm heterogeneity ("spurious state dependence") and quantify the relative importance of different export determinants. Our results, which are consistent with the findings of previous studies on firms in developing countries and in the United States, show the presence of important sunk costs in export market entry and a depreciation of knowledge and experience in export markets

We analyze the extent to which visits to a magazine's companion website affects total circulation, subscription, kiosk sales and foreign sales using Granger causality tests on the basis of monthly data for the German magazine market spanning the period January 1998 to September 2005. We find evidence for positive effects of website visits on magazine subscription but negative effects on magazine kiosk sales. Contrary to the widespread belief that the Internet will cannibalize print media markets, our results do not, however, provide evidence for website visits adversely affecting total circulation

The authors use comparable micro level panel data for 14 countries and a set of identically specified empirical models to investigate the relationship between exports and productivity. The overall results are in line with the big picture that is by now familiar from the literature: Exporters are more productive than non-exporters when observed and unobserved heterogeneity are controlled for, and these exporter productivity premia tend to increase with the share of exports in total sales; there is strong evidence in favour of self-selection of more productive firms into export markets, but nearly no evidence in favour of the learning-by-exporting hypothesis. The authors document that the exporter premia differ considerably across countries in identically specified empirical models. In a meta-analysis of their results the authors find that countries that are more open and have more effective government report higher productivity premia. However, the level of development per se does not appear to be an explanation for the observed cross-country differences.

We analyze the extent to which visits to a magazine's companion website affects total circulation, subscription, kiosk sales and foreign sales using Granger causality tests on the basis of monthly data for the German magazine market spanning the period January 1998 to September 2005. We find evidence for positive effects of website visits on magazine subscription but negative effects on magazine kiosk sales. Contrary to the widespread belief that the Internet will cannibalize print media markets, our results do not, however, provide evidence for website visits adversely affecting total circulation

This paper analyzes the persistence of firms' exporting behavior in a panel of German manufacturing firms using dynamic binary choice models. We distinguish between true and spurious state dependence in exports and apply fixed effects methods that allow us to verify the robustness of our results to critical assumptions on firms' initial export status. We find robust evidence of state dependence in the current export status of firms. We also document an important role of unobserved permanent firm heterogeneity ("spurious state dependence") and quantify the relative importance of different export determinants. Our results, which are consistent with the findings of previous studies on firms in developing countries and in the United States, show the presence of important sunk costs in export market entry and a depreciation of knowledge and experience in export markets

This paper analyzes the persistence of firms' exporting behavior in a panel of German manufacturing firms using dynamic binary choice models. We distinguish between true and spurious state dependence in exports and apply fixed effects methods that allow us to verify the robustness of our results to critical assumptions on firms' initial export status. We find robust evidence of state dependence in the current export status of firms. We also document an important role of unobserved permanent firm heterogeneity ("spurious state dependence") and quantify the relative importance of different export determinants. Our results, which are consistent with the findings of previous studies on firms in developing countries and in the United States, show the presence of important sunk costs in export market entry and a depreciation of knowledge and experience in export markets

We analyze the extent to which visits to a magazine's companion website affects total circulation, subscription, kiosk sales and foreign sales using Granger causality tests on the basis of monthly data for the German magazine market spanning the period January 1998 to September 2005. We find evidence for positive effects of website visits on magazine subscription but negative effects on magazine kiosk sales. Contrary to the widespread belief that the Internet will cannibalize print media markets, our results do not, however, provide evidence for website visits adversely affecting total circulation

We analyze the extent to which visits to a magazine's companion website affects total circulation, subscription, kiosk sales and foreign sales using Granger causality tests on the basis of monthly data for the German magazine market spanning the period January 1998 to September 2005. We find evidence for positive effects of website visits on magazine subscription but negative effects on magazine kiosk sales. Contrary to the widespread belief that the Internet will cannibalize print media markets, our results do not, however, provide evidence for website visits adversely affecting total circulation