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Postpurchase out-of-stock (PP-OOS) often happens in an online grocery context, where products appear to be available at the time a consumer places an order, but become OOS when the order is to be dispatched. This paper investigates two substitution policies that can mitigate negative responses: substitutions can match (i) on the dominant attribute and (ii) with a product from the consumers’ past purchase portfolio. According to data collected through two computer-simulated purchase experiments, involving more than 3,000 households and five product categories, matching the substitution on the dominant attribute increases acceptance, but this dominant attribute varies across\ud category differentiation level (flavor for horizontal differentiated categories like cereals or crips vs. brand for vertical differentiated categories like margarine or ketchup). Category differentiation also informs acceptance of national brand or private-label flavor substitutes, such that, same-flavor private label is prefered more in horizontal differentiated categories. Matching on the basis of previous purchases has positive effects for both category differentiation levels, and when combining both policies, the previous purchase matching effect grows stronger for same flavor, rather than same brand, matching. These detailed insights establish several key managerial implications for substitution policies in online grocery contexts.

ispartof: JOURNAL OF POLICY ANALYSIS AND MANAGEMENT vol:42 issue:1 pages:35-59 status: published

© 2022 The Authors. Journal of Organizational Behavior published by John Wiley & Sons Ltd.Based on social cognitive theory (SCT), we develop and test a model that links ethical psychological climate to ethically focused proactive behavior (i.e., ethical voice and ethical taking charge) via two distinct mechanisms (i.e., duty orientation and moral potency). Results from multi-wave field studies conducted in the United States, Turkey, France, Vietnam, and India demonstrate that an ethical psychological climate indirectly influences employees' ethical voice and ethical taking charge behaviors through the dual mechanisms of duty orientation and moral potency. Additionally, we find that individuals' moral attentiveness strengthened these mediating processes. Together, these findings suggest that ethical psychological climate is an important antecedent of ethically focused proactive behavior by stimulating individuals' sense of duty and enhancing their moral potency, particularly when employees are already highly attuned to moral issues.

Africa's rural population continues to expand rapidly, and labor productivity in agriculture and many rural-off farm activities remains low. This review uses the lens of a dual economy and the associated patterns of agricultural, rural, and structural transformation to review the evolution of Africa's rural employment and its inclusiveness. Many African countries still find themselves in an early stage of the agricultural and rural transformation. Given smaller sectoral productivity gaps than commonly assumed, greater size effects, and larger spillovers, investment in agriculture and the rural off-farm economy remains warranted to broker the transition to more and more productive rural employment. The key policy questions thus become how best to invest in the agri-food system (on and increasingly also off the farm) and how best to generate demand for nonagricultural goods and services that rural households can competitively produce. Informing these choices continues to present a major research agenda, with digital technologies, the imperative of greening, and intra-African liberalization raising many unarticulated and undocumented opportunities and challenges.

ispartof: FEMINIST ECONOMICS vol:29 issue:1 pages:266-297 status: published

ispartof: JOURNAL OF DEVELOPMENT STUDIES vol:59 issue:1 pages:39-57 status: published

We analyse the question of whether the use of forward-looking data in monetary policy is to be preferred over the use of current data. We use a behavioural macroeconomic model that generates periods of tranquillity alternating with crisis periods characterized by fat tails in the distribution of output gap. We find that in a strict inflation targeting (SIT) regime, the use of forward-looking data leads to a lower quality of monetary policymaking than in a dual mandate monetary policy regime, because the first regime creates more extreme movements in output and inflation than the second one. We also find that nowcasting tends to improve the quality of monetary policy, especially in a SIT regime. Finally, we provide a case study of monetary policies in the USA and the eurozone during 2000–20.

This paper studies a setting in which multiple suppliers compete for a buyer's procurement business. The buyer faces uncertain demand and there is a requirement to reserve capacity in advance of knowing the demand. Each supplier has costs that are two dimensional, with some costs incurred before demand is realized in order to reserve capacity and some costs incurred after demand is realized at the time of delivery. A distinctive feature of our model is that the marginal costs may not be constants, and this naturally leads us to a supply function competition framework in which each supplier offers a schedule of prices and quantities. We treat this problem as an example of a general class of capacity games and show that, when the optimal supply chain profit is submodular, in equilibrium the buyer makes a reservation choice that maximizes the overall supply chain profit, each supplier makes a profit equal to their marginal contribution to the supply chain, and the buyer takes the remaining profit. We further prove that this submodularity property holds under two commonly studied settings: (1) there are only two suppliers; and (2) in the case of more than two suppliers, the marginal two-dimension costs of each supplier are non-decreasing and constant, respectively., Comment: 35 pages

Climate finance is first and foremost a risk-management problem, which means three things for investors. First, prudent investors will seek to hedge climate change risk by reducing their exposure to this risk. Second, investors will demand compensation for holding this risk. Third, investors will engage with companies to urge them to reduce this risk if they are not adequately compensated for it. For companies, the main implication of climate-risk management by investors is that the companies with greater carbon emissions will have to pay a higher financial cost of carbon (FCC). In their new study described in this article, the authors undertake a comprehensive analysis of the risk compensation implications of exposing investors to carbon transition risk. They explore how corporate GHG emissions have affected the price-to-earnings (P/E) ratios of listed companies in Europe and the U.S. over the period 2016 to 2020. Their main finding is that financial markets are beginning to broadly discount companies whose high carbon emissions are viewed as subjecting them to higher levels of political and regulatory risk, and providing them with what amounts to a higher cost of capital. Although price-earnings ratios are generally lower for companies with higher emissions, the discount varies significantly by sector and across firm size, with larger companies experiencing the larger discounts. Although the carbon discount is similar in the U.S. and in Europe, the authors find significantly higher discounts in industries in Europe that are directly covered by carbon pricing through the EU ETS. They even find a small price discount on corporate debt for smaller issuers. Overall, what emerges is a clear pattern of investors' growing concern over climate risk, which translates into an increasingly material FCC for companies with high GHG emissions. This growing valuation discount for companies with high emissions should encourage them to progress further along their decarbonization path, which our results suggest have large financial as well as other social benefits.

The expectation of a mass movement out of cities due to the rise of remote work associated with the Covid-19 pandemic, is counter to longstanding theories of the benefits of agglomeration economies. It suggests centrifugal shifts of economic activity which could boost neighbourhood economies at the expense of the downtown core. Using mobile phone data from SafeGraph, we track migration and daily mobility patterns throughout the New York metropolitan area between July 2019 and June 2021. We find that diverse suburban centres and exurban areas have bounced back more quickly than the dense specialised commercial districts in and around Manhattan.

ispartof: TIJDSCHRIFT VOOR ECONOMISCHE EN SOCIALE GEOGRAFIE vol:113 issue:3 pages:250-256 status: published

This paper uses risk-shifting models to analyze some potential policy responses to asset price booms and bubbles. We argue that the presence of risk shifting can generate many of the features of such booms and so is a reasonable framework to explore these issues. Our analysis offers several insights. First, we find that determining whether there is indeed a bubble in asset markets is unimportant, since risk-shifting leads to the same inefficiencies regardless of whether it gives rise to a bubble or not. Second, while risk shifting offers a reason for intervention, we find the leading proposals for interventions against booms have ambiguous welfare implications in our model. Specifically, we show tighter monetary policy may exacerbate some inefficiencies due to risk shifting even as it mitigates others, and that leverage restrictions may fan asset prices and exacerbate excessive leverage rather than curb it.

We develop Generational Wealth Accounts (GWA): the first set of balance sheets, broken down by generations, to include all human capital, tangible wealth, financial wealth, and transfer wealth, and the uses to which these resources are put. We then use them to measure the size, nature (public or private; capital or current) and direction of inter-generational transfers and assess the sustainability of public and private consumption plans. We confirm that public sector consumption in the UK is unsustainable but show that the private sector is close to balance. Aggregate consumption plans are therefore unsustainable. Although public sector finances worsened significantly over the crisis, the private sector balance improved and capital transfers to the young increased, more than fully offsetting this deterioration. We find that increases in house prices redistributed resources away from the young and towards the old but had little effect on overall sustainability.

We compare the implications of speculation versus hedging channels for bond markets in heterogeneous agents’ economies. Treasuries command a significant risk premium when optimistic agents speculate by leveraging their positions using bonds. Disagreement drives a wedge between marginal agent versus econometrician beliefs (sentiment). When speculative demands dominate, the interaction between belief heterogeneity and sentiment helps rationalize several puzzling characteristics of Treasury markets. Empirically, we test model predictions and find that larger disagreement (i) lowers the risk-free rate, (ii) raises the slope of the yield curve, and (iii) with positive sentiment increases bond risk premia and makes its dynamics countercyclical. This paper was accepted by Karl Diether, finance.

Social entrepreneurs need resources to develop their organizations and catalyze social impact. Existing research focuses on how social entrepreneurs access and use resources, yet it neglects how they search for resource holders. This issue is particularly salient in social entrepreneurs’ decisions about whom to approach for interpersonal feedback as a valuable resource. The current literature offers lists of individuals whom social entrepreneurs approach for feedback and implies these individuals can be easily accessed. Thus, it offers little insight into how social entrepreneurs select whom to approach for feedback and why, or why they struggle to access feedback. We conducted an in-depth inductive study based on 82 interviews with 36 nascent social entrepreneurs to investigate how they search for and select individuals to approach for feedback within and outside their social networks through an iterative appraisal process. Our findings start to open the black box of searching for resource holders in the resource mobilization process and offer insights on power and stigma in social entrepreneurship.

Contains fulltext : 235981.pdf (Publisher’s version ) (Open Access) In this study, we expand on the existing work on job crafting by focusing on (1) within-person fluctuation in affective experiences in relation to job crafting and person-job fit and (2) between-person fluctuations in personal growth initiative (PGI) as an important boundary condition of these relationships. Using multilevel data from 116 employees (341 observations), our results showed that fluctuations in positive active emotions (PAE) and negative active emotions (NAE) related positively to daily job crafting; this relationship was moderated by overall PGI levels. Next, we found a positive association between daily job crafting and daily person-job fit. Finally, we found indirect effects from NAE and PGI to daily fluctuations in person-job fit via daily fluctuations in job crafting; NAE and PGI energized employees to engage in daily job crafting, which contributed to their daily person-job alignment. We discuss implications for theory and practice. 20 p.

Organizational aesthetics comprises a way of understanding organizational life based on immediate sensory reactions (i.e., sight, hearing, taste, smell, and touch) to the material components of organizing (e.g., artifacts, physical settings, and material practices). Despite the growing interest in the topic, however, research is fragmented across management areas. To advance scholarly knowledge in this field, we reviewed the empirical work dealing with aesthetics. Our review yields two major insights. First, we identify three perspectives on the role of aesthetics. Scholars have treated aesthetics as (1) a directed stimulus (that elicits product evaluation and work organization), (2) a knowledge tool (that is entwined with creative work and everyday tasks), or (3) an open-ended outcome (that serves as a personal experience). Second, we find that each perspective highlights emotional and cognitive mechanisms through which aesthetics is implicated in organizing. Building on these two insights, our review offers an integrative framework that provides a comprehensive picture of the state of the field, illuminating the work of aesthetics in and around organizations and providing avenues for future studies.

ispartof: COGENT BUSINESS & MANAGEMENT vol:10 issue:1 status: accepted

Contains fulltext : 287589.pdf (Publisher’s version ) (Open Access) Workers in the low-wage service sector represent a sociodemographically heterogeneous and particularly vulnerable group in terms of job security, job quality and health implications. However, organizational inclusion research has largely neglected this group. In contrast, this article builds on a qualitative study of a Dutch aircraft cleaning company in order to assess the ‘inclusivity of inclusion approaches' for less privileged groups of employees. By reconstructing how managers and cleaners draw/rework boundaries, we identify certain configurations of inclusion and exclusion that can unfold more or less 'inclusive' consequences for historically disadvantaged group members, and more or less exclusionary repercussions for particularly privileged and/or majority group members. We stress the need to say goodbye to a linear narrative of organizations becoming 'inclusive as such'. Furthermore, we argue that the presence of decent working and employment conditions and the absence of steep differences in those conditions between groups represent the 'silent foundation’ of creating inclusivity. Consequently, we ask: does inclusion research reach its ‘natural limits' by tiptoeing around the topic of equality? 07 januari 2023 32 p.

ispartof: AFRICA JOURNAL OF MANAGEMENT vol:8 issue:1 pages:15-35 status: published

Multiple institutional affiliations (or co-affiliations) occur when an academic belongs to more than one organisation. Recent research shows an increase in academics with multiple affiliations, but evidence on how these are organised and on academics’ motivations is mainly anecdotal. In this study we develop a typology of co-affiliations, which identifies four types based on their purpose and origin. We draw on results from a unique international survey of academics in three major science nations (the UK, Germany and Japan) to study the different factors that could explain the four types of co-affiliations. The analysis shows that academics’ motivations (networking/prestige, resources, teaching or personal income) correlate with the observed co-affiliation type. Researcher-initiated and research-focused co-affiliations are often motivated by networking and resource access while co-affiliations that serve other than research purposes are more often income-motivated. Keywords: Multiple institutional affiliations, academic labour market, resource access, k-means clustering, science policy

We study statistical aspects of state-dependent Hawkes processes, which are an extension of Hawkes processes where a self- and cross-exciting counting process and a state process are fully coupled, interacting with each other. The excitation kernel of the counting process depends on the state process that, reciprocally, switches state when there is an event in the counting process. We first establish the existence and uniqueness of state-dependent Hawkes processes and explain how they can be simulated. Then we develop maximum likelihood estimation methodology for parametric specifications of the process. We apply state-dependent Hawkes processes to high-frequency limit order book data, allowing us to build a novel model that captures the feedback loop between the order flow and the shape of the limit order book. We estimate two specifications of the model, using the bid-ask spread and the queue imbalance as state variables, and find that excitation effects in the order flow are strongly state-dependent. Additionally, we find that the endogeneity of the order flow, measured by the magnitude of excitation, is also state-dependent, being more pronounced in disequilibrium states of the limit order book., Comment: 33 pages, 13 figures, v3: added a comparison with other related models plus some other minor amendments, to appear in Quantitative Finance

This article presents a synthesizing framework of the determinants of open innovation adoption in public organizations. We examine the fragmented literature and integrate earlier results. To provid...

We study whether carbon emissions affect the cross-section of US stock returns. We find that stocks of firms with higher total carbon dioxide emissions (and changes in emissions) earn higher returns, controlling for size, book-to-market, and other return predictors. We cannot explain this carbon premium through differences in unexpected profitability or other known risk factors. We also find that institutional investors implement exclusionary screening based on direct emission intensity (the ratio of total emissions to sales) in a few salient industries. Overall, our results are consistent with an interpretation that investors are already demanding compensation for their exposure to carbon emission risk.

This article aims to empirically explore how European labour markets are segmented and who the outsiders are. The article moves beyond the dichotomous approach to understanding labour market division, often based solely on examining employment relationships. Taking a multi-dimensional approach to defining labour market precariousness, this study incorporates aspects such as income, job prospects and subjective insecurity. Latent Class Analysis is used on data taken from the 2015 European Working Conditions Survey to extend the traditional definition of outsider-ness. Four labour market segments are found: insiders and three different types of outsiders: typical outsiders, dead-end insiders and subjective outsiders. Looking at the cross-national aspect, variations are found in the segmentation patterns, especially in terms of who the outsiders are. The findings show the need to examine various aspects of labour precariousness in order to capture the complexity of post-industrialised labour markets and identify different types of outsiders across Europe that need to be protected for building a more cohesive society. ispartof: Transfer-European Review of Labour and Research vol:27 issue:4 status: Published online

A new design can be compared with its contemporaries or older designs. In this study, we argue that the temporal distance between the new design and its comparison play an important role in understanding how a new design’s similarity with other designs contributes to its valuation. Construing the value of designs as a combination of their informational value and their expressive value, we propose the “anchored differentiation” hypothesis. Specifically, we argue that expressive value (which is enhanced by how much the new design appears different from others) is emphasized more than informational value (which is enhanced by how much the new design appears similar to others) compared with contemporary designs. Informational value, however, is emphasized more than expressive value when compared against designs from the past. Therefore, both difference from other contemporary designs (contemporary differentiation) and similarity to other past designs (past anchoring) help increase the value of a new design. We find consistent evidence for our theory across both a field study and an experimental study. Furthermore, we show that this is because temporal distance changes the relative emphasis on expressive and informational values. We discuss our contribution to the growing literature on optimal distinctiveness and design innovation by offering a dynamic perspective that helps resolve the tension between similarities and differences in evaluating new designs.

We find dealer-level evidence that recent regulation on the leverage ratio requirement causes deviations from covered interest parity. Our analysis uses a unique data set of currency derivatives with disclosed counterparty identities together with exogenous variation introduced by the U.K. leverage ratio framework. Dealers who are affected by the regulatory shock charge an additional premium of about 20 basis points per annum for synthetic dollar funding relative to unaffected dealers. This finding holds even after controlling for changes in clients' demand. Also, some clients increase their trading activity with unaffected dealers with whom they already had a preexisting relationship.

Globalization transforms not just the economics of production and exchange in the world, but also the political economy of public policies. We analyze how wine regulations, and more specifically planting rights restrictions, have been affected by globalization, in particular colonial expansions of wine producing empires. We study several historic cases and find that (a) planting right restrictions and compulsory uprooting of vineyards are introduced to deal with falling wine prices as colonial wine production takes off and expands; (b) that enforcement of the restrictions and uprooting was difficult and often imperfect; and (c) that there was a strong persistence of the policies: after their introduction the restrictions remain in place for a long time (often centuries) and they are only removed after major shocks to the political economy equilibrium.

On October 26, 2008, Porsche announced a largely unexpected domination plan for Volkswagen. The resulting short squeeze in Volkswagen’s stock briefly made it the most valuable listed company in the world. We argue that this was a manipulation designed to save Porsche from insolvency and the German laws against this kind of abuse were not effectively enforced. Using hand-collected data we provide the first rigorous academic study of the Porsche-VW squeeze and show that it significantly impeded market efficiency. Preventing manipulation is important because without efficient securities markets, the EU’s major project of the Capital Markets Union cannot be successful.

UNLABELLED: This paper investigates the economy-wide impact of the uptake of circular economy (CE) measures for the small open economy (SOE) of Belgium, in particular the impact of fiscal policies in support of lifetime extension through repair activities of household appliances. The impact assessment is completed by means of a computable general equilibrium model as this allows quantification of both the direct and indirect economic and environmental impact of simulated shocks. The results show that different fiscal policy types can steer an economy into a more circular direction. However, depending on the policy type, the impact on the SOE's macroeconomic structure and level of circularity differs. Furthermore, common claims attributed to a CE (e.g. local job creation or decreased import dependence) can be, but are not always, valid. Hence, policy-makers must prioritize their most important macroeconomic goals and opt for an according fiscal policy. Finally, this paper finds that the CO2 equivalent emissions calculated from a production (or territorial) perspective increase, while they decrease from a consumption perspective. This is explained by the substitution of international activities by local circular activities. This comparative analysis advocates for the consumption approach to assess the CE's impact on CO2 equivalent emissions. SUPPLEMENTARY INFORMATION: The online version contains supplementary material available at 10.1007/s00168-021-01079-6. ispartof: ANNALS OF REGIONAL SCIENCE vol:68 issue:2 pages:283-306 ispartof: location:Germany status: published

Healthier people contribute more to the development of the economy. Besides, in a better economy, people have a better quality and healthier life. At this stage, one has to ask which one precedes the other: health or wealth? To find the answer, this study aims to investigate the causality relationship between health and inclusive wealth in the European countries for the period of 1990–2015. The causality between health and inclusive wealth scores, which are estimated by cluster and discriminant analyses, is investigated by the panel causality test. The research results indicate bidirectional causality between health and inclusive wealth. A one-way causality is detected in 11 cases as being from inclusive wealth to health and in 8 the other way. Furthermore, a two-way causality is found in 2 countries. Among the results, it is noteworthy that 91% of the countries with causality from inclusive wealth to health are among the healthy countries.

Household financial decisions are complex, interdependent, and heterogeneous, and central to the functioning of the financial system. We present an overview of the rapidly expanding literature on household finance (with some important exceptions) and suggest directions for future research. We begin with the theory and empirics of asset market participation and asset allocation over the life cycle. We then discuss household choices in insurance markets, trading behavior, decisions on retirement saving, and financial choices by retirees. We survey research on liabilities, including mortgage choice, refinancing, and default, and household behavior in unsecured credit markets, including credit cards and payday lending. We then connect the household to its social environment, including peer effects, cultural and hereditary factors, intra-household financial decision-making, financial literacy, cognition, and educational interventions. We also discuss literature on the provision and consumption of financial advice. (JEL D15, G41, G50, J26, Z13)

Almost two decades ago, Prahalad and Hammond [Harv Bus Rev, 80(9):48–59, 2002] introduced the base/bottom of the pyramid (BOP) approach to profitably serving the poor with business models adapted from developed markets while alleviating poverty. In response to disappointing results and ethical criticism, the BOP approach evolved from a just-for-profit approach with a passive role of the poor to an inclusive development approach that integrates the principles of the triple bottom line. A recent review of the BOP literature [Dembek et al., J Bus Ethics 165(3):365–382, 2020], however, reveals a lack of empirical evidence to support the sustainable BOP approach. In this paper, we specify the assumptions underlying the sustainable BOP approach and test them using structural equation modeling with clustered robust standard errors on a unique dataset of 212 firms. Our findings show that BOP business model involvement and adaptive capacity are significant drivers of the triple bottom line at the BOP; however, business model adaptive capacity does not guarantee an ecologically sustainable performance at the BOP. We find that there is a need for further extension of the ethical foundations of the sustainable BOP approach.

We calibrate several advanced stock price models to a time series of real market data of European options on the DAX. Via a Monte Carlo simulation, we price barrier down-and-out call options for all models and compare the modeled prices to given real market data of the barrier options. The Bates model reproduces barrier option prices very well. The BNS model overvalues and Levy models with stochastic time-change and leverage undervalue the exotic options. The Heston model and a local volatility model undervalue the barrier option prices by about 5–6%. A heuristic analysis suggests that the different degree of fluctuation of the random paths of the models are responsible of producing different prices for the barrier options. Higher margins or additional risks like liquidity, calibration or model risk might economically explain why many advanced models undervalue barrier options.

Investment is one of the most crucial factors for a company. The decisions that a company makes in an investment uncertainty environment with high global competition, such as in the shipping industry, affects the life of the company either positively or negatively. Therefore, correct decision-making is extremely important particularly in an environment of investment uncertainty. Fuzzy set theory can be used to represent uncertainty and vagueness to generate decisions in decision-making problems. In this study, the aim is to evaluate ship investment by means of Net Present Value (NPV), Profitability Index (PI), and Payback Period (PP) under the Trapezoidal Interval Type-2 Fuzzy environment. In addition, two methods, Interval Type-2 Fuzzy Payback Period (IT2FPP) and Interval Type-2 Fuzzy Profitability Index (IT2FPI), were developed for the first time in the literature by integrating Interval Type-2 Fuzzy with traditional methods. These methods were then successfully applied to a real case study of ship investment for evaluation in the shipping industry in an uncertain environment.

ispartof: JOURNAL OF MONETARY ECONOMICS vol:121 pages:15-18 status: published

This paper explores the impact of the COVID-19 lockdown on aggregate employment in Belgium. To this end, we use microdata of all Belgian firms and apply a machine learning-based approach to simulate the impact of the lockdown on employment growth under various economic scenarios. In doing so, we distinguish between start-ups and incumbent firms with both short and long-term effects. In the short term, we expect to see significant losses of employment coming mainly from mature incumbent firms. In the long term, the missing generation of start-ups formed during the lockdown will have a significant and growing effect of slowing down the employment growth even a decade after the lockdown.

We examine whether and when star scientist collaborations produce indirect peer effects. We theorize that a star’s social status causes a collaboration to act as a prism; it reduces quality uncertainty, leading to increased recognition of coauthors’ ideas. We identify two moderators of prisms, other scientists’ quality uncertainty and awareness of the collaboration, and link prisms to “sleeping beauties”, articles that are initially overlooked and then rediscovered later. Empirically, we examine the effect on citations of collaborating with a star who either won, or – serving as the control group – who was nominated for but did not win, the Nobel Prize in Physics. We find that articles by the winners’ coauthors (and which were published prior to the focal coauthor’s first collaboration with the winner) receive a citation boost after the Nobel Prize is awarded, relative to articles by the coauthors of nominees, and that awareness and quality uncertainty moderate this effect. We further find that this difference in citations causes sleeping beauties written by the coauthors of Nobel Prize winners to be rediscovered faster. Our results clarify how star scientists’ indirect peer effects impact their coauthors and, through sleeping beauties, how prisms matter for science more broadly.

The capability approach evolved from the basic needs approach by prioritising the identification of development goals that are ultimately meaningful to the people concerned. This is also relevant to inclusion in so far as it is to involve what people value. While inclusion in cities is a widely shared developmental objective, it is understood and interpreted in categorically different and even opposing ways by a variety of disciplines and stakeholders. The challenge that faces us in making urban inclusion a readily understood requirement for human development is hence to clarify what is it that is to be ‘included’ to ensure the flourishing of human life. This chapter makes the case for a conceptually integrative approach to urban inclusion by linking the variety of approaches to housing using the core idea of agency that underlies the capabilities literature. It suggests that the identification of valuable or meaningful freedoms for citizens is facilitated by conceptually distinguishing means and ends such as by differentiating the roles of ‘habitation’ (i.e. the urban built environment) and ‘habitare’ (i.e. the evolving forms of inhabiting as the ‘functioning’ mediated and given context by built structures). We propose an agent-driven measure of human habitation, one that emphasises the notion of ‘habitare’, and is based on a multi-layered understanding. We make the case that making explicit this habitation–habitare nexus will enrich the structuring of inclusive cities in our times through a new, innovative, evidence-based approach bringing the social into the technical. We use the notion of a discriminant between passive notions of shelter to dynamic agent-driven construction of their preferred habitation to show that an innovative way to integrate the approaches to housing is to employ the concerns that lie at the core of the capability approach. We make the case that the capability approach permits us to use the experiential nature of habitation, to understand the values of the residents and to convert these into objective evaluation criteria and thereby improve the participation and agency of residents in informal and other marginalised communities.

Explores the rise of the brand as a medium through which the modern university represents and remakes itself.

Sports contexts are increasingly used in management research to test and develop theory and explore managerially relevant phenomena. This growth in publications is likely driven by a series of advantages that sports data offers to management researchers. However, such positive features are not a panacea, as several drawbacks are also associated with leveraging sports data, which can limit their usefulness for management scholars. In this paper, we aim to provide management researchers guidance to leverage the advantages and avoid the drawbacks of leveraging sports contexts. To do so, we identify and review 249 papers published over the last 50 years that used sports data to advance management theories and shed light on managerial phenomena. After outlining how these works contributed to the growth of several key conversations in management research, we discuss the advantages of using sports data by outlining how they can advance management research both conceptually (e.g., theory building and radical theorizing) and empirically (e.g., triangulation and replication). We then discuss the potential drawbacks of research using sports data and suggest ways to compensate for them. We close by outlining several new directions in which scholars can leverage sports data to further advance management research.

First published online: 19 June 2021 The past decade has profoundly reshaped the fiscal governance system of the Eurozone. Supranational prerogatives vis-à-vis State budgets have been significantly expanded, thereby redefining the nature of Union action in the field of fiscal policy and transforming the dynamics between the Union and its Member States. In spite of its overhaul and the practical effects that Eurozone fiscal governance now produces on the ground, the paper shows that overall, this regulatory system still formally qualifies as soft law. This results in a deep disconnect between the form and substance of Eurozone fiscal surveillance in the Eurozone, which raises a number of constitutional challenges. The paper shows that the source of this disconnect is to be found in the strict apprehension of the hard law/soft law divide and the narrow understanding of bindingness attached to it, which currently prevails in the legal discipline, but no longer corresponds to the realities of the EU’s regulatory practice. From there on, the paper offers an alternative approach towards the distinction between hard and soft law, based on a renewed, more open and contextual, understanding of the concepts of bindingness and legal effects, which might reconcile the form and the reality of Eurozone fiscal governance nowadays. This article was published Open Access with the support from the EUI Library through the CRUI - Springer Transformative Agreement (2020-2024)

Background Non-pharmaceutical interventions (NPIs) are the cornerstone of infectious disease outbreak response in the absence of effective pharmaceutical interventions. Outbreak strategies often involve combinations of NPIs that may change according to disease prevalence and population response. Little is known with regard to how costly each NPI is to implement. This information is essential to inform policy decisions for outbreak response. Objective To address this gap in existing literature, we conducted a systematic review on outbreak costings and simulation studies related to a number of NPI strategies, including isolating infected individuals, contact tracing and quarantine, and school closures. Methods Our search covered the MEDLINE and EMBASE databases, studies published between 1990 and 24 March 2020 were included. We included studies containing cost data for our NPIs of interest in pandemic, epidemic, and outbreak response scenarios. Results We identified 61 relevant studies. There was substantial heterogeneity in the cost components recorded for NPIs in outbreak costing studies. The direct costs of NPIs for which costing studies existed also ranged widely: isolating infected individuals per case: US$141.18 to US$1042.68 (2020 values), tracing and quarantine of contacts per contact: US$40.73 to US$93.59, social distancing: US$33.76 to US$167.92, personal protection and hygiene: US$0.15 to US$895.60. Conclusion While there are gaps and heterogeneity in available cost data, the findings of this review and the collated cost database serve as an important resource for evidence-based decision-making for estimating costs pertaining to NPI implementation in future outbreak response policies. Supplementary Information The online version contains supplementary material available at 10.1007/s40258-021-00659-z.

The analysis of ‘polycentric urban regions’ (PURs) crucially depends on the operational definition of their constituent centres. We extend an insight into this issue by exploring how analyses of th...

This paper provides a systematic literature review of studies investigating the effect of an intervention on the efficiency of a decision-making unit, when efficiency is computed using nonparametric frontier approaches. This paper offers a guide for future research by identifying patterns in (1) the fields of application, (2) applied efficiency models, and (3) analysis of efficiency determinants. Our findings indicate that, despite the prominent role of frontier techniques in the analysis of public sector performances and the importance of the effectiveness and the policy perspective, these two approaches have long been kept separate. Nevertheless, the combination of efficiency and effectiveness is fundamental to evaluate public interventions and to detect inefficiencies at the policy level, especially in key sectors such as education, health, and environment.

In this paper we extend to a dynamic setting the robust Orlicz premia and Haezendonck–Goovaerts risk measures introduced in Bellini, Laeven and Rosazza Gianin (2018). We extensively analyze the properties of the resulting dynamic risk measures. Furthermore, we characterize dynamic Orlicz premia that are time-consistent, and establish some relations between the time-consistency properties of dynamic robust Orlicz premia and the corresponding dynamic robust Haezendonck–Goovaerts risk measures.

Ecosystems are distinguished from other structural arrangements for value co-production by the nature of their governance and coordination challenges. As ecosystems are marked by their relative non-reliance upon formal, 1–1 supplier contracts to govern and coordinate productive activities, they need to find non-hierarchical ways of orchestrating ecosystem constituents such that a coherent system-level value offering is enabled and targeted at a defined user audience. Importantly, ecosystems cannot rely on ‘command-and-control’ governance to coordinate inputs from different participants, as would be the case of conventional supply chains. Instead, ecosystem leaders need to persuade others to make voluntary inputs that are consistent with the ecosystem’s overarching value offering. I call this task ‘ecosystem orchestration’. In this essay I suggest an ecosystem orchestration framework that distinguishes between technological, economic, institutional, and behavioural layers of ecosystem orchestration. I begin by highlighting distinctive governance challenges of ecosystems. I then provide a brief overview of the ecosystem orchestration literature. Then I introduce the different domains in which orchestration can be exercised. I conclude with a framework for orchestrating innovation ecosystems from birth to maturity. In addition to distinguishing between and describing technological, economic, institutional, and behavioural layers of ecosystem orchestration, the model also distinguishes between three stages of ecosystem momentum creation: initiation, scaling, and control. This framework has been designed to help practitioners to design strategies for ecosystem momentum creation.

In this paper, we examine the impact of including environmental, social and governance (ESG) criteria in the allocation of equity portfolios. We focus on the risk and return characteristics of the resulting ESG portfolios and investment strategies. Two specific measures are considered to quantify the ESG performance of a company; the ESG rating and the greenhouse gas (GHG) emission intensity. For both measures, we carry out empirical portfolio analyses with assets in either the STOXX Europe 600 or the Russell 1000 index. The ESG rating data analysis does not provide clear-cut evidence for enhanced performance of portfolios with either high or low ESG scores. We moreover illustrate that the choice of rating agency has a significant impact on the performance of the resulting ESG-constrained portfolios. Secondly, we study the impact of GHG emission reductions and increases. We show that emission reductions do not necessarily lead to increased risk or diminished returns, which gives confidence in a smooth transition towards the green economy pursued by the European Green Deal.

Entrepreneurship is uniquely stressful. Entrepreneurs often cannot avoid entrepreneurial stressors (e.g., uncertainty, workload, resource constraints) and these stressors can deter natural recovery activities (e.g., detachment and sleep). Yet, entrepreneurs may be able to lessen the negative impact of stress on their well-being, health, and productivity by engaging in recovery. In this editorial, we outline how scholars can employ recovery interventions to ameliorate some of entrepreneurship’s ill effects and support entrepreneurs’ health, well-being, and productivity. We aim to move the focus of scholarly inquiry from documenting the health and well-being challenges of entrepreneurs, toward identifying and implementing solutions to support entrepreneurs.

This paper analyzes the effect of a discrete treatment Z on a duration T. The treatment is not randomly assigned. The confounding issue is treated using a discrete instrumental variable explaining the treatment and independent of the error term of the model. Our framework is nonparametric and allows for random right censoring. This specification generates a nonlinear inverse problem and the average treatment effect is derived from its solution. We provide local and global identification properties that rely on a nonlinear system of equations. We propose an estimation procedure to solve this system and derive rates of convergence and conditions under which the estimator is asymptotically normal. When censoring makes identification fail, we develop partial identification results. Our estimators exhibit good finite sample properties in simulations. We also apply our methodology to the Illinois Reemployment Bonus Experiment.