According to uncovered interest rate Parity (UIP), the expected relative change in an exchange rate is equal to the difference between interest rates between the two currencies. Empirically, UIP is frequently rejected. In this paper, we examine whether exchange rates have at least any tendency...

We investigate whether risk seeking or non-concave utility functions can help to explain the cross-sectional pattern of stock returns. For this purpose, we analyze the stochastic dominance efficiency classification of the value-weighted market portfolio relative to benchmark portfolios based on...

Most agent-based simulation models of financial markets are discrete-time in nature. In this paper, we investigate to what degree such models are extensible to continuous-time, asynchronous modelling of financial markets. We study the behaviour of a learning market maker in a market with...

In this paper, I present a theory of management control based on Transaction Cost Economics. This theory seeks to integrate into a single framework a set of insights as to the nature of the organization's activities, the control problems that are inherent in these activities, and the unique...

The emergence of electronic commerce complexes raises important questions regarding competence building and leveraging, both for practitioners and strategy scholars. Competences of brick-and-mortar incumbents (large and mature players) are being challenged by new entrants' click-and-mortar or...

Skepticism and disappointment have replaced the initial enthusiasm about CRM. The disappointing results of CRM-projects are often related to difficulties that managers encounter in embedding CRM in their strategy and organization structure. In this article we present a classification scheme on...

By using Paradigm, it is possible to model cooperating processes and to make the communication between these processes very clear. This report gives a formal description of this modeling method using state-transition diagrams in order to model processes and homomorphismes and interleavings in...

Does sharing market information help channel partners to build stronger mutual relationships? Is low initial trust really an impediment for further relationship development by means of information sharing? How do connections with other competing channel partners affect the relationship building...

We develop a Stochastic Dominance methodology to analyze if new assets expand the investment possibilities for rational nonsatiable and risk-averse investors. This methodology avoids the simplifying assumptions underlying the traditional mean-variance approach to spanning. The methodology is...

In this study, Heckler & Childers' (1992) two-dimensional conceptualization of incongruity is employed and related to the different schemas that consumers use in ad processing. Consumers can relate advertising to expectations about ads for the product concerned from the ad schema or to...