Kaiserslautern - Fachbereich Wirtschaftswissenschaften
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We examine the predictability of 299 capital market anomalies enhanced by 30 machine learning approaches and over 250 models in a dataset with more than 500 million firm-month anomaly observations. We find significant monthly (out-of-sample) returns of around 1.8–2.0%, and over 80% of the models yield returns equal to or larger than our linearly constructed baseline factor. For the best performing models, the risk-adjusted returns are significant across alternative asset pricing models, considering transaction costs with round-trip costs of up to 2% and including only anomalies after publication. Our results indicate that non-linear models can reveal market inefficiencies (mispricing) that are hard to conciliate with risk-based explanations.
Without actors, there is no action: How interpersonal interactions help to explain routine dynamics
(2020)
In this paper, we argue that it is important to gain a better understanding on how people interact with each other to explain routine dynamics. Thus, we propose to focus on the interpersonal interactions of actors which is not only the fact that actors interact with each other but that the manner and quality of these interactions is important to understand routine dynamics. By drawing on social exchange theory, we propose a framework that seeks to explain routine dynamics based on different relationships between actors. Building on this framework, we provide different process models indicating how routine performing and patterning is enacted due to the respective relationship of actors. Our insights contribute to research on routine dynamics by arguing (1) that actions of patterning are dependent on the relationship of actors; (2) that trust works as an enabler for creating new patterns of actions; (3) that distrust functions as an enhancer for interrupting and dissolving patterns of actions.
This thesis addresses several challenges for sustainable logistics operations and investigates (1) the integration of intermediate stops in the route planning of transportation vehicles, which especially becomes relevant when alternative-fuel vehicles with limited driving range or a sparse refueling infrastructure are considered, (2) the combined planning of the battery replacement infrastructure and of the routing for battery electric vehicles, (3) the use of mobile load replenishment or refueling possibilities in environments where the respective infrastructure is not available, and (4) the additional consideration of the flow of goods from the end user in backward direction to the point of origin for the purpose of, e.g., recapturing value or proper disposal. We utilize models and solution methods from the domain of operations research to gain insights into the investigated problems and thus to support managerial decisions with respect to these issues.
Complex global sustainability challenges cannot be solved by governance and technology alone, but rather demand a broader cultural shift towards sustainability. Various authors postulate that a social change towards more sustainability can be manifested by a shift in human consciousness towards a more spiritual mindset. Similarly, the contemporary discourse in business literature increasingly emphasizes the importance of spirituality for business sustainability. This cumulative dissertation attempts to explore how the individual’s spirituality may be connected to business sustainability. Therefore, I carried out three studies on specific research gaps in the broad field of the connection between individual spirituality and business sustainability. Paper one (Chapter 2) addresses the general connection between the individual`s spirituality and business sustainability. The goal of the applied systematic literature review was to gain an overview of the themes that are discussed in the related literature and build a cohesive framework. This paper contributes to the literature stream of spirituality in business.
Paper two and three focus on the individual level of spirituality and business sustainability. In paper two (chapter three), we address the spiritual practice mindfulness, a secularized, widely discussed Eastern spiritual practice that is gaining popularity in the Western (business) world. Katharina Spraul co-authored this paper. Mindfulness describes a nonjudgemental, nonevaluative process of paying attention to what is happening internally and externally. We connect mindfulness to business sustainability in such a way that we hypothesize that mindfulness serves as a moderator between the intention and behavior relationship in the field of green employee behavior. Employee pro-environmental behavior was found to be an important antecedent of ecological and economic business sustainability, such as green procurement, and ecological efficiency. In order to test this hypothesis, we applied a quantitative prospective design, assessing variables at two points of time. This paper enhances the theoretical strands of mindfulness research and employee green behavior.
Paper three (chapter four) was written in co-authorship with Katharina Spraul. In this study, in terms of spiritual practices, we focus on German part-time yoga teachers. We investigate the meaningfulness experience of multiple jobholders with the case of part-time yoga teachers. Empirical research has linked meaningful work to job satisfaction and health (social sustainability) as well as work engagement and performance (economic sustainability). We pose the questions: What were the motives to start the secondary job as a yoga teacher? Which job is perceived as more meaningful and why? How does teaching yoga affect the meaningfulness of the primary, organizational job? In order to answer these questions, we applied a mixed method design. On the one hand, we conducted narrative interviews with part-time yoga teachers. On the other hand, we asked these interviewees to rank and rate Rosso et al.'s (2010) seven meaningfulness mechanisms for their jobs (with which we calculated meaningfulness values of each job). With this paper, we address gaps in research on meaningful work and multiple jobholders.
Considering the outlined theoretical strands, this cumulative dissertation contributes to sustainable development by a differentiated discussion of the relationship between the individual’s spirituality and business sustainability.
Industrial Ecology's Hidden Philosophy of Nature. Fundamental Underpinning to Use Nature as Model
(2001)
In its scientific sense, industrial ecology represents an emerging transdisciplinary field of studying industrial systems and their fundamental linkage with natural ecosystems. As a short form, industrial ecology is called the "science of sustainability". At the bottom of industrial ecology there is a refreshingly different perspective of understanding nature as model in comparison with other scientific disciplines and concepts of understanding nature e.g. in terms of "sack of resources", "biophysical limit", "something outside", "surrounding", or just "environment" as opposed to industrial systems. The keynote of industrial ecology's specific perspective of understanding nature is to balance the development of industrial systems with the constraints of natural eco-systems, analogous to an "industrial symbiosis". The goal is to contribute for laying a fundamental underpinning for industrial ecology in its scientific sense, in this case especially for its use of nature as model. Therefore an impressive battery of philosophical arguments is provided bringing to bear against the sort of probably raised fallacies and facile or hasty proclaimed critics by sceptics, hard-liners, and mainstream-scientists who often overlook industrial ecology's stimulating role towards sustainability.
Corporate environmental reporting makes good business and environmental sense. A big challenge for companies is to utilize the technical benefit of state of the art IT, especially of Internet-technologies and Internet-services. In this paper an approach of internet-based environmental reports by companies is presented. Three different levels are discussed: The first level deals with the basics of corporate environmental reports (CER) by companies. Illustrating the order within the emerging field of CERs a morphological box is suggested (section 1). Building on this, general requirements for corporate environmental reports are outlined (section 2). On the second level, the general reporting requirements are specified by IT-relevant challenges, seen as starting points for internet-based environmental reports (section 3). The immense technical benefit of using the Internet towards efficient, integrated, interactive, hypermedia-featured, dialog-oriented, and customised environmental reporting is analysed (section 4). On the basis of the technical benefit analysis, the state of the art of internet-based CERs is presented (section 5). The third level refers to the IT-application turning from the basics, IT-challenges and technical benefit to consequences for environmental reporting companies in practice. Thereby a fundamental framework for internet-based CERs is sketched (section 6). Grounded on this framework a basic architecture of an IT-implementation is explained (section 7).
Organizational Coordination of Digital Structures: The Effects of ICT and Values on Grand Challenges
(2022)
This doctoral thesis sheds light on organizing contributions toward grand challenges by
highlighting various effects on organizing values, coordination mechanisms, and digital
technologies. Grand challenges are defined as vast and complex problems affecting
organizations, governments, and entire societies. The objective of this thesis is to address such
global societal problems. Towards this end, at first a systematic literature review depicts the
overall process of addressing grand challenges. Second, building upon the holistic process from
this literature review, an empirical inquiry is conducted, scrutinizing the development of
organizing mechanisms and structures along organizing values. Third, digital technologies and
their role in the solution process are explored. Taken as a whole, the systematic literature
review offers a holistic overview over the solution process of grand challenges addressed by
organizations, while the empirically substantiated theoretical frameworks analyze and
highlight coordination mechanisms, organizing structures and values, as well as digital
infrastructures in great detail.
I report on two experiments, which were designed to test theoretical predictions about individual behavior in a duopolistic setting. With quantity being the choice variable a simultaneous Cournot game and a sequential Stackelberg game were tested over two periods. The key feature of both models was that players were able to lower marginal cost for period two if they successfully outperformed their competition in period one in terms of profit. Experimental results suggest that in the Cournot game players are very competitive in period one but become Cournot players in period two. In the Stackelberg game Cournot play is modal, suggesting that players have preferences for equality in payoffs, which maybe brought about by punishment of Stackelberg followers and fear of punishment of Stackelberg leaders . Overall, players earned more money in the Stackelberg game than in the Cournot game.