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ESMT White Paper

Analyzing the relationship between regulation and investment in the telecom sector

ESMT White Paper No. WP-108-01
Subject(s)
Economics, politics and business environment
Keyword(s)
telecommunications, access regulation, unbundling, investment, European Union
JEL Code(s)
C51, L59, L96
This study analyses the relationship between entry regulation and infrastructure investment in the telecommunication sector. The empirical analysis we conduct is based on a comprehensive data set covering 180 fixed-line and mobile operators in 25 European countries over 10 years and employs a newly created indicator measuring regulatory intensity in the European countries. We carefully treat the endogeneity problem of regulation by applying instrumental variables and find that tough entry regulation (e.g. unbundling) discourages infrastructure investment by entrants but has no effect on incumbents in fixed-line telecommunications. We do not find significant impact of entry regulation on investment in mobile telephony.
Pages
70
ISSN (Print)
1866–4016
ESMT Business Brief

Consolidation index: Critical success factors for industry consolidation

ESMT Business Brief No. BB-108-001
Subject(s)
Strategy and general management
Keyword(s)
consolidation index, industry consolidation, industry structure, critical success factors, banking industry, utilities industry
JEL Code(s)
L10
While markets internationalize and at the same time consolidate, companies have to ask themselves if they can develop to one of the market leaders in this broader international market. To give guidance to this question, the business brief introduces the concept of the consolidation index as a framework for developing and validating strategies in this regard and discusses the results of the consolidation index for the European banking and utilities industry.
Pages
20
ISSN (Print)
1866–4024
Book Chapter

Der 'Refined Economic Approach' in der Beihilfenkontrolle: Innen- und Außenansichten

In Der 'More Economic Approach' in der Beihilfenkontrolle, Schriften des Vereins für Socialpolitik, edited by P. Oberender, 49–62. Frankfurt am Main: Verein für Socialpolitik.
Subject(s)
Economics, politics and business environment
Keyword(s)
competition policy, state aid
JEL Code(s)
D6, L43, L44, L50, K21
Secondary Title
Der 'More Economic Approach' in der Beihilfenkontrolle, Schriften des Vereins für Socialpolitik
Pages
49–62
Journal Article

Dimensioning large-scale membership services

Operations Research 56 (1): 173–187
Francis de Véricourt, Otis B. Jennings (2008)
Subject(s)
Product and operations management
Keyword(s)
diffusion models queues, limit theorems, staffing stochastic model applications, service operation
Motivated by workforce planning problems in health care, professional, warranty, and repair services, we propose modeling service centers that are exclusively dedicated to fixed client constituencies as closed multiserver queueing systems, a framework we refer to as membership services. We provide fluid and diffusion approximations of the number of users within the membership who are requesting service. The approximations are obtained via many-server limit theorems, where the limiting regime assumptions of each theorem correspond to a particular staffing strategy a manager might employ. Accordingly, we propose staffing rules designed to meet a certain desired performance criterion. In particular, when the objective is to minimize the staffing size subject to a constraint on the probability of delay for a service-requesting customer, we suggest staffing rules inspired by the so-called quality- and efficiency-driven (QED), or Halfin-Whitt, limiting regime. Numerical evaluations of our proposed QED scheme indicate that, although justified for large systems, the staffing rule performs well for memberships of all sizes.
© 2008 INFORMS
Volume
56
Journal Pages
173–187
Working Paper

Do 'sophisticated' investors believe in the law of small numbers?

Erasmus University Working Paper No. ERS-2006-033-F&A
Guillermo Baquero, Marno Verbeek (2008)
Subject(s)
Finance, accounting and corporate governance
Keyword(s)
Law of small numbers, performance persistence, overreaction, hedge fund investors, hot-hand bias
JEL Code(s)
G11, G14, G23
Book Chapter

Konkurrenzanalyse

In Handbuch Marktforschung, edited by Andreas Herrmann, Christian Homburg, Martin Klarmann, 745–769. Wiesbaden: Gabler.
Mario Rese, Markus Karger (2008)
Subject(s)
Marketing
Secondary Title
Handbuch Marktforschung
Pages
745–769
ISBN
978–3–8349–0342–6
Journal Article

Liquidity management and overnight rate calendar effects: Evidence from German banks

North American Journal of Economics and Finance 19 (1): 7–21
Falko Fecht, Kjell G. Nyborg, Jörg Rocholl (2008)
Subject(s)
Finance, accounting and corporate governance
Keyword(s)
reserve requirements, liquidity, overnight rates, banking
We document a general pattern in the euro area overnight interbank rate (EONIA) and analyze how German banks compared to other EMU banks respond to these predictable changes in the price for reserve holdings. At the beginning of the maintenance period, when the EONIA is typically above average, we observe that German banks hold substantially less reserves than their daily average required reserves. Thus in contrast to other EMU banks, German banks back load the fulfillment of their reserve requirements over the reserve maintenance period and thereby benefit from the general pattern in the EONIA. Looking at the disaggregate data we find than this is particularly the case for the Landesbanks.We argue that the end of the calender month effect in the EONIA may be driven by a temporary shortage of liquidity, relative to reserve requirements, at the beginning of the maintenance period (which coincides with the end of the calendar month).
With permission of Elsevier
Volume
19
Journal Pages
7–21
Working Paper

Long-term effectiveness of a transitional leadership development program: An exploratory story

INSEAD Working Paper No. 2008/24/EFE
Manfred Kets de Vries, Thomas Hellwig, Laura Guillén Ramo, Elizabeth Florent-Treacy, Konstantin Korotov (2008)
Subject(s)
Human resources management/organizational behavior
Keyword(s)
transformational leadership development programs, leadership group coaching, 360-degree feedback surveys, executive education outcomes, Global Executive Leadership Inventory
A pdf file of this working paper may be available at INSEAD.
Pages
27
Journal Article

Overcharge estimations in cartel cases: Lessons learned from a recent judgment on the German paper wholesaler cartel

Global Competition Litigation Review 1 (1): 1–10
Subject(s)
Economics, politics and business environment
Keyword(s)
competition policy
Volume
1
Journal Pages
1–10
Book Chapter

Revealing customers' willingness to pay: Interaction and interdependency of advantage, knowledge and options

In Proceedings of the 1st International Seminar on PSS -Dynamic Interdependency of Products and Services in the Production Area, edited by Sonderforschungsbereiches/Transregio 29, 47–52. Aachen: Shaker.
Mario Rese, Markus Karger, Wolf-Christian Strotmann (2008)
Subject(s)
Marketing
Keyword(s)
communication, willingness to pay, net present value approach, real options approach, flexibility
Secondary Title
Proceedings of the 1st International Seminar on PSS -Dynamic Interdependency of Products and Services in the Production Area
Pages
47–52
ISBN
978–3–8322–7227–2