Suchergebnisse

This paper investigates the real-time effects of foreign exchange intervention using official intraday intervention data provided by the Danish central bank. Denmark is currently pursuing an active intervention policy under the provisions of the Exchange Rate Mechanism (ERM II) and intervenes on a discretionary basis when considered necessary. Prior participation in ERM II is a requirement for adoption of the Euro. Therefore, our study is of particular relevance for the new European Union member states that are either currently participating in ERM II or expected to do so at a later date as well as for Denmark. Our analysis employs the twostep weighted least squares estimation procedure of Andersen, Bollerslev, Diebold and Vega (2003) and an array of robustness tests. We find that intervention exerts a statistically and economically significant influence on exchange rate returns when the direction of intervention is consistent with fundamentals and intervention is carried out during a period of high exchange rate volatility. We also show that the exchange rate does not adjust instantaneously to the unannounced and discretionary interventions under study. We conclude that intervention can be an important short-term policy instrument for exchange rate management.

This paper investigates the real-time effects of foreign exchange intervention using official intraday intervention data provided by the Danish central bank. Denmark is currently pursuing an active intervention policy under the provisions of the Exchange Rate Mechanism (ERM II) and intervenes on a discretionary basis when considered necessary. Prior participation in ERM II is a requirement for adoption of the Euro. Therefore, our study is of particular relevance for the new European Union member states that are either currently participating in ERM II or expected to do so at a later date as well as for Denmark. Our analysis employs the twostep weighted least squares estimation procedure of Andersen, Bollerslev, Diebold and Vega (2003) and an array of robustness tests. We find that intervention exerts a statistically and economically significant influence on exchange rate returns when the direction of intervention is consistent with fundamentals and intervention is carried out during a period of high exchange rate volatility. We also show that the exchange rate does not adjust instantaneously to the unannounced and discretionary interventions under study. We conclude that intervention can be an important short-term policy instrument for exchange rate management.

This paper investigates the real-time effects of foreign exchange intervention using official intraday intervention data provided by the Danish central bank. Denmark is currently pursuing an active intervention policy under the provisions of the Exchange Rate Mechanism (ERM II) and intervenes on a discretionary basis when considered necessary. Prior participation in ERM II is a requirement for adoption of the Euro. Therefore, our study is of particular relevance for the new European Union member states that are either currently participating in ERM II or expected to do so at a later date as well as for Denmark. Our analysis employs the two-step weighted least squares estimation procedure of Andersen, Bollerslev, Diebold and Vega (2003) and an array of robustness tests. We find that intervention exerts a statistically and economically significant influence on exchange rate returns when the direction of intervention is consistent with fundamentals and intervention is carried out during a period of high exchange rate volatility. We also show that the exchange rate does not adjust instantaneously to the unannounced and discretionary interventions under study. We conclude that intervention can be an important short-term policy instrument for exchange rate management.

This paper investigates the real-time effects of foreign exchange intervention using official intraday intervention data provided by the Danish central bank. Denmark is currently pursuing an active intervention policy under the provisions of the Exchange Rate Mechanism (ERM II) and intervenes on a discretionary basis when considered necessary. Prior participation in ERM II is a requirement for adoption of the Euro. Therefore, our study is of particular relevance for the new European Union member states that are either currently participating in ERM II or expected to do so at a later date as well as for Denmark. Our analysis employs the two-step weighted least squares estimation procedure of Andersen, Bollerslev, Diebold and Vega (2003) and an array of robustness tests. We find that intervention exerts a statistically and economically significant influence on exchange rate returns when the direction of intervention is consistent with fundamentals and intervention is carried out during a period of high exchange rate volatility. We also show that the exchange rate does not adjust instantaneously to the unannounced and discretionary interventions under study. We conclude that intervention can be an important short-term policy instrument for exchange rate management

Fairs, festivals and competitive events play a crucial role in the creative industries; yet their significance has been largely overlooked. This book explores the role of such events through a series of studies that include some of the most iconic fairs and festivals in the world. It brings together a team of distinguished scholars to examine art fairs, biennales, auctions, book fairs, television programming markets, film festivals, animation film festivals, country music festivals, fashion weeks, wine classifications and wine tasting events. This diverse set of studies shows that such events serve a variety of purposes: as field-configuring events (FCEs), as a way of ritualising industry practices and as 'tournaments of values' where participants negotiate different cultural values to resolve economic issues. Suitable for academics and practitioners, this book presents a fascinating new perspective on the role and importance of fairs, festivals and competitive events in the creative industries

In the late 1970s, neoinstitutional and organizational culture theorists challenged prevailing rationalist organizational paradigms by introducing social constructionism to the field of organizations. Despite their common foundation, these approaches built on seemingly contradictory empirical observations. Institutionalists observed that organizations actively copy one another's practices, resulting in substantial isomorphism, whereas culture theorists observed that organizations institutionalize distinctive cultures comprising practices that set them apart from others. These seemingly contradictory findings reflect processes of organizational identity formation and interorganizational construction of legitimacy as they have evolved since the rise of the corporate form in the 19th century. Formation of identity through uniqueness and construction of legitimacy through uniformity are two sides of the same coin. Research on management schools suggests organizations pursue individuation through uniqueness and legitimacy through commonality simultaneously and that organizations bridge the two processes in four ways, which the authors dub imitation, hybridization, transmutation, and immunization.

Since the middle of the 19th century, the formal organization has been constructed as a legitimate collective actor in and of itself. How did it rise to sit alongside the nation-state as one of the principal forms of collective action in modern society? The authors argue that the scientific epistemology of the Enlightenment provided a model in which the social world, like the natural world, was to be understood through the classification of forms and the enumeration of particular instantiations. Individuals deliberately created the modern organization by asserting a universal form through the symbolization of isomorphism and by enumerating individual identities through the symbolization of cultural identity. Neoinstitutional theory documents the first process, whereas organizational theory documents the second. The authors argue that these two theories highlight different aspects of a single process: the social invention of the organization as collective actor.