We expand on research concerning the well-pronounced influence of geographical peer groups on human behavior. For this purpose, bank-specific risk-taking behavior and its relation to culturally close banks – measured by geographical as well as linguistic distance – is examined. We hypothesize that the level of risk taken by an distinct bank can be explained by the risk-taking behavior of other ...

Business groups are a common type of enterprise in late-developing countries, yet their existence appears to be at odds with extant theory in strategic management. Drawing on Schumpeter, we suggest that entrepreneurs in late development build a business group by engaging in a distinct type of innovation. Instead of creating new products they leverage local and foreign contacts to combine foreig...

The “crowd” in online crowdfunding is no longer just comprised of retail investors; in fact, debt-based crowdfunding or peer-to-peer lending has long attracted the interest of institutional investors. Given their expertise, institutional investors are often referred to as “smart money” in traditional financial markets. It is not clear however how they may behave in this nascent market, and more...

Parablackwelderia is the oldest known stalk-eyed trilobite and thrived during the middle–late Cambrian (Guzhangian Age) in eastern Gondwanaland. The elongated palpebral lobe extends outward and forward from the anterior corner of the cranidium and shows positive allometry, becoming markedly longer and relatively thinner in large specimens. The animal occurred in muddy environments and may have ...

M. Radeny, D. Nkedianye, P. Kristjanson, M. Herrero Summary This article addresses livelihood choices and income diversification strategies among agro-pastoralists and pastoralists in southern Kenya, and the factors influencing the returns to the diverse livelihood strategies being pursued. We explore how variability in income and wealth levels across households can be explained by household-le...

abstract the expansion of financ system expanding in a country is one of the main determinant factors of foreign investment. flow and the system is affected by essential factors such as political constancy. political risks of each country is evaluated by political system figuration, its constancy, policies constancy and regular rules existence for political competition. this constancy is the mo...

Reedswamps meet three important functions in landscape ecology: They act as a structural element and as a food-plant for a highly specialized fauna (species protection), the rhizomes stabilize the sediment and the stalks dissipate the wave energy (shore protection), and they improve the conditions for an enhanced microbial decomposition of an external organic load and an elimination or fIXation...

This paper addresses the question of why, in spite of its recent success, behavioral economics does not influence most discussions about how economic policy ought to be made. Failing to penetrate into contemporary discourse on leading policy issues is a serious problem, because behavioral techniques often point to policy prescriptions that are at odds with the prescriptions which follow from mo...

Though the general setup does not require a particular probability measure, there may be situations in which the decision maker makes choices according to some subjective, probabilistic beliefs. For such decision makers, it is useful to understand the implied stochastic ordering properties of their choices relative to the underlying probability measure P ∈ P that they are using. In this section...