Voter Participation in the 1998 Bundestag Elections: A Theoretical Modification and Empirical Application of Downs’ Theory of Voter Participation

This article seeks to contribute to the illumination of the so-called 'paradox of voting' using the German Bundestag elections of 1998 as an empirical case. Downs' model of voter participation will be extended to include elements of the theory of subjective expected utility (SEU). This will allow a theoretical and empirical exploration of the crucial mechanisms of individual voters' decisions to participate, or abstain from voting, in the German general election of 1998. It will be argued that the infinitely low probability of an individual citizen's vote to decide the election outcome will not necessarily reduce the probability of electoral participation. The empirical analysis is largely based on data from the ALLBUS 1998. It confirms the predictions derived from SEU theory. The voters' expected benefits and their subjective expectation to be able to influence government policy by voting are the crucial mechanisms to explain participation. By contrast, the explanatory contribution of perceived information and opportunity costs is low.

The Nestlé crash

On November 17, 1988, the board of directors of Nestlé AG decided to allow foreign investors to hold Nestlé registered stock, reversing a longstanding practice. This decision had a tremendous impact on the prices of the firm's three classes of common stock, as well as on the prices of several other corporations traded on the Zürich stock exchange. These price changes can be explained by the hypothesis that demand curves slope down.

Heterogeneous Beliefs and the Demand for D&O Insurance by Listed Companies

This paper introduces a new rationale for the existence of “Directors’ and Officers’” (D&O) insurance. We use a model with volatile stock markets where shareholders design compensation schemes that incentivize managers to stimulate short-term increases in stock prices that do not maximize long run stock market value. We show that D&O insurance provides a convenient instrument for the initial shareholders of a company to take advantage of differences in beliefs between insiders and outsiders in capital markets. The empirical results support the idea that both the insurance coverage and the premium are higher in the presence of new shareholders and volatile markets. The results prove robust in various empirical model specifications.

Reformverlierer an der Basler Universität des 15. Jahrhunderts oder: die verhinderte Definitionsmacht der Juristen

Shortly after the founding of the University of Basel (1460), there was a reform conflict that was sparked by the election of the Rector and the question oft he future leadership of the University. A group of mostly aristocratic and honorable lawyers (being verified prosopographically in the article), supported of influential people of the city of Basel, tried to introduce an Italian constitution modeled after the Law-University of Bologna contrary to the habits north of the Alps. The plan failed, and the group was made reform losers, because the universities of the German speaking countries had developed into ‚Four-Faculties-Universities‘ with regularly changing leadership, in which the faculty of arts frequentially and financially set the tone. To compensate the Basel University, the first in the Empire, created an ordo differencie in which the different social ranks of University attendees already noticed in practice were also laid down by statute.

Quinoa production in the Nor Lipez province (Bolivia): Gender roles in export-led agriculture and challenges for research on rural employment

The recent increase in prices and production of quinoa have had important effects on the employment structures and livelihoods of rural communities in the Nor Lipez Province (Bolivia). The "quinoa boom" resulted in significant changes in household incomes and in gender roles in the context of increasing market integration. The nature of these changes however is not easy to grasp, as new official narratives on gender and on traditional systems of labour divisions and shared access to land have surfaced since the election of Evo Morales (2006) and the adoption of a new constitution (2009). Furthermore, rural employment is found to be much more diverse than the term suggests. Women have always participated in the production of quinoa when it was widely considered as a subsistence crop. Our research takes place in the Nor Lipez Province, Bolivia with exploratory studies that were conducted in January and February 2015 in 8 rural communities of quinoa producers. Preliminary results suggest positive effects for local women in that they managed to earn additional income which might have contributed to their empowerment. This article will present both preliminary results, challenges for gender-oriented research in Bolivia and the methodology aiming to capture changes at the individual, the household and the community level through a survey that will be conducted from September to November 2015 in 500 households.

Campaigning Against Europe? The Role of Euroskeptic Fringe and Mainstream Parties in the 2009 European Parliament Election

In this article, we analyze political parties' campaign communication during the 2009 European Parliamentary election in 11 countries (Austria, Bulgaria, Czech Republic, Germany, Hungary, The Netherlands, Poland, Portugal, Spain, Sweden, and the UK). We study which types of issues Euroskeptic fringe and Euroskeptic mainstream parties put on their campaign agendas and the kind and extent of EU opposition they voice. Further, we seek to understand whether Euroskeptic and non-Euroskeptic parties co-orient themselves toward each other within their national party systems with regard to their campaigns. To understand the role of Euroskeptic parties in the 2009 European Parliamentary elections, we draw on a systematic content analysis of parties' posters and televised campaign spots. Our results show that it is Euroskeptic parties at the edges of the political spectrum who discuss polity questions of EU integration and who most openly criticize the union. Principled opposition against the project of EU integration, however, can only be observed in the UK. Finally, we find indicators for co-orientation effects regarding the tone of EU mobilization: In national political environments where Euroskeptic parties strongly criticize the EU, pro-European parties at the same time publicly advance pro-EU positions.

A test of the Bolton-Scheinkman-Xiong hypothesis of how speculation affects the vesting time of options granted to directors

This paper investigates empirically the Bolton, Scheinkman, and Xiong (2006) hypothesis, according to which initial shareholders may provide incentives to managers to take actions that stimulate speculative bubbles. We test this hypothesis with data on up to 8,544 directors and up to 1,677 companies between 2004-2008. Using vesting time as a measure of the short-term performance weighting in CEO compensation and various alternative measures of the extent of speculation, the findings support the hypothesis: vesting time decreases with more intensive speculation. The results prove robust in various empirical model specifications.

In search of the "why" behind campaign professionalisation: explaining the degree and profile of campaign professionalisation by an empirical analysis of 23 Swiss cantonal election campaigns

Die Organisation und die strategische Kommunikation von Wahlkämpfen haben sich in den letzten Jahrzehnten in den meisten westeuropäischen Staaten gewandelt, so auch in der Schweiz. Die Kommunikationswissenschaft hat dafür den Begriff der „Professionalisierung“ geprägt und Eigenschaften zusammengetragen, die zu einem „professionalisierten“ Wahlkampf gehören – wie z.B. die Beauftragung von externen Expertinnen und Experten oder die direkte Ansprache von Wählerinnen und Wählern („narrowcasting“). Welche Hintergründe diese Professionalisierung aber hat und wie das Phänomen nicht nur praktisch zu beschreiben, sondern auch theoretisch zu begründen ist, wurde bisher kaum diskutiert. Hier setzt die vorliegende Dissertation an. Basierend auf einer Analyse von 23 Wahlkämpfen aus den Kantonen Aargau, Appenzell Ausserrhoden, Bern, Neuchâtel und Zürich mithilfe der Methode Fuzzy Set Qualitative Comparative Analysis (fsQCA) kommt sie zum Schluss, dass die Professionalisierung der Wahlkämpfe vor dem theoretischen Hintergrund des soziologischen Neo-Institutionalismus als Anpassung von Wahlkämpfen an sich verändernde Bedingungen, Erwartungen und Anforderungen in den wichtigsten Anspruchsgruppen oder „Umwelten“ für den Wahlkampf (Wählerinnen und Wähler, Mitglieder, Medien, andere Parteien) definiert werden kann. Daraus folgt, dass es nicht nur „die“ Professionalisierung gibt, sondern dass jeder Wahlkampf an jene Umwelten angepasst wird, wo diese Anpassung den Wahlkampfverantwortlichen am dringlichsten erscheint. Daher sollte Professionalisierung mit vier einzelnen Messinstrumenten bzw. Professionalisierungsindices – einem pro Umwelt – gemessen werden. Misst man Professionalisierung wie bisher üblich nur mit einem einzigen Messinstrument, gibt der resultierende Wert nur ein ungenaues Bild vom Grad der Professionalisierung des Wahlkampfs wieder und verschleiert, als Anpassung an welche Umwelt die Professionalisierung geschieht. Hat man ermittelt, wie professionalisiert ein Wahlkampf im Hinblick auf jede der vier relevantesten Umwelten ist, können dann auch zuverlässiger die Gründe analysiert werden, die zur jeweiligen Professionalisierung geführt haben. Die empirische Analyse der kantonalen Wahlkämpfe bestätigte, dass hinter der Professionalisierung in Bezug auf jede der vier Umwelten auch tatsächlich unterschiedliche Gründe stecken. Wahlkämpfe werden in Bezug auf die Ansprache der Wähler angepasst („professionalisiert“), wenn sie in urbanen Kontexten stattfinden. Den Wahlkampf im Hinblick auf die Mitglieder zu professionalisieren ist besonders wichtig, wenn die Konkurrenz zwischen den Parteien gross ist oder wenn eine Ansprache der Gesamtwählerschaft für eine Partei wenig gewinnbringend erscheint. Die Professionalisierung des Wahlkampfes in Bezug auf die Medien erfolgt dann, wenn er eine grosse, regional stark verteilte oder aber eine urbane Wählerschaft ansprechen muss. Für die Professionalisierung der Wahlkämpfe gegenüber anderen Parteien kann kein aussagekräftiger Schluss gezogen werden, da nur wenige der untersuchten Kantonalparteien ihre Wahlkämpfe überhaupt im Hinblick auf andere Parteien professionalisierten, indem sie die gegnerischen Wahlkämpfe beobachteten und den eigenen wenn nötig entsprechend anpassten.