The KLU faculty, post-docs, and PhD candidates regularly publish the results of their research in scientific journals. You will find a complete overview of all KLU publications below (e.g. articles in peer-reviewed journals, professional journals, books, working papers, and conference proceedings). Search for relevant terms and keywords, or filter the list by name, year of publication or type of publication. The references include DOIs and abstracts where available, and you can download them to your own reference database or platform. We regularly update the database with new publications.

Journal Articles (Peer-Reviewed)

Copy reference link   DOI: 10.1016/j.psychres.2013.12.044

Abstract: Studies revealed that patients with paranoid schizophrenia display overconfidence in errors for memory and social cognition tasks. The present investigation examined whether this pattern holds true for visual perception tasks.Nonclinical participants were recruited via an online panel. Individuals were asked to complete a questionnaire that included the Paranoia Checklist and were then presented with 24 blurry pictures; half contained a hidden object while the other half showed snowy (visual) noise. Participants were asked to state whether the visual items contained an object and how confident they were in their judgment. Data from 1966 individuals were included following a conservative selection process.Participants high on core paranoid symptoms showed a poor calibration of confidence for correct versus incorrect responses. In particular, participants high on paranoia displayed overconfidence in incorrect responses and demonstrated a 20% error rate for responses made with high confidence compared to a 12% error rate in participants with low paranoia scores. Interestingly, paranoia scores declined after performance of the task.For the first time, overconfidence in errors was demonstrated among individuals with high levels of paranoia using a visual perception task, tentatively suggesting it is a ubiquitous phenomenon. In view of the significant decline in paranoia across time, bias modification programs may incorporate items such as the one employed here to teach patients with clinical paranoia the fallibility of human cognition, which may foster subsequent symptom improvement.

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Copy reference link   DOI: 10.1016/j.obhdp.2014.04.003

Abstract: This longitudinal study used data from 91 self-managed teams (456 individuals, 60 nationalities) to examine the interactive effects of a team’s task (“workflow”) network structure and its cultural diversity (as indexed by nationality) on the team’s “potency” (i.e., the team’s confidence in its ability to perform) and its performance (as rated by expert judges). We found that whereas the emergence of dense task networks enhanced team potency it was the emergence of (moderately) centralized task networks that facilitated team performance. These varied structural effects, moreover, were themselves contingent on team composition: the more culturally diverse a team, the more pronounced were the positive effects of network density on team potency and the higher the level of network centralization required for optimal team performance. The success of a team appears to hinge on the interplay between network structure and team composition.

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Copy reference link   DOI: 10.14257/ijt.2014.2.1.03

Abstract: Logistics optimization problems are often complex (NP - hard). Especially for large problem scopes in logistics and new agent-based freight transport models which have to solve these problems for many agents, simplifying modelling and solving procedures are necessary in order to reduce the level of complexity. Due to the variety of existing approaches and the specifics of each problem it is often difficult to find an appropriate method. This paper seeks to facilitate this process as it identifies ‘meta’ heuristics within literature, i.e. abstract courses of action that, when adapted, have proven successful in various problems. It presents a classification of general simplification principles that are useful for reducing the complexity of logistics problems, in order to facilitate understanding between academics and practice. The derivation of the related principles is based on the examination of five problems in logistics literature: facility location, distribution system, lot size, bin packing, and vehicle routing.

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Copy reference link   DOI: 10.1177/0956797613519110

Abstract: Adequate perception of bodily sensations is essential to protect health. However, misinterpretation of signals from within the body is common and can be fatal, for example, in asthma or cardiovascular disease. We suggest that placing interoceptive stimuli into interoceptive categories (e.g., the category of symptoms vs. the category of benign sensations) leads to perceptual generalization effects that may underlie misinterpretation. In two studies, we presented stimuli inducing respiratory effort (respiratory loads) either organized into categories or located on a continuous dimension. We found pervasive effects of categorization on magnitude estimations, affective stimulus evaluations, stimulus recognition, and breathing behavior. These findings indicate the need for broadening perspectives on interoception to include basal processes of stimulus organization, in order for interoceptive bias to be understood. The results are relevant to a wide range of interoception-related phenomena, from emotion to symptom perception.

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Copy reference link   DOI: http://dx.doi.org/10.1016/j.ijpe.2013.12.020

Abstract: AbstractMotivated by a particular multinational cutting-tools manufacturer, we extend the traditional economic order quantity (EOQ) model for maintenance-repair-and-overhaul (MRO) customers under stochastic purchase price and use it to show how price variance leads to bullwhip effect for the MRO manufacturer despite constant consumption by the customer. Our extension of the EOQ model is based on two assumptions that are reasonable for MRO customers: (a) customer consumption rate of the product is constant; and (b) the customer places each order when the inventory level drops to a pre-specified level (say, zero). We determine the customer's optimal ordering quantity in closed form expressions, which enables us to examine the impact of sales price variance on the variance in the orders the customer places on the manufacturer, thus creating a pricing-induced bullwhip effect. We then extend our analysis to multiple products and multiple customer segments and discuss ways for the manufacturer to mitigate the variance in the customer's orders.

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Copy reference link   DOI: 10.1111/poms.12161

Abstract: Many social enterprises and some companies have developed supply chains with the poor as suppliers or distributors to alleviate poverty and to create revenues for themselves. Such supply chains have created new research opportunities because they raise issues fundamentally different from those examined in the existing operations management literature. We report this phenomenon of supply chains with the poor as suppliers or distributors in developing countries and identify operations management (OM) research opportunities. We also provide some stylized models to serve as potential seeds for modeling-based research in this area.

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Copy reference link   DOI: http://dx.doi.org/10.1016/j.irfa.2013.12.007

Abstract: AbstractIn this paper we analyze the constant and time-varying influence of currency movements on the value of Australian firms listed on the S&P/ASX 100 index for a period from 1980 to 2010 using daily, weekly, monthly and quarterly returns. Whilst the constant exposure model provides only weak evidence over the full sample period the time-varying exposure analysis reveals that most firms are exposed to currency movements in some periods. The exchange rate exposure of Australian firms is dependent on the appreciation or depreciation trajectory of the Australian dollar and on the sample frequencies used. The positive average FX exposure is consistent with the structure of the Australian economy, the size of the mining sector and the role of the Australian dollar as a commodity currency. Finally, we argue that our findings are fully consistent with financial theory and do not constitute a puzzle.

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Copy reference link   DOI: http://dx.doi.org/10.1016/j.jedc.2014.01.001

Abstract: AbstractThe increase in the price of gold between 2002 and 2011 appears to be a candidate for a potential asset price ‘bubble’, suggesting that chartists (feedback traders) were highly active in the gold market during this period. Hence, this paper develops and tests empirically several models incorporating heterogeneous expectations of agents, specifically fundamentalists and chartists, for the gold market. The empirical results show that both agent types are important in explaining historical gold prices but that the 10-year bull run of gold in the early 2000s is consistent with the presence of agents extrapolating long-term trends. Technically this paper is a further step toward providing an empirical foundation for certain assumptions used in the heterogeneous agents literature. For example, the empirical results presented in this paper compare the economical and statistical significance of numerous switching variable specifications that are generally only introduced ad hoc.

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Copy reference link   DOI: 10.1016/j.bushor.2013.11.002

Abstract: Better-aligned operational and strategic plans and a better balance of supply and demand bring tangible benefits to firms. However, functional departments in firms often operate without vertical and horizontal alignment. The outcomes are delays and amplification of the information flow, suboptimal corporate plans, uncoordinated reactions within the business, insufficient operational flexibility, and discrepancies in supply and demand. Sales and operations planning (S&OP) can circumvent these negative consequences and align the organization. Our multi-method research develops a holistic S&OP maturity model that firms can use for the assessment of their internal S&OP processes and shows the pathway to an integrated S&OP approach for the achievement of a better-aligned organization. We present a case study of a medium-sized, Swiss-based pharmaceutical company that has recently implemented S&OP to highlight why companies implement S&OP, the prerequisites and roadblocks encountered during implementation, and the benefits envisioned and achieved. Finally, we reveal the great relevance of the topic by means of a questionnaire survey which shows that organizations’ current S&OP performance is underdeveloped and that many improvements are indispensable to enjoy all benefits associated with the alignment process.

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Copy reference link   DOI: 10.1016/j.ijresmar.2013.10.006

Abstract: Recent marketing studies suggest that non-financial metrics, such as customer satisfaction and brand value, help explain the variation in the cost of equity and the cost of debt. These studies typically focus on only one non-financial metric and one component of capital cost. In this study, we broaden the understanding of the relevance of non-financial metrics to the cost of capital. We investigate the joint role of customer satisfaction, brand value, and corporate reputation for stock market beta and credit ratings, which reflect variation in equity and debt risk premiums across firms. In addition to the joint direct influence of these metrics on capital cost, we also study their interaction effects. We develop a conceptual model to explain the effects on capital costs and test the resulting hypotheses in a broad sample of 344 firms from diverse industries using data from the 1991–2006 period.Our results suggest that higher satisfaction ratings reduce both the cost of equity and cost of debt, whereas brand value and corporate reputation only show a negative direct association with the cost of debt. In addition, both measures moderate the effect of satisfaction on the cost of debt. Brand value attenuates the influence of satisfaction, whereas corporate reputation amplifies this effect.

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Copy reference link   DOI: doi:10.1007/s00181-013-0787-1

Abstract: This paper analyzes the long-run relationship between gold and silver prices. We closely follow Escribano and Granger (J Forecast 17:81–107, 1998) and extend their study. We use a longer sample period from 1970 to 2011 and study the role of bubbles and financial crises for the relationship between gold and silver prices. We find clear evidence for a co-integration relationship between gold and silver with gold prices driving the relationship. The analysis also indicates that the results are influenced by bubble-like episodes and financial crises.

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Copy reference link   DOI: http://dx.doi.org/10.1016/j.ijpe.2013.11.016

Abstract: This paper presents ways for senior researchers to help future doctoral students in Operations Management (OM) to overcome multiple challenges in the following: (a) conducting relevant research while demonstrating greater rigor, and (b) exploring multi-disciplinary research projects while mastering a single research method. Recognizing that knowledge is generally created in four broad stages ((I) awareness, (II) framing, (III) modeling and (IV) validation), we first argue that different research approaches (analytical, behavioral, case study, or empirical) serve different roles in each of these stages: (1) case study approach for awareness, (2) empirical methods for framing, (3) analytical modeling for modeling and analysis, and (4) behavioral for validation in the real world. Then we discuss ways to enable doctoral students to overcome the aforementioned challenges.

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Abstract: Most managers know that they should protect their supply chains from serious and costly disruptions — but comparatively few take action. The dilemma: Solutions to reduce risk mean little unless they are evaluated against their impact on cost efficiency.

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Copy reference link   DOI: 10.1111/poms.12173

Abstract: The manufacturing complexity of many high-tech products results in a substantial variation in the quality of the units produced. After manufacturing, the units are classified into vertically differentiated products. These products are typically obtained in uncontrollable fractions, leading to mismatches between their demand and supply. We focus on product stockouts due to the supply–demand mismatches. Existing literature suggests that when faced with product stockouts, firms should satisfy all unmet demand of a low-end product by downgrading excess units of a high-end product (downward substitution). However, this policy may be suboptimal if it is likely that low-end customers will substitute with a higher quality product and pay the higher price (upward substitution). In this study, we investigate whether and how much downward substitution firms should perform. We also investigate whether and how much low-end inventory firms should withhold to strategically divert some low-end demand to the high-end product. We first establish the existence of regions of co-production technology and willingness of customers to substitute upward where firms adopt different substitution/withholding strategies. Then, we develop a managerial framework to determine the optimal selling strategy during the life cycle of technology products as profit margins shrink, manufacturing technology improves, and more capacity becomes available. Consistent trends exist for exogenous and endogenous prices.

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Copy reference link   DOI: doi:http://dx.doi.org/10.1016/j.jebo.2014.04.001

Abstract: In a panel survey of individual investors, we show that investors’ second-order beliefs—their beliefs about the return expectations of other investors—influence investment decisions. Investors who believe others hold more optimistic stock market expectations allocate more of their own portfolio to stocks even after controlling for their own risk and return expectations. However, second-order beliefs are inaccurate and exhibit several well-known psychological biases. We observe both the tendency of investors to believe that their own opinion is relatively more common among the population (false consensus) and that others who hold divergent beliefs are considered to be biased (bias blind spot).

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Copy reference link   DOI: 10.1016/j.tranpol.2014.02.005

Abstract: This paper studies the revised hours of serviceregulations for truck drivers in the United States which entered intoforce in July 2013. It provides a detailed model of the new regulationand presents and a new simulation-based method to assess the impact ofthe rule change on operational costs and road safety. Unlike previousmethodologies, the proposed methodology for assessing the impact ofhours of service regulations takes into account that, by optimizingroutes and schedules, carriers can minimize the economic impact ofstricter regulations. Simulation experiments are conducted indicatingthat the monetized safety benfiet of reducing the daily driving timelimits is on the same order of magnitude as the increase in operationalcosts.

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Copy reference link   DOI: 10.1016/j.jbankfin.2014.03.042

Abstract: To understand how real investors use their beliefs and preferences in investing decisions, we examine a panel survey of self-directed online investors at a UK bank. The survey asks for return expectations, risk expectations, and risk tolerance of these investors in three-month intervals between 2008 and 2010. We combine the survey data with investors’ actual trading data and portfolio holdings. We find that investor beliefs have little predictive power for immediate trading behavior. The exception is a positive effect of increases in return expectation on buying activity. Portfolio risk levels and changes are more systematically related to return and risk expectations. In line with financial theory, risk taking increases with return expectations and decreases with risk expectations. In response to their expectations, investors also adjust the riskiness of assets they trade.

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Copy reference link   DOI: 10.1007/s11573-013-0675-3

Abstract: Recent cases of unethical publication behavior have raised the question of how to address it. Because scientific misconduct (conduct inconsistent with accepted scientific standards) can occur on a continuum ranging from honest errors to outright fraud, there is a need to change editorial policies to reduce the existence of any gray areas. In the case of quantitative empirical research, misconduct begins with honorary and ghost authors, plagiarism and self-plagiarism, and extends to manipulation or even fabrication of data and the reporting of biased or false results. It is suggested that journals should retract articles, inform retraction watch more frequently, use plagiarism software, ask for better and more detailed documentation of procedures so that research can be replicated and potentially analysed as manipulation, and reveal possible affiliations that might lead to biases. These policies will also facilitate faster learning, which will be beneficial to society.

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Copy reference link   DOI: DOI: 10.1504/IJSTL.2014.059570

Abstract: In the last few years, sulphur emissions to air from shipping have been of heightened interest to policymakers and the media, and more stringent regulation is on the way. Various alternatives are available in the shipping industry to comply with emission regulation and minimise impacts on shipowners' bottom-line. New regulation is adding complexity to managerial decision-making, so that advanced decision support tools can provide useful contributions to management processes. The present paper presents an analysis of the options available to shipowners taking into consideration the value of deferring the investment decision vis-à-vis the advantages obtainable from the exploitation of fuel price differentials. The model shows that there is a trade-off between low LNG prices and LNG capital expenses. While in most cases it would not be recommended to invest in LNG as early as today, the model shows that investment in LNG can make economic sense as early as 2015. This is highly dependent on the capital costs necessary for retrofitting ships with LNG engines and the difference between LNG prices and distillates prices.

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Abstract: Feeling safe and secure is a core need of human beings. As belonging to an ethnic minority can be associated with decreased subjective security, the question as to whether integration and police presence can positively contribute to the subjective security of persons with a Turkish migration background (TMB) naturally arises. A quantitative and qualitative analysis of 17 interviews with persons with a TMB showed that most felt very safe in Germany. Although police presence positively correlated with subjective security in the quantitative analysis, integration into the family and the neighbourhood was the main explanation for the high degree of subjective security in the qualitative analysis. Practical recommendations based on these findings are given, as are the implications for future security research.

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Copy reference link   DOI: doi:10.1111/jpim.12102

Abstract: Open innovation research and practice recognize the important role of external complementors in value creation. At the same time, firms need to retain exclusive control over some essential components to capture value from their product and/or service system. This paper contributes to the literature by analyzing some of the trade-offs between openness to external value creation and closedness for internal value capture. It focuses on selective openness as a key variable and investigates how it affects value creation by external complementors, specifically the members of user innovation communities. Openness, it is hypothesized, matters to community members: The more open a product design is, the higher their sense of involvement in the innovation project, and the larger the effort they devote to it. Unlike prior literature, different forms and loci of openness are distinguished, specifically the transparency, accessibility, and replicability of different components of the product being developed.Hypotheses are tested based on survey data (n = 309) from 20 online communities in the consumer electronics and information technology hardware industries. Multilevel regression analysis is used to account for clustering, and thus nonindependent data, at the community level. We find that openness indeed increases community members’ involvement in the innovation project and their contributions to it. Interestingly, however, some forms and loci of openness strongly affect community perceptions and behavior, while others have limited or no impact. This finding suggests that, at least in relation to user communities, the trade-off that firms face between external value creation and internal value capture is softer than hitherto understood. Contingency factors that may be able to explain these patterns are advanced. For example, users are expected to value the form of openness that they have the capabilities and incentives to exploit.The findings in this paper extend the literature on selective openness in innovation. They emphasize the need to study the demand for different forms of openness at the subsystem level and align supply-side strategies to it. In managerial practice, a careful assessment of the demand for openness enables firms to successfully use selective openness and to effectively appropriate value from selectively open systems.

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Copy reference link   DOI: 10.1146/annurev-environ-031913-100450

Abstract: Global transportation energy use is steeply rising, mainly as a result of increasing population and economic activity. Petroleum fuels remain the dominant energy source, reflecting advantages such as high energy density, low cost, and market availability. The movement of people and freight makes a major contribution to economic development and social well-being, but it also negatively impacts climate change, air quality, health, social cohesion, and safety. Following a review published 20 years ago in the Annual Review of Environment and Resources (then named the Annual Review of Energy and the Environment) by Lee Schipper, we examine current trends and potential futures, revising several major global transport/energy reports. There are significant opportunities to slow travel growth and improve efficiency. Alternatives to petroleum exist but have different characteristics in terms of availability, cost, distribution, infrastructure, storage, and public acceptability. The transition to low-carbon equitable and sustainable transport will take time but can be fostered by numerous short- and medium-term strategies that would benefit energy security, health, productivity, and sustainability.

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Copy reference link   DOI: 10.1111/poms.12111

Abstract: Floods are the most frequent category of disasters worldwide. Among all geographic regions, Asia has suffered the most. While there are several ongoing humanitarian efforts and initiatives, we believe there is a new opportunity to coordinate “last mile” humanitarian efforts in the event of a flood using micro-retailers. Because micro-retailers are the “last mile” nodes in traditional retail supply chains in many Asian countries, we propose the use of social enterprise to buttress these supply chains for distribution of essential goods by coordinating with micro-retailers before and after floods. We also present a stylized model to quantify the benefits of doing so.

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Copy reference link   DOI: 10.1287/trsc.2013.0477

Abstract: Driver fatigue is internationally recognized as a significant factor in approximately 15%–20% of commercial road transport crashes. In their efforts to increase road safety and improve working conditions of truck drivers, governments worldwide are enforcing stricter limits on the amount of working and driving time without rest. This paper describes an effective optimization algorithm for minimizing transportation costs for a fleet of vehicles considering business hours of customers and hours of service regulations. The algorithm combines the exploration capacities of population-based metaheuristics, the quick improvement abilities of local search, with forward labeling procedures for checking compliance with complex hours of service regulations. Several speed-up techniques are proposed to achieve an overall efficient approach. The proposed approach is used to assess the impact of different hours of service regulations from a carrier-centric point of view. Extensive computational experiments for various sets of regulations in the United States, Canada, the European Union, and Australia are conducted to provide an international assessment of the impact of different rules on transportation costs and accident risks. Our experiments demonstrate that European Union rules lead to the highest safety, whereas Canadian regulations are the most competitive in terms of economic efficiency. Australian regulations appear to have unnecessarily high risk rates with respect to operating costs. The recent rule change in the United States reduces accident risk rates with a moderate increase in operating costs.

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Copy reference link   DOI: http://dx.doi.org/10.1016/j.trd.2013.12.007

Abstract: A wide array of technical and operational solutions is available to shipowners in order to comply with existing and upcoming environmental regulation within Emission Control Areas (ECAs). Liquefied Natural Gas (LNG) is a promising alternative since it offers potential cost savings in addition to ensuring compliance with ECA regulation. But investment to retrofit existing vessels to be able to use LNG carries significant upfront costs, and a high degree of uncertainty remains on the differential between the prices of LNG and conventional maritime fuels, as well as on the availability of LNG and the reliability of its supply chain. New technologies such as LNG inherently carry substantial risk and an ill-chosen investment strategy may have irreversible consequences that could jeopardise the future of the shipping company. One important question is whether interested owners should invest in LNG now to comply with ECA rules in 2015 and reap the benefits of lower LNG prices, or whether it would be advisable to wait until some of the uncertainty is resolved.While traditional discounted cash flow techniques are unable to account for the value of managerial flexibility linked, for example, to the possibility of deferring an investment, real option analysis can be used to analyse such cases. The paper discusses the optimal time for investment in LNG retrofit and takes specific account of the value of an investment deferral strategy versus the advantages obtainable from the immediate exploitation of fuel price differentials. Through the use of a real option model the paper shows that there is a trade-off between low fuel prices and capital expenses for investment in LNG retrofit. The development in LNG is critically dependent on its future price as well as the reduction in capital costs and ship retrofitting costs. In this respect, policy makers can play a critical role in providing support to advance technical knowledge, maintain LNG prices at favourable levels and in avoiding ambiguity on regulation.

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