
	Schmalenbach Business Review

zfbf

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sbr is the international edition of the zfbf, the oldest and most prestigious German journal of business.

International changes and developments within the last 20 years have basically influenced the current thinking in business.

zfbf has been essential reading for those who want to keep abreast of the time.

Now the widely recognised and well-established journal, the zfbf, quarterly reviews both the academic understanding and the professional practice of business in english.

sbr January 2012

	Earnings Losses after Non-Employment Increase with Age Thomas Zwick This paper shows that after older workers experience periods of non-employment, earnings losses increase. Before non-employment, older employees have relatively higher earnings compared to younger employees without employment interruptions. This earnings advantage turns into a strong earnings disadvantage shortly before, and for a long time after, unemployment. Younger people who lose their jobs have a relatively stable, small earnings disadvantage before non-employment and quickly earn more than those without employment interruptions. The earnings effect of returning to the same employer after non-employment suggests that more involuntary work interruptions for older employees better explains the results than the loss of an implicit contract or specific human capital. pp. 2 - 19

	The Cross-Section of German Stock Returns: New Data and New Evidence Sabine Artmann / Philipp Finter / Alexander Kempf / Stefan Koch / Erik Theissen We introduce a new data set that comprises factor returns and returns of portfolios that are single- and double-sorted. We use this data set to perform asset-pricing tests for the German equity market. We test the standard CAPM, the Fama-French (1993) three-factor model, and the Carhart (1997) four-factor model. Our tests are based on a more comprehensive data set than are earlier studies. We investigate the sensitivity of our results to the choice of test assets. Our results indicate that none of the models can consistently explain the cross-section of returns, and that the results of asset-pricing tests are sensitive to the choice of test assets. pp. 20 - 43

	Brands You Can Rely on! An Empirical Investigation of Brand Credibility in Services Alexander Leischnig / Anja Geigenmüller / Margit Enke The present study investigates the influence of brand credibility on customers' repurchase intentions in services. Based on information economics theories, the authors develop and empirically test a model of brand credibility and its effects using structural equation modeling. The results provide strong empirical evidence for the role of brand credibility in services. They reveal significant support for the effects of brand credibility on brand functions (i.e., information efficiency and risk reduction) and in turn on customers' repurchase intentions. Implications of the study are discussed for both researchers and managers. In addition, the article illustrates limitations and directions for further research. pp. 44 - 58

	Creating Loyalty in Collective Hedonic Services: The Role of Satisfaction and Psychological Sense of Community Jan Drengner / Steffen Jahn / Hansjörg Gaus Generally, researchers consider that customer satisfaction is the core driver of loyalty. However, in the case of collective hedonic services, feelings of connectedness among service users might also play an important role in forming brand loyalty. A study among visitors of a music festival actually shows that a feeling of community has a greater impact on loyalty intentions than does overall satisfaction. Thus, satisfying customers is not always the key route to value creation. Sometimes customer interaction more effectively enhances what Prahalad (2004) calls the “co-creation of experience”. pp. 59 - 76

Preview on the new issue of zfbf
February 2012

Inheritance Tax Credits for Business Property - A Theoretical Approach to Fiscal Planning
Simons, Dirk
Corsten, Martina
Voeller, Dennis

Gender Diversity and Performance - a Critical Review
Boerner, Sabine
Keding, Hannah
Hüttermann, Hendrik

Herbert Hax's Basic Principles for Measuring Performance and their Application to Credit Risk Accounting
Haaker, Andreas

Acceptance of Self-Service-Technologies: State of the Art
Pezoldt, Kerstin
Schliewe, Jana

sbr January 2012

Earnings Losses after Non-Employment Increase with Age

The Cross-Section of German Stock Returns: New Data and New Evidence

Brands You Can Rely on! An Empirical Investigation of Brand Credibility in Services

Creating Loyalty in Collective Hedonic Services: The Role of Satisfaction and Psychological Sense of Community

The Cross-Section of German Stock Returns:
New Data and New Evidence

Brands You Can Rely on!
An Empirical Investigation of Brand Credibility in Services

Creating Loyalty in Collective Hedonic Services:
The Role of Satisfaction and Psychological Sense of Community