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Rücken 9 mm Research Report Research WU Report 07/2015 Research_report_Umschlag_2014_RZ.indd 1 06.07.15 14:11 Research Report Contents Introduction & Highlights Research Institutes: Research Profiles and Research Projects Research Expertise 8 Capital Markets 66 Internationally Outstanding Research Areas 9 CEE Legal Studies 68 Top Publications 11 Computational Methods 70 Leading Journals 13 Co-Operation and Co-Operatives 72 EU Projects 14 Economics of Aging 74 European Affairs 76 Departments: Research Profiles and Research Projects Family Business 78 Business, Employment and Social Security Law 20 Health Care Management and Health Economics 80 Economics 23 Human Capital and Development 82 Finance, Accounting and Statistics 27 International Taxation 84 Foreign Language Business Communication 31 Liberal Professions 86 Global Business and Trade 35 Regulatory Economics 88 Information Systems and Operations 38 Spatial and Real Estate Economics 90 Management 43 Supply Chain Management 92 Marketing 47 Urban Management and Governance 94 Public Law and Tax Law 50 Socioeconomics 53 Competence Centers: Research Profiles Strategy and Innovation 56 Central and Eastern Europe 100 Empirical Research Methods 101 NPO and Social Entrepreneurship 102 Sustainability 103 Introduction & Highlights 5 T HE ONLY thiNG THAT IS CONSTANT IS chANGE. HERACLITUS, GREEK PHILOSOPHER © BOAnet.at © BOAnet.at 7 T HE ONLY thiNG THAT IS CONSTANT IS chANGE. HERACLITUS, GREEK PHILOSOPHER © BOAnet.at © BOAnet.at Research Expertise WU’s spectrum of research expertise The research of the experts working The results of this innovative research WU was ranked on the 4th place among spans a wide variety of disciplines and is at WU makes important contributions will serve as a new basis for decision the strongest business universities continually expanding. This expertise is to both the scientific community and making in national social and economic in research in the German-speaking concentrated in Departments, Research society in general. policy as well as global development world and 1st in Austria (according to Institutes, and Competence Centers, all and environmental policies (for more on the business administration ranking of which will be introducing themselves Wolfgang Lutz, for example, winner of this project, please turn to page 83). issued by the German business daily and selected research projects in this the prestigious Wittgenstein Award, is Handelsblatt). brochure (page 16 ff). currently analyzing the structure of the WU’s new campus, designed by world’s human resource potential based renowned architects from around the With its broad research base and well Research – defined as the independent on education, employment, and health world and inaugurated in October 2013, over 20,000 students (about a third of generation of new knowledge and status, as opposed to the more common provides ideal conditions for research which come from outside Austria), participation in the academic discourse criteria of age and gender. and learning. WU is not only one of Europe’s largest of the relevant scientific communities – business and economics university, but is the cornerstone of WU’s international This groundbreaking research is The new campus is an important also one of the best. reputation. It is a central element of being conducted at the Wittgenstein milestone for WU, whose history WU’s core identity and an essential Center for Demography and Global dates back to 1898. WU sees this new prerequisite for research-led teaching. Human Capital, founded at WU by campus as a challenge to redefine its Wolfgang Lutz (Research Institute for role, not just in Austria, but also in the Human Capital and Development) in international scientific community, in a cooperation with the Vienna Institute of future-oriented and sustainable way. Demography of the Austrian Academy of Sciences (ÖAW) and the World Population Program (IIASA) in 2011. 9 Internationally Outstanding Research Areas Together with WU’s Departments, the One of these key research areas is Corporate Finance, Capital Markets, Demographic Change and Human Rector’s Council has identified a number Business Process Modeling. Empirical and Quantitative Methods in Finance Capital and their relevance for economic of key research areas that give more studies are used to determine practical is a further key research area dealing performance and socio-ecological focus to WU’s research activities and applications for software program- with corporate finance, asset pricing, development is another important contribute to increased international ming purposes. Basic research results, and methodological questions related research area. Researchers in this field visibility. These key research areas are published in numerous and highly cited to these fields. The research area is investigate national and international subject to continuous evaluation and journal papers, enrich applied research based on the Doctoral College Vienna demographic trends and their effects may be adapted or modified as deemed in many externally funded projects. Graduate School of Finance (VGSF), on the labor market, as well as their necessary. The EU-funded framework projects supported by the Austrian Science Fund relationship to socioeconomic aspects SERAMIS and Get Service are just two (FWF), which has an excellent reputa- such as aging, education, and the envi- examples of such projects. tion within the international scientific ronment. Research results are included community. in the EU-funded (7th Framework Programme) project WWWforEurope. The Research Institute for Human Capital and Development, which is a key component of the Wittgenstein Centre of Demography and Global Human Capital, also conducts research in this area. Research in International Taxation The research area Leadership, Manage- The innovation process and the driving focuses mainly on international tax ment, and Business across Institutional force behind business start-ups (the law, the taxation of interest in the EU, and Cultural Boundaries looks at entrepreneurial act) are key factors comparisons of EU law with bilateral intercultural aspects of international of a prosperous economy. Not only agreements, and other legal aspects of teams and companies. Further research that, they are also behind one of WU’s cross-border trade relations. questions include the differences most successful fields of research, The researchers’ work also includes between various types of organizations Open and User Innovation. User-driven questions related to fiscal policy and the (e.g. profit vs. non-profit) and knowl- innovation, customization, lead user incentives associated with taxation, as edge management in international and methods, and further aspects of the well as selected aspects of accounting. inter-institutional contexts. This area innovation process are its key focal WU is involved in several externally highlights the interdisciplinary nature points. Research methods in this area funded projects in this field. The Doc- of research at WU, as researchers from are developed and applied in a number toral Program in International Business a wide range of different fields and of nationally and internationally funded Taxation, funded by the Austrian Departments (e.g. Marketing, Inter- research projects. Science Fund (FWF), and the Christian national Business, or Management) all Doppler Laboratory “Savings Taxation publish successfully in this area. in a Globalized World” are among the main pillars of this research area. 11 Top Publications WU’s faculty members publish their › Friewald, Nils, Wagner, Christian, › Türtscher, Philipp, Garud, Raghu, › Fuchs, Christoph, Prandelli, Emanuela, research output on a regular basis. Zechner, Josef. 2014. The Cross- Kumaraswamy, Arun. 2014. Justifica- Schreier, Martin, Dahl, Darren W. A+ publications – articles published Section of Credit Risk Premia and tion and Interlaced Knowledge at 2013. All that is users might not be in leading international journals – are Equity Returns. Journal of Finance 69 ATLAS, CERN. Organization Science gold: How labeling products as user- particularly important for improving (6): 2419-2469. 25 (6): 1579-1608. designed backfires in the context the visibility of research conducted at of luxury fashion brands. Journal of WU. These high-profile publications › Conti, Gabriella, Frühwirth-Schnatter, › Duso, Tomaso, Gugler, Klaus, Marketing 77 (5): 75-91. help WU strengthen its reputation as a Sylvia, Heckman, James J., Piatek, Szücs, Florian. 2013. An Empirical leading research university in the fields Rémi. 2014. Bayesian Dedicated Assessment of the 2004 EU Merger › Löhndorf, Nils, Wozabal, David, of business and economics. Factor Analysis. Journal of Economet- Policy Reform. Economic Journal 123: Minner, Stefan. 2013. Optimizing rics 183 31-57. F596-F619. Trading Decisions for Hydro Storage › Bell, G., Filatotchev, Igor, Aguilera, Systems using Approximate Dual R. 2014. Corporate Governance and › Jankowitsch, Rainer, Nagler, Florian, › Franke, Nikolaus, Keinz, Peter, Dynamic Programming. Operations Investors` Perceptions of Foreign IPO Subrahmanyam, Marti G. 2014. The Klausberger, Katharina. 2013. “Does Research 61: 810-823. Value: An Institutional Perspective. Determinants of Recovery Rates This Sound Like a Fair Deal?” Academy of Management Journal 57 in the US Corporate Bond Market. Antecedents and Consequences of › Nell, Phillip, Ambos, Björn. 2013. (1): 301-320. Journal of Financial Economics 114 (1): Fairness Expectations in the