Annalisa Ferrando, Ioannis Ganoulis and Carsten Preuss
This paper explores how firms formed their expectations about the availability of bank finance since the financial crisis. Various expectations hypotheses that incorporate…
Abstract
Purpose
This paper explores how firms formed their expectations about the availability of bank finance since the financial crisis. Various expectations hypotheses that incorporate backward and/or forward-looking elements and inattention are tested. From a policy perspective, the most important hypothesis is whether policy announcements have a direct impact on the expectations of companies.
Design/methodology/approach
The analysis is based on a large sample of euro area companies from the ECB “Survey on the Access to Finance of Enterprises” between 2009 and 2018. Ordered logit models are used to relate individual replies on expectations to firms' information available at the time of the forecasts. The model controls for the business cycle and firms' structural characteristics. Using a difference-in-differences approach, we test how policy announcements may affect expectations.
Findings
Firms update what otherwise look like adaptive expectations on the basis of new information. The hypothesis of rational expectations is rejected. Moreover, we do not find evidence of inattention or of a wave of pessimism/optimism. The analysis of expectations around the time of the ECB Outright Monetary Transactions program provides some evidence of forward-looking expectations.
Originality/value
The paper contributes to the literature on expectations by using a novel survey in eleven countries. In the multi-country setting, country-specific business cycle effects and waves of pessimism or optimism are better controlled for. The policy announcements of summer 2012 provide for a natural experiment to test the direct impact of such announcements on expectations, an issue of relevance for the monetary policy transmission to economic activity.
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Rebecca Bednarek, Miguel Pina e Cunha, Jonathan Schad and Wendy Smith
Over the past decades, scholars advanced foundational insights about paradox in organization theory. In this double volume, we seek to expand upon these insights through…
Abstract
Over the past decades, scholars advanced foundational insights about paradox in organization theory. In this double volume, we seek to expand upon these insights through interdisciplinary theorizing. We do so for two reasons. First, we think that now is a moment to build on those foundations toward richer, more complex insights by learning from disciplines outside of organization theory. Second, as our world increasingly faces grand challenges, scholars turn to paradox theory. Yet as the challenges become more complex, authors turn to other disciplines to ensure the requisite complexity of our own theories. To advance these goals, we invited scholars with knowledge in paradox theory to explore how these ideas could be expanded by outside disciplines. This provides a both/and opportunity for paradox theory: both learning from outside disciplines beyond existing boundaries and enriching our insights in organization scholarship. The result is an impressive collection of papers about paradox theory that draws from four outside realms – the realm of belief, the realm of physical systems, the realm of social structures, and the realm of expression. In this introduction, we expand on why paradox theory is ripe for interdisciplinary theorizing, explore the benefits of doing so, and introduce the papers in this double volume.
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Anthropologists have long discussed the ways in which their discipline has been entangled, consciously and unconsciously, with the colonized populations they study. A foundational…
Abstract
Anthropologists have long discussed the ways in which their discipline has been entangled, consciously and unconsciously, with the colonized populations they study. A foundational text in this regard was Michel Leiris' Phantom Africa (L'Afrique fantôme; Leiris, 1934), which described an African ethnographic expedition led by Marcel Griaule as a form of colonial plunder. Leiris criticized anthropologists' focus on the most isolated, rural, and traditional cultures, which could more easily be described as untouched by European influences, and he saw this as a way of disavowing the very existence of colonialism. In 1950, Leiris challenged Europeans' ability even to understand the colonized, writing that “ethnography is closely linked to the colonial fact, whether ethnographers like it or not. In general they work in the colonial or semi-colonial territories dependent on their country of origin, and even if they receive no direct support from the local representatives of their government, they are tolerated by them and more or less identified, by the people they study, as agents of the administration” (Leiris, 1950, p. 358). Similar ideas were discussed by French social scientists throughout the 1950s. Maxime Rodinson argued in the Année sociologique that “colonial conditions make even the most technically sophisticated sociological research singularly unsatisfying, from the standpoint of the desiderata of a scientific sociology” (Rodinson, 1955, p. 373). In a rejoinder to Leiris, Pierre Bourdieu acknowledged in Work and Workers in Algeria (Travail et travailleurs en Algérie) that “no behavior, attitude or ideology can be explained objectively without reference to the existential situation of the colonized as it is determined by the action of economic and social forces characteristic of the colonial system,” but he insisted that the “problems of science” needed to be separated from “the anxieties of conscience” (2003, pp. 13–14). Since Bourdieu had been involved in a study of an incredibly violent redistribution of Algerians by the French colonial army at the height of the anticolonial revolutionary war, he had good reason to be sensitive to Leiris' criticisms (Bourdieu & Sayad, 1964). Rodinson called Bourdieu's critique of Leiris' thesis “excellent’ (1965, p. 360), but Bourdieu later revised his views, noting that the works that had been available to him at the time of his research in Algeria tended “to justify the colonial order” (1990, p. 3). At the 1974 colloquium that gave rise to a book on the connections between anthropology and colonialism, Le mal de voir, Bourdieu called for an analysis of the relatively autonomous field of colonial science (1993a, p. 51). A parallel discussion took place in American anthropology somewhat later, during the 1960s. At the 1965 meetings of the American Anthropological Association, Marshall Sahlins criticized the “enlistment of scholars” in “cold war projects such as Camelot” as “servants of power in a gendarmerie relationship to the Third World.” This constituted a “sycophantic relation to the state unbefitting science or citizenship” (Sahlins, 1967, pp. 72, 76). Sahlins underscored the connections between “scientific functionalism and the natural interest of a leading world power in the status quo” and called attention to the language of contagion and disease in the documents of “Project Camelot,” adding that “waiting on call is the doctor, the US Army, fully prepared for its self-appointed ‘important mission in the positive and constructive aspects of nation-building’” a mission accompanied by “insurgency prophylaxis” (1967, pp. 77–78). At the end of the decade, Current Anthropology published a series of articles on anthropologists’ “social responsibilities,” and Human Organization published a symposium entitled “Decolonizing Applied Social Sciences.” British anthropologists followed suit, as evidenced by Talal Asad's 1973 collection Anthropology and the Colonial Encounter. During the 1980s, authors such as Gothsch (1983) began to address the question of German anthropology's involvement in colonialism. The most recent revival of this discussion was in response to the Pentagon's deployment of “embedded anthropologists” in Afghanistan and elsewhere in the Middle East. The “Network of Concerned Anthropologists” in the AAA asked “researchers to sign an online pledge not to work with the military,” arguing that they “are not all necessarily opposed to other forms of anthropological consulting for the state, or for the military, especially when such cooperation contributes to generally accepted humanitarian objectives … However, work that is covert, work that breaches relations of openness and trust with studied populations, and work that enables the occupation of one country by another violates professional standards” (“Embedded Anthropologists” 2007).3 Other disciplines, notably geography, economics, area studies, and political science, have also started to examine the involvement of their fields with empire.4