Smiling less at LIFFE

This study investigates the structure of the implied volatility smile, using the prices of equity options traded on the LIFFE. First, the slope of the implied volatility curve is significantly negative for both individual stocks and index options, and the slope is less negative for longer‐term options. The implied volatility skew can be described by risk‐neutral skewness and kurtosis, with the former having the first‐order effect. Moreover, the implied volatility skew for individual stock options is less severe than for index options. Finally, the relationship between the real and risk‐neutral moments implied in option prices is significant. The results indicate that, for equity options traded on the LIFFE, the slope of the implied volatility skew is flatter than that on the Chicago Board of Exchange (CBOE). © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:57–81, 2008     

Managers' emotional displays and employees' willingness to act entrepreneurially

In this study we draw on the literature of emotions and entrepreneurial motivation to analyze how and why emotional displays of managers influence the willingness of employees to act entrepreneurially. Using an experimental design and 2912 assessments nested within 91 employees from 31 small entrepreneurially oriented firms, we find that managers' displays of confidence and satisfaction about entrepreneurial projects enhance employees' willingness to act entrepreneurially, whereas displays of frustration, worry, and bewilderment diminish employees' willingness. Moreover, we find that displays of satisfaction, frustration, worry, and bewilderment moderate the effect of managers' displayed confidence on employees' willingness to act entrepreneurially. Our findings have implications for the emotions and entrepreneurial motivation literature.     

A Transaction Cost Primer on Farm Organization

Agricultural economists, with their knowledge of farming, are well positioned to take advantage of the fertile ground of economic organization. The transaction cost paradigm is particularly useful in addressing such questions and is outlined in this paper. The overriding theme in the transaction cost approach is that patterns of ownership and contracts are chosen to mitigate transaction costs, which result from attempts to establish and maintain property rights. In agriculture, transaction costs are heavily influenced by Mother Nature. Nature's uncertainty, via weather and pests, leads to moral hazard and seasonal forces impose constraints on production cycles that are not often found in the production of most other commodities. Applications in land contracts, asset control, and business organization are discussed.     

Chambers as Educator and Mentor

Adopting a personal tone, this article explores Ray Chambers' impact on accounting and management education and through that his impact on accounting thought and practice. As mentor and colleague for over a quarter of a century, Chambers left many wonderful impressions, some of which are described here. The article describes some of the influences on the innovations and approaches of a great teacher. Familial and early working life experiences are shown to have greatly influenced his views on accounting, finance and management, and hence his innovations in accounting and management education at both the Sydney Technical College and the University of Sydney. His research, writings and teachings continually stressed the need to apply common sense to common experience. The article concludes by noting Chambers' perennial pursuit of seeking evidence to test his ideal solution to eradicate the follies and infelicities that plagued then (and still plague today) accounting thought and practice. Chambers regarded having such an ideal as the essence of being a researcher.     

Can entrepreneurial firms benefit from product piracy?

We examine the potential benefits of product piracy to entrepreneurial firms. Specifically, we use a resource-based perspective to show that a decrease in the inimitability of an entrepreneurial firm's intellectual property does not necessarily diminish performance when piracy increases the value of this resource, and an information economics perspective to explain why and when imitation can increase the value of an intellectual property resource. This explanation reconciles empirical studies that indicate mixed results. It also expands the resource-based view by suggesting that reducing the value of one resource can directly increase the value of another.     

Harsh Evaluations of Entrepreneurs Who Fail: The Role of Sexual Orientation,Use of Environmentally Friendly Technologies,and Observers' Perspective Taking

Although there is a pervasive anti‐failure bias in society, we investigate why some entrepreneurs who fail are evaluated more harshly than others. Building on attribution theory and the literatures on prejudice, pro‐social intentions, and perspective taking, we offer an evaluation model of entrepreneurial failure and test this model on 6,784 assessments made by 212 observers. We find that variance in the harshness of failure evaluations depends on both the attributes of the entrepreneur and the attributes of the observer, and the interaction between the two. Specifically, entrepreneurs who are homosexual are evaluated more harshly by some observers and entrepreneurs who use environmentally friendly technology are evaluated less harshly. Moreover, observers high in perspective taking are more ‘lenient’ in their failure evaluations of those who use environmentally friendly technology than those low in perspective taking.     

The temporal nature of growth determinants in new bank foundings: implications for new venture research design

Several authors have suggested the founding period as a critical time in the development of a firm, arguing that the resource and decision choices made at this point have a substantive impact on the firm's future. Yet, historically, most studies have measured new venture choices considerably after the founding period. We suggest that the uniqueness of the founding event is important and test its validity through the examination of two implicit assertions. These implicit assertions are those of temporal stability and temporal locus of growth determinants.     

基于星敏感器指向的船载雷达轴系误差分离模型

针对现有船载雷达动态标校方法的不足,提出了一种基于星敏感器的船载雷达轴系误差标校方法。该方法以精确的星敏感器地平指向为比对基准,解算船载雷达的轴系误差。设计了基于星敏感器的船载雷达动态标校方案,分析了船摇测量误差对雷达测角精度的影响,推导了天线座垂向变形引起的雷达测角误差修正模型。根据测量目标的不同,分别建立了联合测星与跟踪目标时的船载雷达轴系误差分离模型。最后通过联合测星试验对轴系误差分离模型进行了验证。试验结果表明,利用动态标校成果修正后的船载雷达方位、俯仰系统残差分别为3″和9″,随机残差分别为40″和45″,满足雷达轴系误差标定要求,具有较高的实用价值。     

From pushchairs to wheelchairs: understanding tensions in family decision making through the experiences of adult children caring for ageing parents

Abstract

Within a modern family life, roles have changed significantly; however, relatively little attention has been given to the increased health and longevity of parents. This article focuses on the tensions relating to the transitional role of parent as ‘carer of the child’ to child as ‘carer of the parent’ as parents age. This article focuses on the experiences of adult children as they care for their parents and the related tensions that emerge and coping strategies that are adopted. Adopting an interpretive approach we shed light on the decision-making practices around shopping, residential arrangements and other consumer choices and how they take place in complex arenas of intricate family interactions, influence and power. Key themes that emerged were strategies adopted by both the adult child and ageing parent to attain or retain control in an increasingly sensitive environment where there is no roadmap to guide either party.