Cross‐Functional Integration: Concept Clarification and Scale Development

The centrality of cross‐functional integration (CFI) to supply chain theory and practice has long been recognized. Yet researchers continue to struggle with consistently defining or measuring the CFI construct, thus limiting the utility of CFI research. This research develops (1) a comprehensive definition of CFI that synthesizes previous supply chain research and (2) a valid set of scale items that measure the conceptual domain outlined by this definition. The goal is to build a common foundation for extending knowledge on CFI's antecedents and consequences, and ultimately to improve scholars’ ability to guide a broader practitioner community still struggling to achieve integration in their organizations.     

Determinants of students’ entrepreneurial intention to compete in a fast-pitch competition

Despite the heightened popularity of entrepreneurship education, there remain open questions regarding best practices in co-curricular programs. Using the theory of planned behavior, the authors examine how students’ intention is shaped to increase the likelihood of participation in entrepreneurship co-curricular programs. To the best of the authors’ knowledge, this study is the first to examine the relation between entrepreneurial identity and entrepreneurial intention theory. They find the popular personality trait, openness, is related to ambition, which reveals the interaction between personal elements (personality/identity) and contextual elements (aspirations to success/intention), a novel finding in the literature. This further illustrates the interconnectedness between the theory of planned behavior and the entrepreneurial event model     

LEADERSHIP IN CLIMATE CHANGE MITIGATION: CONSEQUENCES AND INCENTIVES

Initiatives in favor of unilateral action on climate change are frequently challenged by concerns over free riding. Nevertheless, we observe an increasing number of unilateral efforts at different administrative levels and in different parts of the world. Previous academic literature described various individual mechanisms where emissions abroad may increase or decrease as a reaction to unilateral emission reductions. In this paper, we collect a comprehensive set of both positive and negative reactions and analyze them in stylized models. This allows us to identify the most important characteristics that determine the potential of a leader to boost mitigation efforts abroad. We find that this potential depends on (i) a strong ability to generate knowledge through leadership, (ii) a high degree of credibility in the international community, and (iii) a similar economic structure to the most important emitters. While most effects are difficult to quantify, this comprehensive assessment suggests that leakage effects resulting from unilateral mitigation may well be outweighed by positive reactions.     

Activist‐impelled divestitures and shareholder value

Research Summary : This study analyzes how the divestitures that are impelled by activist investors in their campaigns against public corporations affect shareholder value. Using hand‐collected data on the activist campaigns that were launched against and the divestitures that were undertaken by Fortune 500 companies between 2007 and 2015, we find that activist‐impelled divestitures are more positively associated with immediate and longer‐term measures of shareholder value than comparable manager‐led divestitures. These performance differences persist for nearly two years after the completion of these deals. Our results empirically test the idea that firms with agency problems unlock shareholder value when they divest, and support the notion that activist investors fulfill an important external governance function. Our work also opens new research opportunities and offers practical implications as well. Managerial Summary : This study investigates how divestitures that are undertaken at the behest of activist investors affect shareholder value. We find that divestitures that were undertaken under pressure from activist investors are associated with more positive shareholder returns than comparable divestitures that were undertaken voluntarily by managers. These performance differences persist for nearly two years after the completion of these deals, alleviating concerns about the purported short‐termism of activist investors. Our findings suggest that activist investors may fulfill an important governance function by inducing managers to undertake strategies that they might not otherwise pursue, thereby unlocking shareholder value.     

Low price equilibrium in multi-unit auctions: the GSM spectrum auction in Germany

The second–generation (GSM) spectrum auction in Germany is probably the most clear cut example of a low price outcome in a simultaneous ascending-bid multi-unit auction. The present paper gives an account of the events, describes the auction rules and market conditions, and provides a game theoretic explanation of low price equilibrium in simultaneous, ascending-bid multi-unit auctions. In particular, it is shown that in the unique equilibrium that survives iterated elimination of dominated strategies, the efficient allocation is reached at minimum bids.     

Testing Rival Theories of Budgetary Decision–making in the US States

This article tests three common budgetary decision–making theories in the US states. Pooled time series cross–section analysis is used from 1960 to 1996 to test the garbage can theory and incrementalism, and from 1989 to 1996 to test various theories of rational budgeting. The results demonstrate that there was some support for all three theories in terms of their impact on reducing state budget outputs. Rational budgeting reduces expenditures in aggregate, incrementalism has relatively low explanatory power below the aggregates, and garbage can budgeting is more prevalent in functional areas than for government as a whole. These findings imply that the future research agenda on budgetary decision–making theories should focus more on a system–wide approach, which takes into account many of the characteristics of all three rival models of decision–making, rather than exclusively focusing on each one singly.     

Is Volatility the Best Predictor of Market Crashes?

The objective of this paper is to determine the best predictor of equity market crashes by focusing particularly on volatility and market liquidity. In finance, volatility has traditionally been regarded as the best measure of market risk. However, this paper shows that the forecast value of market liquidity, in particular our modified calculated market depth, predicts equity market crashes much more accurately than does the forecast values of EGARCH or Implied Volatility.     

浅谈王佐良的翻译思想

文章回顾了王佐良的翻译历程，分析了他的诗歌翻译思想，指出他重翻译实践和技巧而轻理论的思想。     

高校政治思想工作的创新思考

新时期高校思想政治工作要与教育教学相统一，要做到人性化，强化人本意识，坚持以学生为本，增强历史责任感和使命感，切实把大学生思想政治教育工作提高到一个新的水平。     

政治体制上端改革:反腐败斗争的迫切需要

我国的反腐败已经进入了一个特殊的高原期,能否实现政治体制上端的重大改革,是决定中国反腐败能否实现突破的关键。政治体制上端改革要坚持三个不动摇、发展党内民主、完善人民代表大会制度和改革政党制度,可以建立"廉洁岛"式的政治特区。