CORPORATE CULTURE: THE LAST FRONTIER OF CONTROL?[1]

The purpose of this paper is to examine the present U.S. use of the concept of ‘corporate culture’ using the sociology of Emile Durkheim as a conceptual framework. Durkheim was concerned with understanding where potential sources of morality might reside in a rapidly changing, increasingly differentiated society. Proponents of corporate culture do not rely specifically on Durkheim's work but essentially answer his question by suggesting that the corporation is the appropriate site for moral order. In this paper it is argued that the attempted manipulation of a corporation's culture is simply an addition to other forms of control which companies have tried to implement. More than other forms of control, however, corporate culture elicits sentiment and emotion, and contains possibilities to ensnare workers in a hegemonic system. On the other hand, strengthening corporate cultures in the U.S.A may also lead to increased worker homogenization and activism.     

Testing the CAPM revisited

This paper re-examines the tests of the Sharpe–Lintner Capital Asset Pricing Model (CAPM). The null that the CAPM intercepts are zero is tested for ten size-based stock portfolios and for twenty five book-to-market sorted portfolios using five-year, ten-year and longer sub-periods during 1965–2004. The paper shows that the evidence for rejecting the CAPM on statistical grounds is weaker than the consensus view suggests, and highlights the pitfalls of testing multiple hypotheses with the conventional heteroskedasticity and autocorrelation robust (HAR) test with asymptotic P-values. The conventional test rejects the null for almost all sub-periods, which is consistent with the evidence in the literature. By contrast, the null is not rejected for most of the sub-periods by the new HAR tests developed by Kiefer et al. (2000), Kiefer and Vogelsang (2005), and Sun et al. (2008).     

The allocative efficiency and conservation potential of water laws encouraging investments in on-farm irrigation technology

Agricultural water conservation statutes are emerging in the West encouraging private irrigators to improve on‐farm irrigation efficiency as a basinwide conservation measure. We investigate whether private improvements promote the economic efficiency and conservation of water use basinwide under a wide variety of hydroeconomic circumstances. The standard of efficiency is how an irrigation district manager should optimally invest in improving the irrigation efficiencies of individual farms located along a stream while internalizing intrabasin allocative externalities of these investments. The results indicate that the popular Oregon legislative model may be the least effective in conserving water and promoting economically efficient water allocation.     

The Economic Puzzle of Oskar Schindler:

ABSTRACT The popular film Schindler's List is a cinematic portrayal of Oskar Schindler , the German industrialist who rescued more than a thousand of his Jewish workers during the Holocaust . While the film has generated much debate over the character's motivations, the historical Oskar Schindler can be viewed as an economic actor who made several choices. Examined together, these various choices make an excellent case for amenity potential , a concept from the work of Harold Demsetz which explains how one's control over a firm's resources gives one opportunities to use those resources for whatever purposes one sees fit, subject to legal and market constraints . Applying amenity potential to the economic puzzle of Schindler's choices reveals how and why he was able to make various choices which followed the letter of the law in Nazi Society, while violating its spirit.     

On inferring standard deviations from path dependent options

Path dependent option prices are employed to derive implied standard deviations of the underlying security price process without recourse to numerical procedures. We empirically illustrate our methodology by inferring the volatility of gold prices.     

Taxation and the Performance of Technology Based Small Firms in the U.K.

This paper analyses a database of U.K. small companies in order to establish the profile of Technology Based Small Firms (TBSFs) in terms of their demography, financial structure and performance, and tax affairs. Following the evaluation of the impact of direct taxation on the high technology small companies, compared to that of their low technology counterparts, the paper briefly discusses the current policy debate about the nature and appropriateness of tax-based incentives for the development of this strategically important scale and type of enterprise.     

Comparative study of industrial design undergraduate education in China and USA

Industrial design (ID) undergraduate education in China is seen as a new rapidly growing discipline over the past 40 years. China’s ID education is not well known in the West due to several barriers: language, the Great Firewall of China which blocks out most of the Western websites and a 12-h time difference. All Chinese ID curriculum and program information are available in Mandarin. The Ministry of Education administers all Chinese design education as well as ID scholarships and faculty exchange grants and its website and documents require translation. The Great Firewall of China blocks 90% of Western websites including Google making it difficult for Western Scholars to access accurate information about the size and shape of the Chinese ID education landscape. China has a historical relationship between the ID schools in China and the United States. Chinese students are studying or alumni of every American ID program. China and USA share similar program types, dual-track admissions for art and design streams, and academic calendars. In this paper, a model was developed to clarify the features of ID undergraduate education in China and USA, and a survey of eight ID schools was processed. Four aspects were comparatively discussed: (1) types of ID education, (2) ranking, evaluation, and certification of ID schools and programs, (3) curriculum, credits, course features, and yearly schedules of schools, (4) influences coming from the culture and globalization process. Based on the analysis, the similarities and differences in ID undergraduate education between the two countries are discussed. Results show the dual-track modes in China and USA are different. It is mainly reflected in the management and enrollment, curriculum organization, and cultural environment. Implications for the localization, openness, and globalization to ID education are finally discussed together with several directions for future development. The findings are valuable to USA and Chinese ID departments and faculty, researchers, staff and visiting scholars. It is also useful for university administrative units such as registrars, admissions, international offices and exchanges to understand each other.