Innovation implementation: Harmony and conflict in Chinese modern music festivals

There is a degree of consensus in the academic literature that innovation is a vital source of competitive advantage. Although some processional aspects of innovation have been examined in detail, the process of implementation of innovation at an organisational level has been neglected, especially in the tourism literature. This paper adopts a relational perspective to examine the implementation of innovation within the burgeoning Chinese modern music festivals sector. The findings of six detailed case studies show how identity, equality, guanxi, and a range of specific contextual factors, influence the development of relationships. These, in turn, affect innovation implementation, notably by influencing the acquisition and use of knowledge and other resources essential to the process. A conceptual model is proposed which explains the complexities of these relationships, their roles in innovation implementation, and incorporates mediating factors such as temporality, organisational structure, and the reliance upon volunteers found within events.     

LETTER FROM THE GUEST EDITOR

ABSTRACT

Research was undertaken to gain a better understanding of the nature and competitive importance of bidding on events by destination marketing organizations, with emphasis on identifying event selection criteria and critical success factors for winning bids. Data were collected on the goals and nature of the event bidding process from convention and visitor bureaus in Canada. Canadian bureaus were found to be very active in bidding on a diverse range of events, especially meetings, conventions, political events, and sports. Most bureaus encouraged and assisted other local organizations to make bids and themselves concentrated on major events with city-wide economic impacts. Although event selection criteria were frequently not formalized, respondents stressed potential economic impacts, size, media exposure, time of year, available venues, and local involvement. The most important critical success factors for winning bids were strong partners, excellent presentations, and treating each bid as a unique process, but many respondents also felt their destination needed bigger and better facilities and more marketing/bidding resources. To aid in future research and theory-building, a framework is presented to illustrate event bidding as an exchange process between owners and sellers, including antecedent conditions and event selection criteria.     

Partially revocable commitments in a negotiation with a deadline

[Fershtman, C., Seidmann, D., 1993. Deadline effects and inefficient delay in bargaining with endogenous commitment. Journal of Economic Theory 60, 306–321] showed that the presence of an irrevocable endogenous commitment with a fixed deadline results in the so called deadline effect. In this paper we analyse the effects of partially revocable endogenous commitments of a seller in an infinite horizon negotiation in which a deadline can arise with positive probability. We obtain that when the commitment possesses a sufficiently large revocable part not only the inefficient delays disappear and an immediate agreement is reached but also the commitment has a value. On the other hand, when the commitment possesses a minimum amount of irrevocability, there exist inefficient delays in equilibrium and the commitment continues to having a value.     

Bidding in private-value auctions with uncertain values

Auctions are often used to sell idiosyncratic goods difficult for potential bidders to value ex ante. Laboratory auctions with uncertainty over final values in this experiment resulted in 18% and 27% of bids above the expected value of the item in private-value first-price and English auctions, respectively. Risk-seeking preferences as measured on an individual decision task cannot explain overbidding and the first-price auction results suggest that risk aversion may not be a good explanation for bidding behavior observed with certain values. Several candidate explanations fail to explain overbidding, rather it appears to stem from some bidders who are prone to overbidding. Relative to first-price auctions, the size and frequency of overbids are significantly larger in English auctions, while more English auctions are won by overbidders. Differences between the formats appear to be driven by the dynamic nature of English auctions which is consistent with popular notions of “auction fever.”     

Return patterns of South Korean stocks following large price shocks

This study tests the market efficiency of the South Korean stock market by examining returns on stocks of the constituents of the KOSPI 50 from 2000 to 2014 following large 1-month price decreases and increases. An exponential GARCH (EGARCH) event study framework is used to analyse the stock returns. The results show that large price shocks, positive and negative, are likely to be followed by positive market returns. Moreover, the results show an increase in the beta of stocks in the years following a large price shock. The overall results therefore support the Uncertain Information Hypothesis. However, beginning in 2008, return patterns more closely reflect those hypothesised by the Efficient Market Hypothesis, possibly due to increased participation by international investors. The observed returns following large price increases and decreases can be partially explained by changes in the Korean won to US dollar exchange rate and the trading behaviour of foreign investors.     

"事项法"会计信息过载问题研究

“事项法”会计是通过对企业一定时期内详细的经济活动进行多属性的计量和报告，来满足财务和非财务决策者的需要。这种计量和报告方式会产生极大的数据量，造成信息过载，这一问题也一直阻碍着“事项法”会计的实际应用。事项数据的中间总结是对事项属性的描述性统计集合，是既能满足信息使用者个性化决策需要，又能解决“事项法”会计信息过载问题的核心技术。     

Dynamic trading with uncertain exit time and transaction costs in a general Markov market

This paper investigates a dynamic trading problem with transaction cost and uncertain exit time in a general Markov market, where the mean vector and covariance matrix of returns depend on the states of the stochastic market, and the market state is regime switching in a time varying state set. Following the framework proposed by Gârleanu and Pedersen (2013), the investor maximizes his or her multi-period mean–variance utility, net of quadratic transaction costs capturing the linear price impact where trades lead to temporary linear changes in prices. The explicit expression for the optimal strategy is derived by using matrix theory technique and dynamic programming approach. Finally, numerical examples are provided to study the effects of transition cost and exit probability on the wealth process, the trading strategy, turnover rate and the total transaction cost.     

全球股票市场系统性风险传递网络研究

本文采用系统性风险度量新指标LASSO-ΔCoVaR,构建全样本时期及各极端时期全球股票市场系统性风险传递网络,考察全球股票市场系统性风险传递水平及结构特征,并着重对极端状态下的风险传递进行分析。研究发现:第一,无论风险输入水平还是风险输出水平,不同股市的动态变化趋势大体一致,但波动幅度迥然不同,且单个股市风险输出水平的波动幅度远大于风险输入水平;第二,成熟经济体经济基本面恶化往往会增强其股市的系统性风险贡献,而新兴经济体则不同;第三,法国、荷兰、中国香港、德国和英国股市的风险溢出水平较高,同其他股市间的风险传递途径较多,是系统性风险传递网络中的核心节点;第四,我国股市与全球股市间的风险关联较弱,但我国股市潜在风险来源面广,同区域股市及金砖国家股市在我国股市与全球股市间的风险传递发挥重要作用。     

Narrating strategy in the flow of events – Illusion and disillusion in strategy-making

Narrative strategy-making is useful in the mobilization of strategies because narratives impart coherence and linearity to our understanding of organizational events. Our paper examines the relation between narrative strategy-making and the flow of events. We present a longitudinal, participatory study of a software company seeking global growth. Specifically, we followed events preceding and succeeding construction of the strategic ‘success stories’ used by the software company’s managers in investor negotiations. We conceptualize the point of illusion and disillusion underlying the temporal construction and use of strategy narratives and show how the former enables strategy-making, while the latter constrains it. We add to narrative strategy research by elaborating the relation between the construction of strategy narratives and the flow of organizational events.     

基于半结构访谈的创业特质定性研究

在访谈研究方法的严格控制下,本研究采用关键事件法进行半结构访谈并结合问卷测量,针对中国背景下高科技企业的创业典型特质进行了定性研究。研究开发了7个典型维度：创业者的创新性、主动性、内控性、自主有恒性特征、成就动机、内部控制源和创业效能。为进一步研究中国背景下创业关键特质提供了支持和方向。