A Values Framework for Measuring the Impact of Workplace Spirituality on Organizational Performance

Growing interest in workplace spirituality has led to the development of a new paradigm in organizational science. Theoretical assumptions abound as to how workplace spirituality might enhance organizational performance, most postulating a significant positive impact. Here, that body of research has been reviewed and analyzed, and a resultant values framework for workplace spirituality is introduced, providing the groundwork for empirical testing. A discussion of the factors and assumptions involved for future research are outlined.     

Transforming Personal Experience into a Pedagogical Tool: Ethical Complaints

One of the crucial intellectual and social challenges facing corporation leaders is to foster a new way of thinking about business and society which recognizes the multinational corporation as a key player in society's responsibility to support and maintain fairness in the global reorganization of markets. In order to establish a sound global social economy, we are in need of the organizing and directing principles of solidarity and subsidiarity. Both of these principles speak to the need of transforming our public and private institutions in such a way that all persons are placed in positions whereby they can share in the benefits of the newly-formed global economy.     

Optimal portfolios under worst-case scenarios

In standard portfolio theories such as Mean–Variance optimization, expected utility theory, rank dependent utility heory, Yaari’s dual theory and cumulative prospect theory, the worst outcomes for optimal strategies occur when the market declines (e.g. during crises), which is at odds with the needs of many investors. Hence, we depart from the traditional settings and study optimal strategies for investors who impose additional constraints on their final wealth in the states corresponding to a stressed financial market. We provide a framework that maintains the stylized features of the SP/A theory while dealing with the goal of security in a more flexible way. Preferences become state-dependent, and we assess the impact of these preferences on trading decisions. We construct optimal strategies explicitly and show how they outperform traditional diversified strategies under worst-case scenarios.     

Semi-analytical prices for lookback and barrier options under the Heston model

Decisions in Economics and Finance - Under the Heston stochastic volatility model, we derive semi-analytical formulas for the prices of path-dependent options with payoffs linked to the maximum or...     

An examination of minimum tick sizes on the Tokyo Stock Exchange

In setting a minimum tick size, exchanges balance the competing objectives of lowering transaction costs and encouraging liquidity provision by minimizing stepping-ahead risk. We examine the trade-off between these two types of costs by examining the proportion of time that the quoted spread equals the minimum tick size (PTIMEMIN). We undertake this analysis on the Tokyo Stock Exchange, a market that sets nine different tick sizes based on stock price. PTIMEMIN varies markedly across stocks, ranging from almost 0 to almost 100 percent. We find that trade size, the number of trades, and price are the most important determinants of whether the minimum tick size is a binding constraint. In fact, trade size and number of trades are more significant determinants of tick size constraint than price. Consequently, we argue that tick size should be set based on trading activity and price, rather than price alone.     

Gender Differences in Economic Knowledge: A Reevaluation of the Evidence

This study examines the importance and significance of male-female differences in understanding and learning economics and attempts to assess whether the use of multiple choice questions, rather than essay questions, contributes to these measured differences. Do multiple choice questions favor men with their possibly superior spatial and numerical skills? Do essay questions favor women with their possibly superior verbal skills? Evidence based on a study involving 589 students using an examination including both types of questions is analyzed in this article.     

The language of social entrepreneurs

This paper questions the application of the entrepreneurship discourse to social entrepreneurship in the UK and looks at how people ‘doing’ social enterprise appropriate or re-write the discourse to articulate their own realities. Drawing on phenomenological enquiry and discourse analysis, the study analyses the micro discourses of social entrepreneurs, as opposed to the meta rhetorics of (social) entrepreneurship. Analysis using both corpus linguistics software and Critical Discourse Analysis showed a preoccupation among interviewees with local issues, collective action, geographical community and local power struggles. Echoes of the enterprise discourse are evident but couched in linguistic devices that suggest a modified social construction of entrepreneurship, in which interviewees draw their legitimacy from a local or social morality. These findings are at odds ideologically with the discursive shifts of UK social enterprise policy over the last decade, in which a managerially defined rhetoric of enterprise is used to promote efficiency, business discipline and financial independence. The paper raises critical awareness of the tension in meanings appropriated to the enterprise discourse by social enterprise policy and practice and illustrates the value of discourse analysis for entrepreneurship and social entrepreneurship research.