Measuring portfolio strategic performance using key performance indicators

It is difficult to find indicators for measuring the achievement of objectives during the progress of project portfolios. This article presents an approach for developing key strategic perfor‐mance indicators considering this limitation. The indicators proposed help measure the achievement of a portfolio's strategic objectives taking into account the realization of key benefits. This approach helps identify strategic interdependences between projects that the portfolio is composed of, facilitating the understanding of how the performance of a single project affects the overall performance of a portfolio. The key perfor‐mance indicators can also be used for monitoring the materialization of risks and opportunities influencing the strategic performance of a portfolio.     

Testing time series data compatibility for benchmarking

Compatibility testing determines whether two series, say a sub-annual and an annual series, both of which are subject to sampling errors, can be considered suitable for benchmarking. We derive statistical tests and discuss the issues with their implementation. The results are illustrated using the artificial series from Denton (1971) and two empirical examples. A practical way of implementing the tests is also presented.     

A policy spectrum for spectrum economics

Recent reforms to radio spectrum regulation have sparked controversy over the respective merits of two mutually exclusive liberalization regimes: property rights and commons. This debate is restrictive because it is largely incomplete and misunderstood. It is also costly in terms of opposition and delays to reforms. Goals of efficient spectrum allocation are better served by a wider policy toolkit, inclusive of hybrid and intermediary regimes. In this article I sketch the contours of a ‘spectrum of spectrum regimes’, triangulating regulatory, private ownership and unlicensed approaches. I illustrate this triangulated model, which I then apply to confront allocative decisions in digital dividend policy, such as the FCC’s open access clause in the 700 MHz auction and Ofcom’s current review of UHF spectrum release in the 800 MHz band.     

Costos del despido y ventajas de la medición con métodos directos

Es frecuente achacar los malos resultados del mercado laboral a los costos del despido y a las normas que rigen las relaciones de trabajo. Ahora bien, las investigaciones acerca de las consecuencias económicas de los despidos prestan muy poca atención a la calidad y la precisión de las mediciones, y no arrojan indicaciones concluyentes. Después de pasar revista a los métodos actuales de medición, el autor sostiene que es muy conveniente usar métodos cuantitativos directos a fin de complementar las mediciones indirectas habituales. Para ilustrar esta afirmación se vale de una encuesta efectuada recientemente en Australia.     

Project evaluation: Externalities must not be disregarded

While technology assessment is now usually performed at government level, methods proposed in the literature for evaluating single R and D projects by industrial concerns do not generally dedicate sufficient attention to possible externalities.
The authors propose a model for evaluating R and D projects based on the concept of 'limiting constraints' imposed by the different organizations or groups of interest with which the company interfaces.     

Empirical bias in intraday volatility measures

Intraday volatility measures have recently become the norm in risk measurement and forecasting. This article empirically investigates the unbiasedness of three of these measures over four different datasets. We find that the three measures are significantly biased and that the bias can have either sign.     

Correction to: Conservative solutions for progress: on solution types when combining QCA with in‑depth Process‑Tracing

Quality & Quantity -     

Long-run risk-return trade-offs

Excess market returns are correlated with past market variance. This dependence is statistically mild at short horizons (thereby leading to a hard-to-detect risk-return trade-off, as in the existing literature) but increases with the horizon and is strong in the long run (i.e., between 6 and 10 years). From an econometric standpoint, we find that the long-run predictive power of past market variance is robust to the statistical properties of long-horizon stock-return predictive regressions. From an economic standpoint, we show that, when conditioning on past market variance, conditional versions of the traditional CAPM and consumption-CAPM yield considerably smaller cross-sectional pricing errors than their unconditional counterparts.