The opportunity not taken: The occupational identity of entrepreneurs in contexts of poverty

Innovative entrepreneurship is an essential but often missing outcome of poverty alleviation efforts. This qualitative study set in rural Ghana explores the occupational identity of entrepreneurs, the institutions that shape it in isolated “island networks”, and how it influences entrepreneurs' practices and decisions. We find that the institutional forces of “collectivism” and “fatalism” feature prominently. Being an entrepreneur in such settings means being a mentor, market link, and community safety net, and the types of opportunities entrepreneurs pursue are largely seen as pre-destined and inherited rather than individually chosen. As a result, the pursuit of innovative opportunities may be significantly limited.     

Behavioral agency and corporate entrepreneurship: CEO equity incentives & competitive behavior

Scholars have long studied drivers of entrepreneurial behavior among established firms. Yet little is known about how individual factors shape a firm’s choice to pursue entrepreneurship. We draw on behavioral agency theory to explore the role of equity incentives in driving corporate entrepreneurship. Our findings suggest CEOs avoid corporate entrepreneurial behaviors as their option wealth increases. However industry dynamics also prove to be an important contingency when predicting the effects of both restricted stock and stock options on the likelihood that the CEO engages in corporate entrepreneurship. Our findings provide a theoretical platform for predicting dimensions of entrepreneurial behavior and highlight effects of CEO equity ownership.

     

How much does tax erode fund excess returns?

We model the tax drag from active fund management based on reported monthly holdings of active equity funds. Tax drag erodes 65 percent of the 0.74 percent excess return in Broad Market funds, but only 21 percent of the 1.80 percent excess return in Small-Cap funds for Australian superannuation (pension) fund investors. Tax drag varies with investment style; market state, which is most detrimental during bull markets; and fund turnover. For high-income individual investors, tax drag is exacerbated to the extent that active management only generates meaningful after-tax excess return for Small-Cap funds of certain styles.     

Properties that Sell at or above Listing Price: Strategic Pricing,Better Broker or Just Dumb Luck?

The Journal of Real Estate Finance and Economics - A surprisingly large number of houses sell above listing prices in a wide range of markets and in all market conditions. The question is: why do...     

Creative destruction Zhu Jia Jiao, China

Chinese water towns have experienced tourism investment since the adoption of the Open Door Policy in 1978. These river-based settlements offer an ancient small-town atmosphere, historic architecture, and a diversity of heritage commodities. The implications of this development in one such town, Zhu Jia Jiao, are examined through application of the model of creative destruction. Data collected on investments, tourist numbers, and resident attitudes reveal that this destination is in the model’s second stage of advanced commodification, which may be maintained if limits are placed on arrivals. Findings should be beneficial to other communities which are basing their development on marketing small-town heritage.