Business process offshoring: India and the global services revolution

Kaushik Basu (Ed.). 2004. India's Emerging Economy: Performance and Prospects in the 1990s and Beyond. Cambridge, MA: The MIT Press. 319 pages. ISBN: 0‐262‐02556‐6. Paul Davies. (2004). What's This India Business? Offshoring, Outsourcing, and the Global Services Revolution. London: Nicholas Brealey International. 233 pages. ISBN: 1‐904838‐00‐6. Mark Kobayashi‐Hillary. (2004). Outsourcing to India: The Offshore Advantage. Berlin‐Heidelberg: Springer‐Verlag. 275 pages. ISBN: 3‐540‐20855‐0.     

Entrepreneurial management revisited

Dan Steinbock. 2001. The Nokia Revolution: The Story of an Extraordinary Company that Transformed an Industry, New York: AMACOM. ISBN: 0‐8144‐0636‐X. Saul Rubenstein & Thomas A. Kochan. 2001. Learning from Saturn: Possibilities for Corporate Governance and Employee Relations. Ithaca, NY: Cornell University Press. ISBN: 0‐8014‐3873‐X. Jason Goodwin. 2001. Otis: Giving Rise to the Modern City. Chicago: Ivan S. Dee. ISBN: 1‐56663‐385‐0.     

The European project: Growing pains

Tomasso Padoa‐Schioppa. (2004). The Euro and Its Central Bank. Cambridge, MA: MIT Press. 260 pages. ISBN: 0‐ 262‐16222‐9. Brendan Brown. (2004). Euro on Trial. Hampshire, UK: Palgrave Macmillan. 188 pages. ISBN: 1‐4039‐1284‐X. Helge Berger and Thomas Moutos (Eds.). (2004). Managing European Union Enlargement. Cambridge, MA: MIT Press. 313 pages. ISBN: 0‐262‐02561‐2.     

China—The new paradox

Ian Rae and Morgan Witzel. 2004. Singular and Different: Business in China, Past, Present and Future. New York: Palgrave Macmillan. 173 pages. ISBN: 1‐4039‐1722‐1. Sheila Oakley. 2002. Labor Relations in China's Socialist Market Economy. Westport, CT: Quorum Books. 231 pages. ISBN: 1‐56720‐589‐5. Ilan Alon (Ed.). 2003. Chinese Culture, Organizational Behavior, and International Business Management. Westport, CT: Praeger. 270 pages. ISBN: 1‐56720‐456‐1.     

The pleasures,perils, and possibilities of undertaking international business research

Brian Toyne, Zaida L. Martínez, & Richard A. Menger (Eds.). 2001. International Business Scholarship: Mastering Intellectual, Institutional, and Research Challenges. Westport, CT: Quorum Books. ISBN: 1‐56720‐351‐5. Masaaki (Mike) Kotabe & Preet S. Aulakh (Eds.). 2002. Emerging Issues in International Business Research. Northampton, MA: Edward Elgar. ISBN: 1‐84064‐836‐8.     

Foreign investment in Russia and China: A long way to go,but reason for optimism

D. LeBaron, with D. Carpenter. 2002. Mao, Marx, and the Market: Capitalist Adventures in Russia and China. New York: John Wiley & Sons, Inc. 303 pages; ISBN: 0‐471‐15315‐X. B. Granville & P. Oppenheimer (Eds.). 2001. Russia's Post‐Communist Economy. Oxford, England: University Press. 538 pages; ISBN 0‐19‐829525‐1. H. Fung & K.H. Zhang (Eds.). 2002. Financial Markets and Foreign Direct Investment in Greater China. New York: M.E. Sharpe, Inc. 302 pages; ISBN: 0‐7656‐0804‐9.     

MULTIDIMENSIONAL DYNAMIC RISK MEASURE VIA CONDITIONAL g‐EXPECTATION

This paper deals with multidimensional dynamic risk measures induced by conditional g‐expectations. A notion of multidimensional g‐expectation is proposed to provide a multidimensional version of nonlinear expectations. By a technical result on explicit expressions for the comparison theorem, uniqueness theorem, and viability on a rectangle of solutions to multidimensional backward stochastic differential equations, some necessary and sufficient conditions are given for the constancy, monotonicity, positivity, and translatability properties of multidimensional conditional g‐expectations and multidimensional dynamic risk measures; we prove that a multidimensional dynamic g‐risk measure is nonincreasingly convex if and only if the generator g satisfies a quasi‐monotone increasingly convex condition. A general dual representation is given for the multidimensional dynamic convex g‐risk measure in which the penalty term is expressed more precisely. It is shown that model uncertainty leads to the convexity of risk measures. As to applications, we show how this multidimensional approach can be applied to measure the insolvency risk of a firm with interacting subsidiaries; optimal risk sharing for ‐tolerant g‐risk measures, and risk contribution for coherent g‐risk measures are investigated. Insurance g‐risk measure and other ways to induce g‐risk measures are also studied at the end of the paper.     

Terrorism and business

G. G. S. Suder (Ed.). (2004). Terrorism and the International Business Environment: The Security‐Business Nexus. Cheltenham, UK: Edward Elgar. 241 pages. ISBN: 1‐84376‐801‐1. B. S. Frey. (2004). Dealing with Terrorism—Stick or Carrot? Cheltenham, UK: Edward Elgar. 182 pages. ISBN: 1‐84376‐828‐3. Reviewed by David W. Gillingham     

Europe and the world

Michelle Egan. 2001. Constructing a European Market. Standards, Regulation and Governance. Oxford: Oxford University Press. 362 pages; ISBN 0‐9‐24405‐7. Brigid Gavin. 2001. The European Union and Globalization; Towards Global Democratic Governance. Cheltenham, UK: Edward Elgar. 242 pages; ISBN 1‐84064‐005‐7. Patrick A. Messerlin. 2001. Measuring the Costs of Protection in Europe: European Commercial Policies in the 2000s. Washington: Institute for International Economics. 370 pages; ISBN 0‐88132‐273‐3.     

Dispelling some myths: Uncertain and multiple paths to globalization

Brink Lindsey. 2002. Against the Dead Hand: The Uncertain Struggle for Global Capitalism. New York: John Wiley & Sons. 336 pages; ISBN 0‐471‐44277‐1. Peter Hall & David Soskice (Eds.). 2001. Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford: Oxford University Press. 540 pages; ISBN 0‐199‐24775‐7.     

Economic malaise in Japan: Changing economic order and the future of the U.S.–Japan economic relationship

B. Gao. 2001. Japan's Economic Dilemma: The Institutional Origins of Prosperity and Stagnation. Cambridge: Cambridge University Press. 300 pages; ISBN 0‐521‐79025‐5. F. Bergsten, T. Ito, & M. Noland. 2001. No More Bashing: Building a New Japan‐United States Economic Relationship. Washington, DC: Institute for International Economics. 328 pages; ISBN 0‐88132‐286‐5.     

Global business in the Middle East

W. Abdallah. 2001. Managing Multinationals in the Middle East: Accounting and Tax Issues. Westport, CT: Quorum Press. 279 pages. ISBN 1‐56720‐267‐5. M. Kavoossi. 2001. The Globalization of Business in the Middle East: Opportunities and Constraints. Westport, CT: Quorum Press. 161 pages. ISBN 1‐56720‐203‐9.     

Entrepreneurship and international business

Henry Wai‐chung Yeung. 2002. Entrepreneurship and the Internationalisation of Asian Firms: An Institutional Perspective. Northampton, MA: Edward Elgar Publishing Limited. 311 pages. ISBN 1‐84064‐734‐5. Victoria E. Bonnell & Thomas B. Gold (Eds.). 2002. The New Entrepreneurs of Europe and Asia: Patterns of Business Development in Russia, Eastern Europe and China. Armonk, NY: M.E. Sharpe. 357 pages. ISBN 0‐7656‐0775‐1.     

Online/offline (hybrid) consumers and the attention economy

Yoram (Jerry) Wind, Vijay Mahajan, & Robert Gunther. 2002. Convergence Marketing: Strategies for Reaching the New Hybrid Consumer. Upper Saddle River, NJ: Prentice Hall. 368 pages. ISBN 0‐13065‐075‐7. Thomas H. Davenport & John C. Beck. 2001. The Attention Economy: Understanding the New Currency of Business. Boston, MA: Harvard Business School Press. 272 pages. ISBN 1‐57851‐871‐7.     

Globalization and its discontents

Joseph E. Stiglitz. 2002. Globalization and Its Discontents. New York: W.W. Norton & Company. xxii + 282 pages. ISBN: 0‐393‐05124‐2.     

HIGH‐ORDER SHORT‐TIME EXPANSIONS FOR ATM OPTION PRICES OF EXPONENTIAL LÉVY MODELS

The short‐time asymptotic behavior of option prices for a variety of models with jumps has received much attention in recent years. In this work, a novel second‐order approximation for at‐the‐money (ATM) option prices is derived for a large class of exponential Lévy models with or without Brownian component. The results hereafter shed new light on the connection between both the volatility of the continuous component and the jump parameters and the behavior of ATM option prices near expiration. In the presence of a Brownian component, the second‐order term, in time‐t, is of the form , with d₂ only depending on Y, the degree of jump activity, on σ, the volatility of the continuous component, and on an additional parameter controlling the intensity of the “small” jumps (regardless of their signs). This extends the well‐known result that the leading first‐order term is . In contrast, under a pure‐jump model, the dependence on Y and on the separate intensities of negative and positive small jumps are already reflected in the leading term, which is of the form . The second‐order term is shown to be of the form and, therefore, its order of decay turns out to be independent of Y. The asymptotic behavior of the corresponding Black–Scholes implied volatilities is also addressed. Our method of proof is based on an integral representation of the option price involving the tail probability of the log‐return process under the share measure and a suitable change of probability measure under which the pure‐jump component of the log‐return process becomes a Y‐stable process. Our approach is sufficiently general to cover a wide class of Lévy processes, which satisfy the latter property and whose Lévy density can be closely approximated by a stable density near the origin. Our numerical results show that the first‐order term typically exhibits rather poor performance and that the second‐order term can significantly improve the approximation's accuracy, particularly in the absence of a Brownian component.     

Book Reviews

Books reviewed: Craig Freedman, Why Did Japan Stumble? Causes and Cures Klaus Schmidt‐Hebbel, The Economics of Saving and Growth: Theory, Evidence and Implications Deepak Lal, Unintended Consequences: The Impact of Factor Endowments, Culture, and Politics on Long‐Run Economic Performance T.J. Byres, Karin Kapadia and Jens Lerche (eds), Rural Labour Relations in India     

Global acquisitions,strategic integration and the human factor

Stan Lees. 2003. Global Acquisitions, Strategic Integration and the Human Factor. Houndmills, Basingstoke, UK: Palgrave Macmillan. ISBN: 0‐333‐77629‐1     

AN ONLINE PORTFOLIO SELECTION ALGORITHM WITH REGRET LOGARITHMIC IN PRICE VARIATION

We present a novel efficient algorithm for portfolio selection which theoretically attains two desirable properties:

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An Investigation of Decision‐Making Styles of Consumers in China

This study investigates Chinese consumers' decision‐making styles. The Consumer Style Inventory (CSI) is administered to 387 adult consumers in China. Both an exploratory factor analysis and a confirmatory factor analysis are adopted to validate the CSI inventory. This results in an eighteen‐item and seven‐factor solution. Findings indicate that five decision‐making styles are valid and reliable in Chinese culture: perfectionistic, novelty‐fashion conscious, recreational, price conscious, and confused by overchoice. Cluster analysis is employed to identify prominent market segments. Based on the findings, three segments are formed: trendy and perfectionistic consumer, traditional and pragmatic consumer, as well as confused by overchoice consumer. Marketing and management implications are discussed.