Multi-sectoral interdependencies of regional public infrastructure investments

Public investment decision-making processes involve multiple and interrelated sectoral and regional policy objectives and budget constraints. This paper presents a dynamic spatio-economic model that considers multi-sectoral investment interdependencies using data at the prefecture level in Greece. The expenditure allocation dynamics of most types of regional public investment are found to be competitive with each other. This outcome is attributed to the lack of policy coordination, technological and budget constraints, geographical factors, and equity and political considerations. The investment interrelationships may have a significant effect on future state funding needs and the strategic assessment of infrastructure development at the country level.     

企业年金权益投资动态配置

文章从扩大权益投资配置比例、投资监管模式的转变和调整权益投资配置比例等方面探讨了企业年金权益投资的动态配置,以期有效实现企业年金投资目标。     

Dynamic capabilities through continuous improvement infrastructure

We examine the content of continuous improvement strategies and identify infrastructure decision areas that are important for continuous improvement initiatives. We present a framework of infrastructure based on the idea that continuous improvement can serve as a dynamic capability when it includes a comprehensive organizational context. Further, we study continuous improvement initiatives in five companies to investigate the practices used by them in each of the decision areas of our framework. This research adds to the conceptual understanding of continuous improvement and results in grounded propositions about critical areas of infrastructure for continuous improvement.     

Adaptation investments and homeownership

This article develops a model where ownership improves the efficiency of the housing market as it enhances the utility of housing consumption for some consumers. The model is based on an extended Hotelling–Lancaster utility approach in which the ideal variant of housing is obtainable only by adapting the home through a supplementary investment. Ownership offers low costs of adaptation, but has high contract costs compared with renting. Consumers simultaneously choose housing demand and tenure, and because of the different cost structure only consumers with strong preferences for individual adaptation of the home choose ownership. This article analyses the consumer’s optimization. The model provides an explanation for the observation that homeowners typically live in larger dwelling units than tenants. It also provides an explanation for a high price of housing services tending to reduce homeownership rates.     

Dynamic efficiency of primary education in Brazil: Socioeconomic and infrastructure influence on school performance

Brazilian educational indicators have shown virtually no improvement since 2000, according to national and international evaluations. However, there are large disparities among schools, even in the poorest regions. This work evaluates efficiency of primary education in Brazilian schools using a dynamic DEA model, taking into account school differences in the socioeconomic levels of its students. Dynamic modelling is made possible by the inclusion of an infrastructure index as a carry-over between periods. Results are based on three model specifications that differ on their treatment of the socioeconomic variable. Efficiency distributions of these models are not statistically equal, but the general conclusions are convergent. They show almost no evolution on school efficiency between 2007 and 2015, but indicate possible efficiency improvements by investments in school infrastructure.     

Corporate investments and growth options

Real options theory models certain corporate investments as investments in growth options, yet there is little direct evidence on whether firms actually capture growth option value from these investments. In the current paper, we attempt to bridge this empirical gap, and we also examine the conditions under which the growth option value embedded in such investments is enhanced. Results from a sample of manufacturing firms during 1989–2000 reveal that investments in research and development and joint venture (JV) investments contribute to firms' growth option values. We also show that, among JVs of different ownership structures, only minority JVs increase growth option value. Our findings affirm options theory's assertion that real options can help firms capture valuable upside opportunities, they highlight the value of examining contingencies that drive option value, and they also point to the challenges firms face in realizing the unique benefits the theory emphasizes. Copyright © 2007 John Wiley & Sons, Ltd.     

Models of democracy in spatial investments

Governance regarding spatial investments meets or even creates institutional tensions that process management finds difficult to cope with. Traditional democracy is confronted with new ways of policy making. New practices include multi-level governance, public?–?private partnerships and citizen participation. Central government and parliamentary control have to adapt to such practices. This article studies institutional tensions in two cases of spatial investment, using representative and participatory democracy as models of political regime and policy implementation. The analysis also links governance to characteristics of space. The authors make recommendations to combine ‘representative’ and ‘participatory’ elements of governance in a way that reduces institutional tensions in processes of spatial investment.     

Supporting decision-making for recycling-based investments

The increasing demand for environmentally friendly products and the introduction of tougher environmental laws have encouraged firms to consider the adoption of recycling issues as one of the most effective solutions for reducing their impact on the environment. Unfortunately, many companies delegate decision-making on recycling issues at an operational level. This attitude presents some problems as it could lead companies to neglect many effects resulting from the adoption of recycling-based investments. The objective of this paper is to suggest a conceptual model aimed at supporting managers in the integration of recycling issues into the overall process of strategy formation; in particular, the designed approach is divided into two main phases: the identification of the main recycling-based programmes and the definition of a framework, based on both physical and accounting measures, aimed at assessing the effectiveness of different recycling initiatives according to the main priorities of the decision-maker.     

Manpower targets and educational investments

Quadratic programming can be useful to compute the optimal investment trajectory for an education system which is planned on the base of manpower targets. The computation of optimal investments required to approach manpower targets more closely becomes non trivial if the budget available is insufficient to meet manpower targets exactly, or if the manpower target trajectory is erratic.The quadratic programming problem consists of three components: (1) an optimization criterion which reflects the objective to minimize the squared deviation of actual manpower available from the manpower target; (2) a set of time difference equations which reflect the flow of students, the manpower stock flow and the flow of investments in the education subsystem; (3) a constraint on the budget, available for this branch of education over a planning period.This education investment problem is worked out for middle level technical manpower training in Bangladesh.     

Responsible investments reduce market risks

Decisions in Economics and Finance - Responsible investments are considered one of the driving factors of revenues growth enhancing risk-adjusted returns. This paper investigates the effects of...     

The performance of performance appraisal systems: understanding the linkage between appraisal structure and appraisal discrimination complaints

Abstract

Employee perceptions of the fairness of performance evaluations are critical to the success of any appraisal system. Research on performance management includes extensive studies on how bias emerges in the appraisal process. Despite this, there is no empirical evidence linking formal discrimination complaint filings – a key measure of bias - and performance appraisals. To close this gap, we conduct an empirical analysis using information on appraisal systems and discrimination complaints from the US federal government. Our findings suggest that agencies with better-designed appraisal systems will experience higher appraisal-related discrimination complaints, contrary to expectations. In particular, an expansion of training and voice opportunities are associated with an increase in appraisal discrimination complaints, while increased differentiation between performers is not consistently associated with complaints. For managers struggling with performance management, it may be better to spend time on improving performance-focused interpersonal communication rather than redesigning appraisal systems.     

Just-in-time in the infrastructure

We know that just-in-time (JIT) manufacturing is a set of philosophies, not a set of techniques. These same philosophies are embraced by the total quality management (TQM) school. The most important element of this philosophy is that of continuous improvement--the acceptance of constantly changing objectives as a departure from reliance on standard requirements. This fundamental concept drives other philosophical aspects such as improving utilization of resources (employee involvement, reduction of waste) and long-term success (customer focus, vendor partnerships). Clearly, these philosophies are applicable to all organizations and functions. Perhaps some of these philosophies are manifest by certain JIT principles that we might consider when we design organizational routines and practices. Why not apply what has been proven in the factory to the seemingly bureaucratic behaviors in the office.     

The impact of lead time on capital investments

We study equilibrium investment strategies of firms competing in stochastic dynamic market settings and facing two types of investment structures: investment with significant lead time (or time-to-build) and investment without (or minor) lead time. We investigate how investment behavior changes when investment is subject to time-to-build versus when it is not. We characterize equilibrium investment strategies under several information structures and compare results to the social optimum. We offer some new results. The model predicts that, controlling for demand, and production and investment costs, investments and outputs can be higher in progressive industries (which often exhibit time-to-build) than in fast-paced industries (where time-to-build is insignificant). Furthermore, for both investment types (investment with or without time-to-build) we offer a novel equilibrium in which firms incrementally invest. This behavior is driven by demand uncertainty and capacity constraints. Also, expected outputs are lower than Cournot outputs as firms face uncertainty. Moreover, the amount of uncertainty has different effects over investment types.     

Behavioral uncertainty and investments in cooperative relationships

We study a cooperative relationship between two economic agents, in which one agent can make investments in the relationship to reduce the probability that the other agent defects. The probability of defection is derived from an incomplete information decision model of the transaction partner. We show that the relationship between investment and probability of defection depends on the type of uncertainty considered and analyze the effects of parameter changes on the optimal level of investment. Copyright © 2004 John Wiley & Sons, Ltd.     

Mergers,strategic investments and antitrust policy

Established firms can diversify into new markets in two distinct modes: through internal development or through conglomerate merger. Building on a dynamic three-stage bargaining model with variable threats, this paper shows that a lenient antitrust position toward horizontal mergers can induce established firms that would otherwise not have entered to enter via conglomerate merger. The vigor of antitrust enforcement toward horizontal mergers also affects the conglomerate acquisition price but it does not influence the choice of entry mode. Finally, the paper brings to light a heretofore neglected avenue through which conglomerate mergers can increase welfare.     

The triple-edged sword of sensitivity of sales,cash flows,and debt to investments: Venture survival and capital investments

Drawing on reliable financial performance data of 192,855 venture-year observations, representing a total of 66,174 ventures with 8.13% of the ventures failing (5380 ventures), we find that neither sales-investment sensitivity nor cash-flow-investment sensitivity is associated with venture survival. However, debt-investment sensitivity lowers the hazard of failure. Sales-investment sensitivity and debt-investment sensitivity under munificence and dynamism lower the hazard of failure. However, cash-flow-investment sensitivity at high levels of dynamism or munificence does not influence the hazard of failure. The effect sizes are small but nonetheless meaningful. The findings have implications for ventures attempting to match performance and capital structure with investment.     

城市基础设施领域公私伙伴关系分析

结合我国基础设施领域的改革趋势,通过对城市基础设施领域公私伙伴关系的探讨,对该领域的改革取向和制度安排问题进行了相关分析.     

经理人过度自信、不对称信息与企业投资决策

通过构造二阶段投资模型,本文探讨信息不对称情况下经理人过度自信对企业投资决策的影响.研究结果表明:对于真实融资约束企业和伪融资约束企业,经理人过度自信心理偏误可能引发投资过度或投资不足;过度自信程度时企业投资-现金流敏感度有正向影响;对于过度自信程度轻微的劣质企业,投资对现金流不敏感,经理人心理偏误仅在举债筹资时可能引发过度投资.