What every leader needs to know about followers

Countless studies, workshops, and books have focused on leaders--the charismatic ones, the retiring ones, even the crooked ones. Virtually no literature exists about followers, however, and the little that can be found tends to depict subordinates as an amorphous group or explain their behavior in the context of leaders' development. Some works even fail to sufficiently distinguish among varying types of followers--barely registering the fact that those who tag along mindlessly are a breed apart from those who are deeply devoted and consciously, actively involved. These distinctions have critical implications for the way leaders should lead and managers should manage, according to Kellerman, a professor at Harvard's Kennedy School of Government. Additionally, today's followers are influenced by a range of cultural and technological changes that have affected what they want and how they view and communicate with their ostensible leaders. In this article, Kellerman explores the evolving dynamic between leaders and subordinates and offers a typology that managers can use to determine and appreciate how their followers are different from one another. Using the level of engagement with a leader or group as a defining factor, the author segments followers into five types: Isolates are completely detached; they passively support the status quo with their inaction. Bystanders are free riders who are somewhat detached, depending on their self-interests. Participants are engaged enough to invest some of their own time and money to make an impact. Activists are very much engaged, heavily invested in people and process, and eager to demonstrate their support or opposition. And diehards are so engaged they're willing to go down with the ship--or throw the captain overboard.     

When the going gets tough,ads become straightforward but multi-appealed: The influence of the recession on financial services advertising appeals

Although many scholars and researchers have contributed to the sizeable literature on the relationship between advertising and society, few have examined economic circumstances as a meaningful force shaping advertising. This study provides the empirical evidence that changes in economic conditions, the recession in particular, can transform advertising appeals. The analysis of 1488 financial services ads placed in two popular US magazines showed that the patterns of appeals have turned to direct assertive styles in the wake of the economic crisis of the period 2008–2009. At the same time, however, ads during this recession period have used a far wider variety of strategic and tactical appeals than those in pre-recession era.     

When the going gets tough,ads become straightforward but multi-appealed: The influence of the recession on financial services advertising appeals

Although many scholars and researchers have contributed to the sizeable literature on the relationship between advertising and society, few have examined economic circumstances as a meaningful force shaping advertising. This study provides the empirical evidence that changes in economic conditions, the recession in particular, can transform advertising appeals. The analysis of 1488 financial services ads placed in two popular US magazines showed that the patterns of appeals have turned to direct assertive styles in the wake of the economic crisis of the period 2008–2009. At the same time, however, ads during this recession period have used a far wider variety of strategic and tactical appeals than those in pre-recession era.     

黄金，薄如蝉翼的黄金

购买贵金属本来为了躲避通货膨胀．但投资者蜂拥而至,再加上炒家投机．黄金、白银本身也成了充满危险的大宗商品     

Leaders,followers, and equity risk premiums in booms and busts

We study an investment problem in which two asymmetric firms face competition and the regime characterizing the economic condition follows a Markov switching process. We derive the value functions and investment thresholds of the leader and follower. The option value of regime uncertainty is found to be quite important for the investment decision of firms. We also show the relationship between the equity risk premium and the economic cycle that has not been done in previous studies, which proxy economic conditions by the level of demand or other state variables.     

International banks as leaders or followers of international business : An historical perspective

International banking and international trade have been partners since the beginning of world trade and world finance. Indeed, the distinction between international trade and international finance as two separate functions and institutions is relatively recent. Banks and business firms are two parts of a world network. Therefore there is no easy answer to the question as to whether banks follow or lead international business. It is probable that where banks are aggressive in building world networks, and industries focus on single projects, banks lead and industry follows. But under the opposite conditions, the roles will reverse. There is no way to determine which of the two processes is dominant.     

让知识产权成为资本

当前以知识产权为代表的高端产业链几乎占整个产品价值的60％以上,而包括加工原材料在内的中国制造产业链只占20％～30％．这是一个不可持续、非常令人难以接受的状况。中国只有向产业链高端,也就是向知识产权一端进发、努力,才能改变这一状况,在2011中关村论坛年会知识产权专场分论坛上,北京金融资产交易所、中国技术交易所董事长...     

The risk in hedge fund strategies: theory and evidence from trend followers

Hedge fund strategies typically generate option-like returns.Linear-factor models using benchmark asset indices have difficultyexplaining them. Following the suggestions in Glosten and Jagannathan(1994), this article shows how to model hedge fund returns byfocusing on the popular 'trend-following' strategy. We use lookbackstraddles to model trend-following strategies, and show thatthey can explain trend-following funds' returns better thanstandard asset indices. Though standard straddles lead to similarempirical results, lookback straddles are theoretically closerto the concept of trend following. Our model should be usefulin the design of performance benchmarks for trend-followingfunds.     

Why prisons have become a growth industry

Unable to break out of the straightjacket of local authorities’ administrative areas and the bureaucratic concept of ‘need to spend,’ the Department of the Environment has come up with an index of deprivation that is, to say the least, counter‐intuitive. If it were to use better indicators and to focus on smaller areas, it would stand a better chance of directing resources to where they are most needed.     

如何成为风险投资家

如果你想成为风险投资家，那么，哪些是你需要了解的？职业阶梯是怎样的？以哪儿作为起点？本文会给你一个初步的介绍     

中国的银行 真的可以倒闭

中国银监会副主席阎庆民近日在一次论坛上表示,银监会正酝酿加快推出银行破产条例。他认为“未来要让市场说话、让资本说话,如果商业银行最后资不抵债,就会退出。”之前有消息称,存款保险制度将在2013年底前推出。无独有偶,就在2013年11月底,中央财经领导小组办公室巡视员方星海公开表示,希望各个方面,包括人民银行在内,对金融风险做好一些处置的预案。他以个人名义称“也许,2014年某个时候,一两家中小型银行发生倒闭的可能性很大。”     

Why newly listed firms become acquisition targets

We study the operating, financial, and ownership structure characteristics of newly listed firms which become acquisition targets shortly after their initial public offerings. We examine whether such firms get acquired because of their successful performance or as an alternative to delisting. We find that firms, which do relatively well in terms of operating as well as stock performance and attract institutional investor interest, draw the attention of acquirers. Furthermore, we observe that investments made by newly listed target firms do not destroy shareholder value and have comparable profitability to investments made by newly listed firms which grow by acquisitions. Overall, firms acquired shortly after listing are on a growth trajectory similar to that of surviving firms.     

北京将成为国际并购的新热点

2008年岁末，2008北京国际并购研讨洽谈会在京举行。研讨会的目的是为国内外投资者与政府、项目方提供交流的平台，使投资者正确解读中国利用外资的政策，探讨北京在产业结构升级和调整过程中提供的跨国并购商机，推动存量资源吸收外资，从而更好地发挥外资的积极作用，利用外资促进资源优化配置，推动北京产业结构调整和产业升级，促进经济社会可持续发展。在项目对接洽谈会上，北京市投资促进局和北京产权交易所联合推出各类项目110个，金额近88亿元人民币，有10余家项目方在洽谈会现场进行了项目宣讲，300多家投资人到场与项目方进行了沟通。北京市人民政府审批绿色通道的官员为企业就项目进行了现场咨询，促进项目转化落地     

汇丰何以成为"全球第一"?

有着140余年历史的汇丰控股金融集团正在释放出璀璨夺目的光芒.据汇丰披露的最新资料表明,集团的资产增长速度不仅在过去半年中快于全球所有的竞争对手,而且截至6月30日,公司以1.74万亿美元的全新资产规模记录将花旗集团从王者位置上拉了下来,一举成为了全球资产规模最大的银行.从一个区域银行膨胀为首屈一指的全球性金融巨头,汇丰向人们展示出了其精湛的财富发酵本领.     

When governments forecast

This article looks at the forecasting industry as turning out products of more interest to museum curators than corporate executives, policymakers etc. It is generally skeptical of most attempts to divine the future —skepticism turning to deep concern when a particular forecast is used to justify government in making a decision better left to the discretion of free, rational citizens. The article looks at the problems of forecasting, the risks involved and, remarkably, how little the reputations of global forecasters seem to be affected by past statements. Finally, it discusses the effectiveness of a separate forecasting body, apart from government which would have power without responsibility. It considers The Resourceful Earth as a sound and cautious analysis, representing itself as a private effort by private individuals, which does not encourage unwarranted emphasis to its conclusions.     

中小企业怎样成为德富泰银行的目标客户

问:在国有商业银行普遍不愿意向中小企业贷款的环境下,德富泰银行为什么会只关注中小企业?     

海洋投资或成下一个投资新风口

中国海域、海岛开发现状 由于海洋环境的特殊性,海洋不是人类的居住环境,人们总觉得海洋开发离自己比较遥远,企业对海洋资源开发与利用也不知如何下手.但随着国际上对海洋资源的一些开发新案例相继出现,中国对海洋资源的开发利用也呈现多样化的趋势.比如一些国家正在研发水下房屋建设,迪拜已推出了水下别墅项目,各种海上游乐设施和海上运动项目已被人民广泛接受,海洋的开发类型越来越多,不但有传统的海洋产业在蓬勃发展,而且又在不断产生新的海洋产业.     

Managing markets for toxic assets

A model in which banks trade toxic assets to raise funds for investment is analyzed. Toxic assets generate an adverse selection problem and, consequently, the interbank asset market provides insufficient liquidity. Investment is inefficiently low because acquiring funding requires banks to sell high-quality assets for less than their “fair” value. Equity injections reduce liquidity and may be counterproductive as a policy for increasing investment. Paradoxically, if it is directed to firms with the greatest liquidity needs, an equity injection will reduce investment further. Asset purchase programs, like the Public–Private Investment Program, often have favorable impacts on liquidity, investment and welfare.     

When green meets green

We investigate whether and how the environmental consciousness (greenness for short) of firms and banks is reflected in the pricing of bank credit. Using a large international sample of syndicated loans over the period 2011–2019, we find that green banks indeed reward firms for being green in the form of cheaper loans—however, only after the ratification of the Paris Agreement in 2015. Such loans are also more likely term loans, with fewer covenants and reflect firms' project choices. Thus, we find that environmental attitudes matter “when green meets green.”