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1.
When companies put seasoned managers in charge of important projects, they don't expect missed deadlines, budget overruns, and rampant defects. However, that's what researchers found when they tested hundreds of experienced project managers with computer games that simulated software development projects. The study, conducted by two professors from Insead and one from Naval Postgraduate School, strongly suggests that veterans in complex environments suffer a breakdown in the learning process. The research reveals three reasons for the breakdowns: Time lags between causes and effects make it difficult to see how they're connected; fallible estimates color the chain of decisions that determine a project's outcome; and a bias toward the initial goals prevents managers from setting revised, more appropriate, targets when project circumstances change. Sticking to an initial low budget goal after a project grew in scope, for instance, led subjects to ignore quality assurance, which led to soaring defect rates--and costs. Companies can take practical steps to fix the learning cycle. They can provide feedback that shows the relationships between important variables in the environment. Such feedback might reveal, say, the 20-day ramp-up that a new quality assurance team needs before becoming fully effective. Tools that apply formal models to calculate such things as the effect of turnover on team productivity also help. Setting goals for behavior, instead of targets for performance, is critical as well. Finally, firms can create project "flight simulators" that mimic actual learning environments but don't let complexity overwhelm trainees. Managers can continue learning only if they get decision support tailored to the challenges they face. Firms would do well to focus more on training people higher up in the organization and stop leaving them to fend for themselves.  相似文献   

2.
The vision trap     
Langeler GH 《Harvard business review》1992,70(2):46-8, 50, 52-5
At Mentor Graphics Corporation, Gerry Langeler was the executive responsible for vision, and vision, he discovered, has the power to weaken a strong company. Mentor helped to invent design-automation electronics in the early 1980s, and by the end of the decade, it dominated the industry. In its early days, fighting to survive, Mentor's motto was Build Something People Will Buy. Then when clear competition emerged in the form of Daisy Systems, a startup that initially outsold Mentor, the watchword became Beat Daisy. Both "visions" were pragmatic and immediate. They gave Mentor a sense of purpose as it developed its products and gathered momentum. Once Daisy was beaten, however, company vision began to self-inflate. As Mentor grew more and more successful, Langeler formulated vision statements that were more and more ambitious, grand, and inspirational. The company traded its gritty determination to survive for a dream of future glory. The once explicit call for effective action became a fervid cry for abstract perfection. The first step was Six Boxes, a transitional vision that combined goals for success in six business areas with grandiose plans to compete with IBM at the level of billion-dollar revenues. From there, vision stepped up to the 10X Imperative, a quality-improvement program that focused on arbitrary goals and measures that were, in fact, beyond the company's control. The last escalation came when Mentor Graphics decided to Change the Way the World Designs. The company had stopped making product and was making poetry. Finally, in 1991, after six years of increasing self-infatuation, Mentor hit a wall of decreasing indicators. Langeler, who had long since begun to doubt the value of abstract visions, reinstated Build Something People Will Buy. And Mentor was back to basics, a sense of purpose back to its workplace.  相似文献   

3.
《新理财》2011,(8):54-59
从唐山市中心向南行驶,道路慢慢变窄,大约1小时左右的时间,我们来到了黄各庄镇的米厂村,惠达集团的总部大厦就矗立在村子的北面。这是一家典型的改革开放后发展起来的乡镇企业。经过近30年的发展,目前惠达的资产规模已达到近30亿元  相似文献   

4.
在2014年中关村论坛年会"互联网金融:融合与发展"分论坛上,中关村管委会副主任杨建华表示,由于互联网金融巨头的介入,传统的银行机构多年来的重要盈利的业务方向,包括支付、结算和利息收入类等服务已经面临着诸多挑战。而互联网金融与传统金融的共生、融合、发展,必须依托有绝对公信力的信用信息体系的建设。  相似文献   

5.
Previous research has analyzed the problem faced by borrowers who must choose between fixed rate and variable rate loans when each loan carries different cost and risk characteristics and the borrowers face various income and employment prospects. In addition, the existing literature contains theoretical and empirical studies of how lenders react when given the ability to offer both fixed and variable rate financing. This article unifies the two strands of research to develop and test a model of the equilibrium proportion of variable rate lending. Results indicate that factors related to borrower, lender, and market characteristics are significant determinants of the equilibrium proportion of variable rate credit originated.  相似文献   

6.
Marcus Bussey 《Futures》2010,42(2):110-114
This article questions the use of the term integral. It argues that although the use is well intentioned it draws its energy from the geophilosophical drive of the Western project. This project is imperialist in nature and bases its power on its ability to define. So although IF claims to be inclusive it actually establishes a self-referential dialogical relationship between itself and its interlocutor that privileges its position. This is clearly counter to the integral rhetoric of its most ardent exponents. It is argued that this imbalance is central to the entire Western philosophic project and is rooted in the geophilosophical gaze. Such a gaze is ultimately about assimilation not mutual discourse and should be set aside for more inclusive and less culturally aligned forms of cultural analysis such as Causal Layered Analysis which accounts for the primacy of context and local knowledge and finds agency in the working of those who constitute the multitude. Such work is process oriented and stands in real contrast to the definitional power (and terror) of the integral gaze.  相似文献   

7.
This paper examines the impact of mispricing, corporate life cycle, and financing waves on the debt/equity decision when firms (1) acquire funds and (2) repurchase funds by using a large international data set from 47 countries for the period 1984–2006. Our results support the mispricing hypothesis and the corporate life cycle hypothesis for both the acquisition of new funds and the repurchase of funds. However, our findings are consistent with the financing wave hypothesis only for repurchases of firms residing in common law countries as well as market-based countries.  相似文献   

8.
This paper assesses how the default frequencies of RMBS loan portfolios vary depending on sponsor, servicer, and underwriter characteristics. We find that the larger and healthier the sponsor of the transaction, the lower the default frequency of the securitized loans. This finding is consistent with the hypothesis that banks with a longer market perspective are less willing to risk their good reputation for a gain in short-term profits. More surprisingly, we find that there is a negative relationship between the market share of the lead underwriter and default frequency. In contrast to reputational capital theory, it appears that investment banks with high market shares in the securitization business exploit their reputational capital.  相似文献   

9.
《国际融资》2011,(5):69-69
亚洲开发银行(简称亚行)行长黑田东彦(Haruhiko Kuroda)先生说,30年成功的经济改革使中华人民共和国跃居为世界第二大经济体,但目前面临的挑战是如何在避免陷入中等收入陷阱的同时,保持可持续发展。  相似文献   

10.
Is having a foreign background a relevant factor in choosing between payment instruments in consumer point-of-sale transactions after migration? We analyze this question using a unique diary survey in which both participants with a Dutch and a foreign background documented their daily purchases. We present several pieces of evidence suggesting that foreign backgrounds still influence the choice between payment instruments after migration to the Netherlands. For instance, we find that first-generation migrants from a number of countries that can be seen as cash-oriented are more likely to use cash in the Netherlands. At the same time, second-generation migrants have similar payment habits as individuals with a Dutch background. This finding suggests that payment behavior is not passed on between generations, but affected by host country payment habits. Finally, we suggest that, in this context, special information campaigns to increase debit card usage will not have clear net social benefits.  相似文献   

11.
保障性住房建设:现状、影响及融资模式   总被引:9,自引:0,他引:9  
李晶 《国际融资》2010,(11):26-28
激励不当与地方政府融资不足的问题,正在通过新的融资协议逐步解决,包括建筑公司与地方政府签订建设-移交协议、房地产投资信托(REIT)融资、保险资金投资以及使用住房公积金。与以往相比,我们预期地方政府将全力实现建设保障性住房的官方目标,但部分财政赤字高、基建项目融资负担重的地区可能继续落后  相似文献   

12.
Using firms from 20 non‐US countries, we investigate whether and how ownership structure, analyst following and country‐level institutions influence stock price informativeness (SPI). We find that stock price informativeness decreases with control‐ownership wedge (the detachment of voting rights from cash flows rights), and this SPI‐reducing effect of the wedge is attenuated for firms with high analyst following and in countries with strong country‐level institutions. We also find that stock price informativeness decreases with analyst following, but this SPI‐reducing effect of analyst following is attenuated in countries with strong country‐level institutions.  相似文献   

13.
This paper is based on a series of interviews with nine leading researchers conducted during the Future-Oriented Technology Analysis International Conference held in Seville on 16-17 October 2008. Analysis of these interviews paints a picture of FTA as an increasingly important approach being adopted in many countries to address the many challenges which are emerging at this time in human history. From this are drawn implications for the community of FTA practitioners. The biggest challenge is to achieve and demonstrate a greater impact of FTA studies. Otherwise the views of the possible futures that await us may continue to go largely unheard and unheeded, as with Cassandra's prophecies.  相似文献   

14.
This study investigates the relevance of net financial expenses with respect to equity valuation in an IFRS accounting regime. According to the residual earnings valuation model, income related to balance sheet items that are recorded at fair value is not applicable for valuation purposes. There are no residual earnings associated with these items because the balance sheet provides ‘perfect’ value estimates for the items in question. In accordance with the contention that under IFRS, aggregate net financial liabilities are recorded at a book value that is close to fair value, this study demonstrates that net financial expenses are not associated with the market prices of stocks. The investigation discusses the empirical findings in light of the enduring controversies regarding the use of fair value accounting.  相似文献   

15.
More transparent disclosure reduces the effort required to process reported information. The adoption of Statement of Financial Accounting Standards (SFAS) No. 131, Disclosures about Segments of an Enterprise and Related Information, increased the transparency of segment information reported by diversified firms. Using a long sample window (1988–2007) and a difference-in-difference design, this paper examines the association between corporate diversification and analysts' efforts—as reflected in analysts' idiosyncratic information precision and analyst consensus—across the old SFAS No. 14 and the new SFAS No. 131 segment reporting regime. Results indicate that SFAS No. 131 has improved segment reporting such that analysts need to invest relatively less effort generating idiosyncratic information when issuing forecasts for diversified firms. Given that analysts' information gathering efforts are costly, these findings are of interest to policy makers when assessing whether the intended reporting objectives of SFAS No. 131 are being met in a cost effective manner.  相似文献   

16.
文章在深入分析美国政策再宽松可能带来的美元贬值和通胀风险的基础上,指出了我国经济所面临的增长放缓与美元贬值的内外挑战,并从主动调节经济增速与加快经济结构调整等方面对化解上述困境提出了针对性的政策建议。  相似文献   

17.
Does corporate governance affect the timing of large investment projects? Hazard model estimates suggest strong shareholder governance may deter managers from pursuing large investments. Controlling for investment opportunities, firms with good governance experience longer spells between large investments. However, in the presence of financial constraints or strong CEO incentives (high delta (δ)), we find no such timing differences. Finally, these higher investment hazard firms exhibit significantly negative long-run operating and stock performance. Overall, our findings are consistent with the notion that poor governance associates with overinvestment.  相似文献   

18.
This field study examines whether and how supervisors’ subjective adjustments to objective performance measures are influenced by their prior subjective evaluations of employees. Evaluations were determined entirely subjectively in the sample internal audit organization in 2005. In 2006, the organization introduced a pay-for-performance incentive plan that established four objective measures of audit manager performance. Then, knowing the challenges of objectively measuring manager performance, the organization gave supervisors the discretion, mandate, and training to subjectively adjust each of the objective measures when performance as indicated on the individual measures misrepresented managers’ true performance.  相似文献   

19.
This paper analyzes the bank and country determinants of capital buffers using a panel data of 1337 banks in 70 countries between 1992 and 2002. After controlling for adjustment costs and the endogeneity of explanatory variables, the results show that capital buffers are positively related to the cost of deposits and bank market power, although the relations vary across countries depending on regulation, supervision, and institutions. Their impact is the result of two generally opposing effects: restrictions on bank activities and official supervision reduce the incentives to hold capital buffers by weakening market discipline, but at the same time they promote higher capital buffers by increasing market power. Institutional quality has the two opposite effects. Better accounting disclosure and less generous deposit insurance, however, have a clear positive effect on capital buffers by both strengthening market discipline and making charter value better able to reduce risk-taking incentives.  相似文献   

20.
Eco-control is the application of financial and strategic control methods to environmental management. In this study, we investigate to what extent eco-control influences environmental and economic performance. Using survey-data from a sample of Canadian manufacturing firms, the results suggest that eco-control has no direct effect on economic performance. A mediating effect of environmental performance on the link between eco-control and economic performance is observed in different contexts. More specifically, eco-control indirectly influences economic performance in the context of (i) higher environmental exposure, (ii) higher public visibility, (iii) higher environmental concern, and (iv) larger size. This study contributes to the management accounting literature by providing insight into the roles and contributions of management accounting in the context of sustainable development.  相似文献   

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