The economic and financial properties of crude oil: A review

In this article, we provide a structured review of crude oil price dynamics. Specifically, we summarize evidence on important factors determining oil prices, cover the impact of oil market shocks on the macro economy and the stock market, discuss how the financialization of crude oil markets affects oil market functionality and efficiency, and we then outline approaches for forecasting crude oil prices and volatility. By comparing the results of the most influential early contributions and recent studies, we can identify important developments and research gaps in each field. Thus, our review provides academics and practitioners newly engaging in crude oil research with an overview of what scientists know about crude oil dynamics and highlights which topics areparticularly promising for future research.     

Effects of limit order book information level on market stability metrics

Using an agent-based model of the limit order book, we explore how the levels of information available to participants, exchanges, and regulators can be used to improve our understanding of the stability and resiliency of a market. Ultimately, we want to know if electronic market data contains previously undetected information that could allow us to better assess market stability. Using data produced in the controlled environment of an agent-based model’s limit order book, we examine various resiliency indicators to determine their predictive capabilities. Most of the types of data created have traditionally been available either publicly or on a restricted basis to regulators and exchanges, but other types have never been collected. We confirmed our findings using actual order flow data with user identifications included from the CME (Chicago Mercantile Exchange) and New York Mercantile Exchange. Our findings strongly suggest that high-fidelity microstructure data in combination with price data can be used to define stability indicators capable of reliably signaling a high likelihood for an imminent flash crash event about one minute before it occurs.     

INSTITUTIONAL DETERMINANTS OF VENTURE CAPITAL ACTIVITY: AN EMPIRICALLY DRIVEN LITERATURE REVIEW AND A RESEARCH AGENDA

Venture Capital (VC) was born and has flourished in the United States, yet it has only modestly developed in other geographical areas. A vast body of research has been carried out to investigate the factors which are conducive to VC activity, and that may better explain the differences in the degree of development and performance of VC industry across different geographical contexts. However, there has only been a limited effort in the literature to systematize what we know (and what we do not know) about the institutional factors that spur VC activity. This paper tries to close that gap, through a systematic survey of the existing literature on the institutional and related determinants of VC activity. Grounding on the seminal work of North (1990), we consider formal (e.g. laws and formal rules) and informal (e.g. cultural norms and tacit codes of behaviour) institutions which are found in the extant empirical economics and management literature to affect the development of the VC industry. Building on this careful review, our paper aims to propose interesting avenues for future research in this domain.     

What do we [not] know about technology entrepreneurship research?

This study aims to review what we do (and do not) know about technology entrepreneurship (TE) research to date. Based on a categorized bibliometric analysis resulting from a systematic review of 135 scientific articles published in refereed journals over the past 27 years (1986–2013), we identify the core domains of TE, its intellectual structure, the scientific journals with a major impact in this field of research, and the affiliation and collaboration networks within it. Specifically, through a detailed analysis of article co-citations within the TE area, this study provides co-citation networks of authors, journals, and their respective clusters, revealing their rankings in terms of contributions to the TE literature. This comprehensive analysis can be used to enhance our understanding of TE and support further research in this field.     

I give at the office: A review of workplace giving research,theory, and practice

Workplace giving is a widely used philanthropic tool. Although it may have great unmet potential, it is also facing a number of challenges, including competition from informal crowdfunding campaigns. In the face of such challenges, we take stock of the extant research to better understand the value and future of workplace giving, emphasizing employee actions and preferences in our review. Workplace giving studies can also augment knowledge about contextual giving or bounded settings for exploring basic philanthropic questions (e.g., donor control or gift elasticity). We use a three‐part conceptual framework to synthesize and discuss research on individual workplace giving in the context of broader giving behaviors. We address what researchers know, do not know, and need to know on the topic of workplace giving.     

Coverage and effectiveness of family-responsive workplace policies

In this article, we review what is and what is not known about “family-responsive” employment practices. What is claimed about the benefits of these practices? What evidence is available to evaluate the effectiveness of new employment practices in fostering increased employee productivity or lowered business costs? What do we still need to know, and what is the best way to obtain good evaluative information? This essay is divided into three parts: The first covers the market-based model for accommodating employee family responsibilities and available information on unmet employee needs, the second covers the literature on the types of new employment practices and their effectiveness in fostering organizational productivity, and the third provides a framework for future evaluation research that might better provide us with the information that we need to effectively fashion family-responsive workplaces that best meet the needs of employees and employers.     

对项目标后经营的探讨

对于竞争越来越残酷的建筑市场来说,随着工程中标单价越来越低,如何做好标后经营工作就显得尤其重要,这也是施工单位提高经济效益的重要途径。文章就如何做好项目标后经营谈了几点认识。     

Developing breakthrough products: challenges and options for market assessment

Competitive pressures and market forces are augmenting the importance of product innovation as a source of competitive advantage. Key drivers underpinning market success have the capacity to develop the “right” products for the “right” customers, using the “right” channels, with a shorter development cycle than competitors. But when breakthrough products (BTPs) are involved, how do we sort out what is “right”? How do we identify customers' future requirements when the technology platforms are still unfolding, products are still in development and customers lack experience with the product? Traditional product development market research techniques are problematic since they assume the customer has historical experience with products similar to those being created. The objective of this paper is to raise the awareness of the OM community with the strengths and weaknesses of existing methodologies for developing and introducing innovative products to market. Further, it suggests promising future directions for both practice and research when BTPs are involved. This is important because of the central role OM plays in managing the success of the BTP development process.     

Process-based vs. product-based innovation: Value creation by nanotech ventures

Nanotechnology is frequently heralded as the next wave of technological advance, poised to enable radical innovation across many industries. But as yet little is known about how firms will ultimately create that value. We do know that nanotechnology is based on process innovation, a category of innovation less well understood than product innovation. And we know that new ventures are an important vehicle for commercializing radical technology. As new ventures seek to commercialize nanotechnology, they evolve value creation strategies to better link fundamental scientific advance with the creation of value for users and investors. This paper asks “How do the successful value creation strategies of technology ventures differ in process vs. product-based innovation?”An investigation of 12 ventures representing the extremes of value creation through process-based (nanotech) and product-based (fuel cell) innovation reveals significant differences in their value creation challenges, in the mechanisms of technology–market matching and alliance building, and in their levels of experimentation. Ventures exploiting process innovation faced greater uncertainty in their value chain positioning, market breadth, customization, and the changes required of their customers in contrast to product-based ventures. Our evidence shows that nanotechnology ventures benefit from prioritizing technology–market matching, alliance building and experimenting with technologies in new value networks.     

Sexual harassment training: Recommendations to address gaps between the practitioner and research literatures

Sexual harassment training is a common human resource activity, and the practitioner literature is replete with advice about how to implement it. Little research, however, has specifically explored what makes sexual harassment training effective. This paper uses what we know from general training research and theory and sexual harassment research to assess the extent to which the practitioner literature is making relevant and reasonable recommendations for sexual harassment training. We identify practitioner‐research gaps in the literature, including areas that academic research and theory suggest are important for training effectiveness but where the practitioner literature falls short. The practitioner literature may be silent, offer incomplete advice, make recommendations that do not directly link to research findings, or present recommendations that are inconsistent with research findings. We recommend that these gaps be bridged and we provide specific suggestions for how human resource managers can improve the quality of the sexual harassment training they provide. © 2009 Wiley Periodicals, Inc.     

WALKING DOWN WALL STREET WITH A TABLET: A SURVEY OF STOCK MARKET PREDICTIONS USING THE WEB

‘A blindfolded chimpanzee throwing darts at The Wall Street Journal could select a portfolio that would do as well as the (stock market) experts’ [Malkiel (2003) The efficient market hypothesis and its critics. Journal of Economic Perspectives 17(1): 59–82)]. However, what if this chimpanzee could browse the Internet before throwing any darts? In this paper, we ask whether online news has any influence on the financial market, and we also investigate how much influence it has. We explore the burgeoning literature on the predictability of financial movements using online information and report its mixed findings. In addition, we collate the efforts of various disciplines, including economics, text mining, sentiment analysis and machine learning, and we offer suggestions for future research.     

Rethinking determinants of ICT acceptance: Towards an integrated and comprehensive overview

In the contemporary ICT environment, we are confronted with a growing number of failing innovations. New technological innovations often fail because too much attention is still given to (technical) product-related features without taking into account the most important parameters of user acceptance. In addition, suppliers of ICT products often lack accurate insight into the distinguished profiles of their (potential) target audience. In this article theoretical considerations and empirical results on this matter are highlighted. First of all, an approach is proposed in which more traditional and often scattered vision(s) on adoption determinants are broadened into an integrated framework. The approach provides a stronger base for better targeting of (new) users of technologies. Secondly, the authors elaborate on this by rethinking these determinants with regard to later adopters. Later adopters (or even non-adopters/users) are often ignored in technology acceptance research. However, especially for policy purposes, the understanding of why people do not adopt or do not use ICT is strongly relevant in the light of the development of an inclusive information society. Both approaches are illustrated by case studies starting from a common list of nineteen ICT appropriation determinants. This framework enables to better profile both earlier and later adopters as well as it allows to formulate recommendations how to bring innovations in the market. Summarizing, this contribution offers an integrated approach on technology acceptance research by bridging the gap between a market and a policy-oriented point of view.     

The profile of the ‘Good Judge’ in HRM: A systematic review and agenda for future research

In light of the pivotal importance of judgments and ratings in human resource management (HRM) settings, a better understanding of the individual differences associated with being a good judge is sorely needed. This review provides an overview of individual difference characteristics that have been associated with the accurate judges in HRM. We review empirical findings over >80 years to identify what we know and do not know about the individual difference correlates of being an accurate judge. Overall, findings suggest that judges' cognitive factors show stronger and more consistent relationships with rating accuracy than personality-related factors. Specific intelligences in the social cognition domain, such as dispositional reasoning (complex understanding of traits, behaviors and a situation's potential to manifest traits into behaviors) show particular promise to help understanding what makes an accurate judge. Importantly, our review also highlights the scarcity of research on HRM context (selection vs. performance appraisal settings) and judges' motivation to distort ratings. To guide future research, we present a model that links assessor constructs to key processes required for accurate judgment and ratings in HRM contexts. The discussion suggests twenty questions for future work in this field.     

How and when do prior international experiences lead to global work? A career motivation perspective

While research suggests a link between individuals' prior international experiences and their future participation in global work, we know little about how and the conditions under which this relationship occurs. Drawing on career motivation theory, we conceptualize global identity as a mediator between individuals' density of prior international experiences—defined as the extent to which time spent in culturally novel countries has provided individuals with developmental opportunities—and their global work aspirations, which in turn leads to their global work involvement. Further, this multi-stage mediation model holds mainly when individuals receive positive feedback regarding their intercultural competencies (i.e., cultural intelligence) from their peers. We test our model using a multi-wave multi-source dataset spanning 6 years. We discuss implications for the literatures on prior international experiences and global careers.     

STRATEGIC PROBLEM FORMULATION: BIASES AND ASSUMPTIONS EMBEDDED IN ALTERNATIVE DECISION-MAKING MODELS

This article reviews the major theoretical approaches to strategic decision-making and identifies how each treats the process of problem formulation. Five models of strategic decision-making are analysed to determine the assumptions and biases made about strategic problem formulation. Successful strategic problem formulation is described and proposed as a beginning point for future research. Some constructs for further theory development are addressed.     

Intellectual property rights in innovation management research: A review

The issue of intellectual property rights (IPRs) is assuming increasing importance, especially for innovative firms seeking international growth. This leads to an increasing need for IPR research. Nevertheless, so far it is not known how well the current research answers to this emerging need. Hence, this study finds out how IPR research has evolved in the literature on innovation management and identifies the current trends. In order to do this we analysed articles published in the years 1970–2009 in the seven leading innovation management journals. We found 111 articles focusing on IPR issues for our systematic content analysis. The results indicate that IPRs are a fast-growing research field in innovation management, but there is a need to develop coherent constructs and conceptual frameworks that would strengthen the theoretical basis of the research. Most of the studies emphasise patents, rely on secondary data, and focus on North American and European contexts. The article concludes with suggestions for future research.     

How to use benchmarking to reduce planning and purchasing costs

Each year at budget time, the standard question asked of the materiel management group is "Why do you have so many people?" Our answer had been that we do not have enough people. With more people, we could lower total cost and manage inventories better. The inevitable standoff occurs with each side feeling that the other does not understand the need for materiel management services. In early 1993, we decided to be prepared to answer the famous question of Dr. W. Edwards Deming, "How do you know?" We wanted to show people we really did know our business and thus initiated a project to benchmark planning, purchasing, and scheduling services of other companies. This article shares not only the results of the benchmarking efforts, but also the techniques for getting started.     

Human Resource Systems and Ethical Climates: A Resource‐Based Perspective

We know very little about how ethical climates are built and the potential role of a firm's HR system in facilitating the development of this resource. The resource‐based view (RBV) of the firm suggests that human resource systems directly influence a firm's performance through the development of resources that are deeply woven in a firm's history and culture. How this occurs though has not been thoroughly considered in the research literature. Drawing on the theoretical insights from the resource‐based view of the firm, this article explores how HR systems can foster the development and maintenance of five types of ethical climates. In so doing, this article improves our conceptual understanding of why ethical climates may be seen as having strategic value for firms and how HR systems may influence that value. In addition, it contributes to theory by extending the domain of the resource‐based view of the firm by exploring its integration with the varied types of ethical climates. © 2014 Wiley Periodicals, Inc.     

The norm of norms in HRM research: A review and suggestions for future studies

This article presents a systematic literature review of how norms are used in a sample of 436 articles in the human resource management (HRM) field. In exploring how norms are theorized, applied, and operationalized, the article identifies four main thematic fields in which norms are commonly used: culture, diversity, labor market, and work–life. The article makes three main contributions to the existing literature. First, it reveals a pervasive inconsistency in the use of norms across HRM research such that any assumption of a “norm of norms”—that is, consensus on the meaning of norms in HRM—is erroneous and in need of critical reflection. Second, the review offers a typology that outlines four similarities and differences in how HRM research employs norms. Finally, the authors propose a norm-critical research agenda as a relevant basis for future critical and reflexive enquiry into norms in both HRM theory and practice.