Input Hedging,Output Hedging,and Market Power

We argue that commodity input hedging is different from commodity output hedging. Output hedging can be detrimental to “sector play.” Furthermore, firms with market power that hedge outputs have incentives to over‐produce and distort market prices. In rational markets, such hedging will be expensive and we expect to see a negative relationship between hedging and market power in “output industries” but not in “input industries.” We test these predictions on a sample of S&P500 firms from 2001 to 2005. Our results support both hypotheses. Placebo tests show that the same empirical regularities do not apply to currency hedging. Finally, our empirical framework, which differentiates between hedging inputs and hedging outputs, can also help in reconciling conflicting results in prior studies.     

Regulation of road accident externalities when insurance companies have market power

Accident externalities that individual drivers impose on one another via their presence on the road are among the most important external costs of road transport. We study the regulation of these externalities when insurance companies have market power. Some of the results we derive have close resemblance to the earlier literature on externality regulation with market power in aviation and private roads, but there are important differences, too. Using analytical models, we compare the first-best public welfare-maximizing outcome with a private profit-maximizing monopoly, and oligopoly. We find that insurance companies will internalize some of the externalities, depending on their degree of market power. We derive optimal insurance premiums, and regular parametric taxes as well as “manipulable” ones that make the companies set socially optimal premiums. The latter take into account that the firm tries to exploit knowledge of the tax rule applied by the government. Finally, we also study the taxation of road users rather than that of firms.     

Outstanding fundraising practice: how do nonprofits substantively increase their income?

• In this paper, we examine the characteristics of charities that have generated substantive increases in their fundraising income. We interviewed 25 fundraising directors and team members, from organizations experiencing rapid growth, adopting a “decoding the discipline” approach to identify how each organization had overcome key barriers to its success. We identify that fundraising leaders in these exceptional nonprofits focus particularly on matters connected to their team, organizational structures that support that team, and the development of an organization‐wide learning culture. We also find that these teams were successful because of the “systems” way in which they understood and coped with the complexities of decision making. They were exceptional in isolating the right problems and exceptional too in the processes they adopted to solve them.

Copyright © 2016 John Wiley & Sons, Ltd.     

Introduction

Leadership is under review and open for criticism in ways not seen for some time. Where is leadership when we need it, we ask? Where are the leaders who can solve our problems? Moreover, change is the new constant, and we need leaders who are prepared to embrace change and ambiguity and help followers deal with change. Sometimes it feels like we are in permanent whitewater. Where are the leaders who can deal with the ever‐changing landscape and help us move to a positive future? Many of them are among us. They are the up‐and‐coming emerging leaders of Generations X and Y. This symposium focuses on these leaders of the future—the emerging leaders among us. What challenges do they face? What kind of leaders do they want to be? How do we best prepare them? The five articles that follow present a variety of views for our consideration, and the authors hope to start a boarder conversation about the next generation of leaders and their leadership challenges. Mhatre and Conger stress that authentic leadership principles are needed in workplaces now and in the future. They remind us that organizations are often composed of individuals born during different times, circumstances,and situations, thereby creating challenges for leaders in those organizations. Current research related to Gens X and Y, cited by the authors, highlights some of the generational differences and preferences. The authors see that the differences could create a “fertile ground for intraorganizational conflict, especially differences in how to manage and work within changing organizational climates.” One potential solution, according to Mhatre and Conger, can be found in the four components of authentic leadership principles: self‐awareness, internalized moral perspective, balanced processing, and relational transparency. If authentic leadership is in place, Gens X and Y can lead authentically, thereby facilitating sustainable and positive work environments. The authors predict positive results for organizations when authentic leadership is in place. Carucci and Epperson also focus on cross‐generational relationships and voice their concern with the negative consequences of labeling various age groups as Millennials, Boomers, Xers, Yers—labels that emphasize the divide. What we need, they argue, is less polarization and more connections. The article explores what it means for leaders of multigenerations to thrive together in partnership. They discuss the “elusive contest between the legacy of incumbent leaders and the potential of emerging leaders and ask us to consider mutual vulnerability as common ground.” They also summarize research on mentoring that looks at the gap between the numbers of emerging leaders who are mentored compared with the large numbers who desire mentors and ongoing relationships. The research follows up on earlier work on this topic explored in their books Leadership Divided and Bridging the Leadership Divide. Their article provides a personal case study demonstrating how generations can come together in partnership, thereby strengthening their organizations as well as the individuals involved. Perucci follows up on some of the themes highlighted by Carucci and Epperson as well as Mhatre and Conger and focuses on the way Millennials (Gen Y) are shaping organizations in the 21st century. Perucci reminds us that as we consider the implications of multiple generations working within the same organization, we must emphasize the crosscultural dimensions of intragenerational leadership. Globalization is reshaping leadership not only at the vertical level (multiple generations working side by side), but also horizontally (communication and technology reshaping the way Millennials interact across national boundaries). He suggests that just as leadership involves leaders, followers, and shared goals, successful leadership also requires an awareness of leading across cultures. He argues that effective leaders will be those who learn to work together “across boundaries in order to solve complex global problems.” Penney's article, “Voices of the Future: Leadership for the 21st Century,” focuses on both Generations X and Y (primarily X) and explores how those emerging leaders see leadership in the future and what kind of leaders they want to be. What leadership qualities/behaviors do they see as important? Themes of collaboration and inclusiveness are important to these emerging leaders, and they place high values on trust and integrity. Because they value inclusiveness, they work more easily across racial, ethnic, and gender differences and lines than did previous generations. The article also discusses what organizations need to do to attract and retain Generations X and Y. More flexible work arrangements are important as is having business organizations committed to corporate social responsibility and green initiatives. The findings come from the recent book Next Generation Leadership: Insights from Emerging Leaders (Penney & Neilson 2010). Tulgan and his colleagues at RainmakerThinking, Inc., have been conducting interviews with young people in the workplace for two decades. His article has a theme similar to Penney's in that he discusses ways to develop new leaders, primarily Generation Y. He addresses issues such as, how do we help them step into leadership roles successfully? He also addresses the question of why some of them are reluctant to take on supervisory roles. The article offers specific suggestions about ways to guide young professionals to prepare them for assuming leadership roles. He suggests that senior leaders should give frequent feedback to the top performers in Gen Y rather than leaving them on their own. He argues that too often we ignore high performers as we focus time and effort on the not‐so‐successful ones. According to Tulgan, more generous reward systems and hospitable work conditions are needed to retain high performers. In addition, he wants senior leaders to do more to help Gen Yers establish their credibility when they are given roles of increased responsibility. Conclusions There is a sense of optimism in play as you read these articles. Although there are differences found between Generations X and Y, overall the next generation of leaders also share some commonalities. They are more collaborative and inclusive than previous generations. And these emerging leaders are bringing a fresh approach to leadership and moving us away from the leader as “hero” or all‐knowing source of power and influence. Their desire for collaboration can help bridge the generation gap between Boomers and young professionals. Each brings particular strengths to their organizations, so as they work together, stronger institutions can be the result. Integrity is also important to emerging leaders, and authentic leadership behaviors hold much promise for strengthening our organizations. These emerging leaders can work well across cultures and are more comfortable with inclusion and diversity than those of previous generations. The authors provide several suggestions for working with and retaining young professionals so that their leadership skills are strengthened. Emerging leaders need support and honest feedback; they want reward systems that differentiate; they request flexible work arrangements. They also want to see corporate social responsibility in place in the business world. Emerging leaders of Generations X and Y are ready to assume leadership roles, but many do not want to lead as they have been led. We must do all we can as senior leaders, as academics, and as colleagues to prepare them for these responsibilities. As we pass the torch to a new generation of leaders, let's be certain they are well equipped for the task and ready to lead.     

Duality and anti-duality in TU games applied to solutions,axioms, and axiomatizations

In this paper, for each solution for TU games, we define its “dual” and “anti-dual”. Then, we apply these notions to axioms: two axioms are (anti-)dual to each other if whenever a solution satisfies one of them, its (anti-)dual satisfies the other. It turns out that these definitions allow us not only to organize existing axiomatizations of various solutions but also to find new axiomatizations of some solutions. As an illustration, we show that two well-known axiomatizations of the core are essentially equivalent in the sense that one can be derived from the other, and derive new axiomatizations of the Shapley value and the Dutta–Ray solution.     

Pervasive myths in leadership development: Unpacking constraints on leadership learning

Forty years ago, the questions most discussed among those who cared about leadership were “is leadership possible among those who don't have titles and positions?”; “what are the characteristics possessed by effective leaders?”; and “how do we find the people who are the best leaders and help them prepare for positions that will allow them to have an impact?” After many conversations, conferences, research studies, and books, the terrain has shifted among scholars. Now the conversations focus on questions such as “If leadership is a shared responsibility among members of groups, how can the full leadership potential of all be cultivated?”; “What role do collaborators play in empowering positive leadership and defending against those who misuse it?”; and “How can organizations cultivate cultures that support and encourage visionary leadership dedicated to benefitting all?” The shift in the questions that leadership educators now explore, coupled with the breadth and variety of the initiatives dedicated to nurturing it, demonstrate that leadership can be taught. More importantly, the practice of leadership demonstrates that many can pursue leadership and that they must if the opportunities of the 21st century are to be fulfilled. The conversations and the needs for leadership have both shifted and it is now incumbent on those who value leadership most to agree to unifying perspectives that can draw us together in common purpose. From your vantage point, what are the crucial conversations, next steps, and/or thoughts for consideration as we enter the second decade of the 21st century?     

Leadership learning: Crucial conversations,next steps,and thoughts for consideration

Forty years ago, the questions most discussed among those who cared about leadership were “is leadership possible among those who don't have titles and positions?”; “what are the characteristics possessed by effective leaders?”; and “how do we find the people who are the best leaders and help them prepare for positions that will allow them to have an impact?” After many conversations, conferences, research studies, and books, the terrain has shifted among scholars. Now the conversations focus on questions such as “If leadership is a shared responsibility among members of groups, how can the full leadership potential of all be cultivated?”; “What role do collaborators play in empowering positive leadership and defending against those who misuse it?”; and “How can organizations cultivate cultures that support and encourage visionary leadership dedicated to benefitting all?” The shift in the questions that leadership educators now explore, coupled with the breadth and variety of the initiatives dedicated to nurturing it, demonstrate that leadership can be taught. More importantly, the practice of leadership demonstrates that many can pursue leadership and that they must if the opportunities of the 21st century are to be fulfilled. The conversations and the needs for leadership have both shifted and it is now incumbent on those who value leadership most to agree to unifying perspectives that can draw us together in common purpose. From your vantage point, what are the crucial conversations, next steps, and/or thoughts for consideration as we enter the second decade of the 21st century?     

Leadership: A journey of sustained performance

Forty years ago, the questions most discussed among those who cared about leadership were “is leadership possible among those who don't have titles and positions?”; “what are the characteristics possessed by effective leaders?”; and “how do we find the people who are the best leaders and help them prepare for positions that will allow them to have an impact?” After many conversations, conferences, research studies, and books, the terrain has shifted among scholars. Now the conversations focus on questions such as “If leadership is a shared responsibility among members of groups, how can the full leadership potential of all be cultivated?”; “What role do collaborators play in empowering positive leadership and defending against those who misuse it?”; and “How can organizations cultivate cultures that support and encourage visionary leadership dedicated to benefitting all?” The shift in the questions that leadership educators now explore, coupled with the breadth and variety of the initiatives dedicated to nurturing it, demonstrate that leadership can be taught. More importantly, the practice of leadership demonstrates that many can pursue leadership and that they must if the opportunities of the 21st century are to be fulfilled. The conversations and the needs for leadership have both shifted and it is now incumbent on those who value leadership most to agree to unifying perspectives that can draw us together in common purpose. From your vantage point, what are the crucial conversations, next steps, and/or thoughts for consideration as we enter the second decade of the 21st century?     

Entrepreneurship education as a new model for leadership education

Forty years ago, the questions most discussed among those who cared about leadership were “is leadership possible among those who don't have titles and positions?”; “what are the characteristics possessed by effective leaders?”; and “how do we find the people who are the best leaders and help them prepare for positions that will allow them to have an impact?” After many conversations, conferences, research studies, and books, the terrain has shifted among scholars. Now the conversations focus on questions such as “If leadership is a shared responsibility among members of groups, how can the full leadership potential of all be cultivated?”; “What role do collaborators play in empowering positive leadership and defending against those who misuse it?”; and “How can organizations cultivate cultures that support and encourage visionary leadership dedicated to benefitting all?” The shift in the questions that leadership educators now explore, coupled with the breadth and variety of the initiatives dedicated to nurturing it, demonstrate that leadership can be taught. More importantly, the practice of leadership demonstrates that many can pursue leadership and that they must if the opportunities of the 21st century are to be fulfilled. The conversations and the needs for leadership have both shifted and it is now incumbent on those who value leadership most to agree to unifying perspectives that can draw us together in common purpose. From your vantage point, what are the crucial conversations, next steps, and/or thoughts for consideration as we enter the second decade of the 21st century?     

The leadership labyrinth

Forty years ago, the questions most discussed among those who cared about leadership were “is leadership possible among those who don't have titles and positions?”; “what are the characteristics possessed by effective leaders?”; and “how do we find the people who are the best leaders and help them prepare for positions that will allow them to have an impact?” After many conversations, conferences, research studies, and books, the terrain has shifted among scholars. Now the conversations focus on questions such as “If leadership is a shared responsibility among members of groups, how can the full leadership potential of all be cultivated?”; “What role do collaborators play in empowering positive leadership and defending against those who misuse it?”; and “How can organizations cultivate cultures that support and encourage visionary leadership dedicated to benefitting all?” The shift in the questions that leadership educators now explore, coupled with the breadth and variety of the initiatives dedicated to nurturing it, demonstrate that leadership can be taught. More importantly, the practice of leadership demonstrates that many can pursue leadership and that they must if the opportunities of the 21st century are to be fulfilled. The conversations and the needs for leadership have both shifted and it is now incumbent on those who value leadership most to agree to unifying perspectives that can draw us together in common purpose. From your vantage point, what are the crucial conversations, next steps, and/or thoughts for consideration as we enter the second decade of the 21st century?     

What helps? Women engineers' accounts of staying on

We have considerable understanding of the obstacles that women engineers encounter and the reasons that they leave the field, but we know less about what enables them to remain. Adopting an interpretivist approach, this article examines how a group of British women engineers in two FTSE 100 companies account for “staying on” in their male‐dominated work settings. We delineate four specific forms of help that facilitate women's retention in the field. We argue that exposure to help leads to women developing a habitus that enables them to continue working in engineering. To conclude, we draw on our findings to outline HR practices that will facilitate supportive relationships in the workplace and pave the way towards developing more positive organisational climates.     

Sustainable development in small and medium enterprises: The role of entrepreneurial orientation in supply chain management

Organizations are under increased pressure to improve their sustainable performance through the adoption of green supply chain management (GSCM) practices. Small and medium enterprises (SMEs) have lagged behind larger corporations due to a number of factors. Chief among these factors is the lack of resources and capabilities. In this study, we investigate whether entrepreneurial orientation as a distinctive firm-level resource contributes to the successful implementation of GSCM practices within SMEs. We use primary data obtained from 316 manufacturing SMEs and analyze the data by using a fuzzy-set qualitative comparative analysis (fsQCA). Our findings show four equifinal configurations of GSCM practices and the components of entrepreneurial orientation (EO) that lead to high environmental performance. Two practices, “eco-design” and “internal environmental management”, are present in all configurations, with the latter being the single core condition. The components of EO are present in all the configurations. Three distinct configurations lead to the simultaneous achievement of high environmental performance and high economic performance. Some noticeable differences appear in these configurations: “internal environmental management” is no longer a core condition, instead external practices (“green purchasing,” “cooperation with customers including environmental requirements,” and “investment recovery”) and “risk-taking” become core conditions. We exptrapolate our findings into a set of propositions that expand theory on the link between entrepreneurial orientation and sustainable performance. Our study provides insights for managers who seek to infuse entrepreneurial thoughts and actions into their green supply chain initiatives.     

The Industrial Statistics Divide: Are Statisticians Really Relevant to Business and Industry?

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Health care: a leader or a follower? Reducing disposable waste

We clearly have the means to examine and reduce the amounts and types of disposable medical waste that health care institutions are creating. Although there may be special circumstances that prevent specific hospitals, or specific departments within a hospital, from converting to alternative products, much improvement can still be made. There are several strong examples of hospitals across the United States with programs that have drastically cut the amount of waste they are generating. They have eliminated disposable cups and eating utensils from the cafeterias, shifted to reusable underpads and surgical linens, and established recycling programs for paper and cardboard. These few cases are not enough. We cannot be lulled into believing that these exceptional efforts on the part of a few institutions are all that is needed. We should remember that if Mother Nature had intended for us to pat ourselves on the back, our hinges would be different. What is needed is a clear statement from the health care industry of its responsibility to society with regard to managing its waste. Leadership begins with action. If the health care industry does not take steps to regulate its disposable waste, the government undoubtedly will. We do not need to wait for our supervisors or administrators to fashion credos for us. All staff members know there are numerous ways that they can affect the amount of waste produced at their hospitals. They can also begin to affect the attitudes of those working around them. The consequences of inaction are simply too great. As fictional as half-empty grocery stores may have sounded at the beginning of this article, the problems that we face with waste disposal are certainly as grim. If we wait for our state and federal governments to solve the problems, it may be too late; and if it is too late, the solutions that they develop will certainly be extreme. We have the technology and the ability to cut dramatically the amount of disposable waste that health care generates. In practically every case, the lower-waste options also save the institution money. It is time that we honestly challenged our need for today's convenience at the expense of tomorrow's quality of life.     

The Churning of Skid Row: A Genealogy of Development,Gentrification, and Displacement

The last two decades have seen striking changes to downtown Los Angeles's population. While phrases like “renewal” or “revitalization” pepper the discourse around new urban investment, the reality has been a shocking displacement of those living in single room occupancy (SRO) hotel units—and in tents throughout the area known as Skid Row. Beneath the competing interests of affordable housing advocates, on the one hand, and the public relations campaigns of the private and public sectors, on the other, lie the very real material and discursive forces that are taking the lead. Collective memory is often too short to see historic trends, yet to approximate a grasp of them is to gain ground in a seemingly chaotic present. Through a depth approach to journalistic sources, power analyses, and stakeholder interviews, this article investigates and interrogates the various discourses at play in gentrification media—government, financial interests, individual actors, and judicial bodies. Its purpose is to illustrate systemic causes of urban oppression and trauma in order to inform future attempts to both understand and intervene in the uprooting of communities.     

Acyclic priority profiles in school choice: Characterizations

In school choice problems, a list of restrictions have been imposed on priorities to achieve desirable properties of rules. However, it is difficult to verify these “acyclicity” conditions and identify the structure of the restricted priority profiles. To improve visibility and verifiability, we provide characterizations of these conditions. We also present the logical relations among the conditions by using our characterizations.     

Negotiating “best practices” in package software implementation

Package software is often marketed with the promise of offering cutting-edge “best practices”. However, questions remain as to how diverse groups in an organization arrive at a consensus about what constitutes as “best practices” in package software and how these “best practices” are appropriated to the specific local contexts. In this case study, we examine the incongruence in the technological frames of the diverse groups with respect to these “best practices” and trace how these groups implement specific political and discursive strategies to overcome and resolve these incongruent frames. We find that it is an intricate process that demands not only that management make a concerted effort to create and actively work to coax and sustain allies, but also champion, and advocate for the rhetorical justification behind these “best practices.” The negotiated frames of parties are eventually inscribed into the software itself.     

Racing To Invest? The Dynamics of Competition in Ethical Drug Discovery

Recent advances in the theoretical literature have greatly expanded our understanding of the forces that shape the competitive dynamics of research and development, but a paucity of sufficiently detailed empirical data has left these insights relatively untested. We draw on unusually detailed qualitative and quantitative infernal data provided at the research program level by 10 major pharmaceutical firms to explore the usefulness of the modern literature as a source of insight into the dynamics of competition in ethical drug discovery. Our analysis focuses on one particularly compelling aspect of the literature: the suggestion that in “winner take all situations,” competition in R&D becomes a Prisoner's Dilemma, leading to overinvestment in research. Without adequate measures of the social return to innovation, we can say nothing about whether there is “too much” or “too little” research undertaken by the industry, but our results do not support the suggestion that R&D investment in drug discovery is driven by the “tit-for-tat” or simple reaction function models hinted at by the institutional literature. First, R&D investment is only weakly correlated across firms once common responses to exogenous shocks are accounted far, and second, rivals' R&D results are positively correlated with own research productivity, which we interpret as evidence for extensive R&D spillovers rather than the depletion externality implied by “winner take all” models. These results are not, of themselves, sufficient to reject the hypothesis that investment behavior in the industry is driven by strategic considerations since there is theoretical support for a wide variety of observable behavior as equilibrium outcomes of strategic interaction. Nonetheless, they suggest that the more extreme forms of rent dissipation identified in the literature are probably poor characterizations of the reality of competition in pharmaceuticals. Our results point both to the need to develop theories that incorporate richer models of possible payoff structures, adjustment costs, and firm heterogeneity and to the need to collect empirical data that is comprehensive enough to enable one to test them.     

Henry George's Perspective on War and Peace

This essay examines Henry George's perspective on war and peace. With justice added to the foundation in the way that Henry George proposes, the conditions of inequality and conflict that lead to war will no longer prevail. George saw that trade prohibitions furthered elite rule, militarization, and a worldview of “them” versus “us.” George's great contribution was to see how these big issues of War and Peace bore directly upon the constellation of rules governing the relationship of people to planet, humans to humus, earthlings to earth. Social arrangements not based on the fundamental and equal human right to the earth lead inevitably to a gross imbalance of political power and thus to government corruption, odious public debt, war, and preparations for further war. Although he warned us of what might befall the United States if it took the imperialist path, George seemed hopeful that the highest and best moral purpose of our nation would prevail. The paper concludes with an assessment of contemporary devices that protect the interests of the few over the many—subsidies, the ballooning national debt, the ever‐widening wealth gap, megacities, and the full‐spectrum‐dominance objective of U.S. imperialism.     

The Uses of Authority in EconomicsShared Intellectual Frameworks as the Foundation of Personal Persuasion

Why do economists believe what they believe? Why do they not all believe the same things? Our answer to these questions revolves around the nature, variety, and uses of authority in economics. Our data are the various frameworks that economists, knowingly and unknowingly, employ to formulate their questions and organize their intellectual endeavors. We call these devices patristic traditions, or cultural and intellectual frameworks, or governing legacies, or several other phrases. They all connote authority systems, traceable to specific intellectual or cultural precursors, or authorities. Our central proposition is that the specific set of governing legacies that each individual economist possesses effectively guides his or her thinking. By recognizing these authorities we can more effectively understand others' minds, understand our own, and increase our ability to persuade. So our propositions concern the uses of authorities—how economists of the past have used them and how we ourselves use them, but especially how we might use them to productive ends.