Leadership effectiveness and institutional frames

Leadership mechanisms provide a potential means to mitigate social dilemmas, but empirical evidence on the success of such mechanisms is mixed. In this paper, we explore the institutional frame as a relevant factor for the effectiveness of leadership. We compare subjects’ behavior in public-goods experiments that are either framed positively (give-some game) or negatively (take-some game). We observe that leader and follower decisions are sensitive to the institutional frame. Leaders contribute less in the take-some game, and the correlation between leaders’ and followers’ contribution is weaker in the take-some game. Additionally, using a strategy method to elicit followers’ reactions at the individual level, we find evidence for the malleability of followers’ revealed cooperation types. Taken together, the leadership institution is found to be less efficient in the take- than in the give-frame, both in games that are played only once and repeatedly.     

Testing the effect of portfolio holdings disclosure in an environment absent of mandatory disclosure

This study examines a number of portfolio disclosure regimes with respect to accuracy and susceptibility to copycat behaviour in an environment absent of mandatory disclosure. We find that periodic portfolio disclosure tends to underestimate true excess performance as well as idiosyncratic risk in top‐quartile fund managers, with longer inter‐reporting intervals tending to result in greater differences. ‘Copycat funds’ following the disclosed holdings of top‐tier managers significantly underperform the underlying fund, while copycats following bottom‐tier managers significantly outperform the underlying fund. Our findings suggest that periodic reporting at monthly intervals or longer would not affect fund alpha generation.     

Introduction

The new education must be less concerned with sophistication than compassion. It must recognize the hazards of tribalism. It must teach man the most difficult lesson of all—to look at someone anywhere in the world and be able to see the image of himself. The old emphasis upon superficial differences that separate peoples must give way to education for citizenship in the human community. With such an education and with such self‐understanding, it is possible that some nation or people may come forward with the vital inspiration that men need no less than food. Leadership on this higher level does not require mountains of gold or thundering propaganda. It is concerned with human destiny. Human destiny is the issue. People will respond. Norman Cousins The preceding quote provides a powerful message grounded in the idea that our world is becoming increasingly smaller and it is becoming increasingly difficult to make local decisions without global consequences. However, Cousins' quote also indicates the complexity and enormity of the issues facing leadership. To address the development of intercultural communities through humanistic means, leaders will be challenged to create innovative paradigms and practices along with educational curricula that will create the impetus for the development of future global leaders. This scenario is further complicated, as leadership educators will be asked to innovate and attend to the needs of their learners within a system of depleted resources. Higher education and corporate training have been forced to endure the reduction of resources stemming from growing economic concerns. Such diminished resources have created a considerable challenge for leadership educators, as they attempt to develop learners who are competent and equipped with the skills to work with intercultural populations. Parsons (2005) wrote that divisions within the federal government have created the need for new alternatives for learning within higher education, as government funds exacerbated by domestic spending limitations are now, and will be in the foreseeable future, diverted to other priorities. It is unlikely that leaders like Claiborne Pell or Robert Stafford will be walking through the proverbial door and onto the national landscape anytime soon, considering the depletion of the national treasury and the bipartisan struggles facing Congress. Thus, the plight of our learners will fall to the innovative capacities of our educators to create opportunities for growth through alternative means and innovative practice. Where in the past immersion provided the opportunity for the development of these learners, the future will force educators to consider much different methodologies in an effort to develop the necessary competencies for successful interactions with global populations. This symposium addresses the challenge. The symposium provides a collection of scholarly perspectives exploring innovative practices aimed at preparing learners for the work that they do with intercultural communities. With respect to the competing resource limitations, the symposium specifically addresses innovative practices within nonimmersive contexts. Through the symposium, the authors have addressed the cognitive, behavioral, and affective competencies that aspiring leaders need to be successful in global contexts. The following contributions focus on the importance, issues, and methods of developing global competence as a vital piece of leadership education.     

不可低估低成本竞争对手

低成本竞争者正在一个又一个的市场里——而不仅仅是在低端市场中——对高端市场竞争者构成威胁     

Using input–output models to estimate sectoral effects of carbon tax policy: Applications of the NGFS scenarios

The Network of Central Banks and Supervisors for Greening the Financial System (NGFS) has engaged in scenario analysis that estimates a $200/ton carbon tax would be required to transition to net zero carbon by 2050. Using a $200/ton carbon tax as a base, this paper uses input–output (IO) modeling to generate price and revenue effects of a carbon tax. Results from these models, which can only be interpreted as the short-run, upper-bound effects of the carbon tax policy, imply that in response to a $200/ton tax on CO₂e emissions, carbon-intensive industries, such as agriculture, extraction, transportation, utilities, and chemicals, may experience price increases in the range of 10-30 percent. Other industries will also experience price increases, but to a lesser degree, due to increased input costs associated with the tax. In addition, modeling results also suggest that industries facing elastic pricing regimes may face similar-sized declines in revenues as a consequence of the carbon tax. Rank-ordered impact results from these models can be utilized by bank supervisors and firms to adequately plan for sectoral-level transition risk within their lending and/or investment portfolios.     

Habit persistence in assets demand

Habit persistence is examined for six asset demand categories using U.S. data and a dynamic forward-looking model. We find habit persistence is greater for more liquid assets compared to riskier assets and may in part explain low holdings of riskier assets. Cash assets are found to be substitutes with other liquid assets under habit formation. Consistent with portfolio analysis, the riskier asset categories of money market mutual funds and bonds are found to be complements in use. The three more risky asset categories have budget elasticities greater than unity indicating that in the long run consumers are more likely to turn to these assets as their wealth increases.     

Smartphone bans and workplace performance

Experimental Economics - This paper constitutes the first economic investigation into the potential detrimental role of smartphones in the workplace based on a field experiment. We exploit the...     

Street Name Fluency and Housing Prices

This paper examines whether and how street name fluency affects housing prices using a rich sample of housing transactions in Sydney, Australia. We find street names with longer words are preferred, i.e., homes on street names with more letters are priced with a 0.6% premium. Homes with unique street names are sold 1.6% (or A$10,835) higher than those with more common names, implying disfluency and uniqueness preference. Moreover, homes with less fluent street names are valued more conditional on the street name is rare or the home is in the luxury price range. This is consistent with the consumption context effect in the psychology literature that in the context of special occasion high-end goods, lower fluency and grater uniqueness makes the products feel more desirable and valuable.

While we show disfluency preference on aggregate, we also find evidence of fluency preference by non-English speaking buyers and for new developments. Preferences for royal names or popular words proxied by Google Trends are also documented. Overall, our findings shed light on understanding how name fluency affects the investment decision of special occasion goods such as real estate.

     

The US–China Phase One trade deal: An economic analysis of the managed trade agreement

In light of the recent tit-for-tat trade dispute between China and the US, interest in quantifying the effects of the so-called Phase One agreement has risen. To this end, this paper quantifies the impact of the asymmetric managed trade agreement using such a multi-country open-economy dynamic general equilibrium model. Besides assessing the direct implications for China and the US, this paper analyzes trade diversion effects. The model-based analysis finds noticeable positive (negative) impacts of the agreement for the US (China) as well as negative spillover effects for countries not directly affected by the managed trade deal due to trade diversion. The impact of possible future trade agreements is also examined.     

High reliability Human Resource Management (HRM): A system for high risk workplaces

High Performance Work Systems (HPWS) research is based on the search for the most suitable bundle of complementary practices appropriate for the organisation and its operating environment. We examine the contents of a HPWS in organisations seeking impeccable safety and reliability as their foremost ‘performance’ outcome. We propose a ‘High Reliability HRM’ framework, and examine the degree of implementation in a three case study of Australian state emergency services organisations. The findings highlight HRM practices inconsistent with the framework, and illustrated by rich interview accounts, we detail associated negative implications for employee behaviour and attitudes. We contribute to HPWS research by empirically examining how reliability-seeking organisations conceptualise and implement HRM systems. This study emphasises how inconsistency in HRM practice bundles can pose a threat to reliable service provision, a critical finding for emergency services and reliability-seeking organisations more broadly.