Significant Issues for the Future: Some Additional Perspectives

The rational elements of management dominated the questions raised by our Editorial Board members in the previous issue of JPIM when they offered their ideas in, "Significant Issues For the Future of Product Innovation." In this article, the discussion is continued with some other Board members but this time the human side of managements gets its due attention. The issues presented here add to the picture of complexity that is the reality of product innovation but they also may provoke the thinking that can lead to an improvement in management performance.     

FINANCIAL FUTURES AND IMMUNIZATION

This paper investigates the ability of any portfolio that contains both bonds and financial futures contracts to immunize a lump sum liability having the same initial duration and value as the portfolio itself. An analysis of second order conditions shows that immunization against a local change in interest rates is possible only if the number of futures contracts lies within a critical interval; the endpoints depend on cash flow characteristics of the specific bonds and contract being combined. Immunization against any large change in rates is impossible if the portfolio contains any long position in futures but is achieved by some portfolios that contain short positions in futures.     

All's Fair

A bstract The authors examine divorce rates in the United States in the 20th century, looking especially at the effects that wars have had on those rates. Gary Becker's theories on the family arc the basis for analysis. Of particular interest to the authors is whether or not the scope of the war has an effect upon the rate of divorce. The authors also examine other social changes and events to see how they have affected those rates. Empirical tests show that World War II significantly increased divorce rates, but the rates did not significantly climb because of the Korean War and Vietnam War. World War I is also not significant, although had the United States been involved longer, the results may have been different.     

Replication in strategic management: scientific testing for validity,generalizability, and usefulness

A number of studies have shown that little replication and extension research is published in the business disciplines. This has deleterious consequences for the development of a cumulative body of knowledge in these same areas. It has been speculated, but never formally tested, that replication research is more likely to be published in lower tiers of the journal hierarchy. The present paper indicates very low levels of replication in management and strategic management journals, regardless of their prestige. Moreover, even those replications that are published tend not to be critical—odd in applied social sciences that are largely preparadigmatic and where extensibility, generalizability and utility of scientific constructs tend to be low. The goal of science is empirical generalization, or knowledge development. Systematically conducted replications with extensions facilitate this goal. It is clear, however, that many editors, reviewers, and researchers hold attitudes toward replication research that betray a lack of understanding about its role. Long-run strategies to dispel these misconceptions must involve changes in graduate training aimed at making the conduct of such vital work second nature. It is further suggested that journals in all tiers create a section specifically for the publication of replication research, and that top-tier journals take the lead in this regard. © 1998 John Wiley & Sons, Ltd.     

Quality of life improvements after sports injury

Traffic accidents and their health consequences are a major public health problem in industrialized countries. In addition to being the first cause of death of children up to the age of 14 years, they are also responsible for considerable morbidity. Persistent lesions and more or less disabling sequelae are the lot of a certain number of causalities. In this study, we took stock of all of the information about functional impairment following injuries sustained in traffic accidents that is available in Belgium. We described the ‘itineraries’ of traffic accident patients and identified the potential sources of data. We then analyzed the available and accessible data. Our study shows that we do not have any directly usable data in Belgium that can yield a measure of the public health impact of traffic accidents in terms of temporary and permanent disabilities. Very partial information exists in the country's various institutions and insurance companies, but this information is not suitable for use in a public health approach aimed at quantifying the importance of a health problem and its course over time. We do not feel that the country's main disability measurement tool (BOBI), which is used notably by the insurance companies, attuned to the everyday reality that is experienced by people whose functional abilities have been reduced in the wake of a traffic accident. Given this lack of data, priority should be given to initiating the routine collection of such information or at least to quantifying post-traffic accident disabilities by following up a cohort of traffic accident victims.     

Significant Issues for the Future of Product Innovation

What's happening in the world of product innovation? What are the tough issues that managers are facing? And what's going to happen in the remaining years of this decade? In this article, several members of the Editorial Board of The Journal of Product Innovation Management offer their ideas about where the important problems lie. This is the fodder for a good round table discussion and through the medium of this journal we'll engage in such a discussion in this and a subsequent issue.