Competition

This article examines the adoption of strategic Human Resource Management (HRM) by for-profit and non-profit knowledge-intensive health services (HS) organizations in the Australian context. Survey data collected from senior executives are used to test the relationships between a strategic HRM model and firm performance. Path analysis found that for HS firms, irrespective of whether for-profit or non-profit, adopting strategic HRM could increase organizational performance. Strategic HRM could be achieved through the cultivation of an external orientation to customers' demands and a commitment to employees. Building an external orientation with internal structural dimensions such as commitment to employees, allows HS organizations to develop a strategic HRM approach with human capital-enhancing HRM practices. Public and non-profit organizations in the HS industry facing or undergoing health sector reform need to be aware of both of these orientations in order to adopt strategic HRM and improve their performance.     

FRO and GDR The state of the nation’s external economy

With its “Report on the State of the Nation 1971” the Government of the Federal Republic of Germany (FRG) simultaneously presented an extensive volume of collected studies. Drawn up by 50 experts, the report on the development in the two German states should contribute to facilitating political judgement and to sobering political discussion, according to Willy Brandt The author participated in the composition of the chapter dealing with the economic integration of the two German states with their specific allies. This paper is a summary of his report.     

Market structure,common ownership,and coordinated manager compensation

We study oligopolistic competition in product markets where the firms' quantity decisions are delegated to managers. Some firms are commonly owned by shareholders such as index funds, whereas the other firms are owned by independent shareholders. Under such an asymmetric ownership structure, the common owners have an incentive to coordinate when designing the manager compensation schemes. This implicit collusion induces a less aggressive output behavior by the coordinated firms and a more aggressive behavior by the noncoordinated firms. The profits of the noncoordinated firms are increasing in the number of coordinated firms. The profits of the coordinated firms exceed the profits without coordination if at least 80% of the firms are commonly owned.     

Mastering complexity and changes in projects,economy, and society via Project Management Second Order (PM‐2)

Project Management Second Order (PM‐2) is based on new insights in modern natural and social sciences, which were analyzed in a research program. This was explained in a previously published article in this journal (Saynisch, 2010 ). PM‐2 is a new paradigm and will be the leading concept for the next decades. The concept of PM‐2 was awarded the IPMA Research Award 2007 and the International Centre for Complex Project Management Research Prize 2010. The model represents a reference model. This article will explain the genesis of PM‐2 as well as the principles, methods, and processes. Further, practical use will be discussed and real examples of transfer will be shown as well as PM‐2 in the context of project‐oriented companies. Integration aspects of CPMCS (ICCPM), ICB3 (IPMA), PMBOK® Guide/OPM3® (PMI) as a future view will be shown.     

The calm after the storm: implied volatility and future stock index returns

This article explores the predictive power of five implied volatility indices for subsequent returns on the corresponding underlying stock indices from January 2000 through October 2013. Contrary to previous research, very low volatility levels appear to be followed by significantly positive average returns over the next 20, 40 or 60 trading days. Rolling trading simulations show that positive adjusted excess returns can be achieved when long positions in the stock indices are taken on days of very low implied volatility. This may be a hint that market inefficiencies exist in some markets, especially outside the USA. The excess returns measured against a buy and hold benchmark are significant for the German and Japanese market when tested with a bootstrap methodology. The results are robust against a broad spectrum of specifications.     

INPUT–OUTPUT ANALYSIS FOR BUSINESS PLANNING: A CASE STUDY OF THE UNIVERSITY OF SYDNEY

We present a multi-region input–output (MRIO) model of the University of Sydney embedded in the Australian economy, which forms the centrepiece of a new data-driven framework for strategic forecasting and planning of the University's financial operations. This framework incorporates both Leontief's well-known demand-pull, as well as Ghosh's supply-push exercise. It is therefore able to estimate the immediate financial implications for the University, and the economy-wide flow-on effects, for example as a result of changes in demand for courses by students, or as a result of supply-side changes such as wage increases. We report on recent scenario studies on the financial performance of the teaching and research functions of the University, and the lessons learned for management practice.