Practical methods for measuring and managing operational risk in the financial sector: A clinical study

This paper analyzes the implications of the advanced measurement approach (AMA) for the assessment of operational risk. Through a clinical case study on a matrix of two selected business lines and two event types of a large financial institution, we develop a procedure that addresses the major issues faced by banks in the implementation of the AMA. For each cell, we calibrate two truncated distributions functions, one for “normal” losses and the other for the “extreme” losses. In addition, we propose a method to include external data in the framework. We then estimate the impact of operational risk management on bank profitability, through an adapted measure of RAROC. The results suggest that substantial savings can be achieved through active management techniques.     

Equal sacrifice and fair burden-sharing in a public goods economy

Applying a willingness-to-pay approach known from contingent valuation in environmental economics, we develop an ordinally based measure for the size of individual sacrifice that is connected with an agent’s contribution to a public good. We construct a selection mechanism that picks the unique efficient solution among all allocations that have an equal sacrifice as defined in this way. We show that the solution thus obtained corresponds to Moulin’s egalitarian equivalent allocation, conforms to both the ability-to-pay and the benefit principles, and has much in common with the Lindahl equilibrium.      

RP-HPLC法测定左旋苯甘氨酸乙基邓钾盐的含量

建立了测定左旋苯甘氨酸乙基邓钾盐含量的高效液相色谱方法.采用Thermos C18色谱柱,流动相为0.01 mol/L磷酸盐缓冲液(含0.2％(体积分数)三乙胺,85％(体积分数)磷酸,调节pH值为3.0)-乙腈(体积比为5∶95)为流动相,检测波长为220 nm.样品在pH值为2.0条件下水解后,以水解产物苯甘氨酸为...     

Management control of complex,mission-critical processes

Because the failure of complex, mission-critical systems—such as certain process control and manufacturing operations—can be exceptionally costly to an organization, appropriate management control of these systems is imperative. This paper presents a theory of management control of complex systems that is the potential basis for an intelligent DSS, which would be capable of supporting human agents monitoring complex systems. The theory is derived from field studies of agent decision making under procedural guidance, and it focuses on the most crucial—and interesting—aspect of agent behavior, i.e. the decision to deviate from a procedure when the procedure is considered detrimental to the achievement of organizational goals. The theory is instantiated in a computer model of the agents' decision processes. The computer model in turn embeds a simulation of the agents' situation and goal assessment processes that produce procedural non-compliance. © 2000 John Wiley & Sons, Ltd.     

Social Capital Initiatives: Employees and Communication Managers Leading the Way?

Organizations’ development of social capital and their decision to give back to society are becoming increasingly important to the business of managing organizations as much more than profit-driven entities. This article focuses on the rationale for an Australian–Canadian study on employees’ involvement in social capital initiatives and the communication management of these initiatives. As employees are key stakeholders, they play a vital part in achieving organizational goals. This study, a work in progress, highlights an in-depth, qualitative analysis of two organizations—one in Canada and one in Australia—committed to funding community projects as part of their corporate social responsibility development and commitment. The importance of a qualitative study that focuses on subjective components of social capital is that it develops understanding of employees’ attitudes, feelings, and viewpoints. It also begins to investigate why employees might/might not be committed, to organizations’ social capital initiatives. Using an interpretative analysis lens, an understanding of the moral, relational, and communication dynamics is explored. Questions surrounding concepts such as the moral fiber of social capital are highlighted and critiqued in the context of community engagement and what organizations’ social capital investments mean as part of their responsibility to society.     

Emotional intelligence and resilience as predictors of leadership in school administrators

This mixed‐method study of 48 P–12 school administrators across three southeastern states was done to begin investigation of the impact of nontraditional leadership factors. As evidenced by the results, there is a strong correlation between the factors of emotional intelligence and resilience and leadership success.     

Floating markets in Thailand: same,same, but different

In the last 60 years floating markets in Thailand, traditionally serving as central places for trade and exchange of agricultural products, have disappeared, were displaced or reappeared as tourism destinations. By making use of insights from actor-network theory, this study shows how floating markets in Thailand reorganize people, canals, boats, homes, fruits, vegetables and souvenirs in certain and multiple ways. Our comparison of five floating markets (Damnernsaduak, Thaka, Amphawa, Bang Namphueng and Pattaya) illustrates that floating markets in Thailand differ in terms of actors, buyers and vendors, products and objects, time and space. They sustained over time because they were able to adapt to new circumstances.     

Ten Years of the 2010 HMG: A Perspective from the Department of Justice

Review of Industrial Organization - Ten years after their release, the 2010 Horizontal Merger Guidelines continue to reflect accurately current legal and economic principles of antitrust. Despite...     

For-profit and non-profit firms: Limits of the simple theory of attenuated property rights

This paper argues that the simple theory of attenuated property rights cannot help us understand differences between for-profit and non-profit enterprises. The focus on ‘missing shareholders’ overlooks the reality of capital markets, the manifold sources of claims on residuals, and the roles of voting and market pressures. Furthermore, the empirical evidence in one regulated industry shows that for-profit enterprises are generally less efficient than their non-profit counterparts. A new approach to research is necessary that considers both internal control mechanisms and the operation of non-profit firms in politically and economically defined markets.     

Privatization of public enterprises

In this paper the following results of a transition from public to private ownership are obtained: The manager of a public firm engages in less effort than is efficient; in a privatized firm the manager's effort is chosen efficiently. The reward to the manager of a public firm is more differentiated than efficient. In the case of an unfavourable economic environment the reward is higher than efficient. On the other hand, the manager in a privatized firm is always rewarded efficiently. It is irrelevant whether the public manager is incompletely informed about the particular mix of government's multiple objectives as long as the government chooses the incentive-compatible reward for the manager.

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Zusammenfassung Wird ein Unternehmen vom öffentlichen ins private Eigentum übergeführt, so gilt folgendes: Im öffentlichen Unternehmen sind das Ausmaß der Forschungs- und Entwicklungsinvestitionen sowie der Arbeitseinsatz des Managers niedriger als im Kostenminimum. Im privatisierten Unternehmen werden dagegen der Arbeitseinsatz des Managers und die Forschungs- und Entwicklungsinvestitionen in kostenminimierendem Umfang gewählt. In der öffentlichen Unternehmung führt Informationsasymmetrie zu einer stärkeren Spreizung der Managerentlohnung als im privatisierten Unternehmen. In privatisierten Unternehmen ist die Managerentlohnung so niedrig, daß der Manager nur seinen Reservationsnutzen erhält.