Purification in the infinitely-repeated prisoners' dilemma

This paper investigates the Harsanyi [Harsanyi, J.C., 1973. Games with randomly disturbed payoffs: A new rationale for mixed-strategy equilibrium points. International Journal of Game Theory 2 (1), 1–23]-purifiability of mixed strategies in the repeated prisoners' dilemma with perfect monitoring. We perturb the game so that in each period, a player receives a private payoff shock which is independently and identically distributed across players and periods. We focus on the purifiability of one-period memory mixed strategy equilibria used by Ely and Välimäki [Ely, J.C., Välimäki, J., 2002. A robust folk theorem for the prisoner's dilemma. Journal of Economic Theory 102 (1), 84–105] in their study of the repeated prisoners' dilemma with private monitoring. We find that any such strategy profile is not the limit of one-period memory equilibrium strategy profiles of the perturbed game, for almost all noise distributions. However, if we allow infinite memory strategies in the perturbed game, then any completely-mixed equilibrium is purifiable.     

Voting with Their Feet: In Which Journals Do the Most Prolific Finance Researchers Publish?

The financial economics literature has experienced rapid growth over the past 40 years, triggering a dramatic increase in the number of journals. We employ a new method to analyze the current pecking order of finance journals. Specifically, we analyze the publication records of prolific authors to provide evidence regarding the perceived quality of a set of 23 high‐impact finance journals. Assuming these scholars target the “best” research outlets, their publication records can reveal information about their subjective rankings of the next‐best alternatives to the traditional elite finance journals. The results suggest that prolific authors are most likely to target outlets that have raised their profile in recent years (e.g., Financial Management and Financial Analysts Journal) and new specialized finance journals (e.g., Journal of Financial Markets, Journal of Corporate Finance, and Journal of Financial Intermediation) when publishing outside the set of elite journals.     

The Role of Ordinary Evaluations in the Market for Popular Culture: Do Consumers Have “Good Taste”?

If we define “good taste” as that prescribed by professional experts in a particular cultural field and ask whether ordinary consumers (non-experts or members of the mass audience) have “good taste,” the evidence from previous studies suggests that the relationship between expert judgments and popular appeal to ordinary consumers is significantly but only weakly positive and is therefore consistent with a phenomenon of “little taste.” Possible explanations stem from the consideration of a variable that might mediate and thereby weaken the relationship between expert judgments and popular appeal—namely, ordinary evaluations, in which non-expert consumers assess the excellence (rather than the enjoyability) of a cultural offering. An earlier experimental study of musical performances showed that ordinary evaluations did intervene between expert judgments and popular appeal to college students so that, in this sense, ordinary consumers did display aspects of “good taste”. New data on over 200 motion pictures corroborate this finding in another cultural context, with actual audience members, and through the use of real-world as opposed to experimental observations.     

Beyond Achievement: Entrepreneurship as Extreme Experience

How do entrepreneurs experience entrepreneurship, and what are the implications? The cognitive and emotional experiences of the entrepreneur as he/she performs the tasks associated with venture creation and high growth have received limited attention from researchers. The entrepreneurial context can be characterized in terms of peaks and valleys, or periods of relatively high pressure, stress, uncertainty, and ambiguity and periods of relative stability and predictability. Three inter-related psychological variables are investigated to determine their applicability in an entrepreneurial context: peak performance, peak experience, and flow. Results are reported of a series of in-depth, structured interviews conducted with two samples of entrepreneurs. Both qualitative and quantitative evidence is provided of the relevance of all three variables to entrepreneurs, with the highest scores for each variable demonstrated by entrepreneurs in high growth ventures. A number of implications are drawn for ongoing research and entrepreneurial practice, most notably in the area of entrepreneurial motivation. The findings suggest that entrepreneurship be approached as a vehicle for optimal human experiencing.     

Do Consumers Discriminate Against Foreign Companies Even When They are Green?

The international business literature has long investigated the role of corporate environmentalism, or “going green,” in business. However, this research has been limited regarding the dynamics of a firm's eco-friendly image and consumers' intention to purchase the firm's products in light of the consumer's complex social viewpoint and how that eco-friendly image is perceived. This limitation is due in part to the complex nature of the eco-friendly image-purchase intention relationship, especially when taking into account the consumers' identification with the firm, as well as the role of consumer ethnocentrism. Through the use of an experimental survey, we found differences between countries and the role of the firm's eco-friendly image and consumer ethnocentrism. In particular, an eco-friendly image was positively related to identification with the firm in a German company sample. The findings also show that this identification mediates the effect of eco-friendly image on purchase intention. Consumer ethnocentrism significantly moderated the effect of this identification on purchase intention as well in the Chinese company sample. Implications for managers of multinational enterprises are discussed, as are avenues for future research.     

Replacing executive stock options with share units: A Canadian study

Are share units a better compensation tool than stock options? This paper studies the impact of a transition within the compensation structures of CEOs of companies listed on the TSX Composite Index. Specifically, we ask whether replacing options with units-based compensation reduces the volatility of these companies' stock prices while promoting better returns. Our findings show that a shift to share units reduces large-cap Canadian companies' total risk through its idiosyncratic component. This transition is also accompanied by an increase in their risk-adjusted accounting and market performance. This suggests that share units are better for compensation contracts.     

The HR ecosystem: Emerging trends and a future research agenda

Human resource leaders are experimenting with new approaches to organizing and utilizing workers that are not limited to the traditional boundaries of the firm, but rather expand to an ecosystem of work and organization. This special issue introduction article introduces a set of papers from management scholars discussing the ecosystem of work and organization and offers a roadmap for future research on HR ecosystems. An ecosystem perspective invites us to rethink our current frameworks to better link theory to practice. It also challenges us to shift our level of analysis from the organization to the ecosystem, asking: how is work organized and conducted within this complex and evolving context? These papers uncover trends related to (1) technological mediation, (2) impermanence and adaptation, and (3) shared governance. Our hope is that by framing these trends found within the research in this special issue that scholars will be provided a better road map in moving forward with their own research on the role of HR within the ecosystem of work and organization.