How much does tax erode fund excess returns?

We model the tax drag from active fund management based on reported monthly holdings of active equity funds. Tax drag erodes 65 percent of the 0.74 percent excess return in Broad Market funds, but only 21 percent of the 1.80 percent excess return in Small-Cap funds for Australian superannuation (pension) fund investors. Tax drag varies with investment style; market state, which is most detrimental during bull markets; and fund turnover. For high-income individual investors, tax drag is exacerbated to the extent that active management only generates meaningful after-tax excess return for Small-Cap funds of certain styles.     

Perceptions of facilitators of a keypad‐based group support system

Organizations are using Group Support Systems (GSSs) to improve the quality of group meetings. Keypad‐based GSSs are a widely used form of this technology, yet there has been little research on their use and effects. This paper reports the findings of a survey of facilitators of a particular keypad GSS. Facilitators indicate that keypad technology improves the quality of meetings for a variety of tasks in a range of group settings and cultures. The findings are in general agreement with field studies of workstation‐based systems.     

Making judgment calls. The ultimate act of leadership

According to the traditional view, judgment is an event: You make a decision and then move on. Yet Tichy, of the University of Michigan's Ross School of Business, and Bennis, of the University of Southern California's Marshall School of Business, found that good leadership judgment occurs not in a single moment but throughout a process. From their research into the complex phenomenon of leadership judgment, the authors also found that most important judgment calls reside in one of three domains: people, strategy, and crisis. Understanding the essence of leadership judgment is crucial. A leader's calls determine an organization's success or failure and deliver the verdict on his or her career. The first phase of the judgment process is preparation--identifying and framing the issue that demands a decision and aligning and mobilizing key stakeholders. Second is the call itself, And third is acting on the call, learning and adjusting along the way. Good leaders use a "story line"--an articulation of a company's identity, direction, and values--to inform their actions throughout the judgment process. Boeing CEO Jim McNerney, for instance, focused on a story line of Boeing as a world-class competitor and ethical leader to make a judgment call that launched the company's recovery from a string of ethical crises. Good leaders also take advantage of "redo loops" throughout the process, reconsidering the parameters of the decision, relabeling the problem, and redefining the goal in a way that more and more people can accept. Procter & Gamble's A.G. Lafley and Best Buy's Brad Anderson have both used redo loops--in preparation and execution, respectively--to strengthen not only support for their calls but also the outcomes.     

Barcode Empires: Politics,Digital Technology,and Comparative Retail Firm Strategies

Like other service sectors, information technology has dramatically altered the growth and character of the retail trade sector in the affluent economies. Nevertheless, significant variation exists in the typical strategies of retail firms in different countries. This article explores this variation and proposes an explanation for why retailers achieved scale and solved their make, buy, and partner decisions along such different trajectories. It argues that national bases for scale retailing were shaped by a series of political negotiations starting in the 1960s and 1970s. This demonstrates once again that technology implementation is rarely determined by the technology itself, but more often by social and political rules. Future technology platforms, such as web-based or mobile commerce, should be expected to follow similar political logics. As multinational retailing firms spread around the globe, this has important implications for national competition policy.     

Job satisfaction and quit intentions of offshore workers in the UK North Sea oil and gas industry

The North Sea oil and gas industry currently faces recruitment and retention difficulties because of a shortage of skilled workers. One means of retaining existing employees is to improve workers’ job satisfaction. In this paper, we investigate the determinants of job satisfaction and intentions to quit within this industry sector. We find that individuals in good financial situations, those whose skills are closely related to their job and those who received training reported higher levels of job satisfaction. Furthermore, we establish the importance of job satisfaction, promotion prospects and training opportunities in determining workers’ intentions to quit their job.     

At Aldus,globalization wasn't an afterthought

At Aldus, entering foreign markets was not a strategy pursued after its products had been successfully marketed in the U.S. Aldus President Paul Brainerd set out from the beginning to build products that could be quickly adapted to local markets. With a strong competitive position in the European Community, the Seattle-based computer software producer now looks to the Pacific Rim.     

Business models among SMTEs: identifying attitudes to environmental costs and their implications for sustainable tourism

This paper examines how environmental resources and costs feature in business models of small- and medium-sized tourism enterprises (SMTEs). Several studies have pointed to the generally positive nature of the relationship between the economic and environmental performance of tourism firms. Yet, although business models act as a vector between these aspects of firm performance, they have been overlooked in sustainable tourism discourse. The paper reports findings from discussion groups of SMTE businesses in South West England during the global economic downturn. Environmental costs and cost control were afforded relatively little importance in terms of value creation; conversely, there was a strong and predictable emphasis on revenue generation. Indirect tactics emerged for dealing with guests’ environmental behaviours which reflected this prevailing commercial logic. Green credentials were routinely de-emphasized, sometimes regarded as liabilities, in a form of greenhushing. Responses were framed by reference to social media and how online reviews may negatively impact on future value capture. Conceptually, the business model emerged as an important lens for understanding how environmental resources and costs were valourized. The paper highlights the need to ensure that contemporary approaches to environmental management in SMTEs reflect the current and fast-changing conditions that frame business models.     

Accounting for Negative,Zero and Positive Willingness to Pay for Landscape Change in a National Park

In contingent valuation, despite the fact that many externalities manifest themselves as costs to some and benefits to others, most studies restrict willingness to pay to being non‐negative. In this paper, we investigate the impact of allowing for negative, zero and positive preferences for prospective changes in woodland cover in two UK national parks, the Lake District and the Trossachs. An extended spike model is used to accomplish this. The policy implications of not allowing for negative values in terms of aggregate benefits are also investigated, by comparing the extended spike model with a simple spike making use of only zero and positive bids, and a model which considers positive bids only. We find that ignoring negative values over‐states the aggregate benefits of a woodland planting project by up to 44%.