Why Local Resources Management Institutions Decline: A Comparative Analysis of Van (Forest) Panchayats and Forest Protection Committees in India

Building and nurturing institutions are most challenging tasks in any development work. In this paper an attempt has been made to understand the rise and fall of institutions involved in the management of forest resources. This has been done through comparative case studies of Van (Forest) Panchayats of Uttaranchal and Forest Protection Committees of West Bengal in India. As has been documented, Van Panchayats have been created as a response to the people’s movement against forest reservation at the beginning of the 20th century. The concept of Forest Protection Committees under Joint Forest Management in India has recently emerged in response to the severe degradation of forest resources and the persistent conflicts and movements against the State. The paper goes on to explain the evolution, management systems and effectiveness of these institutions along with the issues they are confronted with in the management and protection of forest resources.     

The TUC’s Organising Academy: an assessment

In 1998 the British Trades Union Congress established an Organising Academy to train a new generation of paid union organisers. This article reviews the first two years of the Academy and offers an initial evaluation. It seeks to gauge whether the initiative has prompted innovation in organision policy in unions and led to successful organising outcomes.     

Leveraging talent: spin–off strategy at Industrial Research

The formation of new businesses from research organisations has historically been seen as one of the more effective ways in which new knowledge and technology is commercialised. These spin–offs result from the transfer of people and intellectual property from the parent institution. It is the transfer of the tacit knowledge embodied in the human capital that differentiates this technology commercialisation mechanism from technology sale, licensing or joint ventures and alliances.
Science parks and cooperative centres associated with universities are examples used internationally of incubator environments designed to nurture spin–offs. In New Zealand, however, there have been very limited attempts to develop such incubators. However, one Crown Research Institute, Industrial Research, has recognised that developing a spin–off strategy is a valid way for it to leverage its intellectual property and motivate its scientific talent, in order to satisfy the institute's mandate to 'create benefit for New Zealand'.
It is rare to find studies of the spin–off activity focused primarily on the parent. This paper charts the development of Industrial Research's spin–off strategy over the past eight years from an unintentional consequence of restructuring and changing funding priorities, towards a purposive strategy requiring different management structures and processes. A three–stage model is developed to describe the spin–off strategy evolution and the risks, benefits and components of such a strategy are discussed.     

Model risk and option hedging

This paper presents a theoretical approach to option hedging and valuation when traders are facing model risk. Model risk is restrictively defined as the financial risk resulting from the choice of an approximating model to proxy for the true but ex-ante unknown state space of the underlying security process. A generalized model is defined for estimating the appropriate volatility markup, which is dependent on the noisiness of the volatility estimate over time. Delta neutral hedge portfolios are created using simulated S&P 500 option prices to demonstrate that using a volatility markup in the traditional binomial model reduces model risk.     

Block Trade Price Asymmetry and Changes in Depth: Evidence from the Australian Stock Exchange

This paper examines the price response to large block transactions on the Australian Stock Exchange during the 1999 sample period. We find asymmetry in the price reaction between buyer‐ and seller‐initiated trades with respect to size and resiliency following the trade. We extend previous research by examining order book changes surrounding block trades and relating price effects to changes in book depth. Purchases are associated with persistent order book imbalance, while the sales imbalance is insignificant. Cross‐sectional analysis demonstrates that price resiliency following a trade is related to the speed at which limit orders arrive to replenish book depth.     

Endogenous price leadership in a duopoly: Equal products, unequal technology

In the present paper we study endogenous price leadership in the context of a homogeneous product Bertrand duopoly model in which the firms have different, strictly convex cost functions. In such a framework it is well known that a simultaneous move price choice game does not have an equilibrium in pure strategies, but it has an equilibrium in mixed strategies. In the Stackelberg games with an exogenous price leader, we show that a pure strategy subgame perfect Nash equilibrium (SPNE) always exists. Although the SPNE might not be unique, the payoffs are the same across all SPNE. Finally, we analyze the issue of endogenous price leadership using the continuous version of the Robson (1990) timing game. The result is unexpected. One would expect the more efficient firm to emerge as the endogenous price leader. This is not always true. In most cases the endogenous leader is the firm with the highest "threshold" price. However, we also provide conditions under which the more efficient firm emerges as the leader. Our paper essentially complements Yano (2001) , which is based on the Hamilton and Slutsky (1990) framework.     

Noisy Directional Learning and the Logit Equilibrium

We specify a dynamic model in which agents adjust their decisions toward higher payoffs, subject to normal error. This process generates a probability distribution of players’ decisions that evolves over time according to the Fokker–Planck equation. The dynamic process is stable for all potential games, a class of payoff structures that includes several widely studied games. In equilibrium, the distributions that determine expected payoffs correspond to the distributions that arise from the logit function applied to those expected payoffs. This “logit equilibrium” forms a stochastic generalization of the Nash equilibrium and provides a possible explanation of anomalous laboratory data.     

Does slack always affect resilience? A study of quasi-medium-sized Italian firms

Research on organizational slack, which has focused mainly on its effect in large, publicly traded firms and on transitional economies, has found that slack functions as a buffer in periods of crisis. However, little work has been done on the value of slack resources for smaller firms in mature industries. This study contributes to the resource-based literature with a quantitative analysis of a broad sample of Italian SMEs that operate in the traditional ‘Made in Italy’ industries. The purpose of the paper is to use longitudinal data from before and after the 2008 world financial crisis to determine whether slack resources drive growth and profitability in organizations with limited resources that operate in mature industries in periods of recession. The results of two-stage least squares regression indicate that, similar to their larger counterparts, small firms must secure high levels of profitability in order to achieve sound growth during recessions. Potential financial slack is equally important in driving profitability in these periods, although it is not related to higher growth. Investing in R&D does not affect small firms’ ability to be profitable and grow during recessions.     

Corporate Social Responsibility in SMEs: A Shift from Philanthropy to Institutional Works?

For Aristotle, virtues are neither transcendent nor universal, but socially interdependent; they need to be understood chronologically and with respect to character and context. This paper uses an Aristotelian lens to analyse an especially interesting context in which to study virtue—the state’s response when social order breaks down. During such periods, questions relating to right action by citizens, the state, and state agents are pronounced. To study this, we analyse data from interviews, observation, and documents gathered during a 3-year study of riot policing in the U.K. In doing so, we contribute by joining a number of other conversations within JBE, suggesting detailed empirical examination of this context is useful in opening up considerations relevant to ‘virtue’ elsewhere. This extreme context helps us raise interesting and empirically informed questions that can encourage future theoretical and empirical contributions to virtue in business ethics. One such question is on the role of habituation in virtue, which is not just the inculcation of a reflex or automaticity, but can also refer to a trained and developed tendency to behave in the right way, for the right reasons, at the right time. Whilst we stop short of a simplistic alignment of habituation and virtue, we show ways in which it can inform understanding of both courage and phronēsis.