Success of activity management practices: the influence of organizational and cultural factors

This study examines the success of activity management practices and the organizational and cultural factors affecting success at each of Gosselin's (1997) three levels of activity analysis (AA), activity cost analysis (ACA) and activity‐based costing (ABC). Data were collected by survey questionnaire from a random sample of managers of Australian business units. The results indicate that activity management is moderately successful in Australian organizations, with greater use associated with higher levels of success. Two organizational factors (top management support and link to quality) were associated with success at each of Gosselin's three levels, whereas training was associated at the AA and ACA levels. The cultural factor of outcome orientation was associated with success at each level, with attention to detail important at the ABC level. Organizational factors were more strongly associated with activity management success than cultural factors.     

Influence of cultural factors on price clustering and price resistance in China's stock markets

This paper builds on prior research by analysing the impact of cultural factors on both price clustering and price resistance in China's stock markets. The results support the presence of cultural factors impacting on price clustering with the digit 8 showing a higher propensity for clustering and the digits 4 and 7 showing a lower propensity in the A‐share market, where stock is denominated in renminbi and traded by mainland Chinese. These results are further supported by an analysis of the B‐share market, where cultural factors have no (or less) impact on the price of Chinese stocks traded by foreign investors in US dollars (or in Hong Kong dollars). A range of measures for price resistance show the digits 0 and 5 to be significant resistance points in the A‐share market. Although digit 8 cannot be considered as a resistance point, its resistance level is highest among the remaining numbers. In conclusion, cultural factors help to explain not only price clustering in the Chinese stock markets but price resistance levels as well, albeit at a weak level.     

Adoption of activity management practices in public sector organizations

This paper examines the extent to which activity management practices are adopted by Australian public sector organizations at each of Gosselin's (1997) levels of Activity Analysis, Activity Cost Analysis, and Activity‐based Costing. The present paper replicates Baird et al. (2004), thereby enabling a comparison of the extent of adoption of activity management in the public sector with that reported in the private sector in Baird et al. (2004). The results reveal that the adoption of higher level activity management practices (Activity Cost Analysis and Activity‐based Costing) is less prevalent in public sector organizations, whereas they adopt Activity Analysis to the same extent as the private sector.     

Accounting-based regulation in emerging markets: The case of China's seasoned-equity offerings

In China, listed companies are required to achieve a minimum return on equity (ROE) before they can apply for permission to issue additional shares through seasoned-equity offerings (SEO). We document two benefits of this accounting-based regulation in China. First, this regulation limits the increase in the supply of shares and the dilution of existing share prices. The Chinese stock market reacted positively to the announcement of this accounting-based regulation. Moreover, investors' reactions to SEO, announcements are less negative since the accounting-based regulation was introduced than before the regulation was enacted. The second benefit is that the regulation reduces adverse selection in SEO, as shown by the finding that prior to this regulation, firms below the ROE threshold underperformed the market after their SEO, much like what has been observed in other markets; while those above the threshold outperformed the market. Thus, although positive accounting theory predicts that regulations based on accounting numbers create incentives for managers to manipulate their accounting numbers, accounting-based regulations in China seem to serve some useful purposes.     

Executive stock options and IPO underpricing

In about one-third of US IPOs between 1996 and 2000, executives received stock options with an exercise price equal to the IPO offer price rather than a market-determined price. Among firms with such “IPO options”, 58% of top executives realize a net benefit from underpricing: the gain from the options exceeds the loss from the dilution of their pre-IPO shareholdings. If executives can influence either the IPO offer price or the timing and terms of their stock option grants, there should be a positive relation between IPO option grants and underpricing. We find no evidence of such a relation. Our results contrast sharply with the emerging literature on managerial self-dealing at shareholder expense.     

The return to retail and the performance of US banks

The US banking industry is experiencing a renewed focus on retail banking, a trend often attributed to the stability and profitability of retail activities. This paper examines the impact of banks’ retail intensity on performance from 1997 to 2004 by developing three complementary definitions of retail intensity (retail loan share, retail deposit share, and branches per dollar of assets) and comparing these measures with both equity market and accounting measures of performance. We find that an increased focus on retail banking across US banks is linked with significantly lower equity market and accounting returns for all banks, but lower volatility for only the largest banking companies. We conclude that retail banking may be a relatively stable activity, but it is also a low return one.     

Programming for the Internet and Experiential Learning: a New Approach Incorporating a Constructed World

This paper reports on a novel approach taken by the author to the teaching of an Internet programming course targeted at final year diploma and second year degree students. The uniqueness of engineers and their identity is discussed, as is the self-constructed world and ways of knowing in which humankind operates. The novel approach to teaching a software-coding course, and this course’s underlying philosophies of learning, the approach taken in class-contact time, and the methods of interaction with the students are presented, along with the conventional structure, quantitative measures, outline, and assessment of the course. The effects and observations of approaches employed are discussed, and the quantitative outputs achieved are presented alongside the unquantifiable impressions, comments and positive feedback.     

工作上的伙伴：汇丰和交行

2006年9月30日至10月21日,交通银行有关部门负责人和分行行长共10人在汇丰集团的伦敦总部参加了"交通银行高管人员领导能力培训班"。这是交行和汇丰首次举办的针对交行高管人员的领导能力培训项目,得到了双方高层的高度重视,汇丰对培训内容作了专门策划、精心安排,交行高管对学习主动积极、全心投入,培训获得了良好效果。20天的培训紧张而充实,培训内容涵盖三大板块--汇丰集团经营管理概览、领导能力和战略思维、零售银行业务与分行经营,总计36项课程。让我们走近汇丰,近距离地感受这个全球金融业翘楚的理念、战略和思维；让我们走近汇丰,无障碍地体会西方优秀银行的文化、品牌和精神。本栏目撷取了组织此次培训的汇丰集团学习与发展部高级经理Kevin Dolling,以及参加此次培训的几位交行高管人员的学习体会,希冀读者能从他们的心得感受中收获对中国金融业改革有益的借鉴和帮助。     

郭俊的书画

郭俊，中国书画研究会副会长，中国工艺美术家协会会员，北京民族画院理事，重庆市美术家协会渝中区美协副主席。自幼酷爱书画。广求名师，师从四川美术学院杨富明教授，并得到著名画家苏葆桢、黄纯尧、水华、周北溪等先生的指教。作品继承传统，师法自然，风格别具，     

The technological gatekeeper

The present study identifies a two-step flow process of communication mediated by technological gatekeepers for scientific and technical fields characterized by dynamic information environments. Peer identification and a supervisory recognition of the phenomenon validate the gatekeeper finding. Certain characteristics of this study differ from previous research. The external communication needs of military in-house researchers are mitigated greatly by the infusion of technical information into the laboratory which is a part of the everyday activities of the organization. Gatekeepers are differentiated by topic and not the media monitored. Finally, the gatekeeper phenomenon is implicitly recognized, even though the development may be spontaneous; development that results because either the formal media leave a void in information needs or that engineers are not trained in the use of the formal information sources. In either case, the technological gatekeeper is a natural response to an information need.