A statistical treatment of the problem of division

The problem of division is one of the most important problems in the emergence of probability. It has been long considered solved from a probabilistic viewpoint. However, we do not find the solution satisfactory. In this study, the problem is recasted as a statistical problem. The outcomes of matches of the game are considered as an infinitely exchangeable random sequence and predictors/estimators are constructed in light of de Finetti representation theorem. Bounds of the estimators are derived over wide classes of priors (mixing distributions). We find that, although conservative, the classical solutions are justifiable by our analysis while the plug-in estimates are too optimistic for the winning player.Acknowledgement. The authors would like to thank the referees for the insightful and informative suggestions and, particularly, for referring us to important references.Supported by NSC-88-2118-M-259-009.Supported in part by NSC 89-2118-M-259-012.Received August 2002     

Implicit prices for longer temporary exhibitions in a heritage site and a test of preference heterogeneity: A segmentation-based approach

This paper examines whether or not people with different characteristics have significantly different nonmarket preferences for longer temporary exhibitions in a cultural heritage site, using a choice modelling study. In order to perform the examination, several methods to calculate confidence intervals (the bootstrap, jackknife, Krinsky and Robb, and Delta methods), and a convolutions approach are adapted. A sample is segmented into relatively homogeneous subgroups according to their sociodemographic or attitudinal characteristics. The results from a case study show that (1) the implicit price for longer exhibitions by one month is AU$5.01 per household; (2) sociodemographic and attitudinal characteristics as segmentation criteria do not cause significantly different implicit prices; and (3) different methods of testing the relationship between mean WTP estimates did not lead to different conclusions.     

The sentimental city: the lost urbanism of Pierre Mac Orlan and Guy Debord

Behind a high stonewall surrounding a rural farmhouse in Auvergne, Guy Debord, the ex‐Situationist theorist and activist, retreated. The grungy, cheap‐thrill Parisian urbanism of his youth was no more. Paris had died in his arms of a fatal illness that has seen off other great cities. Economic forces and planning initiatives had assassinated his rebel underworld, and culprits are still at large, still awaiting trial in the people's court. This essay embraces Debord the other side of the wall, dialoging with Pierre Mac Orlan, one of his favorite novelists. In so doing, we enter the phantasmal zone of the sentimental city, the city both real and make‐believe, defunct and yet‐to‐be. Mac Orlan's ideas about passive and active adventuring are explored here, to unlock the Pandora's box of Debord's urbanism. The essay approaches the capitalist city with a poetic gloss and reveals a realm richer and deeper than most social scientific urban research can grasp. Alongside Mac Orlan, Debord retraces his steps through urban ruins, and recaptures an everyday melancholy of backstreets and damaged people, of twilight nooks and crannies and shadowy bars. In Debord's sentimental city, it isn't so much the past that one regrets as the future. Derrière un haut mur de pierre entourant une ferme d'Auvergne, s'est retiré Guy Debord, l'ancien théoricien et militant situationniste. L'urbanisme parisien minable et décadent de sa jeunesse n'existait plus. Paris était mort dans ses bras d'une maladie désastreuse qui a emporté d'autres grandes villes. Forces économiques et initiatives d'aménagement ont assassiné son milieu rebelle et les coupables courent encore, dans l'attente d'un procès populaire. Cet essai voit Debord de l'autre côté du mur en train de dialoguer avec Pierre Mac Orlan, l'un de ses écrivains favoris. Ainsi, nous entrons dans l'illusion de la ville sentimentale, ville à la fois réelle et imaginaire, défunte et survivante. Les idées de Mac Orlan sur l'aventurier actif et passif y sont examinées afin d'ouvrir la boîte de Pandore de l'urbanisme selon Debord. L'approche de la ville capitaliste revêt un vernis poétique, révélant un univers plus riche et plus profond que ce qui peut être saisi par la plupart des recherches urbaines en sciences sociales. Aux côtés de Mac Orlan, Debord revient sur ses pas, traversant des ruines urbaines, retrouvant une mélancolie au quotidien des bas‐quartiers et d'une pègre abîmée, des coins et recoins obscurs et des bars mal éclairés. Dans la ville sentimentale de Debord, ce n'est pas tant le passé que l'on regrette, mais plutôt l'avenir.     

Creating network bridges for university technology transfer: The medici fellowship programme

This paper evaluates a fellowship scheme aiming to overcome attitudinal and operational barriers towards university technology transfer. We propose barriers exist because of the focus of many academics exclusively within a peer review research network. We explore the case of the Medici Fellowship programme that was implemented in biomedical departments across five universities located in the midlands of England. Our evidence suggests that such fellowship programmes, through the retraining of academics, may have a positive impact on the commercialisation of research. In particular, the fellows, through the enhancement of their social and human capital, are able to act as agents of attitudinal change in their host departments and are seen to build bridges into external business networks that can provide early stage funding, market and legal information and help identify potential customers for nascent academic entrepreneurs.     

The Governance of Corporate Responses to Climate Change: An International Comparison

In response to pressures from governments, investors, non‐governmental organizations and other stakeholders, many large corporations have adopted a variety of carbon and energy management practices, taken action to reduce their emissions and set targets to reduce their greenhouse gas emissions. Using the case of international retailers, this article examines whether, and under what conditions, non‐state actors might be capable of assuming the governance roles that have historically been played by national governments. This article concludes that external governance pressures can, if they are aligned, robust and of sufficient duration, have a significant influence on internal governance processes and on corporate strategies and actions. However, the specific actions that are taken by companies – in particular those that require significant capital investments – are constrained by the ‘business case’. That is, companies will generally only invest capital in situations when there is a clear financial case (i.e. where the benefits outweigh the costs, when the rate of return meets or exceeds company targets) for action. That is, the extent to which external governance pressures can force companies to take action, in particular challenging or transformative actions that go beyond the boundaries of the business case, is not at all clear. This is particularly the case if the business case weakens, or if the opportunities for incremental change are exhausted. In that context, the power of non‐state actors to force them to consider radical changes in their business processes and their use of energy therefore seems to be very limited. Copyright © 2016 The Authors. Business Strategy and the Environment published by ERP Environment and John Wiley & Sons Ltd     

The Effects of Purchases of Mortgages and Securitization by Government Sponsored Enterprises on Mortgage Yield Spreads and Volatility

In this paper, we investigate the effects of GSE (government sponsored enterprise) activities on mortgage yield spreads and volatility. Using various regression procedures (i.e., vector error correction (VEC) and GARCH models) and controlling for default and prepayment risk, we find that securitizations and purchases of mortgages by GSEs reduce mortgage yield spreads and volatility. In particular, we find that the yield spread between conforming and 10-year constant maturity treasury (CMT) rates decreases by 8.0 bp per $1billion increase in the level of GSE securitizations. Similarly, if GSEs increase mortgage purchases, the yield spread decreases 10.5 bp per $1billion increase of purchases. In addition, we hypothesize and find that GSE activities have a spillover effect to the non-conforming mortgage market; via investor substitutions, GSE purchases and securitizations of conforming loans reduce non-conforming loan rates. Thus, the measured influence of GSE activities is biased downward when measured using the spread of non-conforming loans over conforming loan rates. We also find that purchases of mortgages by GSEs significantly reduce mortgage yield volatility. In sum, our findings show that GSE activities reduce and stabilize mortgage market rates.     

Cultural practices and life insurance consumption: An international analysis using GLOBE scores

This cross-disciplinary study examines how national culture practice affects cross-country variations in life insurance consumption. To proxy for national culture dimensions, we use the refined measure of the GLOBE project which includes several additional cultural dimensions not included in Hofstede's analysis. Using 1966–2004 data across thirty-eight countries, our analysis reveals a strong relationship between life insurance consumption and the practice scores of in-group collectivism as well as power distance. These relationships continue to hold, even after controlling for other country-level variables such as national income, expected inflation rate, banking sector development, investor protection index, dependency ratio, life expectancy, and religion.     

The ambidextrous CEO

Although most managers publicly acknowledge the need to explore new businesses and markets, the claims of established businesses on company resources almost always come first, especially when times are hard. When top teams allow the tension between core and speculative units to play out at lower levels of management, innovation loses out. At best, leaders of core business units dismiss innovation initiatives as irrelevancies. At worst, they see the new businesses as threats to the firm's core identity and values. Many CEOs take a backseat in debates over resources, ceding much of their power to middle managers, and the company ends up as a collection of feudal baronies. This is a recipe for long-term failure, say the authors. Their research of 12 top management teams at major companies suggests that firms thrive only when senior teams lead ambidextrously--when they foster a state of constant creative conflict between the old and the new. Successful CEOs first develop a broad, forward-looking strategic aspiration that sets ambitious targets both for innovation and core business growth. They then hold the tension between innovation unit demands and core business demands at the very top of the organization. And finally they embrace inconsistency, allowing themselves the latitude to pursue multiple and often conflicting agendas.     

Union use of social media: a study of the University and College Union on Twitter

The importance of the Internet to trade unionism has not gone unnoticed by academics, and while many have perceived the need for unions to engage in social media, there has not been any study of how unions use social media. This paper provides a systematic examination of union social media use in terms of method, scope and content. The University and College Union (UCU) Twitter account was used as a case study. Tweets (n = 1,615) were collected over a four‐month period (January 1–April 30, 2014) from the official UCU account with followers (n = 12,301) also categorised to determine who is listening. Findings are discussed with reference to earlier debates on union use of the Internet. We find that while UCU has moved with technological developments by using Twitter, the content of the union's messages remain in line with traditional union communication, and the engagement opportunities of social media are underutilised.