The effect of the 2007 ethanol mandate on downside risk in agriculture: evidence from Kansas farmers

The Energy Independence and Security Act of 2007 increased the amount of corn ethanol that must be blended into motor vehicle and other fuels as part of the renewable fuel standard. The purpose of this article is to look at how the increase in demand for corn influenced the profitability and downside risk of farms. We conducted this investigation using annual data for more than 300 farms in Kansas from 1997 through 2014. We find that the probability of a farmer’s experiencing a negative return on equity (i.e. the ‘downside risk’ of farming) decreased by 25 percentage points after 2007.     

Commercializing Nascent Technology: The Case of Laser Diodes at Sony

To develop really new products, a company often needs to get a handle on really new technologies. Although some breakthrough products simply combine existing technologies in novel ways, other innovations require the successful commercialization of nascent technologies. In other words, such innovations depend on entirely new structures and methods that have been demonstrated in a research environment but have not yet been refined to the point where they are ready for production. The path from nascent technology to full-scale production presents numerous managerial challenges that must be overcome if a company is to develop really new products that involve really new technologies. Samuel Wood and Gary Brown discuss these challenges, and they describe methods for managing the successful commercialization of nascent technologies. They illustrate these methods by examining Sony's commercialization of laser diodes—semiconductor devices that play an important role in the operation of CD players and other optical disk readers. They divide the process of commercializing nascent technology into three stages: appropriation, implementation, and manufacture. The first stage—appropriation—involves monitoring, assessing, and capturing new technologies. Sony handles this stage with a small, loosely structured research organization, separate from the development organization. In this stage, management must ensure that the objectives pursued by the research organization support the development organization's long-term goals. To foster coordination between research and development, Sony employs such network-building techniques as internal research symposia and technology expositions, orientation periods for researchers, transferring managers between research and development, and transferring researchers to development and other functions. The implementation stage involves transferring knowledge to development, as well as refining the technology to the point where it is reproducible, testable, and documented. Sony facilitates technology commercialization by transferring project team members from research to development and making those people responsible for implementation. To reach the final stage, manufacture, the firm must find the means for developing and refining mass production tools and procedures. Meeting this challenge requires close interaction and integration between process and production engineers.     

Design principles for long‐lived Internet agents

Prior research on intelligent Internet agents has failed to address the needs of long‐lived data‐collecting agents, focusing instead on short‐lived transaction agents. Transaction agents typically run for a few seconds and retrieve information for a single transaction. With the staggering growth of electronic commerce, researchers and practitioners will want to design long‐lived data‐collecting agents that intelligently search for, retrieve, interpret, categorize, and store vast amounts of related information each time that they run. Such agents can run over the course of days rather than seconds and can be used by practitioners for decision support applications or by researchers as part of an empirical research methodology. This paper proposes a framework for agent sophistication, and emphasizes a number of design concepts for long‐lived Internet agents, including intelligence, validation, concurrency, recovery, monitoring, and interactivity. These concepts are used in the development of an illustrative tool called Electronic Data Retrieval LexicaL Agent (eDRILL), an object‐oriented data‐collecting agent. eDRILL is designed using the Unified Modeling Language (UML) and is written in Java. It gathers research data from an online auction. © 2000 John Wiley & Sons, Ltd.     

Exploring brand identity and entrepreneurship as drivers of small specialist retailer internationalisation: a German case study

While the comparatively sparse literature on small specialist retailing typically supports a proactive interpretation of the drivers of retail internationalisation, a more differentiated picture exists with regard to understanding the role of the brand construct in this process. The wider marketing literature recognises that brand identity, as well as brand image, can inform the process of internationalisation; yet, research focusing on small specialist retail internationalisation remains underdeveloped in this regard. Neither the notion of a multi-faceted brand concept nor its function as a strategic device in the internationalisation process has been analysed with sufficient depth. Furthermore, a better understanding of how and to what extent brand identity is interdependent upon the characteristics and activities of the entrepreneur is yet to emerge. This paper explores the construct of brand identity and its role within small specialist retail internationalisation, and the related influence of the entrepreneur on the internationalisation process. A case study approach is adopted, examining one German small specialist retailer. Data collection involved semi-structured interviews with owner-managers and other senior management, an assessment of company documentation as well as participant observation, providing in-depth insights into distinctive internationalisation patterns. The study finds that a simple ‘either-or’ approach, in terms of characterising the retailer’s motivation to internationalisation as being either reactive or proactive, is inadequate in understanding this particular case. Whilst initial motivation was characterised as being reactive, the motivations underpinning further planned internationalisation are determined to be more proactive. More particularly, analysis reveals how brand identity is considered to play an important role in the internationalisation of the case study retailer, and highlights the numerous ways in which the characteristics and activities of the entrepreneurial owner-managers impact the firm’s internationalisation. This research contributes to retail and management research concerning SME internationalisation as well as to the retail branding literature.     

School Kids and Oil Rigs: Two More Pieces of the Post‐Katrina Puzzle in New Orleans

Shortly after Hurricane Katrina's landfall in August 2005 and the reports of rampant looting of businesses in the city, we became curious about the extent of Katrina looting as compared to that after other major storms that hit New Orleans in 1947 and in 1965. Using burglary as a proxy variable for looting, we discovered that the burglary rates in the month before and the month after Katrina were significantly higher than those before and after the other two hurricanes. We then investigated the socioeconomic conditions in the city in an effort to explain these numbers. Population loss and high unemployment rates, coupled with a decline in high‐paying manufacturing jobs and an increase in low‐wage food and hotel service jobs generated severe economic inequality in the city that exacerbated the situation created by Katrina. Our current analysis of the impact of public school desegregation and the oil bust suggests that both events contributed to population loss and the increase in low‐wage jobs prior to the storm. We believe that this type of research can assist in the recovery of New Orleans by providing an understanding of the city's pre‐Katrina social and economic conditions and make clearer which post‐Katrina changes are desirable.     

The integration of human resource and operation management practices and its link with performance: A longitudinal latent class study

This paper reviews the literature on the association between lean production and performance. From this, propositions on the integration and evolution of operation and human resource management practices associated with the lean production concept are developed. Using 24 years of data on the use of seven core OM and HRM practices in British manufacturing firms, the potential link between integration in the use of practices and productivity is tested. In each year, three latent clusters are identified via ordered restricted latent class models; the cluster that consistently makes a more integrated use of practices outperforms the others. Furthermore, the longitudinal nature of the data permits modeling the growth curves of each practice in the sample, recognizing any similarity in growth and investigating whether or not an early integration in adoption of practices is associated with higher final productivity. The results show that pioneers are more productive, thus suggesting that the head start in integrating core OM and HRM practices associated with the lean production concept has paid off.     

Multivariate multiple regression modelling for technology analysis

Technology analysis is important for technology management areas such as research and development strategy and new product development. So many studies on technology analysis have been used across a diverse array of fields. Most of these were based on patent analysis, which analyses patent documents using text mining and statistics. The studies on conventional patent analyses constructed models consisting of various independent variables (technologies) and one dependent variable. But in reality, we have to consider a model that includes several dependent variables at the same time, because most technologies influence each other. In this paper, we propose a methodology for patent analysis that reflects the various response technologies simultaneously. We perform multivariate multiple regression modelling in order to efficiently conduct our technology analysis. To show how our modelling can be applied to realistic context, we carry out a case study using the patent documents related to three-dimensional printing technology.     

Equity market neutral hedge funds and the stock market: an application of score-driven copula models

In this article, we study the time-varying market neutrality of equity market neutral hedge funds. We use data from the Hedge Fund Research? Equity Market Neutral Index (HFRX EH), which represents the performance of a portfolio of individual equity market neutral hedge funds. For each day, we measure different levels of association of the Standard and Poor’s 500 (S&;P 500) index and the HFRX EH. We use non-linear dynamic conditional score models of location, scale and copula that, to the best of our knowledge, have not yet been applied in the body of literature on hedge funds. We study whether the neutrality of the HFRX EH that is evidenced in the body of literature for the period of April 1993–April 2003 also holds for the following decade, for the period of May 2003–December 2016. We estimate different average levels of association for the pre-, during- and post-periods of the US financial crisis of 2008. We find that the association of the S&;P 500 and the HFRX EH, on average, is significantly positive for the pre- and post-periods of the financial crisis, and it is significantly negative for the period during the financial crisis.