Environmental amenities and agricultural land values: a hedonic model using geographic information systems data

Remote agricultural lands, which include wildlife habitat, angling opportunities and scenic vistas, command higher prices per hectare in Wyoming than those whose landscape is dominated by agricultural production. Geographic information systems (GIS) data are used to measure recreational and scenic amenities associated with rural land. A hedonic price model is specified with GIS measures. It is used to estimate the impact of amenity and agricultural production land characteristics on price per acre for a sample of Wyoming agricultural parcels. Results indicate that the specification performed well across several functional forms. The sampled land prices are explained by the level of both environmental amenities as well as production attributes. Statistically significant amenity variables included scenic view, elk habitat, sport fishery productivity and distance to town. This analysis permits a better estimation of environmental amenity values from hedonic techniques. Improved estimation of amenity values is vital for policies aimed at open space preservation, using agricultural conservation easements and land use conflict resolution.     

全球化不会逆转:以贸易、资本、信息和人员的全球流动为例

2020DHL全球连通性指数显示,当前,除人员国际流动恢复较为缓慢之外,国际贸易已经强劲反弹,国际资本流动正在恢复,数字信息流动快速增长,世界各国之间的贸易关系和经济往来越来越密切,新冠肺炎疫情没能阻止全球化进程.既然全球化所带来的国际商业机会和全球市场竞争对企业发展至关重要,那么在后疫情时代,我们就需要更多的全球化,加速世界经济从疫情中复苏.     

Coordination in global R&D organizations: An examination of the role of subsidiary mandate and modular product architectures in dispersed R&D organizations

International research and development (R&D) operations require a significant amount of coordination between the headquarters and the subsidiaries in order to integrate the dispersed activities in one final product. This article explores what mechanisms multinational companies (MNCs) use to coordinate their overseas R&D units. Based on a multiple case study involving nine MNCs with overseas R&D subsidiaries of varying mandates, we find that R&D sites with high technology and/or market orientation tend to be coordinated by informal mechanisms while sites with little technology and/or market orientation tend to be coordinated by formal mechanisms. Furthermore, it appears that this relationship is strongly affected by the product’s architecture: while rather complex R&D activities are conducted at the systems level and at sites with high technology orientation, less complex R&D activities are conducted at the component level at sites with low technology and market orientation. Finally, the findings suggest that modular product architectures have a coordinating effect in global R&D activities which have the power to lower firms’ overall coordination effort. The findings bear important implications for the effective coordination of MNCs’ international R&D subsidiaries.     

Dual transfer pricing with internal and external trade

This paper examines a transfer pricing problem between two divisions of a decentralized firm. The selling division is privately informed about its own costs and produces a good that is sold both externally in an intermediate market and internally within the firm. Unlike most previous work, we focus on dual transfer pricing systems that allow the selling division to be credited for an amount that differs from the amount charged to the buying division. We identify conditions under which efficient decentralized trade and external price setting incentives can be provided with a properly chosen set of dual transfer prices that do not rely on direct communication. Instead, the optimal dual transfer prices will depend only on public information about the market price charged by the upstream division in the external market, which indirectly communicates information about production costs to the downstream division. For a variety of well-known demand functions, the optimal transfer prices will be linear functions of the market price. Our main results hold when the upstream division faces multiple internal buyers or faces a binding capacity constraint.     

Two-stage capital budgeting,capital charge rates,and resource constraints

We study two-stage, multi-division budgeting mechanisms that allocate scarce resources among divisions using capital charge rates. Each divisional manager observes private sequential project information and competes for scarce resources over two stages. The optimal capital charge rates in our two-stage setting can be quite different from those that arise in a single-stage setting. If the firm faces a resource constraint at only the second stage, a less severe constraint can imply more first-stage project initiation, which can lead to higher second-stage capital charge rates. If resources are constrained at both stages, a decrease in the severity of the constraint at just one stage decreases the capital charge rate at that stage but increases the capital charge rate at the other stage because each constraint affects the intensity of competition at both stages. This result holds regardless of whether the scarce resources are fungible or non-fungible across stages.     

A Bibliometric View on the Use of Contingency Theory in Project Management Research

Contingency theory has influenced organization theory since the 1950s. Project management research has only recently started to consider context factors. In this area, applications of contingency theory still represent a fragmented field with a nonuniform use of terminology. Fully utilizing the contingency theory approach requires a systematic foundation. This article presents an overview of contingency theory in both permanent and temporary organizations. In a bibliometric study based on 1,622 articles from four academic project management journals, we identify dominating authors, prevalent keywords, and different focal areas in project contingency theory as well as the most researched project types.     

The Matching Problem (and Inventories) in Private Negotiation

This study examines laboratory market outcomes under alternative matching risk scenarios and advance production. Limited access and/or asymmetry in the number of buyers and sellers cause a matching problem. When sellers hold inventory before sale and there is buyer concentration, prices are about 23% below the competitive level and close to the predicted monopsony price. The bargaining advantage shifts to buyers in this market environment. Sellers can benefit by creating alliances or cooperatives to increase their bargaining position for price and overcome poor access to buyers.     

A latent dynamic factor approach to forecasting multivariate stock market volatility

This paper proposes a latent dynamic factor model for high-dimensional realized covariance matrices of stock returns. The approach is based on the matrix logarithm and combines common latent factors driven by HAR processes and idiosyncratic autoregressive dynamics. The model accounts for positive definiteness of covariance matrices without imposing parametric restrictions. Simulated Bayesian parameter estimates are obtained using basic Markov chain Monte Carlo methods. An empirical application to 5-dimensional and 30-dimensional realized covariance matrices shows remarkably good forecasting results, in-sample and out-of-sample.     

Retaining and satisfying project managers – antecedents and outcomes of project managers’ perceived organizational support

Although theory and research from the domains of organizational behavior and human resource management suggest that individuals’ perceived organizational support (POS) plays a crucial role in enhancing job satisfaction and in reducing turnover intentions, there is a lack of research applying Organizational Support Theory to the realm of project management. Project-based organizations have an increasing demand for highly qualified project managers who feel supported by their employing organization and intend to remain in their positions. Therefore, the primary objective of the present study was to investigate predictors of project managers’ POS (both from a career management and from a project portfolio management perspective) and to examine how this variable related to their job satisfaction and intention to quit their project manager position. Using a sample of 541 project managers and 135 project portfolio coordinators nested in 135 firms, the analysis revealed that POS related positively to project managers’ job satisfaction and negatively to their turnover intention. A career path for project managers was positively associated with POS, especially when it was accompanied by adequate qualification opportunities. Results further stress the significance of top management involvement and the support of project management offices for project managers’ POS.