Financial performance patterns of new corporate ventures: an alternative to traditional measures

This paper describes some of the limitations involved in using traditional performance measures to evaluate new ventures and suggests an alternative. We argue that the use of traditional performance measures in the new venture setting can produce misdirected decision making by managers and misleading model development by researchers. The traditional performance measures evaluated are return on investment, cashflow, market share gain, and returns to stockholders. The alternative performance measured presented is based upon an evaluation of patterns of improvement in return on investment across time.These patterns of performance are mapped using regression analysis. Return on investment is regressed against time, and the parameters of the resulting models' parameters are themselves used as performance measures. The beta-coefficient (β) is used to measure the overall rate of change in financial performance from year to year and the coefficient of determination (r²) is used to measure the predictability of change. To combine the information available in each of these parameters into a single variable, we multiply β by r² and call the result “V.” Thus, V is a measure of the velocity of improvement in financial performance across time adjusted for the level of variability in the performance trend.Much work remains to be done that could substantially improve the usefulness of V to managers and researchers. More sophisticated approaches than the one used here might include weighting either β or r² to fit the particular goal orientation of a given management team. Other model parameters might be used in conjunction with, or in place of, β or r² to increase or improve the information captured in V. Measures of financial performance other than return on investment (ROI) could also be used as the basis of calculating V.Even in its current simple form, however, V appears to be a useful performance measure. In 87 of 112 NCVs studied, V provided a useful summary of the pattern of performance's development. In 25 of 112 cases, there were important characteristics of performance that could not be captured by V. The most important managerial implication of V entails the shift to evaluating a new venture on the basis of its progress toward a desirable end rather than on the end itself. This provides a logical means of evaluating the financial performance of a new venture at an earlier time than would be possible otherwise.     

Measuring performance in a dynamic world: Conditional mean–variance fundamentals

We develop conditional alpha performance measures that are consistent with conditional mean–variance analysis and the magnitude and sign of the implied true conditional time-varying alphas. The sequence of conditional alphas and betas is estimable from surprisingly simple unconditional regressions. Other common performance measures are derivable from the conditional investment opportunity set based on its conditional asset return moments. Our bootstrap analysis of Morningstar mutual fund returns data demonstrates that the differences between existing conditional alpha measures and our proposed alpha are substantive for typical parameterizations.     

Brighton＆Hove市政府的运作情况

作为市长,我的职能与其它国家的城市市长职能大不相同。最根本的特点是市长这一职位不具有政治性。     

Trip destinations, gateways and itineraries: the example of Hong Kong

Trip itinerary data present analytical problems because of the great diversity of routes that travelers follow and the varying significance of destinations along those routes. Most of the models that have been proposed to deal with this complexity have focused either on the total number of travelers from one country to another, or on the overall pattern of entire trips. An alternative and complementary approach is to examine the relative location of a destination within the larger itinerary pattern. Depending on their location within the overall trip itinerary, places can exhibit characteristics of one or more destination types: Single Destination, Gateway Destination, Egress Destination, Touring Destination, or Hub Destination. Data collected on international air travelers to Hong Kong exhibited the first four of these five patterns. Taiwan and Singapore residents primarily used Hong Kong as a Single Destination for short break shopping holidays and for business. US and Australian residents were the most likely to use Hong Kong as a trip Gateway and as a Touring Destination, especially as the Gateway for a trip to China, but Hong Kong also served as a Gateway for trips to destinations in East and Southeast Asia and, for US residents, to Australia. Residents of China were more likely to use Hong Kong as a trip Egress Destination than were others. Hong Kong has traditionally considered itself primarily as a ‘gateway to China’ and an ‘Asian travel hub’. Hong Kong, and other destinations, could benefit from being more aware of their role as an Egress Destination and of their relationships with destinations that travelers visit before and after their arrival.     

Unions in a changing climate: MSF and Unison experiences in the new public sector

Through an examination of national policies, case study and survey material, this article looks at the question of the possibility of union renewal through an examination of the various and varying responses of two unions, MSF and Unison, to the changing work and employment practices in the NHS.     

The evolution of global strategy

Changes in technology, manufacturing, and marketing within an industry may necessitate a shift in the way an organization achieves competitive advantage on a global basis. Forewarned is forearmed.     

The Trucking Industry: The Lynchpin of the U.S. Economy

This paper describes the role of trucking in the U.S. economy; the major changes that have impacted the industry since the mid-1950s; its current and future position vs. other freight transportation modes, especially rail; and competition within the trucking industry.     

Hospitality trade development in Canada : Mergers, acquisitions and foreign investment

Over the last few years there has been a considerable amount of merger and acquisition activity in the Canadian hospitality industry. This includes major investments made either directly or indirectly by foreign-based corporations. Historically, there has been a disproportionately small share of total foreign investment aimed specifically at tourist-related industries; however, there have been some high profile developments recently. There is no dominant foreign country although the USA and Pacific Rim countries (especially Japan and Hong Kong) are the most prominent. Interestingly, while domestic and foreign activity is widespread, there have been significant acquisitions and investments by Canadian companies outside Canada's borders.     

Traveling with a disability: More than an Access Issue

People with disabilities have the same needs and desires for tourism as others. However, travel in a context designed primarily for people without disabilities poses unique challenges. A qualitative study was conducted employing indepth interviews and focus groups to explore the tourism experiences of individuals with mobility or visual impairments. The results revealed that they experience five different stages in the process of becoming travel active: personal, re-connection, tourism analysis, physical journey, and experimentation and reflection. Better understanding of these stages will facilitate more awareness of the tourism needs of people with disabilities.