Diversification Categories in Investment Real Estate

This paper continues previous work evaluating the benefits of diversification and analyzes the various dimensions within the commercial real estate opportunity set. The database is large and extends through the 1982 downturn in property values. Due to the low levels of systematic risk, current distinctions by region and property type make little sense in a world of costly diversification. More exacting categories combining property type, SMSA growth rate and lease maturity offer promise for more efficient diversification within the real estate portfolio.     

A fast method for analysing and improving complex software processes

This paper presents a simple, fast method (or management tool) for the analysis and improvement of software-intensive complex products and systems (CoPS) called software analysis-software improvement (SA-SI). The tool relies on outside intervention, rapid data collection and structured in-company workshops. The distinctive feature of the method is that it focuses on the 'soft', human side of the software development process and examines and compares formal (or rational) processes ('what should be') with real, actual practices ('what is'), in order to identify problems, their causes and strategies for improvement. The tool complements existing formal approaches by delivering a 'bottom up', grass roots, practitioner view of real processes in action. The purpose of SA-SI is to help overcome the severe problems of measuring, analysing and improving performance in large scale, complex software projects. An illustrative case example (Company X) is used to show how the tool is applied and how it confronts the problem of actual/real processes differing from ideal/formal processes. It also shows how SA-SI is used to identify process 'hot spots'(severe problems), analyse their causes and identify solutions. The paper provides guidance on typical problems encountered in running SA-SI and how to overcome them. It also shows how the tool has been modified and extended to deal with other complex domains and innovation management issues. Although SA-SI cannot be a substitute for a change programme, it can play a useful part in complementing ongoing improvement activities. From a research perspective, the method helps link up studies from the organisational development and software fields and assists in 'closing the loop' between innovation research and business practice.     

Organizational slack and firm performance during economic transitions: two studies from an emerging economy. Justin Tan and Mike W. Peng. Strategic Management Journal 24(13) 2003, 1249–1263

The original article to which this erratum refers was published in Strategic Management Journal 24 (13): 1249–1263 (2003).     

Estimating Technical Efficiency and Production Risk under Contract Farming: A Bayesian Estimation and Stochastic Dominance Methodology

We investigate production risk, technical efficiency and risk attitudes amongst contract and independent farmers. We use a Bayesian parametric approach and stochastic dominance quantile regression methods to compare technical efficiency and risk attitude of smallholders in Nepal. Using farm‐level data, we find that contract farmers appear to show lower inefficiency and lower production risk. Additionally, contract and independent farmers can increase output by reducing the scale of operation. Regardless of the commodity produced and farming arrangement (contract or independent production), we find that labour, land and other inputs are risk‐augmenting, while the role of capital is mixed. We find a second order stochastic dominance (SSD) for lentils, and first order stochastic dominance (FSD) for tomatoes, ginger and HYV paddy seed commodities. Finally, contract farmers are more risk averse than independent farmers, regardless of the commodity produced.     

The Japanisation of British industry? Instances from a high growth area

Here the authors make two arguments, Japanese industry is characterised by distinctive practices, but these predominate in only certain ‘leading edge’ sectors and were introduced mainly to ensure labour supply. Second, Britain's managers are increasingly outside the internal labour markets of large corporations. In this respect British firms are not becoming ‘Japanese’.     

A solution to log of dependent variables with negative observations

Journal of Productivity Analysis - Negative observations pose a problem in econometric models that apply log-transformation to the data. We propose a simple yet effective solution to this problem...