制造(完美)威尼斯

威尼斯:所有双/三年展的母亲,现在几乎已经被她在圣保罗,悉尼,伊斯坦布尔或光州的子女以及在全世界一百多座城市的孙子辈展览所赶超。但它仍然是所有双年展的鼻祖,拥有特色鲜明的国家馆,内容广泛的外围展(国家馆和同期活动)。为期三天的开幕狂欢每次都让我们感叹如今的艺术界有多么国际化。威尼斯双年展比其他任何展览更能反映国际艺术界的现状和气氛——这     

Managerial Political Behavior in Innovation Portfolio Management: A Sensegiving and Sensebreaking Process

By applying formalized innovation portfolio management systems, firms seek to ensure an alignment of their goals and strategy with their employees' different abilities, actions, and outcomes. However, research indicates that nonrational, political behavior also determines formalized innovation portfolio management decision‐making processes. Research on political behavior in respect of innovation portfolio management usually conceptualizes political behavior as a set of self‐serving activities, such as negotiation, bargaining, coalition building, and acquiring power, aimed at protecting, maintaining, or promoting an actor's self‐interest and power. Consequently, extant research tends to focus on political behavior's dysfunctional impacts on decision‐making processes and their subsequent outcomes. This paper challenges this negativity bias by exploring a novel, neutral specification of political behavior and its relation to innovation portfolio management decision‐making processes. By conducting an automotive industry case study focusing on the innovation portfolio management decision‐making processes, the paper analyzed the data from 43 interviewees. The conceptual model shows that managers' political capabilities determine their ability to behave politically. According to the results, political behavior comprises the activities that prepare the stage and orchestrate others in order to form a political coalition. Furthermore, results show that political behavior functions as a sensegiving and a sensebreaking process, with managers seeking to shape an innovation project's understanding according to their interests and to influence portfolio decisions. The resulting novel specification of political behavior extends the construct's scope and validity by investigating their functional and dysfunctional aspects, and by indicating that a political sensemaking process complements formalized innovation portfolio management decision‐making processes.     

LOGISTICS AND SUPPLY CHAIN MANAGEMENT APPLICATIONS WITHIN A GLOBAL CONTEXT: AN OVERVIEW

This paper reviews 726 academic research studies covering logistics and supply chain management (L'SCM) applications within a global context. Articles are analyzed according to their publication year and outlet, common themes, and countries or regions investigated. The sample was drawn from the ABI/INFORM Global database, which includes almost 1,800 journal titles. The review offers a starting point for researchers, graduate students, faculty members or practitioners examining international L'SCM applications. The article also draws attention to the wide array of global L'SCM studies conducted, their settings and viewpoints. Additionally, this paper highlights some of the most interesting works and draws attention to lesser‐researched countries and regions of the world. The overview also provides an introduction for practitioners and managers to what academic research has covered in the area of global L'SCM. Practitioners can use this review as a starting point for the identification of relevant and useful references for their particular task.     

Determinants of bank merger premiums

This study examines the merger premiums paid for a sample of 320 bank acquisitions consummated during the period January 1982 through October 1990. The results of the research indicate that higher merger premiums were paid for, (a) smaller size targets, (b) targets with higher return on common equity ratios (pre-merger), (c) targets with higher leverage as measured by the percentage of primary capital to total capital, (d) targets in a different state than the bidder, and (e) transactions carried out through exchange of stock as opposed to a cash purchase.     

An Analysis of Covariance Risk and Pricing Anomalies

This article examines the link between several well-known assetpricing "anomalies" and the covariance structure of returns.I find size, book-to-market, and momentum strategies exhibita strong, weak, and negligible relation to covariance risk,respectively. A size factor helps predict future volatilityand covariation, improving the efficiency of investment strategies.Moreover, its premium rises following increases in both itsvolatility and covariation with other assets. These effectsare amplified in recessions. No such relations exist for book-to-marketor momentum. These findings may shed light on explanations forthese premia and present a challenging set of facts for futuretheory.     

Strategisches Asset-Liability Management in der Versicherungswirtschaft — Ein Ansatz zur integrierten Bilanzstrukturoptimierung

Asset-Liability Management has gained increased significance within the German insurance industry. This was mainly driven by recent capital market developments. In fact, insurers have encountered challenges to earn given interest guarantees. Regulatory changes also require more sophisticated ALM-tools. Solvency II will change the underlying paradigm and shift balance sheets perception towards a market value oriented view. Especially liabilities will have to be accounted for using the fair value approach. Most ALM-tools appear to be unable to cope with these demands. To improve this current practice, in this paper a Markowitz-approach is employed in order to generate an integrated method for the optimization of assets and liabilities in the life insurance industry. This technique aims to link new regulatory requirements to the latest capital market theory and therefore delivers a procedure for an integrated asset allocation policy in the insurance industry.     

MUNICIPAL CONTRACTING OUT: GOVERNANCE CHOICES,MISALIGNMENT AND PERFORMANCE IN SWEDISH LOCAL GOVERNMENT

In this paper we apply a Transaction Cost Theory framework to analyse the use and effects of contracting out in Swedish local government. During the last decade Swedish local authorities, like in many other countries, have, to a larger extent, started to contract external subcontractors to fulfil their responsibilities towards its citizens. It is not only in the traditional subcontracting sectors such as housing, infrastructure, and technical services that this trend is evident, but also in policy areas like education, social care, and elderly care. In fact, very little is known about the overall effects of, and the mechanisms underlying, governance choices. The overall results corroborate transaction cost reasoning. Supplier competition and specificity have anticipated effects on municipal de‐integration. Too little, but not too much, use of contracting out, in relation to theoretical predictions, worsens performance. The latter aspect is not fully in accordance with TCE‐propositions.