The resource dynamics of international new venture networks

Building on network theory and the resource-based view of the firm, this paper uses three case studies to explore how networks facilitate resource development in the international new venture. Set in the context of the conception, commercialization and growth stages of venture development, four propositions are advanced. These pertain to the dynamics of organizational, human, physical, financial and social capital, and the nature of these resource flows as they pertain to the INV network. Implications for research and INV management are discussed.     

“Our five year mission— to boldly go where no man has been before… .”

The paper presents research conducted in New Zealand on the content, creation, use and impact of mission statements. Following a review of the literature the paper goes on to report an empirical study comparing the reality of mission statements with the theory. The paper concludes that practice rarely coincides with theory and that there are a wide variety of types of mission statement in current use. Recommendations are made for creating more actionable mission statements.     

An exploratory study on part-time MBA program choice factors and characteristics of part-time MBA students

The majority of master of business administration (MBA) students are presently enrolled in part-time programs, yet little is known about their preferences, perspectives, and program selection processes. To fill this gap, the authors address three issues related to part-time MBA programs. First, they review important MBA program choice factors in the literature. Second, based on results of a survey with current MBA students, they identify the following as choice factors for part-time MBA programs: overall value/cost, location convenience, flexibility, and program quality. Third, the authors offer implications for part-time MBA programs that are related to employer reimbursement programs and program flexibility.     

MODEL‐INDEPENDENT NO‐ARBITRAGE CONDITIONS ON AMERICAN PUT OPTIONS

We consider the pricing of American put options in a model‐independent setting: that is, we do not assume that asset prices behave according to a given model, but aim to draw conclusions that hold in any model. We incorporate market information by supposing that the prices of European options are known. In this setting, we are able to provide conditions on the American put prices which are necessary for the absence of arbitrage. Moreover, if we further assume that there are finitely many European and American options traded, then we are able to show that these conditions are also sufficient. To show sufficiency, we construct a model under which both American and European options are correctly priced at all strikes simultaneously. In particular, we need to carefully consider the optimal stopping strategy in the construction of our process.     

Initial public offerings by mutual thrifts: The regulatory impact

This study analyzes the abnormal returns from a sample of 311 mutual thrift IPOs to investigate the presence of deliberate underpricing and to measure the impact of the changing regulatory environment. The large initial returns are maintained over the following year, indicating deliberate underpricing. Cross-sectional regressions show that the adjusted returns are positively related to the percentage of insiders participating in the IPO and to the size of the conversion. The adjusted returns significantly decrease after regulations are tightened, and there is a rapid rise in adjusted returns when uncertainty is introduced relating to the actual impact of these regulations. (JEL G280)     

Radical Reform to Depoliticise Schools

The current politicisation of education by interventionist local authorities would be removed by the introduction of per capita funding direct to the schools, argues Baroness Cox. This reform would allow the voices of parents and children currently 'trapped' in bad schools to be heard.