Incentives,income sharing,and institutional innovation in the yugoslav self-managed firm

The incentive properties of income-sharing arrangements are analyzed for situations in which workers are allowed to form group or coalition decisions on effort. Both the feasibility and enforceability of such decisions are shown to depend on a variety of organizational characteristics, including the degree of worker participation and the size and divisionalization of the firm. Finally, the recent decentralization of Yugoslav firms is shown to enhance the incentive effects of income sharing.     

Promoting entrepreneurship in Eastern Europe

The past decade has seen a revival of entrepreneurship in the modern industrial economies, characterized by a wave of enterprise restructuring and of new developments in business and technology. In this paper, we argue that market transitions of the post-socialist economies of Eastern Europe cannot be successful without similar entrepreneurial restructuring. To address the massive structural distortions that still plague the post-reform economies, the governments of the region must promote entrepreneurship through policies that: (1) make use of all possible sources of entrepreneurship, including in particular the former state and social sectors; and (2) establish a macroeconomic environment and property-rights framework conducive to entrepreneurship. A successful promotion strategy will need to operate on several fronts, by: (1) redirecting entrepreneurial activities into legal, productive activities, (2) increasing the supply and effectiveness of entrepreneurs, (3) developing markets for complementary inputs, and (4) increasing the demand for entrepreneurship. An unsuccessful approach, we argue, will be one that regards the pre-reform small private sector as the only source of entrepreneurship, and as the only arena for its productive use.Chair of the President's Council of Economic Advisers Professor of Economics and Business Administration University of California at Berkeley (on leave)Visiting Professor University of California at Berkeley Professor of Economics and Entrepreneurship Faculty of Economics, University of Ljubljana (on leave) Advisor to the Government of Slovenia on real sector restructuring, 1992–93     

An Exploratory Investigation of Knowledge Sharing and Cooperative Marketing in Tourism Alliances

It has become a common practice for tourism organizations to form alliances in cooperative marketing efforts. The purpose of this exploratory study is to examine some of the specific motivations and constraints for tourism organizations to share knowledge and participate in tourism alliances. These results suggest that tourism professionals that feel positively towards tourism alliances still may feel uncomfortable sharing knowledge because of the possibility of loss of profit or confidentiality. The respondents with more industry experience report participating in strategic alliances more frequently than those respondents with little experience.     

The Role of Banks in Monetary Policy Transmission: Empirical Evidence from Russia

This paper focuses on the role of the banking sector in monetary policy transmission in an emerging economy with a rapidly developing financial system. Specifically, we examine whether the central bank's monetary policy stance affects banks' lending behavior. Based on a comprehensive quarterly dataset on all Russian banks from 1Q1999 to 1Q2007, we find evidence for the existence of a bank lending channel in Russia. Contrary to several studies on developed economies, the level of a bank's capitalization matters for the transmission process. Better capitalized banks are less likely to adjust their lending practices following a change in the monetary policy stance.     

The winnowing away of behavioral accounting research in the US: The process for anointing academic elites

This paper reports the results of a study of the most prolific publishers in the four recognized most prestigious journals in accounting for the period 1963 through 1999. The focus is on learning whether the widespread perception that behavioral accounting research (BAR) has diminished in significance as a prominent paradigm in the US accounting academy has any validity and to identify whether a new generation of US BAR researchers is emerging to join the academic elite. Based on the characteristics of persons who have appeared as authors five or more times during the study period, it seems that BAR is in recession in shaping the US academic agenda in accounting. The power of successful individuals to shape the academic agenda as evidenced by service on editorial boards of prominent journals is dominated by those individuals who are graduates of a set of elite schools utilizing a neoclassical economics based research paradigm. The power of this group seems to be growing in the US. In spite of the interest in BAR among accounting doctoral students and faculty, it is not a pursuit that now leads to academic status, which, in turn, diminishes its potential contribution towards the shaping of the accounting academic agenda.     

The Expiration of IPO Share Lockups

We examine 1,948 share lockup agreements that prevent insiders from selling their shares in the period immediately after the IPO (typically 180 days). While lockups are in effect, there is little selling by insiders. When lockups expire, we find a permanent 40 percent increase in average trading volume, and a statistically prominent three-day abnormal return of −1.5 percent. The abnormal return and volume are much larger when the firm is financed by venture capital, and we find that venture capitalists sell more aggressively than executives and other shareholders. We find limited support for several hypotheses that may explain the abnormal return, but no complete explanation.     

Modelling the effect of climate change on prevalence of malaria in western Africa

Malaria is a leading cause of infectious disease and death worldwide. As a common example of a vector‐borne disease, malaria could be greatly affected by the influence of climate change. Climate impacts the transmission of malaria in several ways, affecting all stages of the disease's development. Using various weather‐related factors that influence climate change, this study utilizes statistical analysis to determine the effect of climate change on reported malaria rates in an African region with endemic malaria. It examines the relationship between malaria prevalence and climate in western Africa using spatial regression modeling and tests for correlation. Our analysis suggests that minimal correlation exists between reported malaria rates and climate in western Africa. This analysis further contradicts the prevailing theory that climate and malaria prevalence are closely linked and negates the idea that climate change will increase malaria transmission in this region.     

The Ethics of Countering the Private Counterfeiter: Rejoinder to Block

Counterfeiting is, and should be, a crime. It involves theft by deception, and the stealing of goods or other valuables using false claims to money. But what about counterfeiting money that is already counterfeit? In Block's interpretation, such an action amounts to seizing stolen goods from a thief. Counterfeiting simply relieves the original counterfeiter of his ill gotten gains and is therefore not theft itself. The present article offers a critique of this thesis of Block's on the basis that counterfeiting money involves the theft of property from innocent people.     

From Rational to Wise Action: Recasting Our Theories of Entrepreneurship

In this article, I argue that if we challenge some tacit assumptions of narrow rationality that endure in much of entrepreneurial studies, we can elevate entrepreneurial ethics beyond mere external constraints on rational action, and move toward fuller integration of ethics as an intrinsic part of the process of value creation itself. To this end, I propose the concept of practical wisdom as a framework for exploring entrepreneurial decision making and action that can broaden the scope of our research to recognize entrepreneurship as an inherently normative enterprise. Specifically, I suggest that a framework built upon a concept of practical wisdom enables us to adopt a richer and more complex view of entrepreneurial decision making that is well suited to the dynamic and uncertain context of entrepreneurship. Further, this framework enriches our view of entrepreneurial ethics to include consideration of the personal character, values, and purpose of the entrepreneur. By examining entrepreneurship through a lens of practical wisdom, we can open up new avenues of fruitful inquiry for scholars of entrepreneurship.