Scaling the volatility of GDP growth rates

The distribution of shocks to GDP growth rates is found to be exponential rather than normal. Their standard deviation scales with GDP^β where β=−0.15±0.03. These macroeconomic results place restrictions on the microeconomic structure of interactions between agents.     

Ambidexterity and Knowledge Strategy in Major Projects: A Framework and Illustrative Case Study

We develop a framework to analyze the multi‐level knowledge requirements of complex, major projects in terms of ambidexterity—the ability to exploit (refine existing knowledge) and explore (develop new knowledge). This is an important theme within the wider literature, yet practical operationalization methods for managers and researchers are not evident. We demonstrate the ambidexterity view through an illustrative case study of telecommunications delivery for the London 2012 Olympic Games and show how these concepts can be used to create an effective knowledge strategy. We offer a structure for the analysis of knowledge utilization in projects.     

The Changing Nature of Border,Scale and the Production of Hong Kong's Water Supply System since 1959

This article investigates the making of Hong Kong's water supply system since 1959. It starts by assessing the perspectives provided by the regime approach and the political ecology literatures. The case of Hong Kong brings in ideas from border studies and draws attention to the changing nature of the border to explain socio‐ecological and scaling interactions. The case study maps the border relationship between China and Hong Kong (and Britain), and the political tussle between them over the control of water supply to the city in the late colonial period 1959–78, which resulted in the creation of a localized self‐sufficient water supply system in Hong Kong, and the consolidation of Hong Kong's scale as a colonial city‐state under British rule. It further explicates the change in the nature of the political border since 1979, and the processes by which Hong Kong abandoned attempts to strengthen its local supply, becoming dependent on supply from the regional Dongjiang water networks, as well as the transformation of its scale to become a subordinate of the larger political unit in subsequent years.     

CONVERTIBLE BOND PRICING MODELS

Convertible bonds are an important segment of the corporate bond market, with worldwide outstandings approaching US$235 billion. Simple pricing models value a convertible bond as being equivalent to a straight bond with an embedded option that enables the bond holder to convert to a specific amount of common stock. The straight bond is subject to both interest rate and credit risk, whereas the option to convert is dependent on the underlying stock price, which exposes the convertible bond holder to equity risk. The complexity of these features means that convertible bonds tend to be treated casually in major derivatives and corporate finance textbooks. This paper presents a survey of the theoretical and empirical aspects of convertible bond pricing. The limitations of these studies are highlighted to identify those areas of research that may improve the valuation process and facilitate the application of these securities for corporate financing.     

组织变革认知、转业辅导、生涯发展与人力运用关系之研究——以台糖公司为例

为适应多元环境的变化,公营事业转民营已成为一种市场趋势,而变革亦成为公营企业面对民营化情势的一种手段。当组织进行变革时,除应顾及组织业务发展外,亦应提供转业辅导,协助员工重新规划生涯发展方向,以期能有效运用或开发现有人力素质。本研究以台糖公司参加第二专长转业进修班的员工为研究对象,探讨组织变革认知、转业辅导、员工生涯发展与人力运用之间的关系。共回收有效问卷93份,研究结果发现：1．组织变革认知之“改隶成效”对转业辅导之“新知能学习”有显著影响;组织变革认知之“裁撤标准建立”对转业辅导之“训练课程设计”有显著影响。2．转业辅导之“新知能学习”对员工生涯发展之“生涯路径规划”和“生涯信息提供”有显著影响。3．转业辅导之“新知能学习”对人力运用之“人力重置与报偿”有显著影响;转业辅导之“参训动机”对人力运用之“修正绩效评估方案”有显著影响。4．组织变革认知之“裁撤标准建立”对员工生涯发展之“生涯路径规划”与“生涯信息提供”有显著影响。5．组织变革认知之“改隶成效”对人力运用之“人力重置与报偿”有显著影响;组织变革认知之“裁撤标准建立”对人力运用之“修正绩效评估方案”有显著影响。     

Exclusivity and Control

We model competition between content distributors (platforms) for content providers, and show that whether or not content is exclusive or “multihomes” depends crucially on whether or not content providers maintain control over their own pricing to consumers: if content providers sell their content outright and relinquish control, they will tend to be exclusive; on the other hand, if content providers maintain control and only “affiliate” with platforms, then multihoming is sustainable in equilibrium. We show that the outcome under affiliation depends on the tradeoff between platform rent extraction (which increases in exclusivity) and content rent extraction (which increases in multihoming), and demonstrate that the propensity for exclusivity can be increasing, decreasing, or even nonmonotonic in content quality. Finally, if a content provider internalizes the effect of its own price on platform demand, we prove that a platform that already has exclusive access to content may prefer to relinquish control over content pricing to the content provider in order to reduce price competition at the platform level.