Best-performing US mutual fund families from 1993 to 2008: Evidence from a novel two-stage DEA model for efficiency decomposition

When analyzing relative performance, especially at the institutional level, the traditional data envelopment analysis (DEA) models do not recognize vastly different and important activities as separate functions and therefore cannot identify which function may be the main source of inefficiency. We propose a novel two-stage DEA model that decomposes the overall efficiency of a decision-making unit into two components and demonstrate its applicability by assessing the relative performance of 66 large mutual fund families in the US over the period 1993–2008. By decomposing the overall efficiency into operational management efficiency and portfolio management efficiency components, we reveal the best performers, the families that deteriorated in performance, and those that improved in their performance over the sample period. We also make frontier projections for poorly performing mutual fund families and highlight how the portfolio managers have managed their funds relative to the others during financial crisis periods.     

A synthesis of homelessness in South Africa: A rapid critical appraisal

Homelessness in South Africa requires collaborative research. Social, political, cultural and economic factors that cause homelessness must be considered to develop a common definition and understanding of homelessness. South Africa’s social complexity and diversity make it challenging to construct available results into one conceptual framework, and this in turn complicates national policy implementation and role allocation. By means of a rapid critical appraisal of literature on homelessness in South Africa, researchers provide evidence to direct and structure contextual research pertaining to homelessness. Four themes transpire: conceptualisation; demography; roles and responsibilities of key stakeholders; and strategic policy and research issues. Researchers caution that the findings are not generalisable, because of the rapid nature of the appraisal and possible selection bias of the literature. Measures of validity were used to ensure that the study accomplished its purpose through the key results and to ensure that the results are a true reflection of available evidence.     

Non‐profit vulnerability: An exploratory study

This mixed‐method study explores the symptoms and potential causes of non‐profit vulnerability within the Australian context. Following two focus groups with CEOs and Chairs of non‐profit organizations, an online survey was developed, pilot tested and distributed to non‐profit CEOs. Our findings suggest three symptoms that might be particularly useful in identifying non‐profit vulnerability: a substantial increase in unit costs/delivery hours; a substantial increase in the proportion of administration to program expenses; and a reduced ability to pursue the organization's mission. The results also suggest various potential causes of non‐profit vulnerability; in particular, Board inadequacies; External environmental threats; Project management issues; and Funding constraints.     

In difficult times: influences of attitudes and expectations on training and redeployment opportunities in a hospital contraction programme

This article explores reasons behind the low take–up of training and redeployment opportunities in a three–year downsizing programme in a National Health Service (NHS) mental health hospital. It examines these from an interpretive paradigm, identifying social–psychological effects on barriers and motivation to training and redeployment. In reporting factors that inhibit the movement of staff from the hospital the findings indicate that the direction of even a well–planned and positively intentioned programme can be confounded by the responses of employees faced with an uncertain future. When drawing up restructuring programmes involving retraining and redeployment, managers need to take into account the anticipated profound reactions of those affected.     

Strategic management and the philosophy of science: the case for a constructivist methodology

In this paper, we suggest that constructivism has the potential to inform research in strategic management. The realist paradigm currently dominates strategy research, and constructivism, a well‐established tradition in the philosophy of science, is often ignored. However, a study of strategy literature and research reveals that it is drawn upon more frequently than is explicitly acknowledged. Constructivism occupies a methodological space characterized by ontological realism and epistemological relativism. Ontological realism is an important cornerstone of a field as applied as strategy, while epistemological relativism helps us explore the constructed nature of the field, where the researcher is an active participant rather than a reactor or information processor. In this paper, we demonstrate the precedents and possibilities for constructivist research in strategic management. We examine some of the existent constructivist works in the strategy literature, and point to specific techniques, including historical analysis, to demonstrate how this perspective may advance the boundaries of strategy research. Copyright © 2000 John Wiley & Sons, Ltd.     

Producing drama: a comparison of film tax incentives to alternative uses

Incentive packages are popular tools for economic development. However, development projects are often considered in isolation without an analysis of opportunity costs. In this study, we use an intuitive framework for comparing projects and weigh alternate projects against North Carolina’s film incentive programme. The results indicate that there are substantial differences in the economic impact of the projects we consider in this study. Our results suggest that policy decisions by governments and economic development officials should weigh a potential project against alternative uses in order to optimize the use of incentives.     

The relationship between job satisfaction and managerial remuneration in small and medium-sized enterprises: an empirical test of ‘comparison income’ and ‘equity theory’ hypotheses

The relationship between job satisfaction levels and the remuneration of non-owner managers employed by a sample of 97 UK small and medium sized enterprises (SMEs) is investigated. The main empirical findings are that relative remuneration levels appear to be largely explained by differences in human capital and job/firm characteristics and that job satisfaction is positively related to deviations from these estimated comparison-income levels. Moreover, the equity theory expectation that individuals with the least prospect of redressing payment inequities will have the greatest incentives to respond to payment inequities by congitive adjustment is also supported. The results indicate that job satisfaction levels for individuals expecting to remain in their current post are not significantly affected by current payment inequities. For those managers who expect to move firms, the amount of payment inequity has a significantly positive effect upon their job satisfaction.