Robotics: Challenges for the human resources manager

Robots present industry with the exciting possibility of improving productivity and cutting costs. But there are other kinds of costs involved—the human costs—and it is these that the human resources manager must keep to a minimum through careful planning and implementation of the new technology.     

Inter- and Intra-Organizational Knowledge Transfer: A Meta-Analytic Review and Assessment of its Antecedents and Consequences

abstract    Research on organizational knowledge transfer is burgeoning, and yet our understanding of its antecedents and consequences remains rather unclear. Although conceptual and qualitative reviews of the organizational knowledge transfer literature have emerged, no study has attempted to summarize previous quantitative empirical findings. As a first step towards that goal, we use meta-analytic techniques to examine how knowledge, organization and network level antecedents differentially impact organizational knowledge transfer. Additionally, we consolidate research on the relationship between knowledge transfer and its consequences. We also demonstrate how the intra- and inter-organizational context, the directionality of knowledge transfers, and measurement characteristics moderate the relationships studied. By aggregating and consolidating existing research, our study not only reveals new insights into the levers and outcomes of organizational knowledge transfer, but also provides meaningful directions for future research.     

Valuation effects of new capital issues by large bank holding companies

Bank regulators in the United States and other major industrial nations have agreed on a framework for regulating bank capital, proposing that all banking organizations maintain common equity and perpetual preferred capital equal to 4 percent of risk-adjusted assets. This proposal raises important questions about the effect of different capital definitions on banking organizations. This article examines the stock market valuation effects of banks' issuing securities that are considered regulatory capital over the 1982–1986 period. The results are consistent with Myers and Majluf's securities overvaluation hypothesis.     

Global–local relationships and governance issues at the Great Wall World Heritage Site,China

Heritage preservation and tourism use are inevitably intertwined at heritage sites and are characterized by both symbioses and tensions, particularly at World Heritage Sites, where international initiatives interact with local priorities. The international designation impacts heritage preservation, tourism development and community well-being at the local level, especially in developing countries. This paper examines global–local relationships, as well as involvement and governance at intermediate scales, and their implications for preservation and development at Badaling Great Wall World Heritage Site in Beijing, China, through examinations of its management structure, heritage preservation and development plans, and the opinions of the local business community. Interviews were conducted with key officials of the Management Office and questionnaire surveys were distributed with local business operators. It is shown that multiple stakeholders operate in a hierarchical, multi-departmental management structure. International linkages are weak and via central government. Positive economic impacts from tourism are highly valued. High awareness of heritage preservation and positive attitudes toward tourism are identified among local business operators with relatively high tolerance for negative environmental impacts. Potential conflicts between global priorities by World Heritage designation and local needs for tourism development are illustrated. Practical implications for heritage and tourism planning and management are discussed.     

Epistemological Foundations of Teaching and Learning through the Land-Grant System

Contemporary student learning styles are linked to foundational schools of philosophic thought about epistemology (the knowing process). For each learning style, strategies based on the philosophic principles are suggested for teaching adults through resident instruction and extension education. Looking ahead, the effectiveness of distance learning is examined in light of the epistemological perspectives.     

Beware of ‘Good’ Outliers and Overoptimistic Conclusions*

The main goal of this paper is to warn practitioners of the danger of neglecting outliers in regression analysis, in particular, good leverage points (i.e. points lying close to the regression hyperplane but outlying in the x‐dimension). While the types of outliers which do influence regression estimates (vertical outliers and bad leverage points) have been extensively investigated, good leverage points have been largely ignored, probably because they do not affect the estimated regression parameters. However, their effect on inference is far from negligible. We propose a step‐by‐step procedure to identify and treat all types of outliers. The paper of Persson and Tabellini [American Economic Review (2004) Vol. 94, pp. 25–46] linking the degree of proportionality of an electoral system to the size of government is discussed to illustrate how the choice of a measure and the existence of atypical observations may substantially influence results.     

Perspectives Articles: Exploring Stakeholder Perspectives on What Is Affordable Health Care

Health care expenditures have accounted for increasing proportions of the U.S. gross domestic product, and the rate of growth of health care expenditures has increased over the past two decades. These two measures of assessing whether the level of health care expenditures is affordable may be appropriate in the aggregate for the United States but are not appropriate to assess whether individual stakeholder groups can afford their particular level of spending on health care. Health care is an economic good that differs from other economic goods, as it involves life and death issues, and invokes a call for a moral authority. This article explores definitions of what is affordable health care from the perspective of different stakeholders and suggests that other measures are needed to assess whether or not health care is affordable for stakeholders as one definition is not appropriate for all stakeholders.     

Forecasting Social Security Actuarial Assumptions

Abstract

This paper presents a forecasting model of economic assumptions that are inputs to projections of the Social Security system. Social Security projections are made to help policy-makers understand the financial stability of the system. Because system income and expenditures are subject to changes in law, they are controllable and not readily amenable to forecasting techniques. Hence, we focus directly on the four major economic assumptions to the system: inflation rate, investment returns, wage rate, and unemployment rate. Population models, the other major input to Social Security projections, require special demographic techniques and are not addressed here.

Our approach to developing a forecasting model emphasizes exploring characteristics of the data. That is, we use graphical techniques and diagnostic statistics to display patterns that are evident in the data. These patterns include (1) serial correlation, (2) conditional heteroscedasticity, (3) contemporaneous correlations, and (4) cross-correlations among the four economic series. To represent patterns in the four series, we use multivariate autoregressive, moving average (ARMA) models with generalized autoregressive, conditionally heteroscedastic (GARCH) errors.

The outputs of the fitted models are the forecasts. Because the forecasts can be used for nonlinear functions such as discounting present values of future obligations, we present a computer-intensive method for computing forecast distributions. The computer-intensive approach also allows us to compare alternative models via out-of-sample validation and to compute exact multivariate forecast intervals, in lieu of approximate simultaneous univariate forecast intervals. We show how to use the forecasts of economic assumptions to forecast a simplified version of a fund used to protect the Social Security system from adverse deviations. We recommend the use of the multivariate model because it establishes important lead and lag relationships among the series, accounts for information in the contemporaneous correlations, and provides useful forecasts of a fund that is analogous to the one used by the Social Security system.