Developing a Global Mindset: Integrating Demographics,Sustainability, Technology,and Globalization

Business schools face a number of challenges in responding to the business influences of demographics, sustainability, and technology—all three of which are also the fundamental driving forces for globalization. Demographic forces are creating global imbalances in worker populations and in government finances; the world economy faces sustainability and climate change challenges; technology is accelerating business change and changing the nature of work; and the global economy is being re-structured with the rise of major emerging economies such as Brazil, India, and China. Given an uncertain future, this essay examines the nature of these challenges and contends that while providing measurable knowledge of global business and specific job skills are important, business schools must focus on the attitudes, skills, and knowledge helpful for student career flexibility including leadership skills, a good work ethic, and abilities to continue learning.     

Contemporary issues in empirical public finance

This paper provides a brief overview to how the use of game theory and its derivative theories of information and incentives in public finance have expanded economists' methodological toolkit for predicting how procedural aspects influence strategies of participants as well as their overall performance. Moreover given that evaluation of public policy options, where policy failures can and do occur due to either inadequate incentive structure or the presence of constitutional and behavioural constraints, the objective of the essays in this symposium is to indicate the richness and diversity of empirical approaches that have been used to shed quantitative light on applied public finance issues. First version received: May 1999/final version received: June 1999     

Transactions data tests of efficiency: An investigation in the Singapore futures markets

The aim of this article is to test the profitability of technical trading rules in the intra‐day currency futures market. A wide range of technical strategies are applied to tick data over a two‐year period for two currency futures—Japanese Yen (JY) and Deutschemark (DM)—traded in the Singapore International Monetary Exchange. The study finds that after incorporating transactions costs and testing for the significance of the profits using a bootstrap methodology, none of the technical trading systems produce significant returns. © 2000 John Wiley & Sons, Inc. Jrl Fut Mark 20:687–704, 2000     

The effect of the innovative environment on exit of entrepreneurial firms

To foster ‘creative destruction,’ entrants must survive the turbulent conditions they face in their first crucial years in the industry. We investigate how the external knowledge milieu of an entrant, conceptualized as its innovative environment, causes systematic variation in survival patterns. We test our model from 3,431 firms in 33 industries over 80 years. We depict the innovative environment along two knowledge‐related dimensions, namely technology regime and technology intensity. While the aligned state of the innovative environment, where product innovation exists in tandem with abundant innovation opportunities, promotes entrant survival, we find that this beneficial effect is more pronounced for small entrants due to a possible mitigation of scale disadvantages. Copyright © 2006 John Wiley & Sons, Ltd.     

Institutional Ownership and Distribution of Equity Returns

Although there is considerable evidence of the importance of skewness and kurtosis in equity returns, much less attention has been paid to their determinants. Recent theoretical and empirical advances in the literature suggest that the information structure and other market characteristics affect the nature of return distributions. One such characteristic is the degree of institutional ownership in the stock. This study hypothesizes and documents a significant inverse relationship between the degree of institutional ownership and the standard deviation, skewness, and kurtosis of equity returns.     

Consumer involvement in retail store positioning

The concept of consumer involvement in products and issues and its theoretical importance in attitude change strategy have been discussed in the past. This paper reports empirical findings relating to retail store perceptions and preferences, using involvement as a moderator variable.     

Alienation of marketing executives

Marketing executives form a distinct group for a study of alienation from the marketing system because of their conflicting roles. They are consumers of goods and services from the system. They contribute to its design and functioning. Based on a sample of 128 marketing executives in Singapore, this study found a strong relationship between alienation from the marketing system and approval of greater government intervention in it. It was also found that alienated executives felt that ethical standards of marketing had declined.Subhash C. Mehta is a Professor at the Indian Institute of Management, Ahmedabad, India. Currently, he is a visiting Senior Teaching Fellow at the School of Management, National University of Singapore. Kau Ah Keng is a Senior Lecturer at the School of Management. National University of Singapore.     

A flexible functional form for S-curve

A flexible form for growth curves is proposed by using Edgeworth expansion of the distribution function. This functional form does not require strong prior information about the data. Economic interpretation of parameters is provided.     

Announcement

In this paper we obtain a small-disturbance approximation to the moment matrix of the limiting distribution of an operational generalized least squares (OGLS) estimator of the mean response vector in a random coefficient model.It is shown that for small samples the moment matrix of the limiting distribution underestimates the small-disturbance approximate moment matrix of the limiting distribution of the OGLS estimator. This suggests that for small samples the ‘standard errors’ of the OGLS estimates should be obtained from the small-disturbance approximate moment matrix of the limiting distribution rather than from the conventional asymptotic moment matrix.     

The Role of Corporate Boards: A Roundtable Discussion of Where We're Going and Where We've Been

In this roundtable that took place at the 2016 Millstein Governance Forum at Columbia Law School, four directors of public companies discuss the changing role and responsibilities of corporate boards. In response to increasingly active investors who are looking to management and boards for more information and greater accountability, the four panelists describe the growing demands on boards for both competence and commitment to the job. Despite considerable improvements since the year 2000, and especially since the 2008 financial crisis, the clear consensus is that U.S. corporate directors must become more like owners of the corporation who “truly represent the long‐term interests of all of the shareholders.” But if activist investors appear to pose the most formidable new challenge for corporate directors—one that has the potential to lead to shortsighted managerial decision‐making—there has been another, less visible development that should be welcomed by wellrun companies that are investing in their future growth as well as meeting investors’ expectations for current performance. According to Raj Gupta, who serves on the boards of HewlettPackard, Delphi Automotive, Arconic, and the Vanguard Group,

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