Leadership Lessons of Triangular Desire from René Girard

René Girard examined famous novels depicting something he called displaced desire, in which a follower emulates someone believed to be exemplary. These relationships can become problematic, twisted, and even contagious, as people affect desires only because someone else exhibits them. This often results in inauthentic choices and rivalry, which Girard diagnoses. In the last section of the paper are some implications for the practice and study of leadership.     

Worldviews and leadership: Thinking and acting the bigger pictures

Leadership is about ideas and actions. Put simply, it is about implementing new ideas into creative actions to achieve desired results. Doing so, however, is far from simple. We know leadership requires considerable skills and abilities. It requires knowledge and insight—about one's organization or entity, its people, goals, strengths and market niche. Yet, something more is needed. Leadership also requires a kind of awareness beyond the immediate, an awareness of the larger pictures—of paradigms that direct us, beliefs that sustain us, values that guide us and principles that motivate us, our worldviews. This article will, first, briefly examine how the concept of worldviews is used in leadership study and the contexts in which it arises. Second, it will critically look at worldviews, recognizing that they are not always coherent and that our belief systems are often fragmented and incomplete. Third, it will argue for the relevance of the concept worldview in leadership study as a way to explore various visions of life and ways of life that may be helpful in overcoming the challenges we face today. Fourth, it will examine how national and global issues impact worldview construction, especially among the millennial generation. Our conclusions set some directions for leadership action in light of worldview issues.     

An Empirical Investigation of the Option-Adjusted Realized Return

The issue of meaningful evaluation of professionally managed portfolios remains to be resolved satisfactorily within the investment community. The fact that many of the current procedures for evaluating portfolio performance are deeply rooted in conventional mean-variance (M-V) analysis raises serious concerns from a theoretical perspective. The primary objective of this paper is an empirical investigation (as differentiated from a thorough empirical test) of an ordinal portfolio performance measure, called the Option-adjusted Realized (average rate of) Return or ORR, developed recently by Smith and Kokoska (1998). The ORR is a leverage- and risk-adjusted average realized rate of return that can be used directly in evaluating portfolio performance.Using returns data for June 1992 to May 1998, we estimate ORRs for two portfolios—the CREF Stock Fund and a hypothetical market index portfolio whose composition is identical to that of the S&P 500 Index. Also, we estimate Sharpe and Treynor ratio values for each portfolio and compare rankings provided by these methods for the two portfolios with rankings provided by the ORR method. For the interval of time from June 1995 to May 1998, the rankings provided by the three methods are not consistent. The ORR rankings for this time period indicate the CREF Fund underperformed the S&P Index on a risk-adjusted basis. Additional partitioning of the data creates other multiple intervals or holding periods for which the evaluation results (ex post) support at least moderate likelihood of unambiguous inconsistency ex ante. We argue that, given our set of assumptions, the ORR rankings, founded in option-pricing theory, are more reliable than the others that are M-V based.     

IS THE WIGWAM WORTH IT? A CONTINGENT VALUATION METHOD ESTIMATE FOR A SMALL‐CITY SPORTS ARENA

The public good benefits arising from an historic high school gymnasium are estimated using the contingent valuation method. While other works focus on larger cities and usually emphasize new buildings for professional teams, this study looks at an historic building for amateur sports. It is found that the benefits are small in spite of the importance of the building and high school sports in general to the history of the city. Because this gymnasium is particularly large and recognized, this would seem to give an upper bound to the value of sports arenas in cities of this size. (JEL H41, L83)