Risk taking and failure in de novo savings and loans in the 1980s

This article examines failure rates in de novo S&Ls that initiated operations during the 1980–1986 period. Overall failure rates are similar to those for existing institutions but are found to vary significantly by location, time of charter, and organizational form. Both univariate tests and results from a probability-of-failure model indicate that inadequate capital, economic stress, poor management of higher risk lending allowed by broader powers, and operating inefficiencies contributed significantly to the likelihood of failure. Use of brokered funds and rapid asset growth are also significantly related to failure likelihood. Interestingly, for those S&Ls which eventually failed, rapid asset growth and high proportions of nonperforming assets actually delayed the timing of their failure. We interpret this to be the result of regulatory forbearance. We also find significant differences between the financial characteristics of de novo and non-de novo S&Ls.     

Mutual fund characteristics, managerial attributes, and fund performance

This study provides a comprehensive examination of recent mutual fund performance by analyzing a large set of both mutual funds and fund attributes in an effort to link performance to fund-specific characteristics. The results indicate that the hypothesized relationships between performance and the explanatory variables are generally upheld. After taking into consideration general market conditions and fund investment objective, the characteristic variables that relate to fund popularity, growth, cost, and management also explain performance. Finally, after controlling for survivorship and benchmark error as well as fund-specific factors, the results refute the performance persistence phenomenon.     

The evolution of the seven steps of selling

The traditional seven steps of selling is perhaps the oldest paradigm in the sales discipline. The seven steps model has served as a basic framework in sales training, personal selling textbooks, and teaching personal selling classes. Very little has changed in this framework since the turn of the 20th century. This article reviews the traditional seven steps of selling, examines transformative factors that have led to changes in each step, and presents an evolved seven steps process. While the traditional seven steps reflected a selling orientation on the part of a firm, the evolved selling process reflects more of a customer orientation in that the focus is on relationship selling—that is, securing, building, and maintaining long-term relationships with profitable customers.     

Research on the interface factor in the development and utilization of new technology

AbstractThe interface factor in the development and utilization of new technology is analyzed with questionnaire surveys. The interface factor is found to determine R&D performance in a study of large manufacturing companies in the United States and in a study of computer utilization performance in commercial banks in the United States. A comparison of the interface factor in the functioning of R & D in the United States and Japan suggests that interface problems may be less serious in Japan. Company experience is reported which indicates that the interface function can be controlled by management policies, procedures and practices. The need for greater attention to the interface factor by executives and by researchers on R & D management is a conclusion which follows from the findings presented in this paper.     

The summer people and the natives some effects of tourism in a Vermont vacation village

A village in northern New England was the setting of fieldwork focused on the interaction between the year-round residents of the community (the natives) and their tourist season guests (the summer people). The annual round of activities is geared to the the presence and absence of the summer people; the most highly valued periods of time are the winter season when only natives are residents of the village. As the marketing of the pastoral image of their village to the summer people progresses, the natives face a dilemma. If they are sucscessful in their marketing endeavors, they will prosper financially but, at the same time, they hasten the corruption of their public ideology—the image they hold of their village. The natives are attempting to salvage their future by exploiting the summer people through a “phony-folk culture” and thereby preserving selected aspects of their traditional culture for themselves. The natives' traditional way of life becomes more and more difficult to maintain as it is distorted and consumed by the summer people.