Managing multiple dimensions of manufacturing performance — an exploratory study

Drawing on qualitative data collected during semi-structured interviews with 36 profit centre managers in manufacturing firms in Victoria, Australia, this study seeks to explore the mechanisms used to manage multiple manufacturing performance dimensions arising from the pursuit of profit centre strategy. Where measures capture potentially conflicting influences on the manufacturing cost function, strategy implementation is facilitated by loosening control reactions to cost variances and through explicit attempts to integrate multiple measures. However, a joint emphasis on performance dimensions relating to manufacturing efficiency and customer responsiveness emerges as problematic. In contrast, a joint emphasis on quality and efficiency is relatively easily managed. It is suggested that in the context of responsiveness strategies, the difficulty of designing complete measures inhibits the effectiveness of performance measurement systems as a facilitator of strategy implementation.     

银行经济行为选择中的伦理取向——基于“斯密难题”的理性分析

在中国经济转型背景下,银行经济行为选择中的伦理缺失带给人们极大的现实困惑。斯密难题并不昭示某种矛盾,斯密认为经济人和道德人是内在的统一的。基于此的理性分析表明银行兼具营利性和社会性双重属性,离不开利益相关者的合作与支持,必然要寻求经济目标与伦理价值取向的统一,实现伦理经营。     

Disc filtration for separation of flocs from a moving bed bio-film reactor.

A Discfilter with 10 and 18 microm filter openings, respectively, was placed in parallel to a flotation plant for separation of biological flocs from a post-denitrifying Kaldnes Moving Bed Process, the last treatment step at the municipal wastewater treatment plant at Sj?unda, Malm?, Sweden. The effluent concentrations from the 10 and 18 microm filter were 2-5 and 2-8 mg SS L(-1), respectively, which is comparable to, or better than, the flotation plant. Comparison with experiences from activated sludge plants shows that the Discfilter works especially well after the Kaldnes process. Particle size distribution (PSD) studies show that particles larger than the filter openings of 10 and 18 microm are separated with approximately 90% efficiency, whereas most of the smaller particles pass the filter. This fact indicates that the major particle separation mechanism is physical blocking. These findings point to the possibility of improving the prediction of the separation efficiency by combining measurements of turbidity and suspended solids with particle size analysis.     

The appraisal of ordinary shares by Saudi investors

This paper reports on a questionnaire survey about share valuation practices among investors and their intermediaries in Saudi Arabia. The findings suggest that fundamental analysis is used most by investor respondents where a P/E multiple is applied to an earnings forecast to generate a prediction of future price. However, technical analysis is also used to a much greater extent than in developed markets. Finally, the results indicate that quarterly and annual reports as well as newspapers are widely consulted by investors when forming their expectations about share valuations.     

An analysis of option pricing under systematic consumption risk using GARCH

An issue in the pricing of contingent claims is whether to account for consumption risk. This is relevant for contingent claims on stock indices, such as the FTSE 100 share price index, as investor’s desire for smooth consumption is often used to explain risk premiums on stock market portfolios, but is not used to explain risk premiums on contingent claims themselves. This paper addresses this fundamental question by allowing for consumption in an economy to be correlated with returns. Daily data on the FTSE 100 share price index are used to compare three option pricing models: the Black–Scholes option pricing model, a GARCH (1, 1) model priced under a risk-neutral framework, and a GARCH (1, 1) model priced under systematic consumption risk. The findings are that accounting for systematic consumption risk only provides improved accuracy for in-the-money call options. When the correlation between consumption and returns increases, the model that accounts for consumption risk will produce lower call option prices than observed prices for in-the-money call options. These results combined imply that the potential consumption-related premium in the market for contingent claims is constant in the case of FTSE 100 index options.     

Dynamics of photosynthetic pigments in an Andean lake in Colombia

Guatavita Lake is a small, sheltered tropical high mountain lake located in the Colombian Andes, with a closed watershed and a maximum depth of 25 m. It is the freshwater source for human consumption in nearby small towns, as well as being a site of cultural value for the country, as it was a sacred place to indigenous peoples until about five centuries ago. As the structure and function of this aquatic ecosystem is poorly understood, this study provides initial knowledge on its phytoplankton biomass dynamics, which should be useful in designing efficient management plans with environmental baseline information for similar lakes elsewhere. Physical and chemical data, and photosynthetic pigment concentrations, were measured for the period November 1999–November 2000 at the central vertical axis of Guatavita Lake. The vertical profile of the chlorophyll‐a concentration was closely related to the dissolved inorganic nitrogen concentrations and the thermal stratification characteristics. The maximum chlorophyll‐a concentration in the metalimnion was recorded for the thermal stratification period (November 1999–June 2000). Deepening of the maximum chlorophyll‐a concentration began in February, continuing to June, when it reached its lowest value at the 15 m depth. The phytoplankton biomass values showed an increment within the entire water column at the beginning of the mixing period (July). The relation between the metalimnetic peak of chlorophyll‐a and the dissolved inorganic nitrogen concentration suggests the growth of the phytoplankton community is limited mainly by the availability of nitrogen.     

Replacement Investment: Optimal Economic Life Under Uncertainty

Replacement investment is essentially a regenerative optimal stopping problem; that is, the key decision concerns when to terminate the life of existing plant – and hence when to start over again. This paper examines this optimisation problem within a continuous time framework and studies the qualitative and quantitative impact of uncertainty on the timing of new investment (and the criteria that should be used for terminating the life of existing plant).     

Unemployment compensation and episodes of nonemployment

This paper examines the influence of unemployment insurance (UI) on the length of nonemployment spells experienced by young workers. The analysis introduces a flexible duration model to estimate the effects of the weekly benefit amount and weeks of eligibility on the amount of time spent between jobs by men, distinguishing between the experiences of UI and non-UI recipients. The empirical findings suggest three conclusions: (1) UI recipients experience longer spells of nonemployment than their non-UI recipient counterparts, at least up to the point of exhaustion of UI benefits; (2) the level of the weekly benefit amount does not significantly affect the length of nonemployment spells; and (3) increasing the number of weeks of eligibility offered by a UI program leads to longer episodes of nonemployment.