Let the evidence speak again! Financial incentives are more effective than we thought

In this essay, the authors rejoin the debate about financial incentive effectiveness. They (a) briefly review the state of the literature in 1998, (b) highlight new meta‐analytic findings and update conclusions regarding the financial incentives–performance relationship, (c) address the myth that financial incentives erode intrinsic motivation, (d) provide explanations for the presumed failure of financial incentives and (e) offer some concluding thoughts and suggestions for future research.     

Experience Matters? The Impact of Prior CEO Experience on Firm Performance

We sample CEOs of the 2005 S&P 500 corporations to look at the relationship between experience in the CEO position of a different firm and the post‐succession financial performance of the firm that they currently lead. We find that experience in the CEO position is negatively related to firm performance. CEOs who directly move to their current CEO position from the previous one and those with job‐specific experience in the same or related industry or at the helm of a previous company similar in size to the current one are associated with significantly lower post‐succession performance than those without prior CEO experience. The results contribute to the literatures on CEO succession, the performance effect of job‐specific experience, and the transferability of human capital. © 2014 Wiley Periodicals, Inc.     

Looking Forward to Performance Improvement: A Field Test of the Feedforward Interview for Performance Management

This study examines the effectiveness of the feedforward interview for improving the job performance of employees relative to a traditional performance appraisal interview in a business equipment firm. Managers (n = 25) were randomly assigned to one of two conditions. Employees (n = 70) who engaged in a feedforward interview with their manager were observed by an anonymous peer to perform significantly better on the job four months later than employees (n = 75) who received the company's traditional performance appraisal interview. The finding that the feedforward intervention increased performance relative to the performance appraisal indicates that the effect is a relatively enduring one. The results suggest that the feedforward interview should prove useful for human resource managers who are searching for ways to increase the performance of their organization's human resources over and above the traditional performance appraisal. © 2014 Wiley Periodicals, Inc.     

市场需求和竞争对供应链绩效的影响

假设市场需求函数是线性的,分析了两种情形下供应链间的价格竞争。在第一种情形中,供应链是集中式决策的;在第二种情形中,供应链是分散式决策的,即制造商和零售商独立进行决策。研究了不同的价格竞争水平和潜在市场需求对供应链成员绩效的影响,结果表明,在一定的价格竞争水平下,潜在的市场需求变异系数能决定分散式供应链是否优于集中式供应链。     

基于AHP-模糊综合评价法的第三方物流企业绩效评估应用

以绩效评价指标体系为基本依据,以AHP-模糊综合评价模型为技术向导,以EXCEL计算表为计算工具,结合实际案例,构建了具有实践指导意义的第三方物流企业绩效评估模型,从而为降低外包企业风险、提高外包企业的综合效益、加强第三方物流企业绩效评估的实证研究奠定了理论基础。     

专业市场型混合功能聚落的形态演进与机制解析——浙江“义乌模式”的商住共同体实证

混合功能聚落是经营单元与居住组团的高度整合体。以专业市场为增长极,混合功能聚落成为浙江商贸主导型城镇化发展的特殊动因,并直接推动了区域职住二元的协同。基于义乌地区的样本实证,解析专业市场下的混合功能聚落生成、聚合、扩张、集约的演进轨迹。一方面,结合聚落类型,阐释市居一体化的空间组织范式及其形态建构;另一方面,基于商住交织活动,对混合功能空间进行绩效评价。进而,通过差异化、兼容性和弹变式的导控原则,提出专业市场下商住混合聚落发展的适宜性营建机制。     

基于损失厌恶的开放式基金业绩激励研究

基于行为金融理论,建立了投资者表现为损失厌恶情形下的开放式基金业绩激励模型,并考察了投资者的损失厌恶偏差对开放式基金业绩激励效率的影响。结果表明:在开放式基金的业绩激励机制下,损失厌恶型投资者在面对失败的投资结果时会低估基金经理的投资管理能力,进而低估投资的期望收益;在一定条件下,与完全理性型投资者相比,损失厌恶型投资者会导致业绩激励效率损失增大。     

环境技术创新对企业环境效益和经济效益的作用机制

从环境技术创新的角度,将企业的环境效益与经济效益有机联系,重点研究环境技术创新对环境效益和经济效益的作用机制。首先对环境技术创新的相关研究进行综述,鉴别出环境技术创新的选择,即环境要素改变、环境子系统改变和环境系统创新。然后通过案例研究,提出环境驱动的企业技术创新与技术创新驱动的企业环境效益提高之间存在链式互动关系的理论观点,建立了环境技术创新对环境效益和经济效益的作用机制的概念模型。依据该模型,提出要实现环境效益与经济效益的"互利双赢",必须超越现有的生产技术系统,而不仅仅是对现有技术系统进行局部改善。     

Performance of Foreign and Global Mutual Funds: The Role of Security Selection,Region‐Shifting,and Style‐Shifting Abilities

We examine the performance of U.S.‐based foreign and global funds after controlling for their regional and style exposure. We show that, on average, the total performance (TP) and security selection abilities of both foreign and global funds are significantly negative and exhibit short‐term predictability. Additionally, R² reflects funds’ security selection abilities, consistent with previous findings for domestic mutual funds. Investors can earn higher abnormal returns and TP in the short run by purchasing past winners with low R² than by purchasing past losers with high R². However, there is no evidence of predictability in the funds' region‐shifting and style‐shifting abilities.     

Measuring fund style,performance and activity: a new style‐profiling approach

We construct new measures of fund style, performance and activity from linear combinations of off‐the‐shelf stock‐market indices. A fund's benchmark portfolio is a linear combination of two or more reference portfolios that in a least‐squares sense most closely approximates the fund's portfolio. The resulting linear combination scalar is itself a measure of fund style and the distance between a fund and its benchmark is a measure of fund activity. Our approach has a number of advantages over existing characteristic‐matching methods. We illustrate our approach using a data set of US institutional funds.