The dark and the bright side of liquidity risks: Evidence from open-end real estate funds in Germany

During the 6-month period from December 2005 to June 2006, the German Real Estate mutual fund industry suffered an unprecedented liquidity crisis. We investigate to what extend competing theories of liquidity crises help explain this event. Our results show that fundamental factors not only mattered for the liquidity outflow in normal times but also during the crisis. However, strategic complementarities accelerated the withdrawals during the crisis suggesting that pure panic behavior contributed substantially to the massive outflows. Thus higher liquidity buffers might help mitigating these tail events. Furthermore, we find that funds with a lower fraction of shares held by institutional investors suffered from less significant outflows suggesting that a segmentation of funds for different investor groups might help mitigate panics.     

技术创业型企业孵化资本投入的风险管控——来自多案例对比

待孵化的技术创业型企业同时具有概念性技术向差异化产品转化的高风险与产品异质性被认同后溢价评估的高收益特点，导致其投资者多处于隔岸观火却欲罢不能的的孵化投资矛盾中。对孵化资本实施有效的风险管控，成为吸引外部资本投入的关键。基于此，选择在可创概念选育与技术创业孵化领域探索出高成功率路径的概念证明中心、YCombinator和创新工场为研究案例，分析其在创业项目筛选、孵化资金运营等关键环节的风险管控方式，以期完善我国孵化资本管控理论、助力我国商业孵化器提高资金风险管控能力、促进外部资本投入。     

基于web的高校教学与科研精细化管理模式研究

本文探讨了将高校教学与科研目标管理转换为多层次指标和权重的绩效管理的方法,采用精细化的管理理论,设计了利用网络和计算机技术解决高校教学与科研的考核与奖罚的管理模式。对高校信息化、精细化、标准化管理和过程控制具有重要意义。     

Information leakage of ADRs Prior to company issued guidance

We examine whether the degree of selective disclosure (as measured by information leakage prior to managerial earnings guidance) of foreign firms with ADRs is different from that of U.S. firms. We find that there is no variation of leakage before earning guidance between ADRs and U.S. firms. This result is consistent with the prediction that, despite being exempt from Regulation FD, ADRs have sufficient incentives to avoid selective disclosure even without the regulatory enforcement. In addition, we attempt to determine whether the variation in selective disclosure among the foreign firms with ADRs is conditioned on the respective home country transparency and governance standards. We find that country-specific characteristics, such as corruption perception, economic freedom and the legal system origin, explain the variation in information leakage of ADRs.     

Does gender matter? The association between gender and the use of management control systems and performance measures

Literature shows that female (male) managers are more likely to adopt a transformational (transactional) leadership style, as well as make greater (lesser) use of information for decision-making. We draw on this research to investigate whether gender is related to a manager's use of management control systems (MCS) and performance measures. We surveyed the head of school of all schools across all Australian public universities. Our results indicate that females use MCS in an interactive manner to a greater extent than their male counterparts and make greater use of non-financial performance measures. We conclude with contributions to theory and practice.     

Personalized goal-based investing via multi-stage stochastic goal programming

In this paper, we propose a goal-based investment model that is suitable for personalized wealth management. The model only requires a few intuitive inputs such as size of wealth, investment amount, and consumption goals from individual investors. In particular, a priority level can be assigned to each consumption goal and the model provides a holistic solution based on a sequential approach starting with the highest priority. This allows strict prioritization by maximizing the probability of achieving higher priority goals that are not affected by goals with lower priorities. Furthermore, the proposed model is formulated as a linear program that efficiently finds the optimal financial plan. With its simplicity, flexibility, and computational efficiency, the proposed goal-based investment model provides a new framework for automated investment management services.     

Stability of international environmental agreements under isoelastic utility

There is now a growing consensus that ratifying International Environmental Agreements (IEAs) is the most effective way to tackle transboundary pollution problems. While the social benefit function (SBF) critically affects emission choices as well as decisions to ratify IEAs, the related economic literature has mainly concentrated on scenarios where the marginal SBF is linear. Using climatic data, I find that the linear marginal SBF case does not match data and isoelastic SBFs fit data better. In the more realistic, but not yet explored, context of isoelastic SBFs, I reconsider incentives to ratify IEAs. My analysis gives rise to novel conclusions. For instance, changes in the scale of damages do not affect the level of cooperation. When the scale of damages is small, variations of the SBF parameter reveal that large coalitions including the coalition of all countries are stable, but only when the potential gain from cooperation is sufficiently high.     

Creating a safe haven during the crisis: How organizations can achieve deep compliance with COVID-19 safety measures in the hospitality industry

The COVID-19 health crisis has engendered a set of additional health and safety regulations and procedures (e.g. social distancing) to the hospitality industry. The purpose of this paper is to explore in-depth how organizations can facilitate employees’ deep compliance with these procedures. Employing an instrumental case-study approach, we collected multi-level interview data and archival data in a small-medium sized restaurant in China. The findings reveal that employees’ deep compliance with safety procedures includes a four-stage psychological process, and this process is underpinned by both management safety practices and organizational crisis strategies. As the hospitality industry starts to exit lockdown and ramp up operations, this study offers theoretical and practical insights on how organizations in hospitality can protect the health and safety of their employees and the broader community.     

Deconstructing the future of management: Pharmakon,Gary Hamel and the impossibility of invention

There has been a growing tendency to argue that the practice of management must be reinvented in the future in order to energize the creative potential of employees. However, the discourse on ‘management innovation’ attributes a curious dual function to the concept of management. On the one hand, management is portrayed as the ‘toxin’ that can impede innovation. But on the other hand, management is portrayed the ‘cure’ that will heal the defects that prevents innovation. Informed by Derrida's reflection upon the dual meaning of pharmakon, a word that means both ‘remedy’ and ‘poison’, the paper engages with Hamel's popular management handbook The Future of Management. Although Hamel attempts to establish a clear-cut distinction between those principles of management that obstruct and those that facilitate innovation, one is ultimately left uncertain whether management is a cure or a poison for innovation. This ambivalence points to an underlying paradox of contemporary post-managerial thinking that is characterized by incorporating transgression into its productive logic.     

Judgment aggregation in search for the truth

We analyze the problem of aggregating judgments over multiple issues from the perspective of whether aggregate judgments manage to efficiently use all voters' private information. While new in judgment aggregation theory, this perspective is familiar in a different body of literature about voting between two alternatives where voters' disagreements stem from conflicts of information rather than of interest. Combining the two bodies of literature, we consider a simple judgment aggregation problem and model the private information underlying voters' judgments. Assuming that voters share a preference for true collective judgments, we analyze the resulting strategic incentives and determine which voting rules efficiently use all private information. We find that in certain, but not all cases a quota rule should be used, which decides on each issue according to whether the proportion of ‘yes’ votes exceeds a particular quota.