Grid analysis for sales supervision

Falling to recognize the unique need and desire of salespeople, the sales manager tends to allocate supervisory time according to the amount of his or her past selling experience. This time allocation results in either the excessive or insufficient supervision of sales personnel. This article describes a process of arriving at a more optimum allocation of supervisory time.     

《伙计》中成长主题的展现

伯纳德.马拉默德的名篇《伙计》不仅揭示了犹太民族的文化母题,同时也展现了主人公的成长主题。利用弗洛伊德的人格结构学说理论来分析,主人公弗兰克.阿尔派恩的成长历程就是经历了从本我压抑自我到超我战胜本我,从堕落到醒悟并升华到自我牺牲的这样一个过程。     

Financial crises and the asymmetric relation between returns on banks,risk factors,and other industry portfolio returns

We show that the relations between the returns on the banking industry, risk factors, and other industries often are asymmetric. Lagged banking industry returns seem to improve predictability but the positive impact of a 1‐month lag of the return on the banking portfolio is much higher in the lower part of the return distribution. However, after the Dodd‐Frank Act in 2010, the cross‐autocorrelation with banks is changed and becomes negative in the upper part of the distribution. Returns on banks also seem to lead returns on five risk factors. This relation, however, is not robust across the distribution.     

The 'paradox' of F. Graham (1890-1949): a study in the theory of international trade

The aim of this paper is to investigate the origins of the protection argument based on increasing and decreasing returns to scale. The development of this theoretical framework is outlined in order to argue that F. Graham's demonstration consists of a synthesis of previous work. We then discuss the debate that took place in the 1930s, which ended with the rejection of Graham's argument as being a paradox or a theoretical curiosity.     

Corporate governance reforms and our regulatory future

It is undeniable that the global financial crisis (GFC) has been a catalyst for regulatory change. Whether these policies and regulatory changes are good or bad, whether they will help or hinder growth, and whether they can effect proper balance between growth and effective risk management, the reality is that significant regulatory changes have been proposed and many have already been adopted and implemented. Business leaders may argue that the proposed policy and regulatory choices are both bad policy and bad economics, but the conclusions reached from the GFC is that the status quo was unworkable, and is certainly now politically unpalatable. Corporate governance reforms have arisen as a result of the global financial crisis. This article examines a slew of trends and changes in the wake of the GFC.     

Can the “Single Point of Entry” strategy be used to recapitalize a systemically important failing bank?

The Single Point of Entry (SPOE)—the FDIC strategy to implement its new Dodd–Frank Orderly Liquidation Authority (OLA)—promises to reduce the financial market turmoil caused by the failure of a large complex financial institution by using parent holding company resources to recapitalize its large failing subsidiary banks. We identify legal and financial impediments that may prevent the use of a SPOE strategy for this purpose. Dodd–Frank does not authorize bank recapitalizations through SPOE or otherwise, and the OLA cannot be invoked unless the failure of a subsidiary puts the parent in danger of default. The imprecise legislative language that authorizes OLA creates a new source of systemic risk. Regulations required to operationalize SPOE will require bank holding companies to issue a substantial volume of new subordinated debt, increasing these institutions’ leverage and financial fragility. Unless the Dodd–Frank Act is amended, OLA could well magnify and not reduce market instability in the next financial crisis.     

Andre Gunder Frank: ‘Unity in Diversity’ from the Development of Underdevelopment to the World System

The purpose of this article is to critically review the work of Andre Gunder Frank. This is no easy task given the prolific and controversial nature of his life work. His main distinction is as a paradigm breaker and a paradigm maker. Frank is one of the founders of contemporary world system theory. He coined some memorable expressions such as the ‘development of underdevelopment’ and ‘Re-Orient’. Indeed, these two concepts highlight two distinct phases in his work. His first phase is characterised by his writings on dependency theory and his initial understanding of world system theory broadly in line with Amin, Arrighi and Wallerstein. His second phase is distinguished by what he considers to be the ‘Eurocentric’ interpretation of world system theory of Wallerstein and others as well as by his critique of his own earlier work. While some of Frank's analyses and assertions proved to be wrong, he provided much inspiration to a new generation of scholars and activists, some of whom provided the necessary empirical evidence and theoretical rigour lacking in parts of Frank's work. But he excelled in his mission of providing the big picture, asking the unimaginable questions and exploring hitherto inconceivable interrelationships.     

The Economics of Property Rights in Early and Medieval Christianity

Early and medieval Christianity pioneered an economics of property rights that had no precedent in antiquity. The early Church Fathers Tertullian, Ambrose, and John Chrysostomos successively evolved conceptions of the right to own property as a prerequisite for poor relief, and the basis of the right to own property was later formulated by Pope John XXII to settle a dispute on this issue instigated by Francis of Assisi. This article challenges assessments advanced by Joseph Schumpeter, Jacob Viner, and Frank Knight, who argued that the doctrines of Christianity were devoid of economics, and draws attention to the work of Georg Ratzinger (1844–1899), who first expounded how in early Christianity property rights and poor relief were linked.     

Neoliberalism is Dead … Long Live Neoliberalism!

In this essay I argue that the ideology of neoliberalism may have failed, but that neoliberal practice is alive and kicking. Most of the ‘solutions’ to the crisis are in the spirit of neoliberalism, rather than enraptured by neoliberal spirit. Yet, this neoliberal solution is not a solution; it is part of the problem in the sense that it is leading to more problems — not just today but also in decades to come. This so‐called solution is often presented as Keynesian, but it is only partly so. A better way to classify this solution is as an attempt to save the existing, neoliberal, system. The big crisis of our time did not become a crisis of the hegemony of neoliberalism, because actually existing neoliberalism is flexible enough to influence policy in other ways than through the mantra of free markets: it thrives on presenting existing socioeconomic conditions as failing and neoliberalism as the best solution. Considering the many blows neoliberal ideology has received during this crisis, it should already be dead, but like a creeping cancer neoliberal practice is able to resurface and show up in both new and unexpected, and old and predictable, ways.     

Capturing Knightian Advantages of Large Business Organisations Through Group Decision-making Processes

This paper develops an explanation of how large business organisations may achieve advantages of size by virtue of decision-making procedures. The argument is inspired by Knight's (Risk, Uncertainty and Profit, NewYork: Houghton Mifflin, 1921) model of internal business organisation, together with his explanation of profits pertaining to large business organisations by being connected with situations that he characterises as uncertain rather than risky. Capturing the decision-making advantages is fairly straightforward in Knight's explanation. Decision making is internalised to individuals who cope with uncertain situations— beyond the range of normal experience— in a manner consistent with managerial/entrepreneurial vision. Recent organisation theory has drawn attention to the use of groups as an integral part of decision making within large business organisations and this has important implications for economics. This paper highlights the role of groups in achieving Knightian advantages. The argument loosens the identification of organisation with a managerial/entrepreneurial vision, adding different levels and types of deliberate and automatic selection, the alignment of which is likely to be problematic.