Concentration behavior of the penalized least squares estimator

Consider the standard nonparametric regression model and take as estimator the penalized least squares function. In this article, we study the trade‐off between closeness to the true function and complexity penalization of the estimator, where complexity is described by a seminorm on a class of functions. First, we present an exponential concentration inequality revealing the concentration behavior of the trade‐off of the penalized least squares estimator around a nonrandom quantity, where such quantity depends on the problem under consideration. Then, under some conditions and for the proper choice of the tuning parameter, we obtain bounds for this nonrandom quantity. We illustrate our results with some examples that include the smoothing splines estimator.     

Bouncing Back from Extreme Weather Events: Some Preliminary Findings on Resilience Barriers Facing Small and Medium‐Sized Enterprises

Extreme weather events (EWEs) pose unprecedented threats to modern societies and represent a much‐debated issue strongly interlinked with current development policies. Small and medium‐sized enterprises (SMEs), which constitute a driving force of economic growth, employment and total value added, remain highly vulnerable to and ill prepared for such environmental perturbations. This study investigates barriers to SMEs’ resilience to EWEs in an attempt to shed light on enabling factors that can define effective organizational responses to non‐linear environmental stimuli. Relying on structural equation modeling and data gathered from 109 SMEs that recently experienced EWE impacts, we link the general concept of SMEs’ resilience barriers to EWEs with a series of elements to determine specific internal and external factors that contribute the most to EWE resilience. In particular, external barriers of institutional conditions and mechanisms of support and guidance as well as internal barriers of resources and managerial perceptions are found to be the most critical ones in determining resilience. The assessment offers essential research evidence for practitioners on SME management and sets forth linkages with current mechanisms for policy interventions towards an appropriate resilience agenda for SMEs. Copyright © 2018 John Wiley & Sons, Ltd and ERP Environment     

The cross‐cultural study of LMX and individual employee voice: The moderating role of conflict avoidance

This article examines the role of national culture, measured by conflict avoidance, on the relationship between leader–member exchange (LMX) and individual employee voice. Using data collected from automotive industry employees in the United States and Korea, the findings show that conflict avoidance is negatively related to employee voice and also moderates the relationship between LMX and employee voice in the Korean sample. In particular, the relationship between LMX and voice becomes less positive when conflict avoidance is high. On the other hand, conflict avoidance does not have a direct effect on employee voice as well as an interactive effect with LMX on employee voice in the U.S. sample. This study, therefore, highlights the importance of the national culture in the comparative study of employee voice.     

Forecast quality improvement with Action Research: A success story at PharmaCo

There is a gap in the forecasting research surrounding the theory of integrating and improving forecasting in practice. The number of academically affiliated consultancies and knowledge transfer projects that there are around, due to a need for improvements in forecast quality, would suggest that many interventions and actions are taking place. However, the problems that surround practitioner understanding, learning and usage are rarely documented. This article takes the first step toward trying to rectify this situation by using the specific case study of a fully engaged company. A successful action research intervention in the Production Planning and Control work unit improved the use and understanding of the forecast function, contributing to substantial savings, enhanced communication and improved working practices.     

Cost Analysis of Calcium in Store Brand versus National Brand Grocery Products

Objective: This study was to determine if calcium fortification yields a higher price per serving in grocery store products. Researchers compared store brand to national brand grocery products in relation to cost in order to examine if calcium values were similar between store brand and national brand products. Methods: A total of 112 store brand and 211 national brand grocery products were collected from three low (national chain store), middle and high priced (Virginia and North Carolina regional store) grocery venues. Products were compared using price and calcium percentage per serving. ANOVA was used to determine between store brand and national brand for price per serving and calcium content, and between grocery venues. Results: National brand fortified products had a significantly lower mean price per serving when compared to national brand non-fortified products (p = 0.0002). There was no statistical difference between store brand fortified and non-fortified products (p = 0.9256). Low priced store brand products had the lowest mean price per serving ($0.34 ±0.24). Conclusions: This study found store brand products have similar calcium content as national brand products. Product cost was lower at low priced store compared to middle and high priced stores.     

Does educational diversity of managers matter for the performance of team‐managed funds?

We study the effect of the educational diversity of managers on the performance of team‐managed mutual funds using a large sample of U.S. equity funds from 1994 to 2013. We consider diversity in terms of both final educational degree and field of educational specialisation. We find that, in general, both types of diversity have a positive impact on fund performance, and our results are robust over a wide range of performance metrics and changes in market conditions.     

Investor behaviour and reaching for yield: Evidence from the sterling corporate bond market

We provide evidence on how corporate bond investors react to a change in yields, and how this behaviour differs in times of market‐wide stress. We also investigate ‘reaching for yield’ across investor types, as well as providing insights into the structure of the corporate bond market. Using proprietary sterling corporate bond transaction data, we show that insurance companies, hedge funds and asset managers are typically net buyers when corporate bond yields rise. Dealer banks clear the market by being net sellers. However, we find evidence for this behaviour reversing in times of stress for some investors. During the 2013 ‘taper tantrum’, asset managers were net sellers of corporate bonds in response to a sharp rise in yields, potentially amplifying price changes. At the same time, dealer banks were net buyers. Finally, we provide evidence that insurers, hedge funds and asset managers tilt their portfolios towards higher risk bonds, consistent with ‘reaching for yield’ behaviour.     

Cooperative conversion and communalization: Closely observed interactions between the material and the mental

Various authors, including Elinor Ostrom, have shown that the legal form of a cooperative has many of the characteristics of a Common. Here we focus on cooperative conversion, through which conventional enterprises become labor‐managed firms (LMFs), viewing it dynamically as a communalization process. These processes are addressed in the light of a field survey carried out in France, looking at six firms involved in cooperative conversion. The changes entailed are two‐dimensional, both material and mental. This is visible, for example, when finding the capital to mount an LMF: members of the workforce must draw on their own funds; they must also believe in the project. Through our empirical observations we highlight the obstacles in the way of forming an LMF. In particular participants must undertake a work of negotiation hinging on stakes marked by the two, largely inseparable dimensions. Ultimately we query the ethic brought into play in the collective action of constituting a Common. Specifically, individuals must contribute to a collective action underpinned by principles of self‐governance, or commoning, the rock on which the Common rests. A key finding of our study is to demonstrate that a Common can only be successfully created if the constituent processes are consistent with the overall goal. In other words the manner in which we travel is inseparable from our final destination; otherwise we shall surely lose our way.