Stochastic dominance for ranking ventures

Tests for stochastic dominance help to rank ventures in order of preference. An example is given to show how Second Degree Stochastic Dominance can improve on the results of First Degree Stochastic Dominance but in another example, they do not yield a complete ordering of ventures. A reduction of the size of the efficient set of ventures is possible for the case where the utility function consists of two linear sections, and results for this case are given.     

Strategic management: New ventures and small business

This paper examines the factors influencing the formulation and implementation of strategy in new and small firms. Small businesses vary substantially in their resource positions, the goals of their founders and their potential. They also vary in stage of development: thus strategic management is examined separately in the start-up stage, the early-growth stage, and the later-growth stage. Intracorporate entrepreneurship in established firms is also considered. Despite this diversity, small firms create an environment for strategic management in which both the opportunities and constraints are different from those in large organizations.     

New algorithms for k-center and extensions

The problem of interest is covering a given point set with homothetic copies of several convex containers C ₁,…,C _k , while the objective is to minimize the maximum over the dilatation factors. Such k-containment problems arise in various applications, e.g. in facility location, shape fitting, data classification or clustering. So far most attention has been paid to the special case of the Euclidean k-center problem, where all containers C _i are Euclidean unit balls. Recent developments based on so-called core-sets enable not only better theoretical bounds in the running time of approximation algorithms but also improvements in practically solvable input sizes. Here, we present some new geometric inequalities and a Mixed-Integer-Convex-Programming formulation. Both are used in a very effective branch-and-bound routine which not only improves on best known running times in the Euclidean case but also handles general and even different containers among the C _i .     

Max-coloring paths: tight bounds and extensions

The max-coloring problem is to compute a legal coloring of the vertices of a graph G=(V,E) with vertex weights w such that $\sum_{i=1}^{k}\max_{v\in C_{i}}w(v_{i})$ is minimized, where C ₁,??,C _k are the various color classes. For general graphs, max-coloring is as hard as the classical vertex coloring problem, a special case of the former where vertices have unit weight. In fact, in some cases it can even be harder: for example, no polynomial time algorithm is known for max-coloring trees. In this paper we consider the problem of max-coloring paths and its generalization, max-coloring skinny trees, a broad class of trees that includes paths and spiders. For these graphs, we show that max-coloring can be solved in time O(|V|+time for sorting the vertex weights). When vertex weights are real numbers, we show a matching lower bound of ??(|V|log?|V|) in the algebraic computation tree model.     

Probabilistic dominance criteria for comparing uncertain alternatives: A tutorial

This paper is a tutorial which demonstrates the current state-of-the-art methods for incorporating risk into project selection decision making. The projects under consideration might be R&D, IT, or other capital expenditure programs. We will show six decision making methods: 1. mean-variance (MV), 2. mean-semivariance, 3. mean-critical probability, 4. stochastic dominance, 5. almost stochastic dominance (ASD), and 6. mean-Gini. We will also describe the assumptions about the risk attitudes of the decision maker which are associated with each of the techniques. While all these methods have been previously applied elsewhere, this is the first paper which shows all of their applications in the project selection context, together with their interrelationships, strengths and weaknesses. We have applied all six techniques to the same group of five hypothetical projects and evaluated the resulting nondominated sets. Among the methods reviewed here, stochastic dominance is recommended because it requires the least restrictive assumptions. ASD and mean-Gini are recommended when stochastic dominance is not practical or when it does not yield definitive choices. MV, mean-semivariance, and mean-critical probability are shown to be flawed.     

From gain-sharing to gain-generation: The quest for distributive justice in international joint ventures

This research investigates how distributive justice (DJ) affects cooperation-related outcomes in international joint ventures (IJVs) through several routes that intersect with reciprocal commitment, organizational attachment and contractual specification. Grounded in the convergent insights of IJV theory and justice theory, this study argues that DJ improves IJV performance through enhanced mutual commitment and interparty attachment, as well as through DJ's complementary role with IJV contract. The findings extend previous research by demonstrating that (1) DJ is an important variable affecting IJV stability via the mediation of interorganizational attachment and (2) DJ and IJV contract function as complements rather than substitutes in governing cooperation and improving IJV profitability and stability.     

Personnel selection criteria in IT ventures: A policy-capturing analysis

Growing ventures need to hire new employees and thus enhance their human capital stock. Selecting the right employees is crucial for the firms’ success. This paper looks at the criteria used in the selection process, especially at applicant fit, competencies, and social capital. Using a policy-capturing approach on a sample of managers in the German informationtechnology industry, the paper provides empirical evidence of the relationship between firm age and person-organization fit in the selection process. Furthermore, it demonstrates the interaction between two sets of selection criteria: applicant competencies and applicant fit with the formal job-requirements.     

Power imbalance and value creation in joint ventures

Joint ventures (JVs) often do not create expected value due to power imbalance between partners. Despite the fact that JV partners are embedded in relational constraints, prior research has largely relied on economic reasoning by focusing on equity ownership difference between JV partners as the main source of power imbalance. We extend prior research to also consider important relational factors represented by repeated ties between partners and network openness, as well as institutional status difference and network status difference as two additional dimensions of power imbalance. Our findings indicate that ownership power imbalance by itself does not have a significant effect on value creation. However, value creation is facilitated when there is ownership power imbalance between partners with more repeated ties. In contrast, value creation may be hindered when JV partners with unequal ownership are embedded in more open interfirm alliance networks. Furthermore, value creation is facilitated if JV partners that have unequal ownership also have network status power imbalance in the same direction.     

Leadership, decision-making and cultural context: Event management within chinese joint ventures

Two studies are presented of the ways in which middle-level leaders within enterprises in mainland China handle work events. A sample of Chinese managers reported much stronger reliance on widespread beliefs as a source of guidance than had been found in other nations in earlier studies. This effect was stronger in state enterprises than in joint ventures. In the second study, management of nine work events by Chinese leaders in joint venture hotels was investigated. Events were more frequently problematic when working with Western or Japanese partners than with ethnic Chinese. Respondents' reports of how they handled work events did not vary in relation to the overseas partner with whom they worked. However they did show awareness that agreement about how best to handle events does vary in relation to who is one's partner. The results are discussed in terms of the skills required of leaders working across cultural boundaries.     

Physician-owned health care ventures: the question of patient referrals.

This article explores the various legal and ethical restrictions governing physician-owned health care ventures to which the physician-investors expect to refer patients. The article also suggests ways to structure such enterprises so as to minimize the risk of liability to the physician-investors as well as to the health care venture itself.     

The P-Hub maximal covering problem and extensions for gradual decay functions

The p-hub maximal covering problem aims to find the best locations for hubs so as to maximize demands within a coverage distance with a predetermined number of hubs. Classically, the problem is defined in the framework of binary coverage only; an origin–destination pair is covered if the cost (time, etc.) is lower than the critical value, and not covered at all if the cost is greater than the critical value. In this paper, we extend the definition of coverage, introducing “partial coverage”, which changes with distance. We present new and efficient mixed-integer programming models that are also valid for partial coverage for single and multiple allocations. We present and discuss the computational results with different data sets.     

中国新兴企业自主创新陷阱突破路径分析

中国新兴企业自身的特点和所处的转型经济的特殊环境,使得自主创新很容易掉入两种陷阱——失败陷阱和成功陷阱.组织学习理论认为这两种陷阱的根源在于割裂了探索式与利用式学习的互补关系.本文以系统动力学为基础,提出突破这两种陷阱的路径:一是通过知识存量、企业特定的不确定性和绩效差距动态结合探索式与利用式学习;二是系统地考虑中国新兴企业两种重要的资源—社会资本和公司企业家精神—对探索式与利用式学习的动态关系产生的影响.并且以两家典型新兴企业新产品开发项目为背景,利用Vensim_PLE Plus软件进行模拟分析,揭示了这条突破路径随时间发展而变化的轨迹,具有重要的理论和实践指导意义.     

An effective total ranking model for a ranked voting system

In this paper an effective model to rank candidates in a preferential election is proposed. It is an extension and simplified form of a recently proposed model for ranking efficient candidates. The model consists of fewer constraints and can be used for ranking inefficient as well as efficient candidates. Some techniques are introduced to decrease the complexity of the proposed model by obtaining some of the results by inspection.     

Alternatives to merger—Joint ventures and other strategies

Mergers are plagued by organizational upheaval, enormous costs, ‘poison pills’, high turnover and a variety of other ills. Despite these problems, merger activity is increasing. Corporate executives pursue merger as a means to grow, improve profitability, reduce dependence on one industry, invest excess cash and improve the management of acquired companies. This article suggests alternative strategies that accomplish these objectives without the repercussions that accompany merger activity.     

股票组织的套期保值策略研究

本文从两个角度研究了股票组合的套期保值问题,提出了两种股票组合的套期保值方案,并对这两种方案进行了分析和比较研究。