On the most imbalanced orientation of a graph

We study the problem of orienting the edges of a graph such that the minimum over all the vertices of the absolute difference between the outdegree and the indegree of a vertex is maximized. We call this minimum the imbalance of the orientation, i.e. the higher it gets, the more imbalanced the orientation is. The studied problem is denoted by \({{\mathrm{\textsc {MaxIm}}}}\). We first characterize graphs for which the optimal objective value of \({{\mathrm{\textsc {MaxIm}}}}\) is zero. Next we show that \({{\mathrm{\textsc {MaxIm}}}}\) is generally NP-hard and cannot be approximated within a ratio of \(\frac{1}{2}+\varepsilon \) for any constant \(\varepsilon >0\) in polynomial time unless \(\texttt {P}=\texttt {NP}\) even if the minimum degree of the graph \(\delta \) equals 2. Then we describe a polynomial-time approximation algorithm whose ratio is almost equal to \(\frac{1}{2}\). An exact polynomial-time algorithm is also derived for cacti. Finally, two mixed integer linear programming formulations are presented. Several valid inequalities are exhibited with the related separation algorithms. The performance of the strengthened formulations is assessed through several numerical experiments.     

Why adding firm value with a put feature in debt contracts is better than renegotiation

In this paper, we analyze the ability of putable debt to add firm value. To stress the impact of a put feature, we compare the resulting optimal firm values and capital structures to those of a firm with straight debt that can be renegotiated. For this purpose, we consider a time-independent firm value model with tax-deductibility of coupon payments, bankruptcy costs in the case of a default, and dynamic restructuring. We find that a put right can always be designed so that a put is enforced for low asset values but the bond remains alive for high asset values. The optimal firm value arising from this type of equilibrium strategy is remarkable for several reasons: The optimal firm value under putable debt is always higher than under straight debt even under renegotiation with arbitrary negotiation power of debt and equity holders. Moreover, the optimal firm value under putable debt always benefits from higher bankruptcy costs, while the optimal firm value under straight debt suffers. Accordingly, a higher volatility of asset value returns can be favorable for a high firm value under putable debt, while it always destroys value of a firm with straight debt.     

When Decentralized Trade Unions are Better for their Members than Centralized Ones

ABSTRACT: The aim of this paper is to localize situations where decentralized trade unions are better for their members than centralized ones. This phenomenon does not appear inside the internal game between oligopolistic firms and between firms and trade unions. It appears only when we introduce feed-back effects from an external game between these oligopolistic firms and a foreign public supplier, in a foreign country where these firms export and sell the goods they produce. The proof of theorems 1. 2, 3 and 4, and of Corollary 4, can be found in the mathematical appendix, available on request from the author. Write to Professor Antoine Soubeyran, Clos Saint Louis, Chemin des Lauves, Aix en Provence, 13100 France.     

Two heads are safer than one: Changes in CEO duality and venture failure

We study the dynamics of a major design choice in the governance of ventures: whether to distribute power at the top of the venture between a separate CEO and board chair. We propose that ventures are more likely to combine (separate) their CEO and chair positions when operational performance is poor (strong), demonstrating behavior in line with the threat rigidity thesis. Paradoxically, however, ventures would most benefit from a separate CEO and board chair when operational performance is poor. Empirical analysis of data from the Australian mining industry offers general support for our theory, with some interesting nuances. We discuss the implications of our findings for emerging conversations in the literatures on venture boards, boards of directors, and entrepreneurship.     

On doing better science: From thrill of discovery to policy implications

In this position paper, I argue that the main purpose of research is to discover and report on phenomena in a truthful manner. Once uncovered, these phenomena can have important implications for society. The utility of research depends on whether it makes a contribution because it is original or can add to cumulative research efforts, is rigorously and reliably done, and is able to inform basic or applied research and later policy. However, five serious “diseases” stifle the production of useful research. These diseases include: significosis, an inordinate focus on statistically significant results; neophilia, an excessive appreciation for novelty; theorrhea, a mania for new theory; arigorium, a deficiency of rigor in theoretical and empirical work; and finally, disjunctivitis, a proclivity to produce large quantities of redundant, trivial, and incoherent works. I surmise that these diseases have caused immense harm to science and have cast doubt on the role of science in society. I discuss what publication gatekeepers should do to eradicate these diseases, to stimulate the undertaking of more useful and impactful research, and to provide the needed incentives to better align the interests of researchers with those of the greater good. Finally, I highlight where technical improvements are needed to enhance research quality, and call on deeper reflection, transparency, and honesty in how we do research.     

The Glass Cliff: Evidence that Women are Over-Represented in Precarious Leadership Positions

There has been much research and conjecture concerning the barriers women face in trying to climb the corporate ladder, with evidence suggesting that they typically confront a ‘glass ceiling’ while men are more likely to benefit from a ‘glass escalator’. But what happens when women do achieve leadership roles? And what sorts of positions are they given? This paper argues that while women are now achieving more high profile positions, they are more likely than men to find themselves on a ‘glass cliff’, such that their positions are risky or precarious. This hypothesis was investigated in an archival study examining the performance of FTSE 100 companies before and after the appointment of a male or female board member. The study revealed that during a period of overall stock‐market decline those companies who appointed women to their boards were more likely to have experienced consistently bad performance in the preceding five months than those who appointed men. These results expose an additional, largely invisible, hurdle that women need to overcome in the workplace. Implications for the evaluation of women leaders are discussed and directions for future research are outlined.     

战略顾客下最惠顾客保证对提前购买的价值

百货行业与零售行业频繁降价促销使得顾客会评估产品未来可能的获得性与价格,典型特征是利用等待,跨期选择购买时机.文中研究了顾客最大支付意愿事前异质和事后异质两种情形下最惠顾客保证的价值.最惠顾客保证是指销售商一旦降价销售,就对提前购买的顾客给予价格差额补偿.结论表明,在事前异质中,顾客理性购买.即使顾客最大支付意愿低于销售价格,也倾向于提前购买.最惠顾客保证通过创造隐性价格风险鼓励提前购买.而在事后异质中,销售商提供部分退货补偿,顾客体验购买.当顾客购买并保留的产品数量较小时,销售商的最优策略是降价销售剩余库存.最惠顾客保证通过创造隐性配给风险诱导提前购买.     

On statistical bounds of heuristic solutions to location problems

Combinatorial optimization problems such as locating facilities frequently rely on heuristics to minimize the objective function. The optimum is often sought iteratively; a criterion is therefore necessary to be able to decide when the procedure attains such an optimum. Pre-setting the number of iterations is dominant in OR applications, however, the fact that the quality of the solution cannot be ascertained by pre-setting the number of iterations makes it less preferable. A small and, almost dormant, branch of the literature suggests usage of statistical principles to estimate the minimum and its bounds as a tool to decide upon the stopping criteria and also to evaluate the quality of the solution. In the current work we have examined the functioning of statistical bounds obtained from four different estimators using simulated annealing. P-median test problems taken from Beasley’s OR-library were used for the sake of testing. Our findings show that the Weibull estimator and 2nd order Jackknife estimators are preferable and the requirement of sample size to be about 10. It should be noted that reliable statistical bounds are found to depend critically on a sample of heuristic solutions of high quality; we have therefore provided a simple statistic for checking the quality. The work finally concludes with an illustration of applying statistical bounds to the problem of locating 70 post distribution centers in a region in Sweden.     

Examining Factors that Influence the Existence of Heinrich's Safety Triangle Using Site‐Specific H&S Data from More than 25,000 Establishments

In the 1930s, Heinrich established one of the most prominent and enduring accident prevention theories when he concluded that high severity occupational safety and health (OSH) incidents are preceded by numerous lower severity incidents and near misses. Seventy‐five years of theory expansion/interpretation includes two fundamental tenets: (1) the ratio of lower to higher severity incidents exists in the form of a “safety‐triangle” and (2) similar causes underlie both high and low severity events. Although used extensively to inform public policy and establishment‐level health and safety priorities, recent research challenges the validity of the two tenets. This study explored the validity of the first tenet, the existence of the safety triangle. The advantage of the current study is the use of a detailed, establishment‐specific data set that evaluated over 25,000 establishments over a 13‐year time period, allowing three specific questions to be explored: (1) Are an increased number of lower severity incidents at an establishment significantly associated with the probability of a fatal event over time? (2) At the establishment level, do the effects of OSH incidents on the probability of a fatality over time decrease as the degree of severity decreases—thereby taking the form of a triangle? and (3) Do distinct methods for delineating incidents by severity affect the existence of the safety triangle form? The answer to all three questions was yes with the triangle form being dependent upon how severity was delineated. The implications of these findings in regard to Heinrich's theory and OSH policy and management are discussed.     

"You are weeping for that which has been your delight": to experience and recover from grief

To explore how people experience grief and what factors are perceived as facilitating successful grief work, a survey was distributed to people who had completed a grief recovery course. The results showed that emotions, cognitions, physical expressions, and behaviors all characterize grief, but that emotions are the most central component. The course brought relief and was regarded most favorably by those having at least 1 year between the grief trigger event and participation in the course. Writing a letter in which course participants express their feelings to the loss object was perceived as the most successful aspect of the course. The letter might help with grief recovery by bringing aspects that have not been dealt with into conscious awareness.     

On the Need for Rethinking Current Practice that Highlights Goal Achievement Risk in an Enterprise Context

This article addresses the issue of how performance and risk management can complement each other in order to enhance the management of an enterprise. Often, we see that risk management focuses on goal achievements and not the enterprise risk related to its activities in the value chain. The statement “no goal, no risk” is a common misconception. The main aim of the article is to present a normative model for describing the links between performance and risk, and to use this model to give recommendations on how to best structure and plan the management of an enterprise in situations involving risk and uncertainties. The model, which has several novel features, is based on the interaction between different types of risk management (enterprise risk management, task risk management, and personal risk management) and a structure where the enterprise risk management overrules both the task and personal risk management. To illustrate the model we use the metaphor of a ship, where the ship is loaded with cash‐generating activities and has a direction over time determined by the overall strategic objectives. Compared to the current enterprise risk management practice, the model and related analysis are founded on a new perspective on risk, highlighting knowledge and uncertainties beyond probabilities.     

Do you think that your health or safety are at risk because of your work? A large European study on psychological and physical work demands

Throughout Europe there are relatively few statistics, gathered a national level, which deal specifically with the problem of violence at work. In the UK, the revised Reporting of Injuries. Diseases and Dangerous Occurrences Regulations (RIDDOR) 1995 now require that certain violent incidents are reported on a national basis. The criteria for reporting, which are entirely dependent on the physical outcome of incidents, are discussed. It is recommended that employing organizations should establish their own internal systems for reportmg and recording a wider range of violent, and potentially violent, incidents. These should then be used to inform risk assessment and risk management.     

经济转型与不同所有制部门的工资决定——从“下海”到“下岗”

本文利用中国家庭营养健康调查数据(CHNS)考察了经济转型与不同所有制部门工资分布演变的关系。结果表明,尽管20世纪整个90年代都伴随着劳动力比重在公有部门的下降和在民营部门的上升,但是1997年之前和之后的两个时期存在着显著的差异:前一个时期主要是能力比较强的人选择离开国有部门,他们在民营部门也能够获得较高的收入;后一个时期则主要是原来工资和教育水平比较低的人从公有部门转移到民营部门,在民营部门内部,他们的工资也比其他劳动者低。这一结果可以帮助我们解释不同所有制部门工资方程的差异,尤其是教育回报率的不同:本文的回归结果表明1997年,民营部门的教育回报率高于公有部门,但是到了2000年,国有部门的教育回报率开始高于民营部门。     

On the myth of believing that globalization is a myth: or the effects of misdirected responses on obsolescing an emergent substantive discourse

The December 2003 special issue of the Journal of International Management sought to initiate a dialogue on globalization and the role of the global corporation (Bird and Stevens, 2003). We attempt to carry that dialogue forward by responding to several objections that were raised by critics in that issue. Their comments prompted us to take a fresh look at our own perspective, as well as to critically examine theirs. In so doing, we find not only persuasive evidence that globalization is very much alive and well, but we also find that caution is warranted if readers wish to avoid misdirected responses that would otherwise obsolesce an emerging substantive discourse on the phenomenon of globalization. We are encouraged that the special issue has stimulated continued dialogue and invite others to join the conversation on this important phenomenon of globalization.