On the run length of a Shewhart chart for correlated data

We consider an extension of the classical Shewhart control chart to correlated data which was introduced by Vasilopoulos/Stamboulis (1978). Inequalities for the moments of the run length are given under weak conditions. It is proved analytically that the average run length (ARL) in the in-control state of the correlated process is larger than that in the case of independent variables. The exact ARL is calculated for exchangeable normal variables and autoregressive processes (AR). Moreover, we compare this chart with residual charts. Especially, in the case of an AR(1)—process with positive coefficient, it turns out that the out-of-control ARL of the modified Shewhart chart is smaller than that of the Shewhart chart for the residuals.     

Kurtosis modelling by means of the J-transformation

Summary: The H–family of distributions or H–distributions, introduced by Tukey (1960; 1977), are generated by a single transformation of the standard normal distribution and allow for leptokurtosis represented by the parameter h. Alternatively, Haynes et al. (1997) generated leptokurtic distributions by applying the K–transformation to the normal distribution. In this study we propose a third transformation, the so–called J–transformation, and derive some properties of this transformation. Moreover, so-called elongation generating functions (EGFs) are introduced. By means of EGFs we are able to visualize the strength of tail elongation and to construct new transformations. Finally, we compare the three transformations towards their goodness–of–fit in the context of financial return data.     

Flipping and ex post aggregation

We show that Bayesian ex post aggregation is unstable with respect to refinements. Suppose a group of Bayesians use ex post aggregation. Since it is a joint problem, each agent's problem is captured by the same model, but probabilities and utilities may vary. If they analyze the same situation in more detail, their refined analysis should preserve their preferences among acts. However, ex post aggregation could bring about a preference reversal on the group level. Ex post aggregation thus depends on how much information is used and may keep oscillating (“flipping”) as one keeps adding more information. Received: 16 April 2002/Accepted: 27 May 2002     

A longitudinal study of burnout: the relative importance of dispositions and experiences

This study investigated the relative contribution of personality vs. environmental factors to the genesis of the burnout syndrome. A sample of 221 nursing students in Hamburg, Germany, were administered a battery of personality measures prior to any training. They were later asked to rate various stressors encountered during their practical training on hospital wards and also in nursing school, general aspects of ward climate, the frequency of private life events, and their own well-being on standard measures of burnout. Data were collected at seven time points over a period of 3 years, including the initial assessment (T1-T7). Only complete data sets (N = 123) were used for the analyses. Burnout scores from T2 to T7 were predicted, on the one hand, by the 36 'dispositional' scales of the initial battery and, on the other hand, by a set of 18 'experience-oriented' scales from the later questionnaire's concurrent administration. Scales reflecting well-being were predicted better by experiences than by dispositions. With scales reflecting attitudes towards oneself and patients, respectively, it was the other way around. Thus, both dispositional and experiential views of burnout receive some support here. Intraindividual change in burnout scores could not be linked to dispositional or experiential variables.     

Cooperation,Trust and Performance – Empirical Results from Three Countries

Reverting to the resource‐based view of strategic management and cooperation theory, we provide argumentation for the value of two critical resources to cooperating firms: cooperation experience and maxim‐based trust. The results of a large‐scale survey in three European countries (Austria, Slovenia and the Czech Republic) reveal an important fact: although cooperation experience contributes to business performance, the contribution of maxim‐based trust to success is significantly higher. As a result, corporate success depends not only on the quantity of cooperation experience, but also – and to an even greater extent – on the quality of cooperation with regard to the form of coordinative power established within the cooperation arrangement. Given that maxim‐based trust has been identified as a feasible coordination mechanism in cooperation relationships, it might therefore be freed from its frequent characterization as utopian and out of touch with reality.     

The effect of fast and slow decisions on risk taking

We experimentally compare fast and slow decisions in a series of experiments on financial risk taking in three countries involving over 1700 subjects. To manipulate fast and slow decisions, subjects were randomly allocated to responding within 7 seconds (time pressure) or waiting for at least 7 or 20 seconds (time delay) before responding. To control for different effects of time pressure and time delay on measurement noise, we estimate separate parameters for noise and risk preferences within a random utility framework. We find that time pressure increases risk aversion for gains and risk taking for losses compared to time delay, implying that time pressure increases the reflection effect of Prospect Theory. The results for gains are weaker and less robust than the results for losses. We find no significant difference between time pressure and time delay for loss aversion (tested in only one of the experiments). Time delay also leads to less measurement noise than time pressure and unconstrained decisions, and appears to be an effective way of decreasing noise in experiments.     

He who pays the piper calls the tune? Setting the stage for an informed discourse on third-party funding of academic business research

Review of Managerial Science - Third-party funding of academic research has grown rapidly in its scope and impact. However, several forces demand greater attention to potential opportunities,...     

Integration of business process management and knowledge management: state of the art,current research and future prospects

The integration of business process management (BPM) and knowledge management (KM) helps companies to improve temporal, qualitative and cost aspects of the provision of goods and services and to increase their innovative capacities. There are numerous publications in German and English that deal with the integration of both of these management approaches. By means of a comprehensive examination of this literature, the present article evaluates the state of knowledge and identifies additional research needs. More specifically, the volume of the publications examined is evaluated and classified by means of appropriate and carefully defined criteria. Moreover, the contents of the classes thus defined will be elucidated and then critically discussed. Finally, this article provides a general review of current approaches and their specific merits, and it will demonstrate the current deficits and spheres of activity in relation to the integration of BPM and KM.     

Bayesian estimation of the efficient frontier

In this paper, we consider the estimation of the three determining parameters of the efficient frontier, the expected return, and the variance of the global minimum variance portfolio and the slope parameter, from a Bayesian perspective. Their posterior distribution is derived by assigning the diffuse and the conjugate priors to the mean vector and the covariance matrix of the asset returns and is presented in terms of a stochastic representation. Furthermore, Bayesian estimates together with the standard uncertainties for all three parameters are provided, and their asymptotic distributions are established. All obtained findings are applied to real data, consisting of the returns on assets included into the S&P 500. The empirical properties of the efficient frontier are then examined in detail.