Mutual funds: temporary problem or permanent morass?

The improprieties in the mutual fund industry that surfaced in the fall of 2003 prompted the passage and drafting of legislation and regulations that cover nearly every facet of mutual fund pricing and operations. While this regulatory flurry is clearly intended to protect shareholders’ interests, the question remains: How will these scandals and regulatory changes ultimately affect mutual fund investors? ; When considering the problems inherent in mutual fund management and the best ways to address them, it is important, the author stresses, to understand current business practices in the industry, who these benefit, and why they exist. ; Mutual fund investors, the author explains, are legally considered owners of a company that pools the investment capital of many investors. In practice, however, investors are often viewed (and often view themselves) as customers of a management firm that acts as an investment adviser. ; Regardless of which view is taken, inherent conflicts exist between investors and advisers because the two parties have differing objectives: Investors want to receive higher returns on their investment while minimizing risk, and advisers want to maximize their own profits without exerting undue efforts (costs). ; The author reviews a number of possible solutions to these conflicts of interest, including compensation-based fee structures, a separation of functions, proposed regulatory and legislative changes, and monitoring and information disclosure. ; By far the strongest weapon investors have in resolving these conflicts is their own demand, the author concludes. “When unfettered and free of frictions, a competitive marketplace will supply the products and services investors demand at the lowest possible price,” she notes.Mutual funds

Going beyond instrument interactions: towards a more comprehensive policy mix conceptualization for environmental technological change

Reaching a better understanding of the policies and politics of transitions presents a main agenda item in the emerging field of sustainability transitions. One important requirement for these transitions, such as the move towards a decarbonized energy system, is the redirection and acceleration of technological change, for which policies play a key role. Several studies of policies supporting environmental technological change have argued for the need to combine different policy instruments in so-called policy mixes. However, existing policy mix studies often fall short of reflecting the complexity and dynamics of actual policy mixes and the underlying politics of (re)designing them. In this paper we take a first step towards a more comprehensive, interdisciplinary policy mix concept for environmental technological change based on a review of the bodies of literature on innovation studies, environmental economics and policy analysis. The concept introduces a clear terminology and consists of the three building blocks elements, processes and characteristics, which can be delineated by several dimensions. Throughout the paper, we illustrate the concept using the example of the policy mix for fostering the transition of the German energy system to renewable power generation technologies. We argue that the proposed concept provides an integrating analytical framework for empirical studies analyzing the impact of the policy mix on environmental technological change and sustainability transitions more broadly. Finally, we derive policy implications and suggest avenues for future research

ERP implementation methodologies and frameworks: a literature review

Enterprise Resource Planning (ERP) implementation is a complex and vibrant process, one that involves a combination of technological and organizational interactions. Often an ERP implementation project is the single largest IT project that an organization has ever launched and requires a mutual fit of system and organization. Also the concept of an ERP implementation supporting business processes across many different departments is not a generic, rigid and uniform concept and depends on variety of factors. As a result, the issues addressing the ERP implementation process have been one of the major concerns in industry. Therefore ERP implementation receives attention from practitioners and scholars and both, business as well as academic literature is abundant and not always very conclusive or coherent. However, research on ERP systems so far has been mainly focused on diffusion, use and impact issues. Less attention has been given to the methods used during the configuration and the implementation of ERP systems, even though they are commonly used in practice, they still remain largely unexplored and undocumented in Information Systems research. So, the academic relevance of this research is the contribution to the existing body of scientific knowledge. An annotated brief literature review is done in order to evaluate the current state of the existing academic literature. The purpose is to present a systematic overview of relevant ERP implementation methodologies and frameworks as a desire for achieving a better taxonomy of ERP implementation methodologies. This paper is useful to researchers who are interested in ERP implementation methodologies and frameworks. Results will serve as an input for a classification of the existing ERP implementation methodologies and frameworks. Also, this paper aims also at the professional ERP community involved in the process of ERP implementation by promoting a better understanding of ERP implementation methodologies and frameworks, its variety and history

The destabilisation of existing regimes in socio-technical transitions: theoretical explorations and in-depth case studies of the British coal industry (1880-2011)

This thesis, which addresses an innovation studies audience, deals with a neglected topic in the study of socio-technical transitions: the destabilisation and decline of established industries. While most of the transitions literature focuses on the emergence of novelty, this thesis investigates the productive role of destabilisation and processes of unlocking of existing regimes. The research question is: How can we understand the unfolding of industry destabilisation processes? To answer this question, this thesis aims to make theoretical contributions by developing an integrative framework that overcomes shortcomings in existing views of destabilisation. Insights from a number of different approaches are mobilised as ‘building blocks’ for theoretical elaboration. Destabilisation is understood as a process involving: 1) multiple interacting pressures, 2) industry strategies and responses to (economic and legitimacy) challenges, and 3) decreasing commitment to industry regime rules. The theoretical perspective addresses: a) destabilisation as a long-term unfolding process, b) the multi-dimensional and co-evolutionary nature of destabilisation, and c) the role of normative problems in destabilisation. To assess the robustness of the conceptual perspective, the thesis studies three cases of destabilisation: - The destabilisation of the British coal industry in the transition from the omnipresence of coal to a four-fuel economy (1880-1967) - The destabilisation and decline of British deep coal mining in the electricity sector (1967-1997) - The destabilisation of coal use in the transition towards low-carbon electricity (1990-2011). Possible revival? The case studies show the usefulness of the conceptual framework. The analysis of patterns and causal mechanisms further identifies similarities and differences of destabilisation pathways in the cases. Specificities in the kinds, rates, interaction and timing of these dynamics produce different destabilisation patterns

Semantic discovery and reuse of business process patterns

Patterns currently play an important role in modern information systems (IS) development and their use has mainly been restricted to the design and implementation phases of the development lifecycle. Given the increasing significance of business modelling in IS development, patterns have the potential of providing a viable solution for promoting reusability of recurrent generalized models in the very early stages of development. As a statement of research-in-progress this paper focuses on business process patterns and proposes an initial methodological framework for the discovery and reuse of business process patterns within the IS development lifecycle. The framework borrows ideas from the domain engineering literature and proposes the use of semantics to drive both the discovery of patterns as well as their reuse

Examination of Corporate Investments in Privacy: An Event Study

The primary objective of any corporate entity is generating as much wealth as possible. Investing financially in technology domains has historically been a successful strategy for generating increased corporate and shareholder wealth. However, investments in Information Technology (IT), Information Systems (IS) and Information Security (InfoSec) to specifically generate increased wealth must be implemented carefully. Shareholders reacting to corporate investments perceive financial value from individual investments. The investment’s perceived value is then reflected in the corporation’s updated stock market value. IS, IT, and InfoSec investments perceived to possess positive financial value, indicating strong potential for increased wealth, are rewarded by shareholders through increased stock market value; conversely, investments perceived to possess negative financial value, likely to decrease corporate wealth, are punished by shareholders through decreased stock market value. Previous research utilizing Event Study Methodology (ESM) determined financial impact that investments had on corporate stock market value after press release announcements identifying the investment. Based on early success across various domains, additional Event Study Research (ESR) was further conducted within IS, IT, and InfoSec. Most studies aligned into one of three categories: 1) Investments in IT, 2) Information Security Breaches, and 3) IT Outsourcing, and similarly measured changes in market value from corporate investments in related IS, IT, and InfoSec products and services. Examination of the extant body of literature identified a gap within the Privacy domain; minimal ESR examining privacy and the financial impact from corporate investments in privacy. While financial loss associated with a breach incident is identified as the motivating force driving increased corporate investments in defensive measures, “privacy” is identified as a singular construct with little concern for the associated invasion of privacy. As such, little is known about privacy, potential financial risks associated with a privacy breach, nor an understanding of why corporations are not investing in privacy. This research extends the body of literature and makes an academic contribution by: 1) using ESM to identify the financial and overall stock market implications from corporate investments in privacy, 2) identifying the economic incentives motivating corporate investments in privacy, and 3) gaining a better overall understating of corporate investments in privacy, and why corporations are not investing in privacy

Solutions for Impact Investors: From Strategy to Implementation

In writing this monograph, our main goal is to provide impact investors with tools to tighten the link between their investment decisions and impact creation. Our intent is threefold: to attract more capital to impact investing; to assist impact investors as they move from organizational change to executing and refining their impact investment decision-making process; and to narrow the gap within foundations between program professionals and investment professionals thereby contributing to a mutual understanding and implementation of a portfolio approach to impact investing.Additionally, we intend to help break down the barriers making it difficult to identify opportunities in impact investing. To this end, we provide examples throughout the monograph and at www.rockpa.org/impactinvesting of impact investment opportunities in most major asset classes.While we understand the important role that impact investors can play in providing financial capital, we also want to acknowledge the wide range of non-financial resources needed to address the world's problems. Our intent with this monograph is not to provide a comprehensive list of investments across asset classes nor any type of investment advice with regard to the selected profiles. We strongly encourage the reader to conduct their own assessment and evaluation for risk and suitability before considering any investment

Determining benefits from B2B e-commerce : a strategic approach

A request from a powerful customer to exchange information electronically is an important external stimulus to the business strategy of a supplier. Prior research indicates that sub-optimal benefits, if any, are the typical result of such a stimulus. In this research, B2B ecommerce alignment between business strategy and IT strategy is proposed as a determinant of enhanced business benefits from electronic information exchange. A multiple case study approach in the Australian automotive industry is used to examine this proposition. As more electronic information is exchanged using a range of electronic modes, thus creating complex interorganizational systems, this research provides insights for suppliers about how to achieve greater benefits from B2B e-commerce.Una petición proveniente de un cliente poderoso para intercambiar información electrónicamente es un estímulo externo importante para la estrategia de negocios de un proveedor. Una investigación previa indica que los beneficios óptimos, si se producen, son el resultado de un estímulo así. En esta investigación, la alineación de comercio online B2B entre estrategias de negocios y estrategias de IT fueron propuestas como determinantes para obtener beneficios de intercambios de información electrónica. Un estudio de múltiples casos en la industria automotivacional australiana se usa para estudiar esta proposición. Conforme más información electrónica se intercambia usando un rango de métodos electrónicos, se crean complejos interorganismos, esta investigación proporciona pistas para cómo los proveedores pueden alcanzar mejores beneficios del comercio electrónico B2B

The Effective Return of Biblically Responsible Exchange Traded Funds

This dissertation research study was designed to contribute to the growing body of knowledge regarding the efficacy of a recently popular investment vehicle (ETFs; Ben-David et al., 2017) and the impact of values-based investment strategies on performance (Bidisha et al., 2017). Specifically, this research examined the risk-adjusted returns of biblically responsible ETFs, a subset of the larger category of socially responsible investment funds. The results of this study indicated there was no statistically significant difference between the intraday risk-adjusted return yields of the mid-cap and world large stock BRI ETFs and their respective benchmark indexes or the average intraday risk-adjusted return yield of their category grouping of equity-only faith-based investment funds. The two additional performance proxies, the Sharpe ratio and Jensen’s α, revealed that the mid-cap BRI ETF (ISMD) had both a higher intraday Sharpe ratio and Jensen’s α than the small/mid-cap equity-only faith-based funds and its respective benchmark index with no socially responsible investing agenda. One world large stock equity-only faith-based fund (GAGYX) had a statistically significant difference in the intraday performance from the Russell 3000 index. Further, the Sharpe ratio and Jensen’s α for the fund were also higher than the benchmark

International relations in international business research:A review and research agenda

The increasing dynamism of the international business (IB) environment has drawn greater scholarly attention to the implications of international politics for MNEs’ cross-border activities. However, a systematic overview of International Relations (IR) research which has been applied in IB studies is absent. To analyse this void, we propose a conceptual framework of the broader international context to delineate the research boundaries of the emerging IR in IB research domain and offer a critically synthesized review of the studies that have drawn on IRscholarship to explain MNEs’ behaviour. We conduct bibliometric and content analyses to understand the state of knowledge of IR in IB research and examine the main approaches to study the impact of IR factors on MNEs’ location choices, entry strategies, legitimacy and post-entry performance. By illuminating knowledge frontier issues, we derive important directions for deepening the integration of IR scholarship to advance IB research