Opening the Black Box: Internal Capital Markets and Managerial Power

We analyze the internal capital markets of a multinational conglomerate to determine whether more powerful unit managers enjoy larger allocations. We use a new dataset of planned and actual allocations to business units to show that, although all unit managers systematically over-budget capital expenditures, more powerful and better connected managers obtain larger shares of cash windfalls and increase investment about 40% more than their less powerful peers. Results survive robustness tests and are not explained by differences in managerial abilities or an endogenous allocation of managers across units. Our findings support bargaining-power theories and provide direct evidence of a source of capital allocation frictions.Internal Capital Markets, Corporate Investment, Capital Budgeting, Managerial Power, Agency, Influence Activities, Corporate Politics

Efficient Algorithms for Optimal Control of Quantum Dynamics: The "Krotov'' Method unencumbered

Efficient algorithms for the discovery of optimal control designs for coherent control of quantum processes are of fundamental importance. One important class of algorithms are sequential update algorithms generally attributed to Krotov. Although widely and often successfully used, the associated theory is often involved and leaves many crucial questions unanswered, from the monotonicity and convergence of the algorithm to discretization effects, leading to the introduction of ad-hoc penalty terms and suboptimal update schemes detrimental to the performance of the algorithm. We present a general framework for sequential update algorithms including specific prescriptions for efficient update rules with inexpensive dynamic search length control, taking into account discretization effects and eliminating the need for ad-hoc penalty terms. The latter, while necessary to regularize the problem in the limit of infinite time resolution, i.e., the continuum limit, are shown to be undesirable and unnecessary in the practically relevant case of finite time resolution. Numerical examples show that the ideas underlying many of these results extend even beyond what can be rigorously proved.Comment: 19 pages, many figure

Learning in virtual worlds : Using communities of practice to explain how people learn from play

Although there is interest in the educational potential of online multiplayer games and virtual worlds, there is still little evidence to explain specifically what and how people learn from these environments. This paper addresses this issue by exploring the experiences of couples that play World of Warcraft together. Learning outcomes were identified (involving the management of ludic, social and material resources) along with learning processes, which followed Wenger’s model of participation in Communities of Practice. Comparing this with existing literature suggests that productive comparisons can be drawn with the experiences of distance education students and the social pressures that affect their participation

Looking inside a conglomerate : efficiency of internal capital allocation and managerial power within a firm

Does more bargaining power of managers inside a firm lead to larger allocations of capital? To tackle this question, we use unique and proprietary panel data on planned and realized capital allocations inside a very large conglomerate. The firm operates worldwide, is headquartered in Europe and has 5 divisions and 22 business units. We measure bargaining power by looking at the three complementary measures of power: (i) tenure of the division CEOs, (ii) whether they have the local nationality and (iii) whether they have an engineering degree (the firm has a very strong and very long engineering tradition). We find that (ex ante) planned allocations of capital are not distorted by bargaining power. Then we study how unexpected cash windfalls at the headquarter level are distributed inside the firm. The cash windfalls result from the sale of equity holdings in other firms and are exogenous to the divisions and business units. We find that managers with more bargaining power get a larger part of the cash windfalls for their own business units. Our results suggest that bargaining power does not matter in formalized allocation processes but rather when it comes to the ad hoc distribution of unexpected cash windfalls. We show that our power variables do not proxy for ability

Tumor site immune markers associated with risk for subsequent basal cell carcinomas.

BackgroundBasal cell carcinoma (BCC) tumors are the most common skin cancer and are highly immunogenic.ObjectiveThe goal of this study was to assess how immune-cell related gene expression in an initial BCC tumor biopsy was related to the appearance of subsequent BCC tumors.Materials and methodsLevels of mRNA for CD3ε (a T-cell receptor marker), CD25 (the alpha chain of the interleukin (IL)-2 receptor expressed on activated T-cells and B-cells), CD68 (a marker for monocytes/macrophages), the cell surface glycoprotein intercellular adhesion molecule-1 (ICAM-1), the cytokine interferon-γ (IFN-γ) and the anti-inflammatory cytokine IL-10 were measured in BCC tumor biopsies from 138 patients using real-time PCR.ResultsThe median follow-up was 26.6 months, and 61% of subjects were free of new BCCs two years post-initial biopsy. Patients with low CD3ε CD25, CD68, and ICAM-1 mRNA levels had significantly shorter times before new tumors were detected (p = 0.03, p = 0.02, p = 0.003, and p = 0.08, respectively). Furthermore, older age diminished the association of mRNA levels with the appearance of subsequent tumors.ConclusionsOur results show that levels of CD3ε, CD25, CD68, and ICAM-1 mRNA in BCC biopsies may predict risk for new BCC tumors

A LOGÍSTICA DE UMA MISSÃO DE PAZ: UM ESTUDO DE CASO DO SAARA OCIDENTAL

This is a case study that reflects on the complexity of logistics activity in the context of a peace operation. A preliminary synthesis is made on the Western Sahara issue, as well as a brief theoretical review of the concept of Military Logistics. The logistics of the main participants of the conflict are analyzed: the Royal Army of Morocco, the Polisario Front and MINURSO. The approaches are essentially different: national logistics, "survival" logistics and international logistics.Trata-se de estudo de caso que reflete sobre a complexidade da atividade logística no contexto de uma operação de paz. É feita uma síntese preliminar acerca da questão do Saara Ocidental, assim como breve revisão teórica sobre o conceito de Logística Militar. São analisadas as logísticas dos principais participantes do conflito: o Exército Real do Marrocos, a Frente Polisário e a MINURSO. Verifica-se que as abordagens são essencialmente distintas: logística nacional, logística "de sobrevivência" e logística internacional

Comparative Analysis of Program Development Processes in Six Professions

This study was designed to examine and describe planning strategies used by persons developing continuing professional edu cation (CPE) programs for six professional fields. From the descrip tion of practice in the six professions, a general model portraying the program development process was developed. The research methods used to guide the inquiry were those of grounded theory. Results indicate planners attend to at least six clusters of activities in their program development processes in a fairly con sistent sequence. Results also indicate that there is limited use of knowledge resources available in the literature. Planners did, however, use a wide variety of resources available inside the uni versity and outside the university to plan programs. Differences in strategies of program development in various professional fields did exist, most often in the order of activities and the emphasis given to specific activities in the program devel opment clusters.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/66957/2/10.1177_074171367602700102.pd

Through the Kinesthetic Lens : Observation of Social Attunement in Autism Spectrum Disorders

© 2017 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).This paper will present a movement-informed perspective to social attunement in Autism Spectrum Disorders (ASD). BACKGROUND: Dance movement therapy (DMT) is a psychotherapeutic intervention that is used with participants with ASD in various settings. Regular clinical outcome monitoring in an outpatient setting in the Netherlands had shown positive effects on social attunement capacities in young people with ASD. However, a systematic study of the development of social attunement movement behaviors of participants with ASD throughout a DMT intervention was not yet available. METHODS: A series of individual cases of DMT with young people with ASD (mean age 12.2 years.) were analyzed for changes in interpersonal movement behaviors employing video-based retrospective observation. RESULTS: The findings were summarized in an observation scale for interpersonal movement behaviors. This scale was then tested for its applicability for the monitoring of social attunement behaviors throughout therapy. DISCUSSION: A movement-informed perspective may be helpful to inventory changes in social attunement behaviors in participants with ASD. The relevance of a movement-informed perspective for the concept of social attunement in ASD will be discussed.Peer reviewedFinal Published versio