Scand-LAS SYMPOSIUM 1985: ABSTRACTS FROM THE SCIENTIFIC PROGRAMME

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"Large" versus "Small" Players: A Closer Look at the Dynamics of Speculative Attacks *

Abstract What is the role of "large players" (e.g., hedge funds) in speculative attacks? Recent work suggests that large players move early to induce smaller agents to attack. However, many observers argue that large players move late in order to benefit from interest-rate differentials. We propose a model in which large players can do both. Using data on currency trading by foreign (large) and local (small) players, we find that foreign players moved last in three attacks on the Norwegian krone during the 1990s. During the attack on the Swedish krona after the Russian moratorium in 1998, foreign players moved early. Gains by delaying attack were small, however, because interest rates did not increase

Strategic management as multi-contextual sensemaking in intermediate organizations

Abstract Traditional strategic theory often provides limited means for dealing with the strategic management problems of organizations operating between societal sectors. This article thus uses the case of three industrial development organizations in developing an understanding of strategic management in organizations that operate under multi-contextual conditions. It is concluded that such organizations lack any clear mandate to act, any sound resource base, or any domain of their own, and that all these have to be created as part of the organizations' strategic management process. The implications of this line of reasoning for the general strategic management process are discussed in the closing section of the article