Betting the farm : the effect of prior performance on the framing of strategic risk decisions

The purpose of this study was to address the effects of prior performance on strategic risk decisions of the firm. Strategy researchers have traditionally sought to focus on the impacts of strategic risk decisions. such asResearch and Development, Diversification, Credit Risk,and Financial Risk, on performance. The findings have been inconclusive and many times contradictory. Thisresearch is based on the premise that the prior performance of the firm and the outcomes associated with the risk decision involved will effect decisions related to the risk. Therefore, this dissertation seeks to provide insight into the question what is the nature of the relationship between the prior performance of firms and their strategic risk decisions?Using a sample comprised of 72 firms (40 juice processors and 32 cocoa processors) this study collected firm performance data from 1993-1996 (Return on Assets) ,hedging ratio (1997), and the effect of prior hedging on ORA (1993-1996). The findings indicate that the prior performance was indeed positively associated with higher usage of risk-evasive mechanisms. While the hypothesized moderating effect of trend in performance was not found to be statistically significant, a significant direct effect was supported. Additionally, the prior performance of the risk-evasive mechanism showed weak support at best for a positive relationship. This is truly a comforting find for those who study and teach in the field of finance

Market Simulation Programming As A Culminating Experience For Students Interested In Entrepreneurship And Pursuing An M.S. In Engineering Technology

Many of our students enrolled in our Master of Science in Technology program have expressed an interest in learning about entrepreneurship and the development and management of a technology driven company. Students interested in entrepreneurship can pursue a 12 credit concentration that includes classes in developing a cohesive marketing and technology strategy, comparing and contrasting technology strategies for companies within the same market niche, developing an entrepreneurial business plan and coursework in either small business management or entrepreneurial finance. One critical component of this concentration is the utilization of the Marketplace™ Venture Capital simulation game to provide students with real world management experience in running a technology driven company. Teams of students playing roles as CEO, Marketing Manager, Manufacturing Manager, Financial Manager and R and D Manager develop the technology and marketing strategies for their companies as they compete against each other in a global environment. After four quarters of operation, students are required to prepare and deliver a 15 minute presentation to venture capitalists detailing their marketing and technology strategies, performance to date and expectations in the market for the remaining two quarters in the game simulation. They are competing against the other teams for the venture capitalist’s money and must not only have a good presentation but also demonstrate conceptual understanding of what the financial and market data means. The roles of the venture capitalists are played by retired professionals in the community that have run businesses with revenues exceeding $50 M/year, have started new technology based ventures or have managed researchers in a commercial environment. We instruct the venture capitalists to play the role as tough managers who require data and not fluff before they part with their precious venture capital financing. VC and Technology business managers must negotiate on the purchase price for shares of their company with lesser performing companies giving up a greater share of their company in the negotiation. Students utilize techniques presented in the first two classes in their curriculum (Investigations in Technology and Strategic Management of Technology and Innovation) to develop their marketing and technology strategies. The students appreciate the fact that they are able to take risks and make mistakes in a simulation environment where financial disasters are made with fake money. After utilizing this simulation program for three years, we have found that non- traditional students who have been working in an engineering field typically perform better than the traditional graduate students who are entering their graduate program immediately after receiving their bachelor’s degree. Our experience is that all engineering technology students (regardless of when they enter the program) are weak in their comfort and understanding of financial data and that this is a weakness that we need to correct in both the undergraduate and graduate programs

Efficacy of a Preemergence Herbicide Following Postemergence Control to Reduce Sericea Lespedeza in Old Fields Managed for Northern Bobwhite

Sericea lespedeza (Lespedeza cuneata; hereafter, sericea) is a nonnative forb that commonly invades sites managed for northern bobwhite (Colinus virginianus; hereafter, bobwhite). Sericea can reduce habitat quality for bobwhite as it outcompetes native plants that provide forage and cover. Bobwhite eat sericea seed, but seed are relatively indigestible and may limit nutrition intake and reduce the fecundity rate. Postemergence herbicides, including glyphosate, triclopyr, and fluroxypyr+triclopyr, control standing sericea, but do not provide preemergence control, which would increase long-term control because sericea annually produces large amounts of hard seed with high dormancy rates. Imazapic is labeled to provide preemergence control, but no study has evaluated preemergence applications of imazapic following postemergence herbicides to control sericea and promote native plants important for bobwhite. Additionally, data evaluating various rates of imazapic to control sericea are lacking. We currently are evaluating the efficacy of glyphosate and fluroxypyr+triclopyr, applied alone post-emergence and in conjunction with 3 preemergence rates of imazapic, to reduce coverage of sericea at 4 sites in Tennessee and Alabama, USA. We split each site into 8 treatment units and control and assigned the following treatments: glyphosate, fluroxypyr+triclopyr, glyphosate with 48, 96, and 144 ml/ha (4, 8, and 12 oz/acre) imazapic, and fluroxypyr+triclopyr with 48, 96, and 144 ml/ha imazapic. We applied 767 ml/ha (2 qt/acre) glyphosate and 192 ml/ha (16 oz/acre) fluroxypyr+triclopyr in August 2018 to control established sericea. We measured coverage of native forbs, native grasses, and sericea during the 2019 and 2020 growing seasons to determine the efficacy of treatments on sericea and the native plant community. Both glyphosate and fluroxypyr+triclopyr reduced sericea coverage 1 and 2 growing seasons following treatment, but we documented no difference in reduction of sericea coverage between postemergence treatments. We will apply imazapic in March 2021 at 3 different rates to determine whether a preemergence application improves sericea control. Our results on the effectiveness of a preemergence application after postemergence applications should provide valuable information to managers trying to control sericea on lands managed for bobwhite

Encouraging Student Participation In Social Entrepreneurship Opportunities

Social entrepreneurs utilize the traits of commercial entrepreneurs; organizational abilities, opportunity identification, combining resources in novel ways, willingness to accept and manage risk and explosive growth or returns, to create enterprises that return high social value. As educators, we see opportunities where entrepreneurial skills can be applied to education, not-for-profit organizations, government offices and programs and philanthropic concerns and create service learning opportunities for students beyond the boundaries of the university. Many of us involved in higher education are frustrated with students who do not attend class, turn in assignments late or exhibit a lack of effort in classes where they pay tuition and receive a grade. It is a challenge, therefore, to gain the involvement of students in social entrepreneurship efforts where the reward (grade, pay or recognition) is not immediate or minimal and the trade-off (time management for their schedule) may be more fun or financially rewarding. This paper discusses the evolution for the process of enlisting student involvement in two distinct social entrepreneurship programs at our university. The first program involves linking university skill sets in the arts, digital media, technology and project management to the planning, implementation and evaluation of a regional arts and music festival held in the city where our university operates. Students involved in this social entrepreneurial venture work with community volunteers, city government officials and local business owners for a period of nine to ten months. In the first two years of sponsoring this program the strategy has evolved from enlisting the help of a student technology club (Edge Club, Digital Media) to working with a small volunteer student team (3 to 4 students). In each case, the organization or student team that worked on the project received no academic credit for the work involved beyond enhancement of their resume. Initial enthusiasm was high but tended to decline as the time horizon for finishing the project extended beyond the current semester and other activities or demands competed for the students’ participation. The second program also utilizes a student organization (Students In Free Enterprise, SIFE) to work on social entrepreneurship projects. In SIFE we have found that the students prefer projects that entail an afternoon of preparation for a short presentation, or service within a 3-4 day period. In that this group is involved in a “competition” with SIFE teams from other institutions at the end of the year, it is important that they seek projects that will differentiate themselves. The short-term projects that they prefer do little to accomplish this differentiation. The projects that truly differentiate are those that require a high degree of preparation for an event that culminates at the end of the semester, or even the following year. To that end, all students of this select team are required to create a long-term project that they will spearhead throughout the year. This leads to an escalation of commitment due to their “ownership” of that project. They are also required to assist another team member on their long-term project. Their efforts on these projects tend to be greater in that they realize that the other members will be assisting them on their project and they want to receive a conscientious effort from their teammates. This synergistic performance enhances both the number and quality of the projects. Using this method, we typically create 5 to 6 viable projects each year. Most teams that we compete with tend to have one major project per year. Using this system our university team has completed an average of 10 projects per year for presentation, of which 2 to 3 have been major projects

Genetic Parameters for Human-Directed Behavior and Intraspecific Social Aggression Traits in Growing Pigs

This study aimed to estimate heritabilities and genetic and phenotypic correlations for human-directed behavior and intraspecific social aggression traits in growing pigs, and to explore genetic and phenotypic correlations among them. Pigs (n = 2,314) were mixed into groups of 18 animals at 69 ± 5.2 d of age and skin lesions (SL) were counted 24 h (SL24h) and 5 weeks (SL5WK) post-mixing. Individual behavioral responses to isolation in a weighing crate (CRATE, 1 = pig performing exploratory behavior to 4 = pig performing serious, persistent attempts to escape) or when alone in an arena while a human directly approached them (IHAT) were assessed within 48 h post-mixing. During the IHAT, three separate scores were given for each pig based on the severity (0 = none to 3 = severe reaction) of their movement, vocalizations, and vigilance. Additionally, pigs were tested for behavioral responses to the presence of a single human observer walking in their home pen in a circular motion (WTP) within 1 and 4 weeks post-mixing recording pigs that followed, nosed or bit the observer. An animal model was used to estimate genetic parameters for all studied traits using the DMU software. Heritabilities (h2) for SL, CRATE and IHAT responses were low to moderate (0.17 to 0.29), with the greatest h2 estimated for speed of moving away from the approaching observer in the IHAT. Low but significant h2 were estimated for nosing (0.09) and biting (0.11) the observer at 4 weeks post-mixing in the WTP test. Positive high genetic correlations (rg) were observed between CRATE and IHAT responses (0.55 to 0.90), and within SL traits (0.60 to 0.94) while positive low to high rg were estimated within the WTP test (0.24 to 0.59) traits. Positive moderate rg were observed between CRATE and central and posterior SL24h. Genetic correlations between CRATE and IHAT test responses and WTP test traits were low, mostly negative (-0.21 to 0.05) and not significant. Low positive rg (0.06 to 0.24) were observed between SL and the WTP test traits except for the lack of rg between posterior SL24h and pigs biting or following the observer during both tests. Phenotypic correlations between CRATE and IHAT responses and SL or WTP test traits were mostly low and not significant. Under the conditions of this study, h2 estimates for all studied traits suggest they could be suitable as a method of phenotyping aggression and fear and/or boldness in pigs for genetic selection purposes. Additionally, there was evidence of genetic associations between aggression and fear indicators. These findings suggest applying selection pressure to reduce the accumulation of lesions is likely to make pigs more relaxed in a crate environment, but to alter the engagement with humans in other contexts that depends on the location of the lesions under selection

Acceptance Test for Jetstream Test Cluster — Jetstream-Arizona (JA) Dell PowerEdge Test and Development Cluster

This paper details the system description and the performance targets, methods used to perform the acceptance tests, and the achieved performance of the Jetstream test cluster.National Science Foundation Award ACI-1445604: Jetstream - A Self-Provisioned, Scalable Science and Engineering Cloud Environment, Craig A. Stewart, IU, Principal Investigator

Embedding Innovation Process And Methodology In Engineering Technology And Business Management And Marketing Courses

For many business segments, true “out of the box” innovation occurs in entrepreneurial companies where the founders aren’t hindered with the research paradigms established by mainstream businesses. The founders of these companies, many times technologists and scientists, see the application of the technology long before potential customers develop an understanding of the capabilities that the new technology can bring to the marketplace. Many times these “new technology ideas” have been developed though modifying an existing dominant design (product or service) to meet an unforeseen market need or through the development of a new design that may become the new industry standard. The competitors of tomorrow may reside in radically different markets yet have the insight to envision the application or modification of an existing technology to a market segment that they are currently not involved in. Teaching engineering technology students techniques and visioning tactics related to the innovation process has been difficult. Several of the authors have experienced, both in the classroom and in industrial settings, that many engineering and engineering technology students see innovation as the application of engineering principals resulting in small incremental changes in a process. Although these changes may result in a more efficient process through increased productivity, reduced waste, faster cycle times, etcetera; continuous improvement projects many times do not generate the dramatic market changes seen with a new dominant design. In fact in many established industries, disruptive innovation is discouraged in favor of continuous innovation because of the uncertainty of the risk/reward quotient and the impact that failed experimentation (increased research and development costs) can have on Wall Street’s perception of a company. Our university recently merged the colleges of Business and Technology and Applied Sciences resulting in a cross-pollinated faculty and the establishment of courses in the graduate and undergraduate curriculum where business and engineering technology student’s work together on class projects, many of which involve an innovation component. It is interesting that many of the faculty who incorporate a discussion or exercise related to the innovation process in their classroom have had extensive experience in an industrial setting prior to joining the university faculty. Industry seasoned faculty bring their “real-world” experience to the classroom and challenge students to move beyond continuous improvement projects. In several cases, ideas generated in the classroom or through collaborative efforts between the business and technology faculty have resulted in prototypes being built in the laboratory for further testing of the prospective innovation. The presence of a technology-centered business incubator located within walking distance from campus provides students the opportunity to observe several high technology businesses that have developed new technology niches in established market segments. These businesses provide consulting opportunities for cross-disciplinary graduate student teams to observe the challenges of introducing a new technology to address previously met market needs through introduction of a superior product. The business incubator is further linked to a sister technology-centered business incubator in Europe providing students (graduate and undergraduate) the opportunity to evaluate if a new technology should be launched initially in the United States or Europe. The creation of these learning opportunities mimic the industrial setting where graduates will be required to operate in cross-disciplinary teams that may address global manufacturing and marketing decisions. This paper discusses the pedagogical approaches several faculty members have developed to introduce and cultivate a creative innovation process to undergraduate and graduate students enrolled in technology engineering and business marketing and management classes. These approaches include identifying unmet market niche opportunities, identifying technologies utilized in alternative markets that could be utilized for different market segments, classroom exercises to compel students to search existing patent literature, ideation and brainstorming exercises and researching business entities to identify their technology strategy and implementation plans

Magnetic local time‐resolved examination of radiation belt dynamics during high speed solar wind speedtTriggered substorm clusters

Particle observations from low Earth orbiting satellites are used to undertake superposed epoch analysis around clusters of substorms, in order to investigate radiation belt dynamical responses to mild geomagnetic disturbances. Medium energy electrons and protons have drift periods long enough to discriminate between processes occurring at different MLT, such as magnetopause shadowing, plasma wave activity, and substorm injections. Analysis shows that magnetopause shadowing produces clear loss in proton and electron populations over a wide range of L‐shells, initially on the dayside, which interact with nightside substorm‐generated flux enhancements following charge‐dependent drift directions. Inner magnetospheric injections recently identified as an important source of 10's to 100's keV electrons at low L (L<3), occurring during similar solar wind‐driving conditions as recurrent substorms, show similar but more enhanced geomagnetic AU‐index signatures. Two‐fold increases in substorm occurrence at the time of the sudden particle enhancements at low L shells (SPELLS), suggests a common linkage