The Greek Current Account Deficit:Is it Sustainable after all?

The large Greek current account deficit figures reported during the past few years have become the source of increasing concern regarding its sustainability. Bearing in mind the variety of techniques employed and the views expressed as regards the analysis and the assessment of the size of the current account deficit, this paper resorts to using neural network architectures to demonstrate that, despite its size, the current account deficit of Greece can be considered sustainable. This conclusion, however, is not meant to neglect the structural weaknesses that lead to such a deficit. In fact, even in the absence of any financing requirements these high deficit figures point to serious competitiveness losses with everything that these may entail for the future performance of the Greek economy.Neural Networks; Current Account Deficit Sustainability

IT Project Management & Managerial Risk: Effects of Overconfidence

Due to high IT project failure rates, risk management in IT projects has attracted significant research interest and continues to be an important research and managerial concern. Recently, a stream of IS research has focused on the risks posed by managerial decision making on IT projects, by showing how managers themselves are a major source of risk by falling prey to various heuristics and biases while making decisions at various stages of IT project management. In this study, we explore one of the concepts i.e. overconfidence, and have proposed some potential areas of research. We hope that empirical examination of the propositions will give an insight into the details of how managers become victims of own biases through overconfidence thus causing severe yet systematic risks to the IT projects

Reflections of Culture in Global Corporate Web Sites

Hofstede (1980) found that national cultures differ along several dimensions. He believed that national cultural values and differences have existed for a long period of time and are stable. Subsequent research has both confirmed and challenged the validity of Hofstede’s conclusions for the long term. With the advent of the Internet and related networking and communication technologies, many have speculated that the ubiquitous nature of these technologies has a homogenizing effect and contributes to cultural convergence. The main objective of this study is to determine if differences in national culture are evident in the web sites of global corporations or if national cultures, as reflected through these web sites, have converged as a result of Internet usage

Mucosal delivery of tuberculosis vaccines: a review of current approaches and challenges.

Introduction: Tuberculosis (TB) remains a major health threat and it is now clear that the current vaccine, BCG, is unable to arrest the global TB epidemic. A new vaccine is needed to either replace or boost BCG so that a better level of protection could be achieved. The route of entry of Mycobacterium tuberculosis, the causative organism, is via inhalation making TB primarily a respiratory disease. There is therefore good reason to hypothesize that a mucosally delivered vaccine against TB could be more effective than one delivered via the systemic route.Areas covered: This review summarizes the progress that has been made in the area of TB mucosal vaccines in the last few years. It highlights some of the strengths and shortcomings of the published evidence and aims to discuss immunological and practical considerations in the development of mucosal vaccines.Expert opinion: There is a growing body of evidence that the mucosal approach to vaccination against TB is feasible and should be pursued. However, further key studies are necessary to both improve our understanding of the protective immune mechanisms operating in the mucosa and the technical aspects of aerosolized delivery, before such a vaccine could become a feasible, deployable strategy

Understanding the Information Technology Growth Options: Effects of Gender and Experience on Option Exercise Decisions

To account for managerial decision flexibility in risky IT investments, Real Option Valuation (ROV) has been advocated. ROV formalizes managers’ intuition, thus creating a disciplined decision making process. However, evidence suggests that ROV is usually utilized intuitively by professionals, in the form of “Real Option Thinking”, and is subject to various judgmental biases. We focus on growth options for this study. Prior research has shown that, while valuing projects with real options, managers ascribe the greatest importance to projects with growth options. Similar results hold for IT projects, where IT managers perceive a growth option as adding more value to the project. This perception of growth options might suggest their vulnerability to the IT managers’ risk preferences, through Prospect Theory. By conducting a survey-based experiment among 150 IT professionals, our results indicate that gender and experience impact biases in growth option exercise decisions significantly, depending on project size. However, we also observe some exceptions