Can company-fund manager meetings convey informational benefits? Exploring the rationalisation of equity investment decision making by UK fund managers

Conventional economic theory, applied to information released by listed companies, equates ‘useful’ with ‘price-sensitive’. Stock exchange rules accordingly prohibit the selec- tive, private communication of price-sensitive information. Yet, even in the absence of such communication, UK equity fund managers routinely meet privately with the senior execu- tives of the companies in which they invest. Moreover, they consider these brief, formal and formulaic meetings to be their most important sources of investment information. In this paper we ask how that can be. Drawing on interview and observation data with fund managers and CFOs, we find evidence for three, non-mutually exclusive explanations: that the characterisation of information in conventional economic theory is too restricted, that fund managers fail to act with the rationality that conventional economic theory assumes, and/or that the primary value of the meetings for fund managers is not related to their investment decision making but to the claims of superior knowledge made to clients in marketing their active fund management expertise. Our findings suggest a disconnect between economic theory and economic policy based on that theory, as well as a corre- sponding limitation in research studies that test information-usefulness by assuming it to be synonymous with price-sensitivity. We draw implications for further research into the role of tacit knowledge in equity investment decision-making, and also into the effects of the principal–agent relationship between fund managers and their clients.

Enforcing service level agreements using an economically enhanced resource manager

Traditional resource management has had as its main objective the optimisation of throughput, based on parameters such as CPU, memory, and network bandwidth. With the appearance of Grid Markets, new variables that determine economic expenditure, benefit and opportunity must be taken into account. The SORMA project aims to allow resource owners and consumers to exploit market mechanisms to sell and buy resources across the Grid. SORMA’s motivation is to achieve efficient resource utilisation by maximising revenue for resource providers, and minimising the cost of resource consumption within a market environment. An overriding factor in Grid markets is the need to ensure that desired Quality of Service levels meet the expectations of market participants. This paper explains the proposed use of an Economically Enhanced Resource Manager (EERM) for resource provisioning based on economic models. In particular, this paper describes techniques used by the EERM to support revenue maximisation across multiple Service Level Agreements.

Enforcing service level agreements using an economically enhanced resource manager

Traditional resource management has had as its main objective the optimisation of throughput, based on pa- rameters such as CPU, memory, and network bandwidth. With the appearance of Grid Markets, new variables that determine economic expenditure, benefit and opportunity must be taken into account. The SORMA project aims to allow resource owners and consumers to exploit market mechanisms to sell and buy resources across the Grid. SORMA’s motivation is to achieve efficient resource utilisation by maximising revenue for resource providers, and minimising the cost of resource consumption within a market environment. An overriding factor in Grid markets is the need to ensure that desired Quality of Service levels meet the expectations of market participants. This paper explains the proposed use of an Economically Enhanced Resource Manager (EERM) for resource provisioning based on economic models. In particular, this paper describes techniques used by the EERM to support revenue maximisation across multiple Service Level Agreements.

A management architecture for active networks

In this paper we present an architecture for network and applications management, which is based on the Active Networks paradigm and shows the advantages of network programmability. The stimulus to develop this architecture arises from an actual need to manage a cluster of active nodes, where it is often required to redeploy network assets and modify nodes connectivity. In our architecture, a remote front-end of the managing entity allows the operator to design new network topologies, to check the status of the nodes and to configure them. Moreover, the proposed framework allows to explore an active network, to monitor the active applications, to query each node and to install programmable traps. In order to take advantage of the Active Networks technology, we introduce active SNMP-like MIBs and agents, which are dynamic and programmable. The programmable management agents make tracing distributed applications a feasible task. We propose a general framework that can inter-operate with any active execution environment. In this framework, both the manager and the monitor front-ends communicate with an active node (the Active Network Access Point) through the XML language. A gateway service performs the translation of the queries from XML to an active packet language and injects the code in the network. We demonstrate the implementation of an active network gateway for PLAN (Packet Language for Active Networks) in a forty active nodes testbed. Finally, we discuss an application of the active management architecture to detect the causes of network failures by tracing network events in time.

A genetic algorithm for the design of a fuzzy controller for active queue management

Active queue management (AQM) policies are those policies of router queue management that allow for the detection of network congestion, the notification of such occurrences to the hosts on the network borders, and the adoption of a suitable control policy. This paper proposes the adoption of a fuzzy proportional integral (FPI) controller as an active queue manager for Internet routers. The analytical design of the proposed FPI controller is carried out in analogy with a proportional integral (PI) controller, which recently has been proposed for AQM. A genetic algorithm is proposed for tuning of the FPI controller parameters with respect to optimal disturbance rejection. In the paper the FPI controller design metodology is described and the results of the comparison with random early detection (RED), tail drop, and PI controller are presented.

Do construction companies need to match employees' expectations?

Commitment of employees is relatively low in construction. This problem is exasperated by companies inability to attract, motivate, and retain talent that is then often channelled into other more attractive industrial sectors where the prospects, conditions and rewards are perceived to be much higher. The purpose of this study is thus primarily to develop a generic model to maximise employees' engagement, improve their motivation and increase the retention levels. To achieve this aim, the investigation looks into how perceived employment obligations and expectations impact commitment and through that organisational performance. The study is based on the postulations of Luhmann's theory of social systems with communication viewed as a constitutive element of a social system. Consequently expectations of a particular party in an employment relationship are represented in a communicative space requiring the other party's understanding in order to align expectations of both sides in the relationship. Explicitly, alignment of by an employee perceived manager's expectations determines his/ her commitment to fulfil obligations towards the manager. The result of this first stage of research is a conceptual model developed following the substantial supporting evidence in the literature and it forms the framework for mitigation of low commitment, motivation and retention of employees. The model particularly focuses on factors affecting employees' perceived expectations like reneging, incongruence and the process of communication. In the future the model will be validated using empirical data from a combination of observational and enquiry-based research. Once completed, the model will provide a framework for informing Human Resource Management policies with the aim to improve commitment of employees, increase the levels of retention and consequently improve the performance of construction organisations.

The impact of ICT on the work patterns of managers and their organisations

Purpose – The main aim of this paper is to present the results of a study examining managers' attitudes towards the deployment and use of information and communications technology (ICT) in their organisations. The study comes at a time when ICT is being recognised as a major enabler of innovation and new business models, which have the potential to have major impact on western economies and jobs. Design/methodology/approach – A questionnaire was specially designed to collect data relating to three research questions. The questionnaire also included a number of open-ended questions. A total of 181 managers from a wide range of industries across a number of countries participated in the electronic survey. The quantitative responses to the survey were analysed using SPSS. Exploratory factor analysis using Varimax rotation was used and ANOVA to compare responses by different groups. Findings – The survey showed that many of the respondents appeared equipped to work “any place, any time”. However, it also highlighted the challenges managers face in working in a connected operation. Also, the data suggested that many managers were less than confident about their companies' policies and practices in relation to information management. Originality/value – A next step from this exploratory research could be the development of a model exploring the impact of ICT on management and organisational performance in terms of personal characteristics of the manager, the role performed, the context and the ICT provision. Also, further research could focus on examining in more detail differences between management levels.

A sensor based intelligent building assessment model

While building provides shelter for human being, the previous models for assessing the intelligence of a building seldom consider the responses of occupants. In addition, the assessment is usually conducted by an authority organization on a yearly basis, thus can seldom provide timely assistance for facility manager to improve his daily facility maintenance performance. By the extending the law of entropy into the area of intelligent building, this paper demonstrate that both energy consumption and the response of occupants are important when partially assessing the intelligence of a building. This study then develops a sensor based real time building intelligence (BI) assessment model. An experimental case study demonstrates how the model can be implemented. The developed model can address the two demerits of the previous BI assessment model.

Commercial management in project-based organisations

The term commercial management has been used for some time, similarly the job title commercial manager. However, as of yet, little emphasis has been placed on defining. This paper presents the findings from a two-year research initiative that has compared and contrasted the role of commercial managers from a range of organisations and across industry sectors, as a first step in developing a body of knowledge for commercial. It is argued that there are compelling arguments for considering commercial management, not solely as atask undertaken by commercial managers, but as a discipline in itself: a discipline that, arguably, bridges traditional project management and organisational theories. While the study has established differences in approach and application both between and within industry sectors, it has established sufficient similarity and synergy in practice to identify a specific role of commercial management in project-based organisations. These similarities encompass contract management and dispute resolution; the divergences include a greater involvement in financial and value management in construction and in bid management in defence/aerospace.

The effect of intensive case management on the relatives of patients with severe mental illness

Objective: Relatives play a vital role in caring for patients with severe mental illness but receive inadequate support from psychiatric services. Evidence suggests that although intensive case management is directed primarily at patients, relatives may benefit a's well. This study examined whether relatives of patients who were receiving intensive case management had more contact with mental health professionals than relatives of patients who were receiving standard case management. It also examined whether relatives of patients receiving intensive case management appraised caregiving less negatively and experienced less psychological distress than relatives of patients receiving standard case management. Methods: The sample was drawn from the pool of patients participating in the UK700 randomized controlled trial of intensive case management. Prospective data on contact between case managers and the relatives of 146 patients were collected over a two-year period. At a two-year follow-up assessment, relatives of 116 patients were. interviewed with the Experience of Caregiving Inventory and the 12-item General Health Questionnaire. Results: Considerably more relatives of patients receiving intensive case management had contact with a case manager during the study period than relatives of patients receiving standard case management (70 percent compared with 45 percent). However, relatives of patients receiving intensive case management did not-appraise caregiving less negatively or experience less psychological distress than relatives of patients who were receiving. standard case management. Conclusions: Reducing case managers' caseloads alone. will not guarantee adequate support for relatives.. Instead, providing more support will need to be an explicit aim, and staff will require specific additional training to achieve it.