Reconciling internalization theory and the eclectic paradigm

The eclectic paradigm of Dunning (1980) (with its OLI and four motives for FDI framework) can be reconciled with the firm and country matrix of Rugman (1981). However, the fit is not perfect. The main reason for misalignment is that Dunning is focused upon outward FDI into host economies, whereas Rugman’s matrix is for firm-level strategy covering MNE activity in both home and host countries.

Occupational choice, socio-economic status and educational attainment: a study of the occupational choices and destinations of young people in the British household panel survey

The article considers young people's occupational choices at the age of 15 in relation to their educational attainment, the occupations of their parents and their actual occupations when they are in their early 20s. It uses data from the British Household Panel Survey over periods of between five and ten years. The young people in the survey are occupationally ambitious: many more aspire to professional, managerial and technical jobs than the likely availability of these occupations. In general ambitions and educational attainment and intentions are well aligned but there are also many instances of misalignment; either people wanting jobs which their educational attainments and intentions will not prepare them for, or people with less ambitious aspirations than their educational performance would justify. Children from more occupationally advantaged families are more ambitious, achieve better educationally and have better occupational outcomes than other children. However, where young people are both ambitious and educationally successful the occupational outcomes are as good for those from disadvantaged as advantaged families. In contrast, where young people are neither ambitious nor educationally successful, the outcomes for those from disadvantaged homes are very much poorer than for other young people. The article suggests that while choice is real it is also heavily constrained for many people. A possible educational implication of the study is that career interventions could be directed at under-ambitious but academically capable young people from disadvantaged backgrounds.

Can misalignments in typical infants be used as a model for infantile esotropia?

PURPOSE. To investigate the nature of early ocular misalignments in human infants to determine whether they can provide insight into the etiology of esotropia and, in particular, to examine the correlates of misalignments. METHODS. A remote haploscopic photorefraction system was used to measure accommodation and vergence in 146 infants between 0 and 12 months of age. Infants underwent photorefraction immediately after watching a target moving between two of five viewing distances (25, 33, 50, 100, and 200 cm). In some instances, infants were tested in two conditions: both eyes open and one eye occluded. The resultant data were screened for instances of large misalignments. Data were assessed to determine whether accommodative, retinal disparity, or other cues were associated with the occurrence of misalignments. RESULTS. The results showed that there was no correlation between accommodative behavior and misalignments. Infants were more likely to show misalignments when retinal disparity cues were removed through occlusion. They were also more likely to show misalignments immediately after the target moved from a near to a far position in comparison to far-to-near target movement. DISCUSSION. The data suggest that the prevalence of misalignments in infants of 2 to 3 months of age is decreased by the addition of retinal disparity cues to the stimulus. In addition, target movement away from the infant increases the prevalence of misalignments. These data are compatible with the notion that misalignment are caused by poor sensitivity to targets moving away from the infant and support the theory that some forms of strabismus could be related to failure in a system that is sensitive to the direction of motion.

PIC based detection for distributed space-time block coding under imperfect synchronisation

A parallel interference cancellation (PIC) detection scheme is proposed to suppress the impact of imperfect synchronisation. By treating as interference the extra components in the received signal caused by timing misalignment, the PIC detector not only offers much improved performance but also retains a low structural and computational complexity.

A simple optimum detector for distributed space-time block coding under imperfect synchronisation

Most research on D-STBC has assumed that cooperative relay nodes are perfectly synchronised. Since such an assumption is difficult to achieve in many practical systems, this paper proposes a simple yet optimum detector for the case of two relay nodes, which proves to be much more robust against timing misalignment than the conventional STBC detector.

PIC detector for distributed space-time block coding under imperfect synchronisation

A parallel interference cancellation (PIC) detection scheme is proposed to suppress the impact of imperfect synchronisation. By treating as interference the extra components in the received signal caused by timing misalignment, the PIC detector not only offers much improved performance but also retains a low structural and computational complexity.

Near-optimum detection for distributed space-time block coding under imperfect synchronization

Significant performance gain can potentially be achieved by employing distributed space-time block coding (D-STBC) in ad hoc or mesh networks. So far, however, most research on D-STBC has assumed that cooperative relay nodes are perfectly synchronized. Considering the difficulty in meeting such an assumption in many practical systems, this paper proposes a simple and near-optimum detection scheme for the case of two relay nodes, which proves to be able to handle far greater timing misalignment than the conventional STBC detector.

Executive pay and performance: did bankers’ bonuses cause the crisis?

This paper examines the pay-performance relationship between executive cash compensation (including bonuses) and company performance for a sample of large UK companies, focusing particularly on the financial services industry, since incentive misalignment has been blamed as one of the factors causing the global financial crisis of 2007–2008. Although we find that pay in the financial services sector is high, the cash-plus-bonus pay-performance sensitivity of financial firms is not significantly higher than in other sectors. Consequently, we conclude that it unlikely that incentive structures could be held responsible for inducing bank executives to focus on short-term results.

Aligning asset allocation and real estate investment: some lessons from the last cycle

Asset allocation is concerned with the development of multi--‐asset portfolio strategies that are likely to meet an investor’s objectives based on the interaction of expected returns, risk, correlation and implementation from a range of distinct asset classes or beta sources. Challenges associated with the discipline are often particularly significant in private markets. Specifically, composition differences between the ‘index’ or ‘benchmark’ universe and the investible universe mean that there can often be substantial and meaningful deviations between the investment characteristics implied in asset allocation decisions and those delivered by investment teams. For example, while allocation decisions are often based on relatively low--‐risk diversified real estate ‘equity’ exposure, implementation decisions frequently include exposure to higher risk forms of the asset class as well as investments in debt based instruments. These differences can have a meaningful impact on the contribution of the asset class to the overall portfolio and, therefore, lead to a potential misalignment between asset allocation decisions and implementation. Despite this, the key conclusion from this paper is not that real estate investors should become slaves to a narrowly defined mandate based on IPD / NCREIF or other forms of benchmark replication. The discussion suggests that such an approach would likely lead to the underutilization of real estate in multi--‐asset portfolio strategies. Instead, it is that to achieve asset allocation alignment, real estate exposure should be divided into multiple pools representing distinct forms of the asset class. In addition, the paper suggests that associated investment guidelines and processes should be collaborative and reflect the portfolio wide asset allocation objectives of each pool. Further, where appropriate they should specifically target potential for ‘additional’ beta or, more marginally, ‘alpha’.

Exploring business and IT alignment mechanisms: toward a learning perspective

Numerous studies have attempted to develop strategic alignment mechanisms. The strategic alignment mechanism is broken down into two categories namely: strategy process and strategy content. Our review shows that alignment research has been carried out in isolation. We see this as having had the effect of limiting the extent to which executives can understand elements of performance. We confer with a number of researchers in postulating that using a mechanism such as multilevel learning to combine strategy content and strategy process under one metaphor can greatly facilitate, through exploration and exploitation, the understanding not only of human interactions within a firm, but also of the interaction existent between a firm and its environment. The findings in this study further support the idea of integrating strategy process and content to have a better understating of alignment maturity and impact on business performance. It also elaborates the affect of misalignment in companies on performance.

Public-private partnership's procurement criteria: the case of managing stakeholders' value creation in Kazakhstan

The article presents the study of the criteria that Kazakhstan's government used for granting a public–private partnership (PPP) contract to a private investor for construction and operation of eleven kindergartens in the city of Karaganda during 14 years. From the perspective of value creation for critical stakeholders, there was often misalignment between bidders' views of these criteria and the perceived value for citizens and the government. The latter may significantly enhance the creation of shared values in a PPP by actively engaging stakeholders in the design of the bids' assessment criteria.

The changing influence of societal culture on job satisfaction across Europe

This paper contributes to the growing multidisciplinary body of literature on subjective well-being by investigating the longitudinal stability and impact of societal cultural values (SCVs) – as opposed to the more common organizational values – on job satisfaction. It is assumed that SCVs evolve slowly; hence, their impact on job satisfaction is likely to remain stable over time. False adherence to this assumption could cause misalignment between organizational policies/practices and expectations formed by societal culture, decreasing job satisfaction and adversely affecting productivity, competiveness and prosperity. Four waves of the European Values Study are used to examine whether SCVs have evolved and their impacts on job satisfaction over a relatively short time: 1981–2008. SCVs are parameterized through reference to traditional vs secular-rational, and survival vs self-expression value continuums. Results indicate that the strength of many SCVs has declined, the impacts of traditional societal values on job satisfaction have remained fairly constant, and the impacts of survival societal values on job satisfaction have declined substantially over this sample period. These reductions in SCVs amplify the importance of accounting for such changes when designing new or adjusting existing policies/practices to enhance job satisfaction and stimulate improvements in productivity, competitiveness and prosperity.