923 resultados para Real Options Theory


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Although Theory of International Politics is a standard-bearer for explanatory theory in international relations (IR), Waltz’s methodology has been subject to numerous quite disparate analyses. One reason why it has proved hard to pin down is that too little attention has been paid to how, in practice, Waltz approaches real-world problems. Despite his neopositivist rhetoric, Waltz applies neorealism in a notably loose, even indeterminate, fashion. There is therefore a disjunction between what he says and what he does. This is partly explained by his unsatisfactory attempt to reconcile his avowed neopositivism with his belief that international politics is characterized by organized complexity. The inconsistencies thus created also help to make sense of why competing interpretations of his methodology have emerged. Some aspects of his work do point beyond these particular methodological travails in ways that will continue to be of interest to IR theorists, but its most enduring methodological lesson may be that rhetoric and practice do not necessarily fit harmoniously together.

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Although financial theory rests heavily upon the assumption that asset returns are normally distributed, value indices of commercial real estate display significant departures from normality. In this paper, we apply and compare the properties of two recently proposed regime switching models for value indices of commercial real estate in the US and the UK, both of which relax the assumption that observations are drawn from a single distribution with constant mean and variance. Statistical tests of the models' specification indicate that the Markov switching model is better able to capture the non-stationary features of the data than the threshold autoregressive model, although both represent superior descriptions of the data than the models that allow for only one state. Our results have several implications for theoretical models and empirical research in finance.

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Customer Relationship Management (CRM) theory suggests that good customer service results in satisfied customers, who in turn are more likely to remain loyal and recommend the service provider to others. Applied to real estate, this theory implies that landlords should see a return on any investment in the service they give to tenants, in the form of increased lease renewal rates and fewer void periods, achieved without compromising rents. This paper examines determinants of occupier satisfaction, and investigates the relationship between occupier satisfaction and property performance, using measures such as capital growth, income return, lease renewal rates and total return. The analysis is based upon a pilot study using occupier satisfaction responses from around 2500 interviewees based in multi-tenanted offices, shopping centres and retail warehouses on out-of-town retail parks in the UK. The analysis is being extended to cover a larger sample for the author’s PhD. Part 1 of the analysis examines occupier satisfaction, whilst Part 2 considers its impact on property performance.

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During the last 30 years, significant debate has taken place regarding multilevel research. However, the extent to which multilevel research is overtly practiced remains to be examined. This article analyzes 10 years of organizational research within a multilevel framework (from 2001 to 2011). The goals of this article are (a) to understand what has been done, during this decade, in the field of organizational multilevel research and (b) to suggest new arenas of research for the next decade. A total of 132 articles were selected for analysis through ISI Web of Knowledge. Through a broad-based literature review, results suggest that there is equilibrium between the amount of empirical and conceptual papers regarding multilevel research, with most studies addressing the cross-level dynamics between teams and individuals. In addition, this study also found that the time still has little presence in organizational multilevel research. Implications, limitations, and future directions are addressed in the end. Organizations are made of interacting layers. That is, between layers (such as divisions, departments, teams, and individuals) there is often some degree of interdependence that leads to bottom-up and top-down influence mechanisms. Teams and organizations are contexts for the development of individual cognitions, attitudes, and behaviors (top-down effects; Kozlowski & Klein, 2000). Conversely, individual cognitions, attitudes, and behaviors can also influence the functioning and outcomes of teams and organizations (bottom-up effects; Arrow, McGrath, & Berdahl, 2000). One example is when the rewards system of one organization may influence employees’ intention to quit and the existence or absence of extra role behaviors. At the same time, many studies have showed the importance of bottom-up emergent processes that yield higher level phenomena (Bashshur, Hernández, & González-Romá, 2011; Katz-Navon & Erez, 2005; Marques-Quinteiro, Curral, Passos, & Lewis, in press). For example, the affectivity of individual employees may influence their team’s interactions and outcomes (Costa, Passos, & Bakker, 2012). Several authors agree that organizations must be understood as multilevel systems, meaning that adopting a multilevel perspective is fundamental to understand real-world phenomena (Kozlowski & Klein, 2000). However, whether this agreement is reflected in practicing multilevel research seems to be less clear. In fact, how much is known about the quantity and quality of multilevel research done in the last decade? The aim of this study is to compare what has been proposed theoretically, concerning the importance of multilevel research, with what has really been empirically studied and published. First, this article outlines a review of the multilevel theory, followed by what has been theoretically “put forward” by researchers. Second, this article presents what has really been “practiced” based on the results of a review of multilevel studies published from 2001 to 2011 in business and management journals. Finally, some barriers and challenges to true multilevel research are suggested. This study contributes to multilevel research as it describes the last 10 years of research. It quantitatively depicts the type of articles being written, and where we can find the majority of the publications on empirical and conceptual work related to multilevel thinking.

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Understanding the effects of individual organisms on material cycles and energy fluxes within ecosystems is central to predicting the impacts of human-caused changes on climate, land use, and biodiversity. Here we present a theory that integrates metabolic (organism-based bottom-up) and systems (ecosystem-based top-down) approaches to characterize how the metabolism of individuals affects the flows and stores of materials and energy in ecosystems. The theory predicts how the average residence time of carbon molecules, total system throughflow (TST), and amount of recycling vary with the body size and temperature of the organisms and with trophic organization. We evaluate the theory by comparing theoretical predictions with outputs of numerical models designed to simulate diverse ecosystem types and with empirical data for real ecosystems. Although residence times within different ecosystems vary by orders of magnitude—from weeks in warm pelagic oceans with minute phytoplankton producers to centuries in cold forests with large tree producers—as predicted, all ecosystems fall along a single line: residence time increases linearly with slope = 1.0 with the ratio of whole-ecosystem biomass to primary productivity (B/P). TST was affected predominantly by primary productivity and recycling by the transfer of energy from microbial decomposers to animal consumers. The theory provides a robust basis for estimating the flux and storage of energy, carbon, and other materials in terrestrial, marine, and freshwater ecosystems and for quantifying the roles of different kinds of organisms and environments at scales from local ecosystems to the biosphere.

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It is necessary to minimize the environmental impact and utilize natural resources in a sustainable and efficient manner in the early design stage of developing an environmentally-conscious design for a heating, ventilating and air-conditioning system. Energy supply options play a significant role in the total environmental load of heating, ventilating and air-conditioning systems. To assess the environmental impact of different energy options, a new method based on Emergy Analysis is proposed. Emergy Accounting, was first developed and widely used in the area of ecological engineering, but this is the first time it has been used in building service engineering. The environmental impacts due to the energy options are divided into four categories under the Emergy Framework: the depletion of natural resources, the greenhouse effect (carbon dioxide equivalents), the chemical rain effect (sulphur dioxide equivalents), and anthropogenic heat release. The depletion of non-renewable natural resources is indicated by the Environmental Load Ratio, and the environmental carrying capacity is developed to represent the environmental service to dilute the pollutants and anthropogenic heat released. This Emergy evaluation method provides a new way to integrate different environmental impacts under the same framework and thus facilitates better system choices. A case study of six different kinds of energy options consisting of renewable and non-renewable energy was performed by using Emergy Theory, and thus their relative environmental impacts were compared. The results show that the method of electricity generation in energy sources, especially for electricity-powered systems, is the most important factor to determine their overall environmental performance. The direct-fired lithium-bromide absorption type consumes more non-renewable energy, and contributes more to the urban heat island effect compared with other options having the same electricity supply. Using Emergy Analysis, designers and clients can make better-informed, environmentally-conscious selections of heating, ventilating and air-conditioning systems.

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Model-based estimates of future uncertainty are generally based on the in-sample fit of the model, as when Box-Jenkins prediction intervals are calculated. However, this approach will generate biased uncertainty estimates in real time when there are data revisions. A simple remedy is suggested, and used to generate more accurate prediction intervals for 25 macroeconomic variables, in line with the theory. A simulation study based on an empirically-estimated model of data revisions for US output growth is used to investigate small-sample properties.

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This paper investigates how political theorists and philosophers should understand egalitarian political demands in light of the increasingly important realist critique of much of contemporary political theory and philosophy. It suggests, first, that what Martin O'Neill has called non-intrinsic egalitarianism is, in one form at least, a potentially realistic egalitarian political project and second, that realists may be compelled to impose an egalitarian threshold on state claims to legitimacy under certain circumstances. Non-intrinsic egalitarianism can meet realism’s methodological requirements because it does not have to assume an unavailable moral consensus since it can focus on widely acknowledged bads rather than contentious claims about the good. Further, an appropriately formulated non-intrinsic egalitarianism may be a minimum requirement of an appropriately realistic claim by a political order to authoritatively structure some of its members' lives. Without at least a threshold set of egalitarian commitments, a political order seems unable to be transparent to many of its worse off members under a plausible construal of contemporary conditions.

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Alfred Chandler, the celebrated business historian, provided detailed descriptions of the reasons for failed human commitments and the managerial tools needed to prevent/remediate such failings in the context of large business firms. Chandler's historical narrative identifies three distinct “faces” of bounded reliability—opportunism, benevolent preference reversal, and identity-based discordance—as the main drivers of commitment failure. Adopting bounded reliability (BRel) as a micro-foundation in management studies will raise the quality and relevance of scholarly recommendations to improve managerial decision making and action, because analysis of BRel challenges closely mirrors the real-world problems facing practicing managers.

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This report is a review of Darwin`s classical theory of bodily tides in which we present the analytical expressions for the orbital and rotational evolution of the bodies and for the energy dissipation rates due to their tidal interaction. General formulas are given which do not depend on any assumption linking the tidal lags to the frequencies of the corresponding tidal waves (except that equal frequency harmonics are assumed to span equal lags). Emphasis is given to the cases of companions having reached one of the two possible final states: (1) the super-synchronous stationary rotation resulting from the vanishing of the average tidal torque; (2) capture into the 1:1 spin-orbit resonance (true synchronization). In these cases, the energy dissipation is controlled by the tidal harmonic with period equal to the orbital period (instead of the semi-diurnal tide) and the singularity due to the vanishing of the geometric phase lag does not exist. It is also shown that the true synchronization with non-zero eccentricity is only possible if an extra torque exists opposite to the tidal torque. The theory is developed assuming that this additional torque is produced by an equatorial permanent asymmetry in the companion. The results are model-dependent and the theory is developed only to the second degree in eccentricity and inclination (obliquity). It can easily be extended to higher orders, but formal accuracy will not be a real improvement as long as the physics of the processes leading to tidal lags is not better known.

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In the present study, we propose a theoretical graph procedure to investigate multiple pathways in brain functional networks. By taking into account all the possible paths consisting of h links between the nodes pairs of the network, we measured the global network redundancy R (h) as the number of parallel paths and the global network permeability P (h) as the probability to get connected. We used this procedure to investigate the structural and dynamical changes in the cortical networks estimated from a dataset of high-resolution EEG signals in a group of spinal cord injured (SCI) patients during the attempt of foot movement. In the light of a statistical contrast with a healthy population, the permeability index P (h) of the SCI networks increased significantly (P < 0.01) in the Theta frequency band (3-6 Hz) for distances h ranging from 2 to 4. On the contrary, no significant differences were found between the two populations for the redundancy index R (h) . The most significant changes in the brain functional network of SCI patients occurred mainly in the lower spectral contents. These changes were related to an improved propagation of communication between the closest cortical areas rather than to a different level of redundancy. This evidence strengthens the hypothesis of the need for a higher functional interaction among the closest ROIs as a mechanism to compensate the lack of feedback from the peripheral nerves to the sensomotor areas.

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We prove that a polar orthogonal representation of a real reductive algebraic group has the same closed orbits as the isotropy representation of a pseudo-Riemannian symmetric space. We also develop a partial structural theory of polar orthogonal representations of real reductive algebraic groups which slightly generalizes some results of the structural theory of real reductive Lie algebras. (c) 2008 Elsevier Inc. All rights reserved.

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We discuss an algebraic theory for generalized Jordan chains and partial signatures, that are invariants associated to sequences of symmetric bilinear forms on a vector space. We introduce an intrinsic notion of partial signatures in the Lagrangian Grassmannian of a symplectic space that does not use local coordinates, and we give a formula for the Maslov index of arbitrary real analytic paths in terms of partial signatures.

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This paper carries out a critical discourse analysis (CDA) of the article "¿Chinofobia?” published by the Spanish newspaper El País. It applies the theory of racist discourse in the media as formulated by Teun A. van Dijk. Its hypothesis is that the article, which supposedly analyses discrimination against the Chinese minority in Spain, covertly blames the Chinese minority itself for the discrimination. Applying CDA methodology as exemplified in previous studies by van Dijk, the paper analyses the article on global and local levels, and delineates its mental model. The global level analysis describes the article in terms of macropropositions and proposes a macrostructure: the self-alienation of the Chinese minority. The paper then analyses how the macrostructure is reinforced on the local level through micropropositions by examining 1) how vocabulary serves the negative presentation and othering of the Chinese minority, 2) how strategies of mitigation minimise discrimination by employing imprecise and vague language, 3) how quotes are used to give coherence and force to the macrostructure, 4) how implications associate the Chinese minority with criminality, and 5) how stereotyped beliefs about the Chinese minority are presented as common sense (presuppositions) and fallaciously argued. Finally, the paper delineates the mental model: the presuppositions about integration, and the implicit warning that minorities should integrate or they will be discriminated against.