Asset pricing implications of benchmarking: A two-factor CAPM

In this paper we consider the equilibrium effects of an institutionalinvestor whose performance is benchmarked to an index. In a partialequilibrium setting, the objective of the institutional investor is modeledas the maximization of expected utility (an increasing and concave function,in order to accommodate risk aversion) of final wealth minus a benchmark.In equilibrium this optimal strategy gives rise to the two-beta CAPM inBrennan (1993): together with the market beta a new risk-factor (that wecall active management risk) is brought into the analysis. This new betais deffined as the normalized (to the benchmark's variance) covariancebetween the asset excess return and the excess return of the market overthe benchmark index. Different to Brennan, the empirical test supports themodel's predictions. The cross-section return on the active management riskis positive and signifficant especially after 1990, when institutionalinvestors have become the representative agent of the market.

A retail benchmarking approach to efficient two-way access pricing

We study a retail benchmarking approach to determine access prices for interconnected networks. Instead of considering fixed access charges as in the existing literature, we study access pricing rules that determine the access price that network i pays to network j as a linear function of the marginal costs and the retail prices set by both networks. In the case of competition in linear prices, we show that there is a unique linear rule that implements the Ramsey outcome as the unique equilibrium, independently of the underlying demand conditions. In the case of competition in two-part tariffs, we consider a class of access pricing rules, similar to the optimal one under linear prices but based on average retail prices. We show that firms choose the variable price equal to the marginal cost under this class of rules. Therefore, the regulator (or the competition authority) can choose one among the rules to pursue additional objectives such as consumer surplus, network coverage or investment: for instance, we show that both static and dynamic e±ciency can be achieved at the same time.

Benchmarking for routines and organizational knowledge

We use best practice benchmarking rationales to propose a dynamic research design that accounts for the endogenous components of across-firms heterogeneous routines to study changes in performance and their link to organizational knowledge investments. We thus contribute to the operationalization of management theoretical frameworks based on resources and routines. The research design employs frontier measures that provide industry-level benchmarking in organizational settings, and proposes some new indicators for firm-level strategic benchmarking. A profit-oriented analysis of the U.S. technology industry during 2000-2011 illustrates the usefulness of our design. Findings reveal that industry revival following economic distress comes along with wider gaps between best and worst performers. Second stage analyses show that increasing intangibles stocks is positively associated with fixed target benchmarking, while enhancing R&D spending is linked to local frontier progress. The discussion develops managerial interpretations of the benchmarking measures that are suitable for control mechanisms and reward systems.

Benchmarking del e-gobierno local: limitaciones de los sistemas de evaluación comparativa

Se introduce la necesidad de evaluar y comparar el desarrollo del e-gobierno y se analizan los instrumentos existentes. En primer lugar se presentan los modelos de evolución del e-gobierno actualmente en uso y se discuten sus características y utilidad. Un análisis de los estudios comparativos muestra el interés que despierta el área de administración electrónica. Seguidamente se analizan los estudios comparativos más relevantes sobre provisión electrónica de servicios públicos en la administración local. Ambos análisis ponen de manifiesto las limitaciones de los estudios existentes en su aplicabilidad en el ámbito local. Algunas son: la escasez de trabajos sobre administración local, la medida de la adopción de los servicios públicos, y el uso de modelos de evolución de e-gobierno que no reflejan las nuevas tendencias en prestación de servicios. Finalmente se señalan mejoras a realizar en futuras evaluaciones comparativas de servicios electrónicos para incrementar su aplicabilidad en la administración local.

Benchmarking therapeutic drug monitoring software: A systematic evaluation of available computer tools

Introduction: Therapeutic drug monitoring (TDM) aims at optimizing treatment by individualizing dosage regimen based on measurement of blood concentrations. Maintaining concentrations within a target range requires pharmacokinetic and clinical capabilities. Bayesian calculation represents a gold standard in TDM approach but requires computing assistance. In the last decades computer programs have been developed to assist clinicians in this assignment. The aim of this benchmarking was to assess and compare computer tools designed to support TDM clinical activities.¦Method: Literature and Internet search was performed to identify software. All programs were tested on common personal computer. Each program was scored against a standardized grid covering pharmacokinetic relevance, user-friendliness, computing aspects, interfacing, and storage. A weighting factor was applied to each criterion of the grid to consider its relative importance. To assess the robustness of the software, six representative clinical vignettes were also processed through all of them.¦Results: 12 software tools were identified, tested and ranked. It represents a comprehensive review of the available software's characteristics. Numbers of drugs handled vary widely and 8 programs offer the ability to the user to add its own drug model. 10 computer programs are able to compute Bayesian dosage adaptation based on a blood concentration (a posteriori adjustment) while 9 are also able to suggest a priori dosage regimen (prior to any blood concentration measurement), based on individual patient covariates, such as age, gender, weight. Among those applying Bayesian analysis, one uses the non-parametric approach. The top 2 software emerging from this benchmark are MwPharm and TCIWorks. Other programs evaluated have also a good potential but are less sophisticated (e.g. in terms of storage or report generation) or less user-friendly.¦Conclusion: Whereas 2 integrated programs are at the top of the ranked listed, such complex tools would possibly not fit all institutions, and each software tool must be regarded with respect to individual needs of hospitals or clinicians. Interest in computing tool to support therapeutic monitoring is still growing. Although developers put efforts into it the last years, there is still room for improvement, especially in terms of institutional information system interfacing, user-friendliness, capacity of data storage and report generation.

Benchmarking therapeutic drug monitoring software: A systematic evaluation of available computer tools

Objectives: Therapeutic drug monitoring (TDM) aims at optimizing treatment by individualizing dosage regimen based on blood concentrations measurement. Maintaining concentrations within a target range requires pharmacokinetic (PK) and clinical capabilities. Bayesian calculation represents a gold standard in TDM approach but requires computing assistance. The aim of this benchmarking was to assess and compare computer tools designed to support TDM clinical activities.¦Methods: Literature and Internet were searched to identify software. Each program was scored against a standardized grid covering pharmacokinetic relevance, user-friendliness, computing aspects, interfacing, and storage. A weighting factor was applied to each criterion of the grid to consider its relative importance. To assess the robustness of the software, six representative clinical vignettes were also processed through all of them.¦Results: 12 software tools were identified, tested and ranked. It represents a comprehensive review of the available software characteristics. Numbers of drugs handled vary from 2 to more than 180, and integration of different population types is available for some programs. Nevertheless, 8 programs offer the ability to add new drug models based on population PK data. 10 computer tools incorporate Bayesian computation to predict dosage regimen (individual parameters are calculated based on population PK models). All of them are able to compute Bayesian a posteriori dosage adaptation based on a blood concentration while 9 are also able to suggest a priori dosage regimen, only based on individual patient covariates. Among those applying Bayesian analysis, MM-USC*PACK uses a non-parametric approach. The top 2 programs emerging from this benchmark are MwPharm and TCIWorks. Others programs evaluated have also a good potential but are less sophisticated or less user-friendly.¦Conclusions: Whereas 2 software packages are ranked at the top of the list, such complex tools would possibly not fit all institutions, and each program must be regarded with respect to individual needs of hospitals or clinicians. Programs should be easy and fast for routine activities, including for non-experienced users. Although interest in TDM tools is growing and efforts were put into it in the last years, there is still room for improvement, especially in terms of institutional information system interfacing, user-friendliness, capability of data storage and automated report generation.

Del Benchmarking al outsourcing estratégico

El presente trabajo pretende dar una visión particular del benchmarking y del outsourcing. El primero, como instrumento para conocer el perfil estratégico de la empresa y el segundo, como alternativa en el caso que la organización no pueda, por razones de coste, mejorar sus puntos débiles con las mejores prácticas de otra empresa.

Organisaation sisäinen kokous tiedon johtamisen välineenä

Summary: Internal meetings as a management tool in organizations

Katalysaattorin valmistuksen benchmarking

Työn tarkoituksena oli selvittää kilpailullisen benchmarkingin avulla Ecocat Oy:n käyttämien katalysaattoreiden valmistusmenetelmien suhdetta kilpailijoiden käyttämiin valmistusmenetelmiin, sekä tehdä benchmarking-tiedon pohjalta johtopäätöksiä ja ehdotuksia valmistusmenetelmien kehittämisestä. Tutkimuksen runkonatoimi benchmarking-prosessimalli, joka oli yhdistelmä kolmesta työn teoriaosassa esitellystä benchmarking-prosessimallista. Tiedon keruu benchmarkingia varten tapahtui käyttämällä hyväksi julkisten lähteiden lisäksi yrityksen sisäisiä tietolähteitä ja yrityksen ulkopuolisia kontakteja. Kerätyn tiedon pohjalta laadittiin kuvaukset Ecocatin ja sen kilpailijoiden käyttämistä valmistusmenetelmistä, tuotteista ja kustannuksista. Laadittujen kuvausten pohjalta suoritettiin vertailua menetelmien, tuotteiden ja kustannusten kesken. Tutkimuksessa havaittiin että Ecocatin käyttämät valmistusmenetelmät ovat kilpailukykyisiäja hyvin samankaltaisia kuin kilpailijoilla. Valmistusmenetelmien kehitysehdotusten tekemiseen kilpailullinen benchmarking antoi niukasti tietoa. Menetelmien kehittämiseen soveltuisikin paremmin jokin toinen benchmarking-tekniikka ja avoimempi benchmarking-yhteistyö.

Benchmarking project of the Department of Electrical Engineering of Lappeenranta University of Technology

Lappeenrannan teknillisen korkeakoulun sähkötekniikan osasto muutti 1.8.2005 sähkötekniikan tutkinnon kaksiportaiseksi ja vastaamaan näin Bologna-prosessia ja Suomen yliopistolainsäädäntöä. Tutkinnonuudistuksen myötä osasto haluaa varmistaa sähkötekniikan tutkintojen laadun ja vertailtavuuden sekä parantaa opiskelijoidensekä henkilökunnan liikkuvuutta. Tutkintojen laatu ja vertailtavuus osoitetaan sähkötekniikan osaston benchmark-projektilla, jossa kerätään tietoja maisteri- ja tohtorintutkintoa tarjoavista eurooppalaisista yliopistoista. Diplomityö käsittää BM-projektin kolmannen vaiheen suunnittelun ja toteutuksen sisältäen teoriaa benchmark-projekteille tyypillisistä toimintatavoista. Hyväksi havaitut menetelmiä, kuten kyselyt ja matriisit, on tässä työssä otettu soveltuvin osin sähkötekniikan osaston BM-projektin työkaluiksi. Diplomityössä analysoidaan työkalujen avulla BM-kumppaneilta kerättyjä tietoja sekä esitetään ratkaisuja, miten sähkötekniikan osastolla voidaan jatkaa parhaiden toimintatapojen löytämistä.

Benchmarking Spare Parts' Logistics Process

Työn tavoitteena oli selvittää SBU:n varastovaraosien logistinen prosessin tämänhetkinen tilanne verrattuna muihin ja sitä kautta oppia uusia tehokkaita tapoja hallita sitä sekä parantaa sen kilpailukykyä. Selvittäminen tapahtui benchmarkkaamalla SBU:n varastovaraosien logistinen prosessi kahteen sen kilpailijaan ja viiteen muuhun ei kilpailija yritykseen. Bechmarking -aineiston kerääminen tapahtui pääasiassa Inter netin, haastattelujen, bechmarking -kyselyn ja yritysvierailujen avulla. Tulosten vertailu ja analysointi perustui kerättyyn aineistoon. Kriteereiksi lopullista vertailua varten valittiin seikat, joihin liittyvä tieto oli saatavilta suurimmalta osalta bechmarking -yrityksistä. Tuloksena lopullisesta vertailusta muodostettiin "ranking" lista, jossa yritykset on laitettu paremmuus-järjestykseen. Tässä vertailussa SBU sijoittui viimeiseksi ja SBU varastovaraosien logistisessa prosessissa havaittiin olevan useita parannuskohteita. Joka tapauksessa SBU sai paljon tietoa siitä, kuinka muut yritykset hallitsevat prosessinsa ja kuinka SBU:n tulisi tulevaisuudessa hallita oma logistinen prosessinsa ja kuinka se voisi sitä kautta lisätä kilpailukykyään.