Survival and Sensemaking: Organizational Resilience in a Wall Street Trading Room After 9/11

How do organizations cope with extreme uncertainty? The existing literature is divided on this issue: some argue that organizations deal best with uncertainty in the environment by reproducing it in the organization, whereas others contend that the orga nization should be protected from the environment. In this paper we study the case of a Wall Street investment bank that lost its entire office and trading technology in the terrorist attack of September 11 th. The traders survived, but were forced to relocate to a makeshift trading room in New Jersey. During the six months the traders spent outside New York City, they had to deal with fears and insecurities inside the company as well as outside it: anxiety about additional attacks, questions of professional identity, doubts about the future of the firm, and ambiguities about the future re-location of the trading room. The firm overcame these uncertainties by protecting the traders' identities and their ability to engage in sensemaking. The organization held together through a leadership style that managed ambiguities and created the conditions for new solutions to emerge.

Selective hiring and welfare analysis in labor market models

Firms select not only how many, but also which workers to hire. Yet, in standardsearch models of the labor market, all workers have the same probability of being hired.We argue that selective hiring crucially affects welfare analysis. Our model is isomorphicto a search model under random hiring but allows for selective hiring. With selectivehiring, the positive predictions of the model change very little, but the welfare costsof unemployment are much larger because unemployment risk is distributed unequallyacross workers. As a result, optimal unemployment insurance may be higher and welfareis lower if hiring is selective.

Resolving identities: Successive crises in a trading room after 9/11

How do organizations cope with extreme uncertainty? The existing literatureis divided on this issue: some argue that organizations deal best withuncertainty in the environment by reproducing it in the organization, whereasothers contend that the orga nization should be protected from theenvironment. In this paper we study the case of a Wall Street investment bankthat lost its entire office and trading technology in the terrorist attack ofSeptember 11 th. The traders survived, but were forced to relocate to amakeshift trading room in New Jersey. During the six months the traders spentoutside New York City, they had to deal with fears and insecurities insidethe company as well as outside it: anxiety about additional attacks,questions of professional identity, doubts about the future of the firm, andambiguities about the future re-location of the trading room. The firmovercame these uncertainties by protecting the traders identities and theirability to engage in sensemaking. The organization held together through aleadership style that managed ambiguities and created the conditions for newsolutions to emerge.

On the quantitative importance of wage bargaining models

Four general equilibrium search models are compared quantitatively. Thebaseline framework is a calibrated macroeconomic model of the US economydesigned for a welfare analysis of unemployment insurance policy. Theother models make three simple and natural specification changes,regarding tax incidence, monopsony power in wage determination, and therelevant threat point. These specification changes have a major impacton the equilibrium and on the welfare implications of unemploymentinsurance, partly because search externalities magnify the effects ofwage changes. The optimal level of unemployment insurance dependsstrongly on whether raising benefits has a larger impact on searcheffort or on hiring expenditure.

Iowa Workforce Monthly, March 2011, Issue 21

Highlights: * Iowa Unemployment Rate Drops to 6.3 Percent...pg. 2 *Success Story-IowaWORKS: Fort Dodge..................pg. 2 *Northeast Iowa ECI: Promoting Workplace Safety *Training Session..............pg. 3 Additional Unemployment *Insurance Options......pg. 3

Evauation of Recycled Asphalt Concrete Pavements: Final Report for Kossuth County, Iowa, HR-1888, February 1980

After some success with a small asphalt pavement recycling project in 1975, Kossuth County, Iowa programmed a much larger undertaking during the 1976 construction season. The work performed in 1975 indicated that a quality product could be produced with some modifications to conventional equipment. As anticipated , the major problem encountered was the excessive air pollution created during the heating and mixing process. As part of its 1976 road program, Kossuth County developed plans for recycling sixteen miles of existing asphalt pavements using the "hot mix" recycling process. One project, ten miles in length, was selected by the Federal Highway Authority as part of "Demonstration Project No. 39, Recycling Asphalt Pavements." The FHWA provided a $29,500 grant t o the project to be used for project testing and evaluation. Cooperation and input into the work proposed for 1976 was received from many sources. The people and organizations contributing were the Federal Highway Authority, the Iowa Department of Environmental Quality, the Federal Environmental Protection Agency, several contractors, and personnel from the Kossuth County Engineer's Office.