Dealing with failure Eggers, J. P; Song, Lin
Academy of Management journal,
12/2015, Volume:
58, Issue:
6
Journal Article
Peer reviewed
As part of the recent interest in serial entrepreneurship, studies have investigated the presence (or absence) of learning benefits from a previous to a subsequent venture. We extend this literature ...by integrating behavioral concepts on attribution and learning from failure that highlight the differences in behavioral responses to success versus failure. We theorize that serial entrepreneurs whose previous venture failed are likely to blame the external environment and change industries for their subsequent venture, and that this industry change is costly in that it invalidates potentially useful industry experience, thereby hindering their subsequent venture. In contrast, founders of failed ventures are unlikely to change aspects of their previous business (when starting their subsequent venture) that would be attributable to their leadership—that is, strategy, decision-making, and planning style. Using data on entrepreneurs in China and the U.S., we find support for our theory. The results have important implications for the study of serial entrepreneurship, and more broadly for research on behavioral responses to failure.
Banks’exposure to large-scale asset purchases, as measured by the relative prevalence of mortgage-backed securities on their books, affects lending following unconventional monetary policy shocks. ...Using a difference-in-differences identification strategy, this paper finds strong effects of the first and third round of quantitative easing (QE1 and QE3) on credit. Highly affected commercial banks increase lending by 2% to 3% relative to their counterparts. QE2 had no significant impact, consistent with its exclusive focus on Treasuries sparsely held by banks. Overall, banks respond heterogeneously, and the type of asset being targeted is central to QE.
Active Ownership Dimson, Elroy; Karakaş, Oğuzhan; Li, Xi
The Review of financial studies,
12/2015, Volume:
28, Issue:
12
Journal Article
Peer reviewed
Open access
We analyze an extensive proprietary database of corporate social responsibility engagements with U.S. public companies from 1999-2009. Engagements address environmental, social, and governance ...concerns. Successful (unsuccessful) engagements are followed by positive (zero) abnormal returns. Companies with inferior governance and socially conscious institutional investors are more likely to be engaged. Success in engagements is more probable if the engaged firm has reputational concerns and higher capacity to implement changes. Collaboration among activists is instrumental in increasing the success rate of environmental/social engagements. After successful engagements, particularly on environmental/social issues, companies experience improved accounting performance and governance and increased institutional ownership.
Only two genera are currently referred to Asthenognathinae, one extinct, Globihexapus Schweitzer and Feldmann, 2001, and the other ranging from Oligocene to Holocene, Asthenognathus Stimpson, 1858. ...Asthenognathinae is currently recognized as a member of Varunidae. New specimens of Globihexapus from the Miocene Astoria Formation, Newport, Oregon, are more complete than the original material and permit more detailed description of the type species. Globihexapus shares many features with Asthenognathus and is confirmed as member of that subfamily. A detailed diagnosis for the Asthenognathinae is provided, possibly for the first time. Latitudinal range for members of Asthenognathinae have broadened in the Holocene to include tropical occurrences, whereas southern hemisphere occurrences are not recorded today. No ev-idence of commensal lifestyle is reported for fossil occurrences.
We introduce SRISK to measure the systemic risk contribution of a financial firm. SRISK measures the capital shortfall of a firm conditional on a severe market decline, and is a function of its size, ...leverage and risk. We use the measure to study top financial institutions in the recent financial crisis. SRISK delivers useful rankings of systemic institutions at various stages of the crisis and identifies Fannie Mae, Freddie Mac, Morgan Stanley, Bear Stearns, and Lehman Brothers as top contributors as early as 2005-Q1. Moreover, aggregate SRISK provides early warning signals of distress in indicators of real activity.
Los Angeles incarcerates more people than any other city in the United States, which imprisons more people than any other nation on Earth. This book explains how the City of Angels became the capital ...city of the world's leading incarcerator. Marshaling more than two centuries of evidence, historian Kelly Lytle Hernandez unmasks how histories of native elimination, immigrant exclusion, and black disappearance drove the rise of incarceration in Los Angeles. In this telling, which spans from the Spanish colonial era to the outbreak of the 1965 Watts Rebellion, Hernandez documents the persistent historical bond between the racial fantasies of conquest, namely its settler colonial form, and the eliminatory capacities of incarceration.ButCity of Inmatesis also a chronicle of resilience and rebellion, documenting how targeted peoples and communities have always fought back. They busted out of jail, forced Supreme Court rulings, advanced revolution across bars and borders, and, as in the summer of 1965, set fire to the belly of the city. With these acts those who fought the rise of incarceration in Los Angeles altered the course of history in the city, the borderlands, and beyond. This book recounts how the dynamics of conquest met deep reservoirs of rebellion as Los Angeles became the City of Inmates, the nation's carceral core. It is a story that is far from over.
Social comparison processes were integral to the origins of the organizational justice literature, and are incorporated within several justice-based constructs and theories. Yet, despite this, the ...justice social comparison literature is theoretically underdeveloped; while the extant literature affirms that justice social comparisons influence employee outcomes, it does not explain why, when, or for whom these effects occur. We build new theory on why justice social comparison perceptions influence employee behavior (specifically, helping and instigated incivility) by viewing the phenomenon through a self-regulatory lens. Doing so enables us to identify a novel explanatory mechanism and boundary condition for these effects. In two experience sampling studies, each conducted over multiple weeks, we test our proposed mechanism-envy and self-regulatory resource depletion-against four alternative justice-based mechanisms derived from equity theory, the group engagement model, social exchange theory, and referent cognitions theory. Findings were consistent with our theorizing, verifying that our integration of self-regulation with social comparison processes offers new insights to the justice literature. Overall, our scholarship has the potential to change the conversation about social comparisons in the justice literature by revitalizing a foundational aspect of justice rarely considered in contemporary research.
Although a growing number of leadership writers argue leader humility is important to organizational effectiveness, little is known about the construct, why some leaders behave more humbly than ...others, what these behaviors lead to, or what factors moderate the effectiveness of these behaviors. Drawing from 55 in-depth interviews with leaders from a wide variety of contexts, we develop a model of the behaviors, outcomes, and contingencies of humble leadership. We uncover that leader humility involves leaders modeling to followers how to grow and produces positive organizational outcomes by leading followers to believe that their own developmental journeys and feelings of uncertainty are legitimate in the workplace. We discuss how the emergent humility in leadership model informs a broad range of leadership issues, including organizational development and change, the evolution of leader-follower relationships, new pathways for engaging followers, and integrating top-down and bottom-up organizing.
Business intelligence and analytics (BI&A) has emerged as an important area of study for both practitioners and researchers, reflecting the magnitude and impact of data-related problems to be solved ...in contemporary business organizations. This introduction to the MIS Quarterly Special Issue on Business Intelligence Research first provides a framework that identifles the evolution, applications, and emerging research areas of BI&A. BI& A 1.0, BI&A 2.0, and BI&A 3.0 are defined and described in terms of their key characteristics and capabilities. Current research in BI&A is analyzed and challenges and opportunities associated with BI&A research and education are identified. We also report a bibliometric study of critical BI&A publications, researchers, and research topics based on more than a decade of related academic and industry publications. Finally, the six articles that comprise this special issue are introduced and characterized in terms of the proposed BI&A research framework.
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