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Article
Publication date: 13 March 2019

Aaron W. Stark and Isaac Wisniewski

The purpose of this paper is to look at how the faculty at West Point uses a student-managed investment fund (SMIF) to contribute to the development of Army officers.

471

Abstract

Purpose

The purpose of this paper is to look at how the faculty at West Point uses a student-managed investment fund (SMIF) to contribute to the development of Army officers.

Design/methodology/approach

The United States Military Academy at West Point started a student-managed investment fund in 1983. The Economics program, which has four finance classes within its curriculum, hosts the student-run SMIF. The students (cadets) in charge of the SMIF have recently started pursuing a risk parity strategy. This paper discusses the challenges that arise from taking on this strategy.

Findings

It argues that investment management, especially with a risk-aware strategy, helps the cadets learn to manage the risk/reward tradeoff as well as help them work on leadership skills, both of which will help them as future Army officers.

Originality/value

The authors suggest that the recent student-initiated changes to the SMIF at West Point highlight some of the leadership opportunities inherent to approaching a SMIF from a risk-aware, portfolio-based perspective. This can teach students important experiential lessons about how to manage prudent risk both in finance and as a leader.

Details

Managerial Finance, vol. 46 no. 5
Type: Research Article
ISSN: 0307-4358

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Terrorism and Counter-Terrorism
Type: Book
ISBN: 978-0-76231-040-1

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Article
Publication date: 8 April 2021

Russ Ryan, Matthew H. Baughman, Carmen J. Lawrence, Aaron W. Lipson, Richard H. Walker, Jessica Rapoport, Katie Barry and Scott Hiers

To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek…

110

Abstract

Purpose

To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek disgorgement in federal district court proceedings and to codify applicable statutes of limitations.

Design/methodology/approach

This article provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and summarizes how the scope of the remedy has evolved since Kokesh v. SEC (2017). Then, the article analyzes the changes to the Securities Exchange Act of 1934 contained in Section 6501 the 2021 National Defense Authorization Act (NDAA), which statutorily empowered the SEC to seek and obtain disgorgement in federal court actions. Finally, the authors discuss the impact of the legislation on the Supreme Court’s decisions in Kokesh and Liu v. SEC (2020).

Findings

The availability and appropriateness of SEC disgorgement have been the subject of vigorous debate. Just as courts began to iron out the contours of SEC disgorgement in the wake of Kokesh and Liu, Congress intervened by granting to the SEC explicit statutory authority to seek a remedy traditionally obtained at equity. In passing this legislation, Congress answered some questions that remained after Liu but also raised many new ones. These new questions will likely take years to resolve through subsequent litigation and potentially additional legislation.

Originality/value

Original, practical analysis and guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

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Publication date: 1 September 2016

Aaron Z. Pitluck

Although markets are intensely social, stock markets are peculiar in that they are normatively anonymous spaces. Anonymity is a difficult-to-achieve social accomplishment in which…

Abstract

Purpose

Although markets are intensely social, stock markets are peculiar in that they are normatively anonymous spaces. Anonymity is a difficult-to-achieve social accomplishment in which material identity information is successfully stripped from participants. The academic literature is conflicted regarding the degree to which equity markets are anonymous and how this influences traders’ behavior.

Methodology/approach

Based on focused, tape-recorded ethnographic interviews, this chapter investigates the work practices of professional investors and brokers to describe the conditions under which brokers veil or reveal investors’ identities to their competitors, and thereby shed light on how anonymity is socially produced (or eroded) in global stock markets.

Findings

The social structure of brokered financial markets places brokers in the awkward situation of sitting in an information-poor structural location for so-called “fundamental information” while being paid to share information with professional investors who sit in an information-rich structural location. A resolution to this material and social dilemma is that brokers can erode the market’s anonymity by gifting identity information (“order flow”) – the previous, prospective, or pending trades of their clients’ competitors – thereby providing traders a competitive advantage. They share identity information in three types of performances: transparent relationships, masked relationships, and the transformation of illicit material identity information into licit and sharable “fundamental” information. Each performance partly erodes transaction-level and market-level anonymity while simultaneously partially supporting anonymity.

Practical implications

Laws and regulations requiring brokers’ confidentiality of their clients’ trades are easily and systematically eluded. Policy makers and regulators may opt to respond by increasing surveillance and mechanization of brokers’ work so as to promote a normatively anonymous market. Alternatively, they may opt to question the value of promoting and policing anonymity in financial markets by revising insider trading regulations.

Originality/value

Even well-regulated markets are semi-anonymous spaces due to the systematic exposure of investors’ identities to competitors by their shared brokers on a daily basis. This finding provides an additional explanation for how professional investors can imitate one another (“herd”) as well as why subpopulations of investors often trade so similarly to one another.

Details

The Economics of Ecology, Exchange, and Adaptation: Anthropological Explorations
Type: Book
ISBN: 978-1-78635-227-9

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Article
Publication date: 1 February 1974

Frances Neel Cheney

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are…

411

Abstract

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

Details

Reference Services Review, vol. 2 no. 2
Type: Research Article
ISSN: 0090-7324

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Article
Publication date: 1 January 1990

P.J. Welham

The problems involved in trying to measure the effect of the budgeton the distribution of lifetime income are reviewed. A comparison ismade of the likely differences between the…

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Abstract

The problems involved in trying to measure the effect of the budget on the distribution of lifetime income are reviewed. A comparison is made of the likely differences between the stylised facts of annual incidence studies and the possible lifetime impact of the budget. Annual studies show that redistribution to the poor occurs, primarily as a result of pensions. It is likely that the lifetime incidence of the budget is broadly neutral since pensions will not accrue mainly to the lowest deciles when a lifetime income perspective is taken.

Details

Journal of Economic Studies, vol. 17 no. 1
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 3 April 2018

Rahul Mitra

The purpose of this paper is to undertake a comparative case study (Stake, 2006) of two multi-stakeholder initiatives (MSIs) building resilient water systems to address how they…

293

Abstract

Purpose

The purpose of this paper is to undertake a comparative case study (Stake, 2006) of two multi-stakeholder initiatives (MSIs) building resilient water systems to address how they communicatively frame and manage key tensions. “Glacier” is the North American convener of an MSI focused on developing reliable and measurable standards of water stewardship in catchment areas around the world. “Delta” convenes a MSI centered on the water economy, with the goal to connect and help diverse organizations around “the business of water.”

Design/methodology/approach

Qualitative data were analyzed using Tracy’s (2013) pragmatic-iterative method, which envisions ongoing cycles of theme generation and refinement, and draws on both induction and deduction to identity and sort themes. The “reflexive circular process” it involves helped trace how tensional poles were framed and managed.

Findings

For Glacier, the key tensions were: creating new and distinct standards while reiterating extant measures; collective decision making although privileging corporate interests; and fixed impact performance that is nevertheless fluid. Delta also displayed three tensions: focus on the ecological issue connecting the MSI or partner benefits; broader ethics of water stewardship vis-à-vis local considerations; and avowing a bipartisan agenda although politics remained central to its everyday work.

Research limitations/implications

The paper underlines how communicative framing and management of tensions are key to developing resilience for socioecological systems. It highlights how traditional organizational boundaries and collectives are disrupted in seeking resource system resilience, and suggests that texts and conversations might emphasize tensions differently.

Practical implications

First, MSI conveners and members working for resource system resilience should use visioning exercises to see how tensional poles might be dialectical, rather than focus on stark differences. Second, ongoing dialogue and evaluation can help trace alternative tension frames. Third, since context and MSI purpose matter in framing tensions, practitioners should be careful while transferring lessons learned across MSIs.

Originality/value

This paper contributes to resilience scholarship by underlining how the communicative management of tensions is vital to developing adaptive complexity and learning capabilities within broader socioecological systems – especially with MSIs working on complex wicked problems.

Details

Corporate Communications: An International Journal, vol. 23 no. 2
Type: Research Article
ISSN: 1356-3289

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Book part
Publication date: 14 December 2005

Cynthia D. Heagy and Constance M. Lehmann

Abstract

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Advances in Accounting Education: Teaching and Curriculum Innovations
Type: Book
ISBN: 978-1-84950-869-8

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Book part
Publication date: 1 March 2021

Daniel Kuehn

In 1969, Warren Nutter left the University of Virginia Department of Economics to serve as the Assistant Secretary of Defense for International Security Affairs in the Nixon…

Abstract

In 1969, Warren Nutter left the University of Virginia Department of Economics to serve as the Assistant Secretary of Defense for International Security Affairs in the Nixon administration. During his time in the Defense Department, Nutter was deeply involved in laying the groundwork for a military coup against the democratically elected president of Chile, Salvador Allende. Although Nutter left the Pentagon several months before the successful 1973 coup, his role in Chile was far more direct than the better-known cases of Friedrich Hayek, Milton Friedman, James Buchanan, and Arnold Harberger. This chapter describes Nutter’s role in Chile policymaking in the Nixon administration. It shows how Nutter’s criticisms of Henry Kissinger are grounded in his economics, and compares and contrasts Nutter with other economists who have been connected to Pinochet’s dictatorship.

Details

Research in the History of Economic Thought and Methodology: Including a Selection of Papers Presented at the 2019 ALAHPE Conference
Type: Book
ISBN: 978-1-80071-140-2

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Book part
Publication date: 30 November 2017

Raissa Pershina and Birthe Soppe

This study explores how organizations deal with divergent institutional logics when designing new products. Specifically, we investigate how organizations approach and embody…

Abstract

This study explores how organizations deal with divergent institutional logics when designing new products. Specifically, we investigate how organizations approach and embody institutional complexity in their product design. Through a multimodal study of serious games, we identify two design strategies, the proximity and the amplification strategies, which organizations employ to balance multiple institutional logics and design novel products that meet competing institutional expectations. Our study makes an important theoretical contribution by showing how institutional complexity can be a source of innovation. We also make a methodological contribution by developing a new, multimodal research design that allows for the in-depth study of organizational artifacts. Altogether, we complement our understanding of how institutional complexity is substantiated in organizational artifacts and highlight the role that multimodality plays in analyzing such situations.

Details

Multimodality, Meaning, and Institutions
Type: Book
ISBN: 978-1-78743-330-4

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