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This study compares minimum‐extended Gini hedge ratios estimated by the rank‐based method of Lerman and Yitzhaki and a nonparametric kernel method. The rankbased method is more prevalent in the Gini hedging literature, however, the kernel estimator provides a more powerful approach to estimation. The empirical results show that the hedge ratios calculated using these two methods are different for all levels of risk aversion, and that rank‐based hedge ratios are typically larger than those estimated using the kernel method. Moreover, the differences tend to be larger at moderate and high levels of risk aversion and smaller at lower levels. Statistical evidence shows that the hedge ratios are highly statistically different for three of the five commodities tested. However, despite these differences, we find no differences in hedging performance.

This paper compares the hedging performance of the minimum‐extended Gini hedge ratio (MEGHR) and the minimum‐variance hedge ratio (MVHR) using three emerging market currencies. The MEGHR is consistent with the expected utility hypothesis under very general conditions, unlike the MVHR which requires special distributional assumptions. Our sample violates these conditions, and thus provides a context for contrasting the performance of the MEGHR and MVHR. Our results show that the MVHR and MEGHR are indeed different and in some cases the differences are substantial, both statistically and in order of magnitude. This indicates that the MEGHR should provide superior hedging performance given its theoretical robustness. Our hedging performance results support this conclusion for all currencies.

This paper presents a framework consisting of seven logically linked considerations yielding nine strategies for managing risky situations. The framework provides a comprehensive method any entity can use to determine its strategy for managing a risky situation. The framework goes beyond the issue of calculating risk to asking how it might be managed The framework is applied in an example involving a human resources manager making a series of three related choices. It is also applied to the choices of strategies for a chief financial officer facing currency rate fluctuations and excessive taxes on profit.

Based on a review of multiple literatures, a comprehensive content domain of essential intercultural competencies for effective global leaders is presented. This domain is then used to guide the development of the Global Competencies Inventory (GCI), a 160-item self-report measure that assesses the degree to which individuals possess the intercultural competencies that are associated with global leader effectiveness. Using sample sizes ranging from several hundred to nearly 9,000 subjects, evidence from several studies is presented showing the GCI to have convergent validity, predictive validity, and freedom from demographic and ethnic subgroup biases. Implications for theory and future research are also discussed.

We review 25 years of research on expatriate experiences concentrating on expatriate adjustment as a central construct, and relying on a general stressor-stress-strain framework. First, we consider who expatriates are, why their experiences differ from domestic employees, and what adjustment is. Conceptualizing (mal)adjustment in terms of stress, we next review the stressors and strains associated with it. Consolidating the wide range of antecedents (anticipatory and in-country) that have been studied to date, we note major patterns of effects and their implications for how HR managers can facilitate adjustment. Although relatively less research has focused on the consequences of adjustment, enough evidence exists to establish a bottom-line impact of poor adjustment on performance. To stimulate future efforts to understand the experiences of expatriates, we discuss the challenges and opportunities of continuing down this road of research.

This chapter describes how conversational computer agents have been used in collaborative problem-solving environments. These agent-based systems are designed to (a) assess the students’ knowledge, skills, actions, and various other psychological states on the basis of the students’ actions and the conversational interactions, (b) generate discourse moves that are sensitive to the psychological states and the problem states, and (c) advance a solution to the problem. We describe how this was accomplished in the Programme for International Student Assessment (PISA) for Collaborative Problem Solving (CPS) in 2015. In the PISA CPS 2015 assessment, a single human test taker (15-year-old student) interacts with one, two, or three agents that stage a series of assessment episodes. This chapter proposes that this PISA framework could be extended to accommodate more open-ended natural language interaction for those languages that have developed technologies for automated computational linguistics and discourse. Two examples support this suggestion, with associated relevant empirical support. First, there is AutoTutor, an agent that collaboratively helps the student answer difficult questions and solve problems. Second, there is CPS in the context of a multi-party simulation called Land Science in which the system tracks progress and knowledge states of small groups of 3–4 students. Human mentors or computer agents prompt them to perform actions and exchange open-ended chat in a collaborative learning and problem-solving environment.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

The first Wisconsin Ph.D.s who came to MSU with an institutional bent were agricultural economists and included Henry Larzalere (Ph.D. 1938) whose major professor was Asher Hobson. Larzalere recalls the influence of Commons who retired in 1933. Upon graduation, Larzalere worked a short time for Wisconsin Governor Phillip Fox LaFollette who won passage of the nation’s first unemployment compensation act. Commons had earlier helped LaFollette’s father, Robert, to a number of institutional innovations.⁴ Larzalere continued the Commons’ tradition of contributing to the development of new institutions rather than being content to provide an efficiency apologia for existing private governance structures. He helped Michigan farmers form cooperatives. He taught land economics prior to Barlowe’s arrival in 1948, but primarily taught agricultural marketing. One of his Master’s degree students was Glenn Johnson (see below). Larzalere retired in 1977.

A conference on the history of heterodox economics in the twentieth century was held during October 3–5, 2002 at the University of Missouri-Kansas City. The conference organizers were Frederic S. Lee and John King. Several papers presented at the conference are published below, several in significantly revised and/or expanded form, together with one paper distributed at but not formally presented at the conference. Malcolm Rutherford’s paper, “On the Economic Frontier: Walton Hamilton, Institutional Economics, and Education,” will be published in History of Political Economy. All of the papers published here have been reviewed.