Carl B. McGowan, Henry W. Collier and Colin M. Young
The objective of this paper is to demonstrate how to use the Elton, Gruber, and Padberg [1978] model to construct optimal portfolios and to facilitate the use of this paradigm by…
Abstract
The objective of this paper is to demonstrate how to use the Elton, Gruber, and Padberg [1978] model to construct optimal portfolios and to facilitate the use of this paradigm by providing an example of how the technique is used. The EGP model uses the risk‐adjusted, excess return for an asset to determine the optimal portfolio for a given risk‐free rate of return. This paper shows exactly how to calculate the optimal portfolio and provides a True Basic@ program to do so. The data used are constructed from Capital International Indexes taken from various issues of Barrons from March 1978 to December 1986.
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…
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.
IN making the suggestion, as some of my friendly critics have done, that the classes Fine and Useful Arts should be restored, as in Dewey, they rather miss the humour of the…
Abstract
IN making the suggestion, as some of my friendly critics have done, that the classes Fine and Useful Arts should be restored, as in Dewey, they rather miss the humour of the situation. The Subject Classification is not an amended Dewey or Cutter, but a humble attempt at an entirely new system, designed to meet the needs of popular libraries. It is not even a classification of knowledge, but, as experience has proved, a very practical and simple rearrangement of the factors of knowledge as set forth and preserved in books. The scheme is not indebted to any other system for aught but suggestions of main classes; all the details of the tables having been worked out independently, without reference to any classification save the Adjustable. It will be manifest, on reflection, that it would be fatal for the compiler of a new system to allow himself to be fettered or influenced by the schedules of other authors. I am one of those who decline to believe in the value of standardization of ideas or practice, save to a small degree in certain mechanical matters, and it would therefore be foolish to follow in the same rut as certain predecessors, simply because a longer existence has to some extent established their findings as settled conventions.
Emer Curtis, Anne M. Lillis and Breda Sweeney
Despite extensive adoption of Simons’ Levers of Control (LoC) framework, there is still considerable diversity in its operationalization which impedes the coherent development of…
Abstract
Purpose
Despite extensive adoption of Simons’ Levers of Control (LoC) framework, there is still considerable diversity in its operationalization which impedes the coherent development of the literature and compromises its value to researchers. The purpose of this paper is to draw researchers back to the conceptual core of the framework as a basis for stable, consistent definitions of the domain of observables.
Methodology/approach
We derive the conceptual core of the framework from Simons’ writings. We highlight instability in existing operational definitions of the LoC, weaknesses in the extent to which these definitions reference this conceptual core, and inconsistencies in the restriction of LoC to formal information-based routines.
Findings
We draw on the inconsistencies identified to build the case for commensuration or a “common standard” for the framework’s use on two levels: the constructs within the framework (through reference to the conceptual core of the framework) and the framework itself (through explicit inclusion of informal controls).
Research implications
We illustrate the benefits of commensuration through the potential to guide the scope of the domain of observables in empirical LoC studies, and to study LoC as complementary or competing with other management control theories.
Originality/value
Our approach to resolving tensions arising from inconsistencies in the empirical definitions of LoC differs from others in that we focus on the strategic variables underlying the framework to define the conceptual core. We believe this approach offers greater potential for commensuration at the level of the constructs within the framework and the framework itself.
Details
Keywords
Just‐in‐time (JIT) production methods were popularized by the excellent results achieved by Japanese industry. When it became evident during the 1970s that the Japanese were…
Abstract
Just‐in‐time (JIT) production methods were popularized by the excellent results achieved by Japanese industry. When it became evident during the 1970s that the Japanese were gaining markets previously dominated by Americans, there was considerable interest in learning how Japanese industry operates. Then, during the early 1980s, Toyota’s highly effective JIT production system had a particular appeal to Americans who were trying to understand Japanese production methods. While Taichi Ohno, creator of Toyota’s production system, credits Henry Ford as the originator, it is now known that Ernest Kanzler, one of Ford’s subordinates, played a major role in developing JIT production methods. This article reports Ford’s and Kanzler’s contributions and explores the possible influence that Frederick W. Taylor may have had on the development of this approach at the Ford Motor Company.
Details
Keywords
The importance of sanitary conditions in the production, manufacture, and distribution of foods was never greater than to‐day, for less of the food consumed by the individual is…
Abstract
The importance of sanitary conditions in the production, manufacture, and distribution of foods was never greater than to‐day, for less of the food consumed by the individual is produced and prepared at home than ever before; and likewise, the necessity for sanitary laws in regard to foods was never more keenly realised. The disclosures of the insanitary conditions in our packing houses, exaggerated in many instances, has aroused public indignation. The newspapers added fuel to the flame by rehashing every case in recent history containing anything gruesome or revolting in connection with the preparation of food products. These reports, appearing day after day in the newspapers, gave the public the false impression that the manufacture of human bodies into food products was a matter of not uncommon occurrence, and that insanitary conditions prevailed in the manufacture of most foods. The discussion was continued until not only this country, but Europe, looked with suspicion on the food products of the United States.
Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Tenn. 37203. Mrs. Cheney does not sell the books listed here. They are…
Abstract
Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Tenn. 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.
Maxime Desmarais-Tremblay and Marianne Johnson
Alvin Hansen and John Williams’ Fiscal Policy Seminar at Harvard University is widely regarded as a key mechanism for the spread of Keynesianism in the United States. An original…
Abstract
Alvin Hansen and John Williams’ Fiscal Policy Seminar at Harvard University is widely regarded as a key mechanism for the spread of Keynesianism in the United States. An original and regular participant, Richard A. Musgrave was invited to prepare remarks for the fiftieth anniversary of the seminar in 1988. These were never published, though a copy was filed with Musgrave’s papers at Princeton University. Their reproduction here is important for several reasons. First, it is one of the last reminiscences of the original participants. Second, the remarks make an important contribution to our understanding of the Harvard School of macro-fiscal policy. Third, the remarks provide interesting insights into Musgrave’s views on national economic policymaking as well as the intersection between theory and practice. The reminiscence demonstrates the importance of the seminar in shifting Musgrave’s research focus and moving him to a more pragmatic approach to public finance.