The purpose of this study is to determine whether the fine wine market is efficient between homogeneous lots and heterogeneous lots.
Abstract
Purpose
The purpose of this study is to determine whether the fine wine market is efficient between homogeneous lots and heterogeneous lots.
Design/methodology/approach
Auction price data for homogeneous (or solid) lots of fine wines was analyzed to create price prediction models. Those models were used to predict the expected auction price for the bottles within heterogeneous lots. Lastly, models were created to explain and predict the differences between expected and realized prices for heterogenous wine lots.
Findings
The results show that large inefficiencies exist. The more complex and expensive the heterogeneous lot, the greater the discount relative to what would have been realized if the bottles had been sold individually. This discount can exceed 50% of the expected auction price.
Practical implications
Heterogeneous lots may arise as a practical requirement from the auction house. Restaurant buyers probably have little interest in such lots because of the inclusion of wines the restaurant will be unable to sell. Collectors may be uniquely positioned to benefit from this price discount.
Originality/value
These results are unique in the literature, because the price dynamics of heterogeneous (or mixed) lots of fine wines have not previously been studied.
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Keith Herndon and Richard McCline
Hesselbein developed the concept: “leadership is a matter of how to be and not how to do.” Joseph later provided instructional content based on the concept and helped…
Abstract
Hesselbein developed the concept: “leadership is a matter of how to be and not how to do.” Joseph later provided instructional content based on the concept and helped operationalize it for consumption by practicing leaders. This paper leverages their work in illustrating how leadership-as-a-way-of-being (LWB) can be a teaching model for emerging millennial leaders in a dynamic news media undergoing a chaotic transition. It provides a way to rethink newsroom organizational structures that no longer accommodate the needs of this generation. We focus on the “being” element of leadership as it speaks directly to a new introspective view of leadership that values transparency and is necessary for innovation over mere efficiency.
The following classified, annotated list of titles is intended to provide reference librarians with a current checklist of new reference books, and is designed to supplement the…
Abstract
The following classified, annotated list of titles is intended to provide reference librarians with a current checklist of new reference books, and is designed to supplement the RSR review column, “Recent Reference Books,” by Frances Neel Cheney. “Reference Books in Print” includes all additional books received prior to the inclusion deadline established for this issue. Appearance in this column does not preclude a later review in RSR. Publishers are urged to send a copy of all new reference books directly to RSR as soon as published, for immediate listing in “Reference Books in Print.” Reference books with imprints older than two years will not be included (with the exception of current reprints or older books newly acquired for distribution by another publisher). The column shall also occasionally include library science or other library related publications of other than a reference character.
Paul C. Hong, Joseph Chacko Chennattuserry, Xiyue Deng and Margaret M. Hopkins
This paper aims to examine the relationships between organizational purpose, leadership practices and sustainable outcomes for universities in emerging economies. We propose that…
Abstract
Purpose
This paper aims to examine the relationships between organizational purpose, leadership practices and sustainable outcomes for universities in emerging economies. We propose that a strong sense of purpose is a fundamental and defining feature in the leadership practices of these institutions, which ultimately contributes to their success.
Design/methodology/approach
The authors present a research model that defines the relationships between a sense of purpose, leadership practices, student success outcomes, alumni involvement outcomes and societal reputation outcomes. Over 200 higher education administrators in India participated in the study.
Findings
The institutions' sense of purpose directly relates to their leadership engagement practices and their student success outcomes. Student success outcomes are a crucial linkage between leadership engagement practices and alumni involvement outcomes to achieve their societal reputation.
Practical implications
As competitiveness intensifies, educational institutions under resource constraints must differentiate their organizational practices. This paper demonstrates how their core purpose and leadership actions result in achieving effective outcomes and overall sustainable societal reputation.
Originality/value
There is a significant difference between having an organizational purpose and enacting that purpose through their leadership practices. These results highlight the cascading effect from the institution's fundamental sense of purpose to their leadership practices and the positive outcomes of student success, alumni involvement and societal reputation.
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Anu Vedantham and Laura Breeden
Explains the need for quality educational technology in our schoolsand notes the contributions of existing technology in improvingeducation. Describes the potential that…
Abstract
Explains the need for quality educational technology in our schools and notes the contributions of existing technology in improving education. Describes the potential that telecommunications network technology holds for revitalizing American education. Out‐lines the major federal programs that provide policy guidance and funding assistance for educational institutions to access and contribute to the evolving National Information Infrastructure (NII), and summarizes federal activities to date. In particular, describes the relevant experiences of the first year of the Telecommunications and Information Infrastructure Assistance Program (TIIAP) which is part of the National Telecommunications and Information Administration (NTIA) at the Department of Commerce. Contact information for all federal programs is provided as well.
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Thomas N. Tyson, Richard K. Fleischman and David Oldroyd
The paper focuses on accounting for slave workers during one of the most morally culpable periods in Western civilization and is concerned with issues central to labor – modes of…
Abstract
The paper focuses on accounting for slave workers during one of the most morally culpable periods in Western civilization and is concerned with issues central to labor – modes of production, labor control, and labor productivity. It incorporates secondary sources and examination of records from over 150 different US and BWI plantations to identify contextual factors that motivated planters to organize their workforce in a particular way. The paper specifically describes the ganging and tasking methods of extracting surplus value and indicates how these methods fit within three common paradigmatic interpretations of accounting history – labor process, power/knowledge/discipline, and economic rationalism. In summary, ganging exemplified a pre‐modern approach to organizing labor in which planters relied primarily on physical power to compel work effort and increase output. Tasking incorporated individual work rates and included more sophisticated practices of surveillance, measurement, normalization, and socialization. Tasking became economically rational by responding to changing market conditions and by incorporating procedures and incentives to spur greater productivity. Therefore, tasking may be perceived as a thematic precursor to accounting‐based disciplinary controls like standard costing and a transitionary element from pre‐modern to modern control systems.
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Charnwut Roongsangmanoon, Andrew H. Chen, Joseph Kang and Donald Lien
Empirical evidence of the hedging pressure risk premium exists only in the futures contracts with delivery-related options. Since hedging pressure is supposed to exist for all…
Abstract
Empirical evidence of the hedging pressure risk premium exists only in the futures contracts with delivery-related options. Since hedging pressure is supposed to exist for all futures contracts, the empirical evidence raises an interesting empirical question: whether the hedging pressure risk premium is in fact the risk premium associated with the delivery-related options. This chapter contains an empirical test of the non-redundancy between the two related but alternative sources of non-market risks. For the test, we employs a futures risk premia model in which the expected futures returns contain the market risk premium (proxied by the equity market risk premium) and two non-market risk premia (proxied by the hedging pressure effect and by the delivery risk premium reflected in the returns of futures options, respectively). Our main finding is that both the hedging pressure and the delivery risk premia are non-redundant and statistically significant for futures contracts with delivery-related options. This finding implies a substantial degree of segmentations between these futures markets and the underlying asset markets.
The purpose of this paper is to analytically examine the viability of using blockchain technology (BT) in a public distribution system (PDS) supply chain to overcome issues of…
Abstract
Purpose
The purpose of this paper is to analytically examine the viability of using blockchain technology (BT) in a public distribution system (PDS) supply chain to overcome issues of shrinkage, misplacement and ghost demand.
Design/methodology/approach
The authors use a standard news vendor model with two objectives, the first of which includes a reduction of the total cost of stock, while the second includes minimization of the negative impact of human suffering due to the nonavailability of subsidized food supplies to the needy people.
Findings
The authors applied the model to a real-life case to draw meaningful insights. The authors also analyzed the cost/benefit tradeoff of adopting BT in a PDS supply chain. The results show that the adoption of BT in a charitable supply chain can reduce pilferage and ghost demand significantly.
Originality/value
The paper is positioned for utilizing inventory visibility via consistent and tamper-resistant data stream flow capability of BT to enhance the overall efficiency of PDS. Notably, Indian PDS faces three major challenges in terms of its supply chain efficiency.