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Criteria explaining adoption of revolutionary business techniques
Abstract
Purpose
The paper aims to identify adoption criteria for “revolutionary” business techniques; based on case material, it invites further research.
Design/methodology/approach
Building on the idea of scientific revolution, three cases from sub-disciplines of business administration are chosen to illicit adoption criteria for business techniques.
Findings
The analysis shows that a logical response to a problem, the availability of a controllable procedure, the software and the means to apply the procedure easily, and the hardware, jointly seem to explain the adoption of “revolutionary” business technologies.
Research limitations/implications
In case analysis in general, the results do not lead to induction. More research might identify additional success criteria. Furthermore, it might lead to determining adoption probabilities of techniques.
Practical implications
Managers being introduced to new techniques in business administration might use the criteria outlined here for their evaluation.
Originality/value
The author believes that the paper sheds new light on the development of business technologies and that this light might guide developers of technologies to come up with more potentially successful technologies.
Purpose
This paper aims to add further evidence to adoption criteria for “revolutionary” business techniques.
Design/methodology/approach
Adoption criteria for business techniques with a high degree of novelty have been developed earlier. The case of exchange-traded funds supports the earlier findings. The methodology applied is explicative.
Findings
The analysis supports findings that an effective response to a problem, the availability of a controllable procedure, the means to apply the procedure easily and the hardware jointly explain adopting “revolutionary” business techniques.
Research limitations/implications
The results of case studies, in general, do not permit induction. More research might identify additional adoption criteria or falsify the presently obtained results. Therefore, further research is invited.
Practical implications
Managers seeking or being introduced to new techniques in business administration might use the criteria outlined here for their evaluation.
Originality/value
The author believes this paper corroborates earlier findings on adopting “revolutionary” business techniques that draw on theoretically developed technologies.
Author begins by deducing a set of restrictions on option pricing formulas from the assumption that investors prefer more to less. These restrictions are necessary conditions for a formula to be consistent with a rational pricing theory. Attention is given to the problems created when dividends are paid on the underlying common stock and when the terms of the option contract can be changed explicitly by a change in exercise price or implicitly by a shift in the investment or capital structure policy of the firm. Since the deduced restrictions are not sufficient to uniquely determine an option pricing formula, additional assumptions are introduced to examine and extend the seminal Black-Scholes theory of option pricing. Explicit formulas for pricing both call and put options as well as for warrants and the new ″down-and-out″ option are derived. Other results.
In 1494, the first book on double-entry accounting was published by Luca Pacioli. Since Pacioli was a Franciscan friar, he might be referred to simply as Friar Luca. While Friar Luca is regarded as the "Father of Accounting," he did not invent the system. Instead, he simply described a method used by merchants in Venice during the Italian Renaissance period. His system included most of the accounting cycle as we know it today. The first accounting book actually was one of five sections in Pacioli's mathematics book, titled Summa de Arithmetica, Geometria, Proportioni et Proportionalita (Everything About Arithmetic, Geometry and Proportions). This section on accounting served as the world's only accounting textbook until well into the 16th century. Accounting practitioners in public accounting, industry, and not-for-profit organizations, as well as investors, lending institutions, business firms, and all other users for financial information are indebted to Luca Pacioli for his monumental role in the development of accounting.
Novelty has substantial implications for project management. Because novelty is not objectively determined but perceived by project initiators and participants, diverging perceptions establish first-source managementtasks. Also, novelty is a multidimensional construct. A review of dimensions proposed in empirical measurement of novelty shows that, although about 20 items are used in many studies, no standard measurement approach has yet emerged. This hinders comparability and learning from empirical research on project management. Novelty should be considered as moderating the effects of management on success, because this is the more encompassing approach. The paper presents empirical research results on role structures of project management, team performance, autonomy of project management and clarity of objectives as well as ideal versus real characteristics of project managers. These results are primarily taken from studies by German authors with the aim of introducing this research to a broader audience. Although a substantial wealth of research results is available to support project management, optimisation is not yet possible. But, “one size fits all” is certainly not the right approach, and research results give some indications of how to respond to specific project characteristics. Furthermore, radically innovative projects call for more specific characteristics of projects managers than for more sophisticated planning aids.
This chapter discusses the history of option contracts from ancient times until the appearance of Theorie der Prämiengeschäfte by Vincenz Bronzin in 1908. The history examines the use of contracts with option features prior to the introduction of trade in free standing option contracts on the Antwerp bourse during the 16 th century. Descriptions of the Amsterdam share option market by de la Vega in the 17 th century and de Pinto in the 18 th century are reviewed. The specific language of a late 17 th century English option contract is provided in detail. The development and practice of option trading in the 18 th and 19 th centuries, as reflected in merchant manuals of that period, is examined. The article concludes with an overview of late 19 th century option trading in securities and commodities.
This book is mainly about the mathematics of Professor Vinzenz Bronzin and his remarkable book on option pricing, published in 1908. This chapter concerns the wider history of option pricing and hedging where Bronzin’s work shines out as a beautiful diamond. The study of the history of option pricing and hedging is much more than simply a study of the ancient past. It reveals more than this: It tells us where we came from, where we are, and possibly even gives us some hints about where we are going or, at least, what direction we should following. The put-call-parity, hedging options with options and some types of market-neutral delta hedging were understood and used at least a hundred years ago and is, in my view, still the foundation of what knowledgeable option traders use today. A careful study of the history, including several somewhat forgotten and ignored ancient sources, several of which have been recently rediscovered, tells us that many of the option traders as well as academics from history were much more sophisticated than most of us would have thought. Here, I will try to give a short (but still incomplete) and, hopefully, useful summary of the history of option pricing and hedging from my viewpoint today. The history of option pricing and hedging is far too complex and profound to be fully described within a few pages or even a book or two, but, hopefully, this contribution will encourage readers to search out more old books and papers and question the premises of modern text books that are often not revised with regard to the history option pricing.
Purpose
The purpose of this paper is to demonstrate the contemporary relevance of the management of the Great Pyramid of Giza project.
Design/methodology/approach
The paper uses evidence from the literature from many disciplines concerning both the objectives and construction of the pyramid. It relates this to recent discussion concerned with the issues faced in megaproject management, which are core to the discussion of success and failure.
Findings
The analysis shows the significance of the “break-fix model” of megaproject management and how having a sequence of megaprojects builds management through a learning process. It demonstrates the significance of innovation arising from the experience of previous projects in solving major technical challenges and illustrates the importance of the organisation and ethical management of a substantial workforce.
Research limitations/implications
There is very limited reliable documentary evidence from the time of the construction of Giza (c.2560 BCE). Many sources concerning ancient Egypt are still widely contested. However, the use of research from a combination of disciplines demonstrates the relevance of the project and the importance of learning from history to contemporary project management.
Originality/value
The authors believe that this is the first paper to analyse the Giza pyramid project from a project management perspective. This was arguably the most significant construction project of ancient history and the paper explains the lessons, which can be learned, which are very significant to today’s megaprojects.
One of the highlights of the year 1613 was the burning down of the Globe Theatre in London, during a performance of Shakespeare's newly-written ‘Henry VIII’, when the discharge of a piece of ordnance set fire to the thatch.
Another event which took place during the year was less spectacular but, to actuaries, just as noteworthy. This was the publication of a book by Richard Witt entitled: Arithmeticall Questions, touching The Buying or Exchange of Annuities; Taking of Leases for Fines, or yearly Rent; Purchase of Fee-Simples; Dealing for present or future Possessions; and other Bargaines and Accounts, wherein allowance for disbursing or forebeareance of money is intended; Briefly resolved, by means of certain Breviats . (See Title Page in Figure 1 on facing page).
Can the current multivariate methods revolution in marketing research be explained? What is the role of computer technology in the rapid diffusion of multivariate methods? This article defines multivariate analysis and discusses the reasons for the probable continuing increase in its use in marketing research.
Der Beitrag fragt nach dem Pacioli‐Bild in deutscher Betriebswirtschaftslehre und italienischer Economia Aziendale und untersucht deren Narrative auf einer breiten Basis ideengeschichtlicher Werke beider Länder. Methodisch wird eine synchronische (Abschn. 2 und 3) und diachronische Sicht (Abschn. 4) unterschieden.
It was in the 1990’s when my joint project with Gian Trepp on “Money Laundering through Derivatives”, which had been financed by the Swiss National Science Foundation, was under way. The research for this project was eye-opening. It helped me to understand how derivative instruments work and how they were steadily gaining more importance. I then met people in charge of dealing with these instruments, however working more on the scarcely lit side of this maverick world of modern finance. Among them there were some interesting people from the World Bank and from the International Monetary Fund. I also got the chance of talking to the Senior Advisor to the Under Secretary Enforcement of the US-Treasury, Michael D. Langan with his staff in summer 1998.
Vinzenz (later: Vincenzo) Bronzin was born in Rovigno (today: Rovinj), a small town on the peninsula of Istria (Croatia), on 4th May 1872, and died in Trieste on the 20th December 1970 at age 98. He was the son of a commandant of a sailing-ship. After completing the gymnasium (high school) in Capodistria, a town on Istria, he became a student in engineering at the University of Polytechnics in Vienna, where he made his exams after an enrolment of two years. He then studied mathematics and paedagogics at the University of Vienna, and at the same time, he took courses for military officers in Graz.
In the present paper I shall clarify that the origin of compound interest
goes back 4400 years to Sumer by showing the Sumerian scribe of Enmetena
Foundation Cone calculated seventh power of four-thirds.
This chapter describes the contributions of management and marketing science literature to the cumulative understanding of the dynamics of innovation diffusion. As a theory of communications, diffusion theory's main focus is on communication channels. Communication channels are the means by which information about an innovation is transmitted to or within the social system. These means consist of both the mass media and interpersonal communication channels. Individual members of a social system have different propensities for relying on mass media or interpersonal channels for seeking information about the innovation. Interpersonal communication, including nonverbal observations, is important influences in determining the speed and shape of the diffusion process in a social system.
In the following article we shall be tracing the international socio-economic influences, particularly those specific to Trieste, which laid the foundations for the development of Bronzin’s work on premium contracts. The educational system played a central role in institutionalizing certain concepts and ideas. Most notably, there was a change of paradigm in the teaching methodology for mathematics education that was the outcome of a national and international collaborative effort, which culminated in a campaign for improved education. However, significant differences existed not only with regard to how training objectives in teaching were to be implemented, but also with regard to the possibilities for integrating research results into the subject matter — such as, for example, probability theory.
The various schools of or approaches to management theory that I identified nearly two decades ago, and called "the management theory jungle," are reconsidered. What is found now are eleven distinct approaches, compared to the original six, implying that the "jungle" may be getting more dense and impenetrable. However, certain developments are occurring which indicate that we may be moving more than people think toward a unified and practical theory of management.
Scitation is the online home of leading journals and conference proceedings from AIP Publishing and AIP Member Societies
The essential character of what is classically considered, e.g., by N. R. Campbell, the fundamental measurement of extensive quantities is described by an axiomatization for the comparision of effects of (or responses to) arbitrary combinations of “quantities” of a single specified kind. For example, the effect of placing one arbitrary combination of masses on a pan of a beam balance is compared with another arbitrary combination on the other pan. Measurement on a ratio scale follows from such axioms. In this paper, the essential character of simultaneous conjoint measurement is described by an axiomatization for the comparision of effects of (or responses to) pairs formed from two specified kinds of “quantities”. The axioms apply when, for example, the effect of a pair consisting of one mass and one difference in gravitational potential on a device that responds to momentum is compared with the effect of another such pair. Measurement on interval scales which have a common unit follows from these axioms; usually these scales can be converted in a natural way into ratio scales.A close relation exists between conjoint measurement and the establishment of response measures in a two-way table, or other analysis-of-variance situations, for which the “effects of columns” and the “effects of rows” are additive. Indeed, the discovery of such measures, which are well known to have important practical advantages, may be viewed as the discovery, via conjoint measurement, of fundamental measures of the row and column variables. From this point of view it is natural to regard conjoint measurement as factorial measurement.
The present theory generalizes conjoint measurement in five major respects. (a) It is formulated in terms of partially rather than fully ordered data. (b) It applies to both ordinal and numerical data. (c) It is applicable to finite as well as infinite data structures. (d) It provides a necessary and sufficient condition for measurement. (e) This condition applies to any polynomial measurement model; that is, any model where each data element is expressed as a specified real-valued, order-preserving polynomial function of its components.Examples of polynomial measurement models include Savage's subjective expected utility model, Hull's and Spence's performance models, Luce's choice model, and multidimensional scaling models.It is shown that a data structure D satisfies a given polynomial measurement M if and only if D satisfies an abstract irreflexivity axiom with respect to M. The interpretation of the result and its implications to measurement theory are discussed. Peer Reviewed http://deepblue.lib.umich.edu/bitstream/2027.42/33362/1/0000760.pdf
If options are correctly priced in the market, it should not be possible to make sure profits by creating portfolios of long and short positions in options and their underlying stocks. Using this principle, a theoretical valuation formula for options is derived. Since almost all corporate liabilities can be viewed as combinations of options, the formula and the analysis that led to it are also applicable to corporate liabilities such as common stock, corporate bonds, and warrants. In particular, the formula can be used to derive the discount that should be applied to a corporate bond because of the possibility of default.
This paper offers a new methodology for analyzing individual differences in preference judgments with regard to a set of stimuli prespecified in a multidimensional attribute space. The individual is modelled as possessing an ideal point denoting his most preferred stimulus location in this space and a set of weights which reveal the relative saliences of the attributes. He prefers those stimuli which are closer to his ideal point (in terms of a weighted Euclidean distance measure). A linear programming model is proposed for external analysisi.e., estimation of the coordinates of his ideal point and the weights (involved in the Euclidean distance measure) by analyzing his paired comparison preference judgments on a set of stimuli, prespecified by their coordinate locations in the multidimensional space. A measure of poorness of fit is developed and the linear programming model minimizes this measure overall possible solutions. The approach is fully nonmetric, extremely flexible, and uses paired comparison judgments directly. The weights can either be constrained nonnegative or left unconstrained. Generalizations of the model to consider ordinal or interval preference data and to allow an orthogonal transformation of the attribute space are discussed. The methodology is extended to perform internal analysis,i.e., to determine the stimuli locations in addition to weights and ideal points by analyzing the preference judgments of all subjects simultaneously. Computational results show that the methodology for external analysis is unbiased—i.e., on an average it recovers the true ideal point and weights. These studies also indicate that the technique performs satisfactorily even when about 20 percent of the paired comparison judgments are incorrectly specified.
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