Management Online REview

9 February 2010 | Home

ISSN 1996-3300

Featured Article

The Financial Crisis as a Symbol of the Failure of Academic Finance? (A Methodological Digression)

The failure of academic finance can be considered one of the symbols of the financial crisis. Two important underlying reasons why academic finance models systematically fail to account for real-world phenomena follow directly from two conventions (a) treating economics not as a ‘true’ social science, but as a branch of applied mathematics inspired by the methodology of classical physics, and (b) using economic models as if the empirical content of economic theories is not very low.

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Editor's Choice

"There is no Spoon": Towards a Framework for the Classification of Virtual Brands and Management of Brand Precession

This paper considers the case of two fictional brands (‘Duff Beer’ and ‘Bertie Bott’s Every Flavor Beans’) and one computer-synthesized brand (‘Aimee Weber’) and the attachment of these brands to physical products in the real and virtual worlds. The authors contend these cases are not merely manifestations of the \"reverse product placement\" process but are representative of a wider phenomenon, labelled “brand precession”

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Non-executive Directors in the Profit and Non-profit Sector: A Different Approach Towards Governance?

After the recent scandals and the introduction of new corporate governance codes, non-executive directors (NED\'s) and supervisors have started playing an increasingly important role in providing the ‘checks and balances’ of organizations. Little is known about the way in which NED\'s fulfill their supervisory role

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Economists' Hubris - The Case of Asset Pricing

This is the second in a series of articles that examines the practical applications of economic thought - its focus is on the most fundamental aspects of finance theory, namely asset pricing. We discuss the major pricing models developed during the past five decades and critically examine their practical applications

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From Behavioural to Emotional Corporate Finance: A New Research Direction

This paper extends the work of Taffler and Tuckett (2005) on Emotional Finance by proposing a new development, namely Emotional Corporate Finance. We argue that managers view their projects as phantastic objects and develop a formal approach that considers the effects of managerial phantasy on the investment appraisal decision, project performance and managerial entrapment in a losing project

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The Click Chain

This article analyses the methods of attracting customers to retail websites and then satisfying their needs. Porter’s value chain is adapted to the online retail environment to create a model termed “the click chain”, which analyses how users, termed “clicks”, come to a website identifying a variety of sources

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Where is the Theory for CEO Compensation?....Making Sense of Recent Empirical-based Conclusions About CEO Pay

CEO compensation is at the forefront of the current financial crisis and generates intense debates in academic circles (eg, Bogle 2008, Kaplan 2008a, 2008b, Walsh 2008a, 2008b). In this commentary, we highlight that the lack of a theoretical foundation undermines existing discussions of CEO compensation

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Hiring Chances Are Bad For Older Workers

It is often claimed that work opportunities decline with age,‭ ‬that hiring chances of older persons are poor. We investigate this by collecting questionnaire responses from personnel managers of German manufacturing firms, eliciting a hypothetical hiring decision based on three fictitious candidates

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Investment Research: How Much is Enough?

Aside from the decision to enter the equity market, the most fundamental question an investor faces is whether to passively hold the market portfolio or to do investment research. The thesis of this paper is that there is no scientifically reliable procedure available which can be applied to estimate the marginal product of investment research

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Economists' Hubris - The Case of Mergers and Acquisitions

This paper is the first in a series of articles that look at the practical benefits of economics/finance literature to the world of business and policymakers and critically examines whether there is any relationship between academic thought and business or policy application. In this article, I review some key studies of mergers and acquisitions that are representative for this field of study and assess their practical value for making business or policy decisions

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Female Directors on Corporate Boards Provide Legitimacy to a Company - A Resource Dependency Perspective

This study addresses the research question why some companies do and others do not have women on their boards. This study provides evidence on the organizational characteristics that affect the likelihood of women being appointed

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Business and Cimate Change: Key Challenges in the Face of Policy Uncertainty and Economic Recession

Climate change is seen as the most pressing environmental problem of our time by many companies, policymakers and other stakeholders. It is currently also at the forefront of attention in view of attempts to conclude a successor to the Kyoto Protocol that expires in 2012

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