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The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

The systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.

In the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.

China’s economic development in the past 40 years has an array of distinctive features that have attracted the attention of the world. The paper aims to discuss this issue.

The analysis logic is as follows: with regard to the mechanism, the above factors were met in a timely manner and jointly contributed positive energy to China’s economic growth, with the increase in the savings rate as the necessary condition and foundation, and the increase in the savings rate is attributed to the explosive expansion of the financial system at the beginning of reform and the formation of positive incentives for residents, enterprises and governments at all levels, and the expansion of the financial system and the formation of positive incentives are clearly the crystallization of the wisdom of Chinese-style progressive reform.

Therefore, we have every reason to believe that the growth prospects of the Chinese economy remain bright. The author is nonetheless confident that the new two-step strategy for economic development will be realized, proposed by the 19th CPC National Congress.

Moreover, the growth of China’s economy has long been accompanied by the “double surplus” of current accounts and capital and financial accounts in the international balance of payments, which is not completely consistent with the traditional paradigm of development economics. These phenomena are so unique that the international community calls it the “Mystery of China” or “China’s Development Path.”

The purpose of this pilot study was to identify the key factors that influence the decisions of entrepreneurs who are considering the creation of a new venture. The pilot was conducted to explore the cognitive antecedents of entrepreneurial decision-making and whether specific factors contribute to the decision to create a new venture.

The study utilised an inductive and interpretive research design within a constructivist paradigm. The sample comprised entrepreneurs situated in a business incubation unit who engaged in a series of semi-structured interviews. The results of this study will be used to refine the questions asked in preparation for a larger sample using in-depth interviews with identified entrepreneurs. The resulting narrative in this pilot was subjected to discourse analysis and is categorised into relevant themes.

The findings in this pilot study reveal that factors such as technological advancement, market opportunity, competition, customer demand and prevailing market conditions have a significant influence on the decision-making process involved in creating a new venture.

Although the pilot has identified several factors in entrepreneurial decision-making, further work will be needed in the research design to be able to expose the cognitive processes associated with each factor. The aim is to identify the common cognitive characteristics associated with thinking through the decision to create a new venture with a much larger sample of entrepreneurs.

The value of this research lies in exploring and developing a better understanding of the antecedent cognitive processes used by entrepreneurs for identifying unique, innovative new ideas and converting them into exploitable products or services through new venture creation.

The purpose of this paper is to consider the economic information content within several popular stock market factors and to the extent to which their movements are both explained by economic variables and can explain future output growth.

Using US stock portfolios from 1964 to 2019, the authors undertake three related exercises: whether a set of common factors contain independent predictive ability for stock returns, what economic and market variables explain movements in the factors and whether stock market factors have predictive power for future output growth.

The results show that several of the considered factors do not contain independent information for stock returns. Further, most of these factors are neither explained by economic conditions nor they provide any predictive power for future output growth. Thus, they appear to contain very little economic content. However, the results suggest that the impact of these factors is more prominent with higher macroeconomic risk (contractionary regime).

The stock market factors are more likely to reflect existing market conditions and exhibit a weaker relation with economic conditions and do not act as a window on future behavior.

Fama and French three-factor model still have better explanations for stock returns and economic information more than any other models.

This paper contributes to the literature by examining whether a selection of factors provides unique information when modelling stock returns data. It also investigates what variables can predict movements in the stock market factors. Third, it examines whether the factors exhibit a link with subsequent economic output. This should establish whether the stock market factors contain useful information for stock returns and the macroeconomy or whether the significance of the factor is a result of chance. The results in this paper should advance our understanding of asset price movement and the links between the macroeconomy and financial markets and, thus, be of interest to academics, investors and policy-makers.

This study attempts to conduct a comparative analysis between dynamic and static asset allocation to achieve the long-term target return on asset liability management (ALM). This study conducts asset allocation using the ex ante expected rate of return through the outlook of future economic indicators because past economic indicators or realized rate of returns which are used as input data for expected rate of returns in the “building block” method, most adopted by domestic pension funds, does not fully reflect the future economic situation. Vector autoregression is used to estimate and forecast long-term interest rates. Furthermore, it is applied to gross domestic product and consumer price index estimation because it is widely used in financial time series data. Based on asset allocation simulations, this study derived the following insights: first, economic indicator filtering and upper-lower bound computation is needed to reduce the expected return volatility. Second, to reach the ALM goal, more stocks should be allocated than low-yielding assets. Finally, dynamic asset allocation which has been mirroring economic changes actively has a higher annual yield and risk-adjusted return than static asset allocation.

In the purview of stress–turnover relationship, the present study aims to explore the endogenous and exogenous aspects of stress and employees' turnover intentions. Further, it also intends to evaluate the mediating role of perceived employee's exploitation between stressors and employee turnover intentions. For that matter, antecedents of stressors were identified and classified into endogenous and exogenous stressors: endogenous stressors relate to the employees' negative psychological contact within an organization and exogenous stressors are various macro-economic factors which have a considerable influence on employees' workplace behavior.

For the purpose of this study, this study choses private school teachers as respondents working in the economically depressed state of India. Thus, data for the present study has been collected from 628 private school teachers of J&K (India) which were randomly selected. In order to ensure valid and reliable statistical inferences from the study, data collected has been validated using confirmatory factor analysis and hypothesis testing has been carried out through structural equation modeling.

It was found that both types of stressors were contributing negatively toward employee's psychological state resulting in undesirable employee organizational relationships manifested as turnover intentions among employees. Moreover, perceived employee's exploitation was found to intensify the relationship of employee turnover as a dependent variable regressed on endogenous, exogenous and occupational stress by fully mediating the stress–turnover intricacies.

The implications of the study include the identification of employees' stressor needs in order to gauge the understanding of the mechanism by which employees react to their environment and develop attitudes toward their jobs. The present study includes a small sample size obtained from private educational institutions only. Therefore, there is a need to take a geographically diverse sample that is inevitable for universal inferences and validity.

Very little research has been conducted to explore endogenous, exogenous and unique stressors such as economic stress and perceived external opportunities which constitute the overall stress. Moreover, to the best of the authors’ knowledge, this is the first study which tests the model empirically that examines the effect of stress–turnover relationship through perceived employee's exploitation in the teaching and educational sector.

The world is changing and key change agents include climate change and scarcity of resources. The purpose of this paper is to address how New Zealand and tourism could address the future and generate appropriate strategic responses.

Using the process of scenario analysis and drawing upon recent research from the www.tourism2050.com project, this paper describes the circumstances, drivers, economic consequences and key decisions that New Zealand would have to take in order to position itself as an eco paradise. The background to the scenario presumes overarching behaviours in a cooperative world in which resources are scarce.

The scenario portrays a future of collective individualism, where a high degree of personal freedom exists but within the constraints of a world in which there is a scarcity of resources. A communitarian ethos drives policy making with an emphasis on efficient resource use and waste minimisation. New Zealand is a nation favoured by climate change. Environmental intellectual property is one of the nation's key resources and in the spirit of achieving a global environmental equilibrium these technologies are shared with the rest of the world. Life is simple. Competitive individualism is equated with excess and resource waste, while cooperation, harmony, and the continuation of a global cooperative psyche are seen as the foundation stones of the continued, relatively comfortable survival of humanity. Tourism is a luxury and activities are environmentally ethical. Visitors are well‐off, purposeful, highly respectful and careful to prove their worth.

Eco paradise represents the classic tale of a prisoner's dilemma in which decision makers and consumers ponder the betterment of humankind against individualism. The scenario concludes with a strategic map of the core decisions New Zealand's tourism industry would have to take. The significance of the paper is its portrayal of a possible future to industry leaders, researchers and stakeholders thereby facilitating decision making in order to adapt to this future.

The purpose of this paper is to challenge the default portrayal of street trade as an informal occupation and spatial practice, by examining comparatively the changes in the regulatory frameworks of two politically distinct city administrations in Latin America since the introduction of the informal economy debate.

This paper draws from a comparative case study design to synthesize evidence from historical administrative records, secondary research and materials from a two-year fieldwork carried out in Lima and Bogotá in 2008 and 2009.

The author argues that the incorporation of the informal economy framework into local governments’ policymaking has reframed street trade as a subject of policy. Since the 1970s, the author traces a shift from worker-centered initiatives, through the deregulation of street trade, to entrepreneurial-centered approaches. Nowadays, both, Lima’s neoliberal governance focusing on “formalizing” and Bogotá’s socialist/progressive governance aiming at “upgrading” street trade respond more explicitly to distinct assessments about the informal economy – legalist and dualist, respectively. Yet, both cities converge in that the closer street trade is perceived as an informal occupation; the more likely policy initiatives decouple the right to work from the right to access public space, spurring more marginal forms of street vending.

Even though the informal economy framework has helped to draw attention to important policy issues locally, nationally and internationally, this paper calls for a critical revision of such framing at the local level to allow for inclusive urban governance.

Mutual funds are the second most preferred investment option in India and have garnered considerable research interest. The focus of Indian studies thus far has been restricted to the bottom-up approach of investing which rewards a fund manager for picking winner stocks and generates superior returns. While changing portfolio allocation as per varying macro-trends has been instrumental in generating superior returns, it has not been given the desired attention. This study addresses this important research gap.

The authors analyze the industry selection ability of the fund manager on a robust sample by decomposing alpha into alpha due to industry selection and alpha attributable to stock selection. Alpha estimates are computed on a robust sample of 34 open-ended Indian equity mutual funds for a 10-year duration 2011–2020 using three base models of asset pricing – single-factor, four-factor and five-factor alpha under panel data methodology.

The study leads us to four major findings. One, industry selection explains more than two-fifth of the alpha both in cross-section and time series of returns; two, industry selection exhibits persistence for more than four quarters across asset pricing model; third, younger funds have level playing when alpha from picking right industries is concerned; four, broad industry allocation continues to explain superior returns as sector allocation undergoes consolidation during ongoing COVID-19 pandemic and funds increase exposure to defensive stocks, consistent with folio allocations as per macroeconomic conditions.

The authors find strong evidence of persistence in the case of alpha attributable to the industry selection component, and the findings are consistent with the persistence results reported in the empirical literature. While some funds excel in stock-picking skills and others excel in picking the right industries, both skills together make for winner funds that attract larger investor flows as investors chase superior performance. The authors also find no evidence of diseconomies of scale in the case of industry allocation alpha generated by the fund managers.

The results suggest a fresh approach for investors while making mutual fund investment decisions; the investors can achieve superior returns by assessing industry selection skills as it tends to provide a more holistic picture concerning a perennial question – why some funds outperform and continue to contribute to investor's wealth?

Mutual funds have become a favored investment option for Indian investors more so as a disciplined investment option owing to dismal financial literacy rates. The study throws light on a relatively unaddressed dimension of choosing winner funds. The significance of right sector allocation assumed even more significance with the onset of the pandemic which lends further credence to the findings of the study.

Research has been conducted on secondary data extracted from a well-cited database for Indian mutual funds. Empirical analysis and conclusion drawn are based on authentic statistical analysis and adds to the existing literature.

Since the early 1980s, western governments are assumed to have been either moving toward post-bureaucratic models or transforming into so-called neo-Weberian bureaucracies. As different public-sector (reform) models imply different ideal typical personality traits for civil servants, the purpose of this paper is to ask the question to what extent personality requirements that governments demand from their employees have evolved over time in line with these models.

The authors analyzed the use of big-five traits in a sample of 21,003 job advertisements for local government jobs published between 1980 and 2017, applying tools for computer-assisted text analysis.

Using multilevel regression analyses, the authors conclude that, over time, there is a significant increase in the use of personality descriptors related to all big-five factors.

The authors postulate that governments nowadays are actively looking for the “renaissance bureaucrat” in line with the neo-Weberian bureaucracy paradigm. The authors end with a discussion of both positive and negative consequences of this development.

First, the authors explicitly link personality, public administration, and public management using the Abridged Big-Five-Dimensional Circumflex model of personality. Second, by linking observed trends in civil servant personality requirements to larger theories of public-sector reform models, the authors narrow the gap between public administration theories and practice. Third, the software tools that the authors use to digitalize and analyze a large number of documents (the job ads) are new to the discipline of public administration. The research can therefore serve as a guideline for scholars who want to use software tools to study large amounts of unstructured, qualitative data.