Search results

The obligation to seek best execution on behalf of clients is not a new issue for investment advisers but one which has received increased scrutiny by the SEC's Office of Compliance Inspections and Examinations (OCIE). This article discusses an adviser's duty to seek best execution and offers suggested guidelines from regulators and industry advocates when developing and implementing best execution policies and procedures. It also illustrates different trading analyses and sample controls that advisers may wish to consider when establishing a best execution monitoring program.

The Financial Services Authority’s (FSA) proposals to revise best execution obligations will involve an extensive departure from existing practices. In particular, achieving the ‘best price’ will no longer be paramount. Firms will have to factor into the best execution equation other direct and indirect costs of trading which are relevant to achieving ‘the best outcome’ or ‘quality of execution’ for the consumer. This will make the assessment far more complex. The existing timely execution rule, making immediacy of execution the benchmark, is likely to be scrapped, to be replaced by an obligation to deal at a time best calculated to deliver the desired result for the customer. The existing SETS ‘safe harbour’ may also be removed and there will be extensive new customer disclosure obligations in relation to firms’ execution policies and procedures, including information as to deal flow through potential individual execution venues, and execution specific disclosures of conflicts of interest. Firms will also be obliged to review at least annually their execution arrangements and make changes if in the interests of their customers, and the FSA proposes rigorous transaction monitoring obligations to ensure that the revised best execution requirements are being met in practice.

Many public sector organizations have shown a consistent lack of capability to execute their strategic plans compared with private sector organizations. This failure explains why most public sector organizations are grappling with the dynamics of the twenty-first century in service delivery. Further, the strategy execution gap is vast in the public sector organizations than in the private sector organizations. The purpose of this paper is built based on the curiosity to develop a conceptual model that can close the strategy execution gap in public sector organizations.

The research adopted a qualitative research design, particularly, a case study research design approach as an ideal tool to conduct a holistic and in-depth survey of the trends in strategy execution in the public sector.

From the findings of the study, it has been found that five out of the nine strategy execution components that were investigated showed higher scores. These strategy execution components perceived to be vital by this study and were integrated into the MERIL-DE model, which will significantly contribute to closing the strategy execution gap in the public sector.

This research was built based on the curiosity to develop a conceptual model, the MERIL-DE model that can close the strategy execution gap in public sector organizations.

Based on interviews with 27 victims’ family members and survivors, this chapter explores how memory of the Oklahoma City bombing was constructed through participation in groups formed after the bombing and participation in the trials of Timothy McVeigh and Terry Nichols. It first addresses the efficacy of a collective memory perspective. It then describes the mental context in which interviewees joined groups after the bombing, the recovery functions groups played, and their impact on punishment expectations. Next, it discusses a media-initiated involuntary relationship between McVeigh and interviewees. Finally, this chapter examines execution witnesses’ perceptions of communication with McVeigh in his trial and execution.

This paper argues that contemporary executions by lethal injection represent spectacles of death. This spectacle of death upholds the sovereignty of the liberal state by evoking a sense of fear among the citizens. The State uses the apparently “painless” and “humane” form of execution by lethal injection to legitimize the death penalty in the U.S. I take the example of McVeigh’s execution to suggest that spectacles of execution continue in modern society, along with disciplinary processes that the liberal state depends on for its legitimacy. This paper, thus, aims to contribute towards a rethinking of a Foucauldian notion of power.

Firm’s operating contexts and asymmetric perspectives of success versus failure outcomes are two essential features typically absent in research on firms’ implemented strategies. The study here describes and provides examples of formal case-based models (i.e., constructing algorithms) of firms implemented strategies within several of 81 potential context (task environments) configurations – large vs small, service vs production orientation, low vs high competitive intensity, low vs high technological turbulence, and ambiguous settings for each. The study applies the tenets of complexity theory (e.g., equifinality, causal asymmetry, and single causal insufficiency). The study proposes a meso-theory and empirical testing position for solving “the crucial problem in strategic management” (Powell, Lovallo, & Fox, 2011, p. 1370) – firm heterogeneity – why firms adopt different strategies and structures, why heterogeneity persists, and why competitors perform differently. A workable solution is to identify/describe implemented executive capability strategies that identify firms in alternative specific task environments which are consistently accurate in predicting success (or failure) of all firms for specific implemented capabilities/context configuration. The study shows how researchers can perform “statistical sameness testing” and avoid the telling weaknesses and “corrupt practices” of symmetric tests such as multiple regression analysis (Hubbard, 2015) including null hypothesis significance testing. The study includes testing the research issues using survey responses of 405 CEO and chief marketing officers in 405 Hungarian firms. The study describes algorithms indicating success cases (firms) as well as failure cases via deductive, inductive, and abductive fuzzy-set logic of capabilities in context solutions.

The purpose of this paper is to develop a model of automate for effective strategy execution.

Both exploratory and confirmatory modes of research using exploratory factor analysis, total interpretive structure modeling, and t-test techniques have been conducted.

In the context of effective strategy execution, the organization support system has most driving power affecting appropriateness of other automate systems. On the other hand, the effective design and deployment of control and monitoring system dependent on other systems. The control and monitoring directly affects the success of strategy execution while the other systems affect execution through structural mediation suggested by the proposed model.

Though this study adopts multiple research methods, a comparatively large sample size would be more useful. The study also faces subjective limitation of the research context. There is possibility of participant’s biases while responding to five-point scale questionnaire.

The driving-dependence linkages among the automate systems helps in developing appropriate managerial action plan to convert strategic goals into the results. The model helps in institutionalizing the systems as well as making them effective while linking them in structured relationship. Additionally, the integrated understanding of the automate systems helps promote a sense of purpose and shared meaning of systems among the key stakeholders, which smoothen the execution process.

This study reviews and factorize different automate systems and identifies structured linkages among them to demonstrate the relative criticality of each systems and how effective development of one system leads to the effectiveness of other system. This study also adds methodological value extending triangulation along with the interpretative tool.

This paper focuses on execution costs as liquidity measure. Execution costs are related to volatility and are an important component of a firm’s cost of capital. The purpose of this paper is to examine whether emerging market firms have lower execution costs when they face less restrictions on foreign investment and when they have more foreign shareholders.

The authors begin by documenting the cross-sectional behavior of execution costs. The authors then obtain preliminary evidence on the interaction between execution costs, the investability index and actual foreign investment. These results foreshadow those the authors obtain with the regression analysis. The ordinary least square results show that more investable firms have lower execution costs after the authors control for firm size, stock price, return volatility, industry effects and country effects. This evidence is very robust and highly significant. Direct foreign ownership (FO) in emerging market firms also appear to be associated with lower execution costs. The economic benefit from lowering the investability index on trade execution costs is highly significant.

Using a large cross-sectional sample from 23 emerging markets, the authors show that firms with more ex ante restrictions on FO, measured by the investability index, have lower execution costs, such as quoted spreads (QS) and effective spreads (ES), after the authors control for firm size, stock price, return volatility, industry factors and country effects. In addition, direct FO in emerging market firms appears to be associated with lower execution costs. However, ex ante restrictions on FO dominate the influence of direct FO. For a 0.5 increase in the investability index in the range of 0–1, the QS will be reduced by 17 percent of the mean QS, and the ES will be reduced by 12 percent of the mean ES from the sample stocks.

There are important differences between the approach and most of the financial liberalization studies. First, whereas most of the earlier studies are conducted at the level of country or market analysis, the investigation is at the level of individual stocks. Second, the authors focus on a cross-sectional association that avoids a criticism leveled at time series analyses. Over-time studies often use specific time points to represent financial liberalization watersheds. This approach can be misleading when financial liberalizations are viewed as processes that unfold over time. Third, the proxies for financial openness are available not only for individual firms across markets, but the authors also make a distinction between potential and actual foreign investment. The authors further categorize actual foreign investment into direct and indirect FO.