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Examines stakeholder attitudes about change and resistance to change in a management initiative within the US State Department. Resistance to change may be an obstacle to successful implementation of reinvention initiatives based on how individuals and organizations perceive their goals are affected by the change. This study suggests that improved identification and understanding of the underlying factors of resistance may improve implementation outcomes.

The purpose of this paper is to provide a qualitative analysis of change in order to understand which factors inhibit or, conversely, facilitate the enactment process of managers' performance appraisal and reward systems.

The problem is investigated empirically through a multiple case study approach. The change processes that result from the adoption of performance appraisal and reward systems in six Italian central government institutions are illustrated in detail.

The cases reveal differentiated patterns of organizational change and lead to a problematic overview. The desired technical and cultural organisational transformations are limited by an interplay of organisational and wider environment forces.

The findings are based on data from the Italian central government, and as such are not directly extendable elsewhere, although they may result to be of interest to other public sector organisations.

The paper offers a comprehensive view of organisational change processes, ranging from the initial decision to adopt a managerial instrument to the final use of this instrument. A theoretical framework combining two, apparently diverging approaches, neoinstitutionalism and organisational change management, is used to better understand the plural factors that influence the change processes.

The purpose of this paper is to provide a cohesive review of the major findings in the literature concerning the Global Financial Crisis.

Papers published in top-rated finance and economics journal since the crisis up to the present were reviewed. A large number of these were selected for inclusion, primarily based on the number of citations they had received adjusted for the amount of time elapsed since their publication, but also partly based on how well they fit in with the narrative.

Much has been done to investigate the causes of the Global Financial Crisis, its effects on various aspects of the financial system, and the effectiveness of regulatory measures undertaken to restore the financial system. While more remains to be done, the existing body of research paints an interesting picture of what happened and why it happened, describes the interrelationships between the mortgage markets and financial markets created by the large scale securitization of financial assets, identifies the problems created by these inter-linkages and offers possible solutions, and assesses the effectiveness of the regulatory response to the crisis.

This study summarizes a vast amount of literature using a framework that allows the reader to quickly absorb a large amount of information as well as identify specific works that they may wish to examine more closely. By providing a picture of what has been done, it may also assist the reader in identifying areas that should be the subject of future research.

This paper aims to explore the relevance of bounded rationality to the practice of institutional investors in Malaysia. Understanding institutional investor behavior is important, as it can determine the asset prices and consequently the market behavior.

A set of questionnaires is used to solicit information regarding the understanding and practical application of behavioral finance theories and strategies among fund managers in the Malaysian investment management practice. In the process, bounded rational theory is aimed to be validated. Fund managers’ possible bounded rational behavior is assessed with reference to their investment management approaches and strategies right from individual beliefs and acquisition of information, as well as investment management and strategies used.

The findings lend support to the notion that institutional investors too, being normal human beings, are expected to think and behave in a boundedly rational manner as postulated in bounded rational theory. The sources of bounded rationality are individual, institutional and social forces. Thus, portfolio trading and investment management strategies are exposed to wide varieties of behavioral risks. Despite the notions that behavioral risks are real and the impact on fund performance could be pervasive, fund managers’ self-awareness regarding control and institutional readiness to govern behavioral risks in investment practices is still low.

Empirical evidence drawn in the current paper is subjected to small sample size and specific focus on Malaysian context. Despite this limitation, the sample is statistically sufficient and provides a fair representation, as well as quality opinions, of fund manager’s investment management behavior in Malaysia. This research provides valuable implications to practitioners (fund managers) and regulators (investment management and capital market policymakers). In practice, the current study draws some practical ideas, especially for buy-side institutional investors, on the source and impact of behavioral biases on fund management practices and performance. For regulators, this research highlighted the needs and possible ways to regulate these behavioral risks.

The current paper provides new insights on the theory and practice of the institutional investor. In theory, this research provides evidence of bounded rationality of institutional investor behavior, practicing in the asset management industry in the emerging markets of Malaysia. This evidence lends support to the validity of the bounded rationality theory in explaining institutional investor behavior. In practice, thisresearch provides new insights on the relevance of behavioral finance perspectives and strategies in the asset management industry practice and policy.