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The purpose of this paper is to close the transparency gap by comparing ex ante and ex post performance disclosure, thus providing important conclusions regarding the transparency of this important German market segment.

Closed-ended real estate funds (CEREFs) are one of the biggest segments of unlisted private equity funds in Germany. CEREFs have a central “profitability promise” that is based on ex ante forecasts given in the prospectus. Typically, equity is tied to these investments for up to 20-30 years, leaving investors highly insecure whether their expectations will be fulfilled and fund managers actually achieve prospected performances ex post.

The performance variance analysis of all German CEREFs outstanding during the global financial crisis reveals that prospect-performance disclosures as well as prospect-performance variances cause substantial problems in Germany due to overestimation biases of many fund managers.

As typical for the recent scholarly debate, also the past disclosure practice in Germany prohibits a long-term performance analysis, unless researchers apply instruments of modern investment analysis like comprehensive financial plans (“Visualisation of Financial Implications)”.

The transparency developments in CEREF-reporting of the last decade deliver precise recommendations regarding the internal and external performance variance analysis, risk-profiles and stress tests for the future fund management.

The introduced methodology would increase transparency in the segment of CEREF and, thus, improve investor protection. Since private households in Germany mainly acquire these funds, this is a contribution to sustainability in private asset management.

The paper develops a new methodological framework for performance measurement of unlisted funds. It then assesses for the first time the impact of transparency and trust on fund performances by applying a performance variance analysis.

The authors of “The Digital Fallacy” are interviewed by veteran strategist David Rader. They envision digital implementation as a learning journey rather than a time-boxed program. They name the journey “Digital Maturity.”

Explains how Digital Maturity is a way of applying digital technology – at first to promote efficiency and ultimately in creative ways to innovate new business models – an operation that continues to grow and evolve.

Digitally mature companies are more likely to be agile, experimental, risk tolerant, collaborative and learning organizations.

Getting started can begin with identifying leaders within the organization with characteristics exhibited by digitally mature organizations and tasking them and a team with an effort that allows them to test fast, learn fast and scale fast.

Companies often start by focusing on efficiency gains, then move to better use of data for decision making and then lastly to employ technology to transform their offerings and business models. The final stage is where the greatest value from digital maturity is achieved.

The key to effective management in times of tumult is organisation fit — the integration or congruence of the organisation. Tumult increases the need to manage the two major areas of fit more closely — organisation domain and external environment. Fit must be considered with equal emphasis in the short, mid and long term. An on‐going, strategic assessment of organisational fit is needed. The nature of the change process and the change variables must be identified. There are six ways that management can intervene between change variables to enhance their fit and four organisation interfaces which are directed towards adaptation to the external environment. This multi‐level change typology identifies three methods of directly managing organisation fit — intrusion, interface and intervention. These methods are discussed and interventions and interfaces described.

Discusses the challenges that internal departments face as organizations grow and expand. The Field Museum in Chicago, Illinois, grew significantly over a short period of time, creating considerable problems in the finance department, as staff and systems failed to keep pace with the evolving demands placed by the museum departments. These problems resulted in outdated policies and procedures, unhappy users, and frustrated employees. The finance department needed big changes but had to make them while maintaining vital functions, improving morale, and instituting new policies and procedures. Discusses several key nonprofit management issues, including change management, the role of leadership in a crisis, the challenge of informal personnel networks and knowledge management, and key financial issues facing nonprofit organizations.

Most strategists would likely agree with the statement that company boards need to have a good understanding of corporate and business unit strategy in order to contribute to and oversee decision making. Recent McKinsey research suggests, however, that a majority of senior executives do not believe the board members adequately understand company strategy. This paper aims to investigate what is the best way to educate a board so it will be knowledgeable about strategy.

The paper compares and contrasts two sets of best practices for educating a board so that its members can add greater value to strategy making – advice in the current McKinsey Quarterly and that of David Nadler, author of Building Better Boards.

The paper concluded that the prescriptions of the McKinsey authors Dennis Carney and Michael Patsalos‐Fox are helpful, but consultant David Nadler offers a more comprehensive explanation in Building Better Boards.

Some key practices worth considering: raise strategy's profile in board work. Surprisingly no US company has a board committee devoted to the formulation and review of strategy; populate the board with at least three to four members who have industry expertise in the core business and market conditions the company faces; and reform board processes. To keep pace with change, CEOs should lead regular strategy updates at least every other board meeting.

By synthesizing the practical suggestions from the two sources, companies can put together a package of best practices.

The main aim of this study is to gauge international offshore students’ perceptions of virtual office hours (VOH) to consult with their offshore unit coordinators in Australia.

This paper employs a quantitative and qualitative approach where data was sourced from three offshore campuses over a 12‐month period using a survey instrument. SPSS v20 was used to perform basic descriptive analysis, cross tabulations and chi‐square statistics.

The study revealed that 81 per cent of respondents indicated a willingness to use VOH. A number of perceived benefits of VOH were also identified, including support my learning, instant feedback, feeling valued and convenience.

Participants may have inaccurate perceptions which can manifest in misguided data being presented. The willingness by the majority of undergraduate offshore students to use computer‐mediated communication to conduct VOH provides a platform to explore new ways to promote out‐of‐classroom communication. Students may become more engaged in the teaching and learning process and ultimately provide a more enriched and quality experience.

This study addresses a distinctive gap in the existing literature relating to gauging international offshore students’ perceptions of VOH. Furthermore, the study adds richness to a relatively new trend amongst educators in exploring students’ perceptions of VOH.

The purpose of this chapter was to explore how the values of higher education institutions, and ultimately society, are conveyed through the curriculum of an institution. The arguments for focusing on a liberal education grounded in critical thinking are highlighted and then compared to the growing trend of occupational education being the central focus of a college education. The need to understand populist thinking in particular is aligned with the social responsibility that educational institutions carry in their charters. This means that the students and parents who pay tuition for their education want something to show for their investment, namely a level of compensation and employment that is perceived to be correlated with the expense of the degree. The competing views of education and training are then considered in a global context, noting the interconnectedness of the intellectual and business community around the globe. This chapter concludes by highlighting the importance of education and its impact on cultural understanding and engagement as a value, especially calling upon public policymakers to keep higher education leaders in check as they develop plans and expectations for their institutions.

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.