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The purpose of this paper is to present a discrete quantitative trading strategy to directly control a portfolio's maximum percentage of drawdown losses while trying to maximize the portfolio's long‐term growth rate.

The loss control target is defined through a Rolling Economic Drawdown (REDD) with a constant look‐back time window. The authors specify risk aversion in the power‐law portfolio wealth utility function as the complement of maximum percentage loss limit and assume long‐term stable Sharpe ratios for asset class indexes while updating volatility estimation in dynamic asset allocation implementation.

Over a test period of the past 20 years (1992‐2011), a risk‐based out‐of‐sample dynamic asset allocation among three broad based indexes (equity, fixed income and commodities) and a risk free asset, is robust against variations in capital market expectation inputs, and out‐performs the in‐the‐sample calibrated model and traditional asset allocation significantly.

The current proposal can lead to a new mathematical framework for portfolio selection. Besides investors' liquidity and behavioural constraints, macroeconomic and market cycle, and the potential of central bank interventions following a market crash, could be additionally considered for a more rigorous dynamic asset allocation model.

Besides the benefit of a clear mandate to construct suitable client portfolios, the portfolio approach can be applied to design invest‐able securities, such as principal‐guaranteed investment products, target risk asset allocation ETFs, and target‐date mutual funds with a glide path, etc. The formulation can also be implemented as a managed futures hedge fund portfolio.

The paper introduces the Rolling Economic Drawdown (REDD) concept and specifies risk aversion as the floor of maximum percentage loss tolerance. Dynamic asset allocation is implemented through updating estimation of asset class volatilities.

Recognising interest in the nascent “rise of China”, the purpose of this paper is to engage with the normative social science approach to comparative management, positing that it is inadequate for an enlightened view of the Chinese subject.

This paper presents a critical appraisal of extant literature, specifically Redding's The Spirit of Chinese Capitalism, by drawing resources from Fabian's epistemological critique of anthropology and Levinas' ethics to replace ontology as first philosophy, and by reference to historical studies on China's economic culture and its language.

Attention is drawn to how Redding's research subject is made an object of knowledge. In the objectification process, the subject's continuity is interrupted, its voice deprived, and its capacity for dialogue denied. This is evident in Redding's framework for analysis. Indeed, his Weberian social science template manifests a certain “imperialism of the same” and is symptomatic of much in comparative management regarding non‐western subjects. After critique, this essay then explores a supplement to Redding.

The paper proposes three principles for finding one's way out of objectification: ethics before “knowledge”, justice before “power”, and dialogue before “vision”.

The paper contributes to discourse on how comparative management must transcend its imperial social science legacy before it can find a just footing, and be born again.

This study aims to identify opportunities and constraints of community forestry in the context of forest decentralization in Cameroon and what can be capitalized on for sound REDD+ design and implementation.

A qualitative approach to data collection was used through content analysis of 1994 forestry law, reports and publications related to decentralized forest management, community forestry and REDD+ in Cameroon. Principles that govern community forest and REDD+ were highlighted and opportunities and constraints of community forestry for REDD+ projects were discussed.

Community forestry was developed principally to protect forests in order to support the subsistence and income-generating extractive activities of forest-dependent communities. Community forestry governance arrangements were not designed with the objective of achieving verifiable emissions reductions or carbon stock values. Hence, existing community forestry institutions may not address all the specific demands of REDD+ programs. However, existing community institutions and practices can be strengthened or modified to align better with climate change mitigation goals and to achieve REDD+ objectives in community forestry sites. On the other hand, REDD+ was developed principally to mitigate climate change by reducing emissions from deforestation and forest degradation principally within developing countries where the livelihoods of forest-dependent people are a central component of all forest management policies. However, despite fundamental differences between community forestry and REDD+, there is substantial synergy between their objectives, and the dual forest conservation and livelihood development focus of both programs means that policies that strengthen and support existing community forestry institutions and sites will advance REDD+ objectives. As such, REDD+ will likely to be more successful if it builds on lessons learned from community forestry.

This paper demonstrates how REDD+ is more likely to succeed if it builds on the lessons learned from community forestry over the past 20-plus years in Cameroon. It also discusses how REDD+ can benefit from community forestry and how some of the many challenges related to community forestry can be directly addressed by the REDD+ mechanism. Further, this paper also argues how the congruence between community forestry and REDD+ can effectively facilitate the direct use of community forestry as a tool to achieve REDD+ goals.

Arguing that a gendered invisibility surrounding climate justice contributes to the overall vulnerability and burden placed upon the ability of women from disadvantaged communities, the purpose of this paper is to demonstrate the importance of developing a participative gender framework for climate justice with the potential to address the policy and programme vulnerability gap within climate change and conflict in Sudan’s Savannah Belt.

In utilising gender responsive discourse analysis, along with setting out the history of gender engagement within social forestry, this paper examines both the method of Sudan’s reducing emissions from deforestation and forest degradation (REDD+) development and its content.

The paper’s findings demonstrate that the REDD+ programme in Sudan provides ample evidence of the importance of integrating climate justice and gender approaches to policy, programming and projects through ensuring women and local community participation at all levels and interaction within policy and programme development, along with its implementation.

The paper is theoretical in nature but did draw upon case studies and consultations, and the author was involved in some of the research.

The paper provides a positive and arguably original example of social forestry within the Savannah Belt and its utilisation as a best practice that has fed into Sudan’s REDD+ Proposal/Policy Document so as to potentially drive and streamline similar such initiatives across Sudan.

Upon completion of the case discussion, students will be able to: identify the enablers of a mental skills coaching process and the broad outcomes as a result of a coaching intervention; understand the contributing factors towards creating greater psychological safety in a team and the impact this has on team performance; and identify positive leadership strategies to create an environment in which meaningful work and goal achievement increase engagement.

Leanne Redding was the mental skills coach for Maccabi, a professional league soccer club in Johannesburg, South Africa. Redding had worked with the club’s players using mental techniques, the ultimate aim being to improve performance. Redding’s work was based on the premise of trust, lived values, self-respect and reflection. She believed that a strengths-based approach grounded in sports psychology and aligned with mental contrasting enabled resilience. Her process of holding individual and team sessions helped with sustaining motivation, overcoming limiting fears and encouraging focus on the greater good of the team. The result was Maccabi’s promotion to the professional league of soccer. However, not all of her broad stakeholder group had bought into the value of sports psychology coaching. The case explores Redding’s process and her belief of the importance and buy-in from all players of the team values which should inform behaviour. The case concludes with Redding contemplating what she should do to gain greater acceptance from the rest of the coaching staff for her work.

This case can be used in graduate and postgraduate level courses such as an MBA, in management development programmes or in short executive education courses focusing on organisational behaviour, leadership and human capital development and sports management.

Teaching notes are available for educators only.

CSS 7: Management Science.

The purpose of this article is to explore the current and historical state of accounting for biodiversity in Kalimantan (Borneo). It is also to evaluate various models for stand-alone biodiversity reporting in the context of the work undertaken in Kalimantan by the United Nations Collaborative Program on Reducing Emissions from Deforestation and Degradation in Developing Countries (the REDD program). Economics and politics play a dominant role in hindering biodiversity conservation in the region. This article develops and presents an integrated biodiversity measuring, monitoring and reporting model with the aim of undermining the biodiversity damaging activities in the region. The model enables the provision of comprehensive information on biodiversity to support and inform stakeholders' decision-making and economic activities in relation to Kalimantan.

Kalimantan was selected as a case study site to identify the destruction of biodiversity caused by businesses driven by narrow and selfish economic motives. A number of measuring, monitoring and reporting models for biodiversity are analysed under Reducing Emissions from Deforestation and Degradation (REDD's) Kalimantan Forests and Climate Partnership's reporting framework.

Various social, political and economic impediments to the conservation of Kalimantan's biodiversity currently exist. A comprehensive and multifaceted framework of biodiversity reporting and disclosure needs to be implemented in order to promote accountability for Kalimantan's biodiversity. Such a framework is needed to ensure transparency in relation to the activities of stakeholders that impact biodiversity in the region. Biodiversity reporting can also promote the monitoring and control of the use of Kalimantan's land and labour by businesses. It can inform the economic decision-making at both the international and regional levels that needs to occur in order to protect and rehabilitate Kalimantan's biodiversity and biodiversity habitat.

In this article an integrated biodiversity measuring, monitoring and reporting model is presented. In addition to Kalimantan, this model can also be applied to biodiversity reporting in any economically developing region that requires international intervention, investment and guidance to ensure the protection of its biodiversity. The framework developed expands on the current REDD reporting framework for Kalimantan.

This is an original research paper.

This paper seeks to examine how the biodiversity comprising a tropical forest ecosystem is being protected as a result of having its conservation brought into financial accounting calculations by constructing a greenhouse gas emissions offset product to sell on the voluntary over‐the‐counter carbon markets.

The research examines a single embedded case study of a biodiversity conservation project in Kenya. The resulting discussion builds upon the existing accounting and organisation studies literature regarding the construction of markets.

Whilst the case examined does successfully bring tropical forest biodiversity conservation into the financial accounting calculations of the sellers and buyers of the offset product, via processes of objectification and singularisation, there are considerable accounting obstacles to constructing a calculative mechanism capable of achieving this on a global scale to facilitate financing of the conservation of all the world's remaining tropical forest biodiversity.

The paper contributes to the debate on accounting for biodiversity by examining market construction as a theoretical framework for turning the loss/conservation of biodiversity from an externality into an entity that is taken into account in organisations' calculations of profit and loss.

Grounded in Yijing, the wellspring of Chinese philosophies, this research aims to propose a novel interpretation of the indigenous Yin-Yang harmony cognitive framework, and to elaborate on how to use it as a meta-theorising tool to characterise the conflicting yet complementary dynamics of strategy, commonly seen as the prominent feature of Chinese strategic thinking.

Using the Yin-Yang harmony approach (i.e. Yin as the endogenous factors and Yang the exogenous factors), the authors first put forward eight paradoxical situations facing Chinese organisations as per the changing paradigm of Yijing. Then the authors use the thick description model as a roadmap to identify three evolving trajectories in Chinese higher education (HE) system. Finally, they raise four strategic propositions regarding how competing HE institutes handle the conflicting yet complementary dynamics in China.

Results show that the main strategic choices used by two different types of higher education institutes to cope with the current high-level uncertainty and competition could be described in terms of the two “Qian” and “Li” strategic situations, respectively. More details are discussed in the four propositions.

This research brings potentially valuable implications for global regulators, policymakers, providers and other stakeholders through better understanding of HE-related issues, as well as certain distinct conceptual complexities in terms of developing strategies in China. It implies potentially significant differences in cognition between East and West, and illustrates what may be their workings.

This indigenous eight-dimensional paradigm demonstrates the conflicting yet complementary dynamic gestalt of organisational strategic choices that may only be realised in Chinese terms, and that cannot be elucidated by theories purely derived from Western experience. It thus can foster the transfer of understanding between the East and West and open a new chapter for future research.