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Survey research of top managers is critical to addressing many contemporary research questions in the field of strategic management. Yet, the threat of low response rates has discouraged many researchers from attempting this type of work, steering the field of strategic management away from issues related to strategic process. This article provides an empirical examination of factors that determine the likelihood and quality of response to top management surveys. More generally, we advance a theoretical perspective on survey response rooted in social influence theory that should help researchers make better choices about the design of their survey questionnaires.

This chapter explores the transformation that occurs during an Appreciative Inquiry (AI) summit through the lens of Rogerian client-centered therapy. The client-centered approach stems from the work of Carl Rogers, who theorized that humans have a tendency toward self-actualization, or that they can be trusted to move constructively toward the fulfillment of their inherent potential. According to Rogers, a client-centered therapeutic approach enables an individual to radically alter the self-concept and achieve transformational change, but only when six specific conditions are met. When these conditions are met, the result is generativity at the individual level as the client’s world opens up with new possibilities. Starting from the assumption that individuals and higher-level human systems share common elements as open systems, the opening up of the self-structure at the individual level can be seen as similar to the system coming together in a generative way during an AI summit. Rogerian theory and AI share a common set of underlying principles, and these principles guide the similar approach to change at these different levels. Here, a community AI summit in Worcester, Massachusetts, is viewed through a Rogerian lens in an attempt to shed light on how these conditions might also operate in higher-level human systems aimed at enabling generativity.

In 1996, philosopher Jacques Derrida appealed to then President Bill Clinton to encourage a re-trial for American death-row prisoner, Mumia Abu-Jamal. Derrida's co-authored open letter, one of his most famous political interventions, rehearses the trajectory of his later writings on ethics, specifically the interrelated concepts of justice and forgiveness. In articulating the limits of legality, Derrida contends that an unconditional forgiveness exists outside the conventional dichotomy of the possible and the impossible. The performative paradox of “forgiving the unforgivable” may well require, in his own formulation, a “messianicity beyond messianism.”

We examine the role of structural breaks in forecasting stock return volatility. We begin by testing for structural breaks in the unconditional variance of daily returns for the S&P 500 market index and ten sectoral stock indices for 9/12/1989–1/19/2006 using an iterative cumulative sum of squares procedure. We find evidence of multiple variance breaks in almost all of the return series, indicating that structural breaks are an empirically relevant feature of return volatility. We then undertake an out-of-sample forecasting exercise to analyze how instabilities in unconditional variance affect the forecasting performance of asymmetric volatility models, focusing on procedures that employ a variety of estimation window sizes designed to accommodate potential structural breaks. The exercise demonstrates that structural breaks present important challenges to forecasting stock return volatility. We find that averaging across volatility forecasts generated by individual forecasting models estimated using different window sizes performs well in many cases and appears to offer a useful approach to forecasting stock return volatility in the presence of structural breaks.

IV estimation is examined when some instruments may be invalid. This is relevant because the initial just-identifying orthogonality conditions are untestable, whereas their validity is required when testing the orthogonality of additional instruments by so-called overidentification restriction tests. Moreover, these tests have limited power when samples are small, especially when instruments are weak. Distinguishing between conditional and unconditional settings, we analyze the limiting distribution of inconsistent IV and examine normal first-order asymptotic approximations to its density in finite samples. For simple classes of models we compare these approximations with their simulated empirical counterparts over almost the full parameter space. The latter is expressed in measures for: model fit, simultaneity, instrument invalidity, and instrument weakness. Our major findings are that for the accuracy of large sample asymptotic approximations instrument weakness is much more detrimental than instrument invalidity. Also, IV estimators obtained from strong but possibly invalid instruments are usually much closer to the true parameter values than those obtained from valid but weak instruments.

I survey applications of Markov switching models to the asset pricing and portfolio choice literatures. In particular, I discuss the potential that Markov switching models have to fit financial time series and at the same time provide powerful tools to test hypotheses formulated in the light of financial theories, and to generate positive economic value, as measured by risk-adjusted performances, in dynamic asset allocation applications. The chapter also reviews the role of Markov switching dynamics in modern asset pricing models in which the no-arbitrage principle is used to characterize the properties of the fundamental pricing measure in the presence of regimes.

This study explores the nature and role of CEO discourse in mergers and acquisitions (M&A), and especially during the highly complex post-merger integration process. Abstraction from two extensive empirical data sources suggests that executive discourse in M&A can be seen as fitting a taxonomy involving four categories: dubbed the cartel, aesthetic, videogame and holistic communicator. It is furthermore purported that executive sense-making through discourse may need to be monitored around an ideal and permanently oscillating distance between the executive promise and the many different realities that stakeholders experience in the post-merger process: too little distance prevents change from happening, too much distance erodes the belief in the promised possibilities. This distance, named the promise–realities gap, is different for each (type of) stakeholder, as stakeholders perceive both the discoursed promise as also their everyday corporate realities in different manners. This individual perception of discourse and of the multitude of perceived realities and the volatility of their influencing variables exacerbate the successful management of the promise–realities gap.

The authors propose the information matrix test to assess the constancy of mean and variance parameters in vector autoregressions (VAR). They additively decompose it into several orthogonal components: conditional heteroskedasticity and asymmetry of the innovations, and their unconditional skewness and kurtosis. Their Monte Carlo simulations explore both its finite size properties and its power against i.i.d. coefficients, persistent but stationary ones, and regime switching. Their procedures detect variation in the autoregressive coefficients and residual covariance matrix of a VAR for the US GDP growth rate and the statistical discrepancy, but they fail to detect any covariation between those two sets of coefficients.

In this chapter, we explore to what extent psychological contracts occur between the crowdfunded and the crowdfunders. First argument: fundamentals of finance imply a psychological dimension in financial transactions, which are at the same time contractual. Second arguments: some concrete cases of crowdfunding scandals pertain to contractual violation, which provides evidence for the importance of psychological contracts in crowdfunding projects and processes. This leads to two contributions: (1) a systematic review of the concepts related to psychological contracts theory and the assessment of their transferability to crowdfunding and (2) a list of questions and operational recommendations for every crowdfunding project developer.