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The purpose of this paper is to analyze the US Supreme Court's March 30, 2010 decision in Jones v. Harris Associates, LP concerning the evaluation of investment advisory fees under Section 36(b) of the Investment Company Act of 1940.

The paper lays out the background of Section 36(b), the Second Circuit's 1982 decision in Gartenberg v. Merrill Lynch, and the plaintiff's allegation in the Jones case; discusses differences of opinion among the circuit courts on the fiduciary duty standard in Section 36(b); and explains the Supreme Court's reaffirmation of the Gartenberg standard, including a review of Section 36(b) on advisers' fiduciary duty, the role of comparative fees in the Section 36(b) calculus, the role of independent directors, and the dangers associated with judicial review of a board's decision regarding advisory fees.

The Court concluded its opinion by once more endorsing the principles articulated in Gartenberg.

The paper provides practical guidance from experienced securities lawyers.

In the academic field of business management, several potential theories were established during the last decades to explain companies' decisions, organizational behavior, consumer patterns, and internationalization, among others. As a result, businesses and scholars were able to analyze and decide based on theoretical approaches to explain the current conditions of the market. Secondary research was conducted to collect more than 36 management theories. This chapter aims to develop the most famous theories related to business applied in the international field. The novelty of this chapter relies on the compilation of recognized previous research studies from the academic literature and evidence in international business.

Ethnic identity or the retention or loss of the attitudes, values and behaviours of one’s culture of origin is presented as a multidimensional construct. It is further suggested that acculturation or the acquisition of traits of the dominant/host culture constitutes a separate yet correlated process. Initial exploratory and confirmatory factor analyses were conducted on responses from Italian‐Canadians to various items designed to tap Italian ethnic identity. These analyses revealed that ethnic identity did indeed constitute a multidimensional process. Specifically, three dimensions were identified: Italian Social Interaction and Participation, Italian Language Use with Family Members, and Catholicism. A final CFA model incorporated the three ethnic identity dimensions and two dimensions of acculturation. Consistent with previous findings, LISREL VIII estimation resulted in significant negative correlations between some ethnic identity and acculturation dimensions. The discriminant validity of ethnic identity was also more thoroughly established vis‐à‐vis acculturation by computing 95 per cent confidence intervals for the parameter estimates. Finally, subsequent stepwise regression analyses showed that the three ethnic identity dimensions along with the two acculturation dimensions and three socioeconomic factors had differential impacts on the consumption of various convenience and traditional foods. A hypothesis holding that ethnic identity was negatively related to the consumption of convenience foods was partly confirmed. Another holding that it was positively related to the consumption of traditional Italian foods was better established.

The purpose of this paper is to investigate the effects of Blockchain on the customer order management process and operations. There is limited understanding of the use and benefits of Blockchain on supply chains, and less so at processes level. To date, there is no research on the effects of Blockchain in the customer order management process.

A twofold method is followed. First, a Blockchain is programmed and implemented in a large international firm. Second, a series of simulations are built based on three scenarios: current with no-Blockchain, 1-year and 5-year Blockchain use.

Blockchain improves the efficiency of the process: it reduces the number of operations, reduces the average time of orders in the system, reduces workload, shows traceability of orders and improves visibility to various supply chain participants.

The research is based on a single in-depth case that has the scope to be tested in other contexts in future.

This is the first study that demonstrates with real data from an industrial firm the effects of Blockchain on the efficiency gains, reduction on the number of operations and human-processing savings. A detailed description of the Blockchain implementation is provided. Furthermore, this research shows a list of the resources and capabilities needed for building and maintaining a Blockchain in the context of supply chains.

This is the first study that demonstrates with real data from an industrial firm the effects of Blockchain on the efficiency gains, the reduction in the number of operations and human-processing savings. A detailed description of the Blockchain implementation is provided. This paper contributes to the resource-based view of the firm, by demonstrating two new competitive valuable capabilities and a new dynamic capability that organisations develop when implementing and using Blockchain in a supply–demand process. It also contributes to the information processing theory by highlighting the analytics capabilities required to sustain Blockchain-related operations.

At the heart of the African Growth and Opportunity Act (AGOA) are substantial trade preferences, which coupled with the Generalised System of Preferences (GSP) grant a wide range of goods produced in qualified African countries duty-free access to the USA. To be AGOA-eligible, countries are assessed annually on their progress in undertaking appropriate economic, institutional and human rights reforms. This paper seeks to cover new grounds by exploring whether exports of apparel to US crowds out EU-15's imports from Africa.

This paper employs the gravity model to gauge trade displacement effects from the EU to the US due to AGOA, and whether the more relaxed special waiver embodied in AGOA's apparel provision causes non-knitted exports to EU-15 to be crowded out. The basic gravity model, which posits that trade between two countries is positively influenced by the economic size and negatively affected by the distance between them, is augmented with other trade inhibiting and trade facilitating variables.

The gravity model provides no evidence of trade displacement but, instead, provides support for the hypothesis of complementarity of African exports to the two key markets. A strong positive impact of the bilateral trade between the US and Africa on the EU–African trade is evident mainly before the phasing out of the Agreement on Textiles and Clothing (ATC). This paper finds that Special Rule beneficiaries' exports to the two markets still complement each other, but for every percentage increase in exports to the USA, there is a less than proportionate increase in exports to EU-15 indicating a higher utilisation of the special waiver. This paper also provides evidence for complementary apparel exports to both LDCs (least developing countries) and non-LDCs, with stronger effects on non-LDCs and the non-knitted sector.

Future work could consider the longer lifespan of AGOA following its latest renewal in 2015. This would allow one to also capture the ongoing changes in EU trade arrangements in particular implementation of Economic Partnership Agreements (EPAs). This new agreement comes with more flexible rules of origin requiring single transformation step instead of the double step. As most African nations are still in the process of adopting EPAs, new research can shed more light on complementary or displacement effects once these agreements are adopted.

Since the main intent of AGOA is to enhance Africa's integration into the global economy by encouraging trade and investment, generate employment and increase productivity and per capita income growth, its impact on Special Rule beneficiaries' exports to the US has been extensively examined. However, the indirect effects of this trade agreement on African exports to other key markets providing similar preferences such as the EU has not been fully explored. This study also covers new grounds by examining whether there has been any apparel trade displacement from the EU to the US, as a result of the Act, over 2001–2016 period right from AGOA's inception.

The purpose of this paper is to develop a subgrid-scale (SGS) model for large eddy simulation (LES) of buoyancy- and thermally driven transitional and turbulent flows and further examine its performance.

Favre-filtered, non-dimensional LES equations are solved using non-dissipative, fully implicit, kinetic energy conserving, finite-volume algorithm which uses an iterative predictor-corrector approach based on pressure correction. Also, to develop a new SGS model which accounts for buoyancy, turbulent generation term in SGS viscosity is properly modified and enhanced by buoyancy production.

The proposed model has been successfully applied to turbulent Rayleigh–Bénard convection. The results show that the model is able to reproduce the complex physics of turbulent thermal convection. In comparison with the original wall-adapting local eddy-viscosity (WALE) and buoyancy-modified (BM) Smagorinsky models, turbulent diagnostics predicted by the new model are in better agreement with direct numerical simulation.

A BM variant of the WALE SGS model is newly developed and analyzed.

This research aims to identify lean tools and techniques that are needed to be implemented to improve the performance in the fabrication industry. The objective is to find the wastes in manufacturing processes using value stream mapping (VSM) and prioritize the lean tools suitable to enable the attainment of leanness and streamline the processes.

VSM tool is applied in the industry to construct the current state map, identify improvement proposals and implement in future state. Fuzzy technique for order performance by similarity to ideal solution (TOPSIS), a multi-criteria decision-making technique (MCDM), is used to prioritize the identified improvement proposals. This study observed that mistake-proof processing and layout organization are the two techniques with the top priority that needs further improvement to enhance the leanness of the organization.

Upon successful implementation, the cycle time is reduced by 14.97%, and total inventory is reduced by 45.67% which leads to the improvement of value addition from 5.88 to 9.21%. Although lean has been adopted for many years, implementation of lean in the fabrication industry has been limited.

This study addresses the challenges in terms of implementing lean in fabrication industries and practical implications of lean tools and techniques and the prioritization of lean concepts against various lean criteria to enable leanness.

The deployment of improvement prioritization tool integrated with VSM in the context of a fabrication industry is the original contribution of the authors.

The purpose of this study is to identify and prioritize the factors that can positively influence the implementation of a blockchain-based supply chain via an integrated framework. To the best of the authors' knowledge, no previous study has focused on prioritizing these factors.

First, this study conducts a multivocal literature review, and a total of 48 success factors (SFs) are identified and mapped into 11 categories. Second, the identified success factors and their categories are further validated by industry practitioners using a questionnaire survey approach. Finally, this study applies an analytical hierarchy process to prioritize the identified SFs and their categories and to assess their importance for successful blockchain implementation in the supply chain management process.

The “Accessibility” category has the highest importance, and the “Overall efficiency” category has the second highest rank. As far as the success factors are concerned, “Trackability” and “Traceability” are considered to be the prime success factors of a blockchain-based supply chain. The taxonomy of the categories and their success factors provide an outline for supply chain organizations to establish a strategy to implement blockchain technology.

This technology can be practically applied in a sustainable supply chain. Another vital application of this blockchain technology is in banking and finance because of the blockchain's immutable data recording property.

To the best of the authors' knowledge, there is no previous study focused on building a taxonomic model that allows supply chain organizations to compare this paper's model with existing models and outline the necessary actions to improve supply chain activities. The questionnaire-based survey developed to validate the success factors in real-world practices and the factors' prioritization can help academic researchers and industrial practitioners to set their strategic goals accordingly.

This paper aims to overcome the inability of both comparing loss costs and accounting for production resource losses of Overall Equipment Effectiveness (OEE)-related approaches.

The authors conducted a literature review about the studies focusing on approaches combining OEE with monetary units and/or resource issues. The authors developed an approach based on Overall Equipment Cost Loss (OECL), introducing a component for the production resource consumption of a machine. A real case study about a smart multicenter three-spindle machine is used to test the applicability of the approach.

The paper proposes Resource Overall Equipment Cost Loss (ROECL), i.e. a new KPI expressed in monetary units that represents the total cost of losses (including production resource ones) caused by inefficiencies and deviations of the machine or equipment from its optimal operating status occurring over a specific time period. ROECL enables to quantify the variation of the product cost occurring when a machine or equipment changes its health status and to determine the actual product cost for a given production order. In the analysed case study, the most critical production orders showed an actual production cost about 60% higher than the minimal cost possible under the most efficient operating conditions.

The proposed approach may support both production and cost accounting managers during the identification of areas requiring attention and representing opportunities for improvement in terms of availability, performance, quality, and resource losses.