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This paper develops a vector variation score that quantifies the change in an array of data points from period-to-period. The array could be the amounts reported on an income tax return, the closing stock prices for a set of listed companies, the monthly sales amounts for retail locations or the monthly balances in general ledger accounts.

The score is grounded in analytic geometry. The angle θ measures whether the changes were uniformly spread across the line items. The item(s) with the largest contribution(s) to the score can be identified. Line items can be weighted such that they contribute less than fully to the score.

The method can identify tax returns with large year-on-year changes. The method can identify the fact that the price movements during earnings season are less dependent than is usually the case. The method can identify anomalies in reported sales amounts. The method should be able to identify ledger accounts’ large abnormal changes.

Auditors will need to be trained to interpret the results and to reduce the number of false positives.

The score could be used in both external and internal audit applications where auditors want to quantify and rank period-on-period changes in a search for outliers.

The change score is normalized to the [0, 1] range. The results can be plotted as a polar plot for display on an auditing dashboard. The contribution of a single line item can be calculated and line items can be weighted to prevent them from having an undue influence on the results.

Eucken′s paradigm of a “social market economy” provides a framework for a functional free‐market mechanism, which not only accommodates development and change, but which also assures human dignity and freedom. Eucken places special emphasis on the integration of economics with “order” and “justice”. He holds that an unconstrained laissez‐faire economy does not assure a competitive economy but that it will degenerate into monopolistic practices. Eucken formulates his “structural” and “regulating” principles to facilitate a functionally competitive economy with a compatible social policy, to assure greater efficiency and to reduce poverty.

This study aims to investigate the association of demographic characteristics, market conditions and risk taking with the disposition effect using data on Brazilian individual investors.

This study uses a unique data set with monthly data from June 2007 to February 2017 provided by one of the largest asset management firms in Brazil. This paper computes the proportion of gains realized and the proportion of losses realized to see if investors incur the disposition effect. This paper then performs logistic regressions to verify the association between investors’ disposition effects and demographic and portfolio characteristics. This paper analyses the prevalence of cognitive biases depending on market conditions (bull or bear markets) and include regressions by asset class as robustness checks.

This paper finds evidence that risk averse investors are more prone to the disposition effect, male subjects are less prone to this cognitive bias and age is not associated with the disposition effect. This paper observes that the tendency to incur the disposition effect decreases during bull markets but increases during bear markets. Also, this paper finds that sophisticated investors are more prone to selling winning assets and holding on to losses.

First, paper gains and losses are based on the highest and lowest prices of the month and not on the price at the moment the sale occurred. Second, this paper had access only to end-of-month information, not to actual daily trading records. Third, because the data set relates to individual investors who trade investment funds, this paper cannot determine whether firm size is associated with the disposition effect. Fourth, age may not necessarily be a proxy for investor experience, so one should interpret the lack of significance for age in terms of generational differences.

This paper demonstrates that the disposition effect is prevalent even among wealthier and more educated investors with delegated asset classes. This paper also presents evidence on the association between demographic characteristics and cognitive biases considering a liquidity-constrained, highly volatile and developing market.

This paper demonstrates that gender is an important characteristic to understand cognitive biases and that investor sophistication may not necessarily be an attenuation factor for the disposition effect in a liquidity-constrained market.

This is the first study to analyse the role of demographic characteristics and risk taking to explain the disposition effect using real information at the individual level about Brazilian investors. It is also the first to analyse the intensity of cognitive biases during bull and bear markets in the Brazilian economy.

This chapter introduces the concept of an intelligent organization in the context of the twenty-first-century knowledge economy. An intelligent organization is one in which individuals behave intelligently, work is grounded in intelligent methods and choices, and rich stocks of intelligence in the form of knowledge capital to support intelligence work and choices. Intelligence is defined as both a thing and attribute and behavior and way of working. The chapter also highlights examples of intelligent behaviors and or organizational pathologies. The chapter also highlights the importance of becoming aware of intelligent and unintelligent choices.

The purpose of this paper is to conceptualise how various value dimensions of Harambee, the Kenyan culture, affect the fostering of entrepreneurial behaviours. Theoretically, we draw upon perspectives that view culture as a toolkit and use cultural variables provided by Hofstede to examine the links between national culture and entrepreneurial endeavours in an African context.

The paper is based on review and synthesis of accessible secondary sources (published research, country-specific reports, policy documents, firm-level empirical evidences, etc.) on the topic and related areas to understand and advance research propositions on the link between enterprising efforts and national culture specific to the Kenyan context.

Several theoretical propositions are offered on themes of collective reliance, social responsibility, enterprising, resource mobilisation and political philanthropy to establish relationships, both positive and negative, between values of Harambee and entrepreneurial behaviours. Further, the study provides initial insights into how actors blend both collectivistic and emergent individualistic orientations and display collective identity in the process of mobilising resources and engaging in entrepreneurship.

The conceptual framework presented bears a considerable relevance to the advancing theory, policy and practice associated with the national culture and entrepreneurial behaviour in the African context and has potential to generate valuable insights.

This original study provides a springboard for studying the relationship between African cultural context and entrepreneurial behaviours.

Liberal arts colleges (LACs) have played a crucial role in the foundation and development of the US higher education system. Today, these schools face numerous organizational and environmental challenges that threaten their performance and even survival. This paper aims to examine whether Senge’s (1990) vision of the learning organization can serve a useful function in responding to these challenges.

A conceptual analysis was conducted based on research relating to learning organizations, LACs and the liberal arts tradition.

The paper identifies significant congruence between learning organization and liberal arts/liberal learning principles. LACs may benefit from applying and modifying Senge’s (1990) framework to their own unique situations.

While The Fifth Discipline has certainly contributed to the lexicon of higher education, the role that Senge’s (1990) framework plays in LACs has received scant research attention. This paper investigates the applicability of Senge’s approach to an underexplored context.

“Socially‐oriented” socioeconomic policies for the USA and Germany have both “meaning” and “validity” in that they would address themselves to socioeconomic concerns and could be implemented. Narrowly oriented socioeconomic policies are neither politically nor socially acceptable in the long run. In a mature socioeconomic system, such as the USA or Germany, the focal question centres not only on efficiency and productivity but also on human values, especially the rights for freedom, for a productive and creative life, and for a life in dignity. The basic question each country faces is what kind of socioeconomic policies it should actively pursue in order to strengthen the market system and to maximize social welfare as effectively as possible.