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Rational time accompanies the onslaught of hyper-globalization. The Inuit of Arviat, Nunavut, paradoxically use rational time to resist rational time, setting aside temporal zones to protect Western cultural paradigms from impinging on their lives all of the time. Additionally, because temporal norms indicate membership in a group, doing time differently is one of the most effective ways in which to say “I’m not a part of your group!” While resisting rational clock-time, for example by walking off the job each day promptly at 4:59 pm, the Inuit of Arviat nevertheless have a myriad of clocks in their homes. This chapter explores their temporal resistance and the riddle of “why so many clocks in Arviat?”

Presents the thoughts on decision processes of Chester I. Barnard, one of the century’s greatest management theorists. Includes his classic article, “Mind in everyday affairs”; his unpublished book, “The Significance of Decisive Behaviour in Social Action”; his correspondence with Herbert Simon, and significant comments found in his personal papers.

Researchers have proposed characteristics‐based pricing models as an alternative to risk‐based pricing models. While supported empirically, these characteristic‐based models lack theoretical support. This paper seeks to reformulate an asset‐pricing model (RAPM) to demonstrate why firm characteristics help to explain stock returns.

The RAPM is grounded in an economic setting where two groups of agents hold different beliefs about firm fundamental values, and the more sophisticated group (rationals) adopts contrarian strategies against the naïve group (quasis). The model is derived in a static equilibrium within the consumption‐investment framework with heterogeneous agents.

The key theoretical result is a parsimonious equation of cross‐sectional expected returns that not only are specified by the traditional risk‐return relation, but also are determined by contrarian adjustments at both market‐wide and firm‐specific levels. When the model is taken to empirical specifications, it leads to consistent explanations for the behaviors of growth and value stocks, and for size and book‐to‐market effects.

The RAPM is a one‐period model that assumes that “rationals” have perfect knowledge about “quasis” sentiment parameter and their relative market weights. In future research, it is planned to extend this static model to multiple periods to incorporate a learning process by which “rationals” learn these parameters over time.

The RAPM clearly identifies four criteria for implementing arbitrage opportunities in investments. These criteria formalize the common practices in the mutual/hedge fund industry.

The paper develops an original framework that formally supports the characteristics‐based models. It offers insights for researchers in behavioral finance and guidelines for investment practitioners.

This purpose of this paper is to discuss a linear fractional representation (LFR) of parameter‐dependent systems which are linear in the parameters but uncertain, being eventually time‐varying real‐rational nonlinear parameterizations, and dynamics with constant point delays.

The formulation is made in terms of Lyapunov's second method whereby the Lyapunov function candidate is confirmed to be a Lyapunov function by testing a finite number of linear‐matrix inequalities when the uncertain parameter vector, which might be time‐varying, lies within a known polytope which characterizes the uncertainties. The tests are performed only on the set of vertices associated with polytopes.

Sufficient conditions for global asymptotic stability are obtained. Conditions constraining the system to be slowly time‐varying around a stable nominal parameterization are not imposed in order to guarantee the stability.

The formulation is applied to a class of systems whose uncertainties might be parameterized through time‐varying real‐rational nonlinear parameterizations and which include point‐delayed dynamics with constant delays. However, such a class includes certain classes of neural networks with delays, systems with switched parameterizations and systems whose uncertain dynamics evolve arbitrarily in regions defined by known polytopes.

The stability tests are less involved than usual for time‐varying systems since only a finite number of them is necessary to investigate the stability.

LFR descriptions of linear time‐varying systems are extended to a wide class of systems with constant point delays. Also, the real‐rational nonlinear parameterizations of the uncertainties are admitted in both the delay‐free and delayed dynamics.

The existing theoretical and empirical research on cultural impact is rather inconsistent. The purpose of this paper is to deal with the reasons for this inconsistency by debating the adequate inclusion of the cultural factor in the growth model and the way to properly measure cultural capital (CC) for this purpose.

The paper starts with analyzing the limitations of growth theory (in particular Paul Romer ' s endogenous growth model) when CC is not taken into consideration. The amelioration is suggested through involvement of the Weberian mechanism of cultural impact. The difference between Weber ' s mechanism and using religion as a measurement proxy for cultural attitudes is enlightened. The improvement of Weber ' s measurement of CC by elevating Pierre Bourdieu ' s approach to CC from individual to aggregate regional level is suggested. Real data from five EU countries on NUTS II level is addressed for illustrating the above reasoning.

The evidence shows that the suggested by the paper measurement strategy for CC allows for treating culture indeed as a single factor both in theoretical and econometrical sense of the term factor, but without loss of information, which is otherwise inevitable if the author try to approximate culture with a single mono-dimensional variable such as religion.

Through discussion on Rome ' s endogenous growth model and Weber ' s cultural mechanisms of impact, the amelioration of growth theory by inclusion of CC is explained, operationalized and applied on a real data example.

The purpose of this study is to examine how the volatility interruption (VI) mechanisms affect idiosyncratic volatilities in Korean stock markets.

Collecting the South Korea Stock Market (KOSPI) data from June 15, 2015 to March 31, 2019, we collect each residual,  εi,t, from three different estimated models: capital asset pricing model (CAPM), FF3 and FF5. To estimate the conditional idiosyncratic volatility, the authors employ two conditional time-varying measurements: GARCH and TGARCH.

The results show that the conditional idiosyncratic volatility increases when stock prices reach the upper and lower static limits, indicating the implementation of adopting static VI mechanism neither stabilize market conditions nor reduce excess volatility along with the existence of price limits.

Although market regulators and policymakers improve market conditions with the advanced VI mechanism, the empirical results show the adverse effect of the mechanism. Not allowing investors to earn above average returns without accepting above average risks makes Korean stock markets inefficient along with advanced VI mechanisms.

This study aims to improve the buying experience for both customers and providers by presenting a conceptual basis which seeks to expand the usual understanding, representation, mapping and measurements of the different value and non-value stages of a customer purchase journey (CPJ).

Inspired by the precepts of lean thinking, with emphasis on the value stream mapping method, the approach is based on an in-depth analysis of a real and typical e-commerce acquisition of an electronic customised product (a mobile phone) during the COVID-19 pandemic.

This study demonstrates different types of consumer stages, values and wastes for the CPJ. This allowed the development of a mathematical formulation – named customer journey engineering (CJE) – from which improvements of the different categories can be identified. Exemplifying with those whose implementations require no further efforts or costs, the following results could be readily obtained in the case studied: a reduction of 96 h of non-value activities, an improvement of approximately 15% of the established index for customer satisfaction and avoidance of loss worth US$50 for the analysed customer.

The consistency and applicability of the qualitative and quantitative findings presented here should be examined further in other customer purchase scenarios, allowing enhancements of the CJE approach.

Regardless of the context in question, this investigation attempts to identify and precisely define any common universal elements, often overlooked, which constitute the structure of any CPJ and are crucial for its understanding and improvement.

This paper paves the path towards defining a research agenda for competence based strategic management theory. The central question for the research agenda ultimately is: “What elements can cause (and explain) variation in organizational outcomes between firms within an industry in the short run and in the long run?” Potential variables to be linked to variation in (short run and long run) performance are to be found in all aspects of the firm as an open system: cognitive and leadership aspects, variation in competitive positionings within the environment, differences in the domain choice and entrepreneurship, and differences in operational management. All these elements evolve and influence each other systemically in an intertwined double loop system of competence leverage (short term loop) and competence building (long term loop) processes. By performing current activities better and better (short term loop), the competencies involved in those value activities will be leveraged creating the necessary slack to build new competencies in the long term loop which will in turn enable the company to perform better.

The purpose of this paper is to gain insight into the contingent use of rational, intuitive and political decision-making in R&D.

This research is based on a study in an R&D department of a multinational high-tech firm in the Netherlands. The study consists of a case study design, focusing on four embedded cases, longitudinally studying each case.

The literature distinguishes three dimensions of innovation decision-making processes: rational, intuitive and political. By studying these interwoven dimensions over time, this study finds that the dominant use of each of these dimensions differs across the innovation process. There is an emphasis on intuitive decision-making in an early phase, followed by more emphasis on political decision-making, and moving to more emphasis on rational decision-making in a later phase of the R&D process. Furthermore, the predominant choice in a specific innovation phase for one of the three decision-making dimensions is influenced by the decision-making dimension that is dominantly employed in the preceding phase.

This study contributes to the innovation decision-making literature by developing and applying a model that distinguishes rational, intuitive and political decision-making dimensions, the interactions among these dimensions in innovation decision-making in R&D, and the contingency of these dimensions upon the innovation phase. It calls for further research into the contingent nature of innovation decision-making processes.

For practitioners this study has two relevant insights. First it highlights the importance and usefulness of intuitive and political decision-making in addition to the prevailing emphasis on rational decision-making. Second, practitioners may be more alert to consciously changing their dominant decision-making approach across the phases of the innovation process. Third, companies may adjust their human resource policies to this study’s findings.

The literature on rational, intuitive and political decision-making is quite extensive. However, research has hardly studied how these decision-making dimensions develop in conjunction, and over time. This paper reports on a first study to do so and finds that the dominant use of these dimensions is contingent upon the phase of the R&D process and on the decision-making dimensions used in earlier phases. The study suggests that using a contingency approach can help to further integrate the debate in research and practice.

An exciting opportunity that many advanced industrial democracies faced in the late 1990s was the movement from budgetary deficit to surplus. This came after years of persistent deficits. Traditional decisionmaking theories such as budgetary incrementalism failed to explain this longrun relationship, since it has been inherently a short-run theory. This paper uses rational expectations theory to demonstrate its relationship to budgetary decision-making reforms and the deficit (surplus) for Canada, the UK and the United States. The results demonstrated that there was an intertemporal budget constraint in operation in the three countries, and decision-makers at the macro level used rational expectations in the formulation of their annual budget. In the theory, budget actors strived to balance their budget, but did so over the longrun as opposed to the short-run incrementalist interpretation.