Product/Business Portfolio management: Logic, structural, and managerial implications

Managerial Hedging and Portfolio Monitoring∗

Incentive compensation induces correlation between the portfolio of managers and the cash flow of the firms they manage. This correlation exposes managers to risk and hence gives them an incentive to hedge against the poor performance of their firms. We study the agency problem between shareholders and a manager when the manager can hedge his incentive compensation using financial markets and s...

Enabling Distributed Knowledge Management: Managerial and Technological Implications

In this paper we show that the typical architecture of current KM systems reflects an objectivistic epistemology and a traditional managerial control paradigm. We argue that such an objectivistic epistemology is inconsistent with many theories on the nature of knowledge, in which subjectivity and sociality are taken as essential features of knowledge creation and sharing. We show that adopting ...

Structural positions and risk budgeting: Quantifying the impact of structural positions and deriving implications for active portfolio management

Fuzzy Logic and Compromise Programming in Portfolio Management

The objective of this paper is to develop a portfolio optimization technique that is simple enough for an individual with little knowledge of economic theory to systematically determine his own optimized portfolio. A compromise programming approach and a fuzzy logic approach are developed as alternatives to the traditional EV model.

Managerial Ability and Earnings Management

We investigate how managerial ability affects the intentional distortion of financial statements (earnings management). On the one hand, better managers receive a compensation premium for their perceived ability, and to the extent that earnings management would tarnish their reputations, we expect them to manage earnings less. On the other hand, better managers may be more able to extract rents...