Thursday, March 31, 2011

Finalist for 2011 Dexter Award
Organization Development and Change, Academy of management

"The Influence of Eastern and Western Societal Cultures in Managing Strategic Change"
HUY Quy, REUS Taco
2011 Rupert F.  Chisholm Best Theory to Practice Paper Award
Organization Development and Change, Academy of Management
"An Emotion-based View of Post Merger Integration"

HUY Quy, REUS Taco
2011 Best Paper Proceedings
Academy of Management
"An Emotion-based View of Post Merger Integration"

HUY Quy, BINIARY Marina G.
2011 Best Paper Proceedings
Academy of Management
"Bringing Honey out of People: How Managing Envy Helps the Organizational Innovation Process"

SGUERA Francisco, BAGOZZI Rick, HUY Quy, BOSS Wayne
2011 Best paper Proceedings
Academy of Management
"Workplace Incivility and Turnover Intentions: The Efficacy of Managerial Interventions"
INSEAD Working Paper 2011/47/EPS

We use 6-digit bilateral trade data to document the effect of WTO/GATT membership on the extensive and intensive product margins of trade. We construct gravity equations for the two product margins where the specifications of these gravity equations are motivated by the model of Eaton and Kortum (2002). The data show that the puzzle of no significant impact ofWTO membership on trade documented by Rose (2004) manifests itself differently at the product margins of trade.We show that the impact of the WTO is almost exclusively on the extensive product margin of trade, i.e. trade in goods that were not previously traded. In our preferred specification, WTO membership increases the extensive margin of exports by 31%. At the same time, WTO membership has a negligible or even a negative impact on the intensive margin (the volume of already-traded goods). Incidentally,we also document that standard gravity variables provide good explanatory power for bilateral trade on both margins.
INSEAD Working Paper 2011/46/ST/ACGRE
revised version of 2009/35/ST/ACGRE

We use a formal value-based model to study how frictions in the product market affect value creation and value capture. We define frictions as incomplete linkages in the industry value chain that keep some parties from meeting and transacting. Frictions, which arise from search and switching costs, vary across markets and over time as, for example, products commoditize and competition becomes more global. Importantly, frictions moderate the intensity of industry rivalry, as well as the efficiency of the market. We find that firms with a competitive advantage prefer industries with lower levels of frictions than their disadvantaged rivals. We show that the impact of rivalry on industry attractiveness cannot be analyzed independently of other competitive forces such as barriers to entry and buyer bargaining power. We introduce resource development in our model to study the emergence and sustainability of competitive advantage. Firm heterogeneity emerges naturally in our model. We show that the extent of firm heterogeneity falls with the level of frictions, but sustainability increases. Overall, we show that introducing frictions makes value-based models of strategy even more effective at integrating analyses at the industry, firm and resource levels.
GE Healthcare (parts A & B)
© 2011 INSEAD Case Study
Also available: Teaching Note

The (A) case describes how GE Healthcare developed an ECG device optimized for low-income mass markets in India. It also discusses the organizational changes GE made to better serve the Bottom of Pyramid (BOP) markets. The (B) case discusses an ethical dilemma in selling compact ultrasound devices in BOP markets.

Pedagogical Objectives: The (A) case is designed for teaching one or more of the following: 1. Strategic innovation (Blue Ocean Strategy) 2. Business models for bottom of pyramid (BOP) markets 3. MNC strategy in emerging markets. The (B) case can be used to discuss ethical dilemmas that may arise in targeting BOP markets.  
Better Place: The Electric Vehicle Renaissance
© 2011 INSEAD Case Study

 This case describes the innovative business model of Better Place Inc., an electric vehicle company. The key challenges in operating the business model are explained and data is provided to help compute the costs, benefits, net profitability and economies of scale that it offers.

Pedagogical Objectives: The case can be used in a variety of ways: to make an analysis of novel buisness models, to examine the viability of novel business models, to illustrate the challenges facing an innovative electric vehicle startup.
© 2011 INSEAD Case Study
Also available: Teaching Note

This is the second part of the case series that takes up Frank Drummond's story when he decides to leave the telecoms business and return to the US where he starts a new venture to develop a new type of baby bottle. He calls on the designer who he worked with on the one button phone. The case describes how they start by defining the brand values as the first step to develop a tangible product that reflect such values. The case then focuses on the development of an innovative baby bottle - looking at the different aspects involved in the concept, design, manufacture and marketing of an innovative baby bottle that will create value for both the parents and babies alike: from the textures, materials, shape, size of the bottle and teat as well as the packaging.

Pedagogical Objectives: 1) From an entrepreneurship viewpoint, this case series emphasizes the value of focusing on a specific user's need (e.g. mobile communication for elderly people; transitioning of breast feeding to bottle in babies). It shows the value of focusing on a niche market to develop an innovative solution. It demonstrates the many advantages to starting small and growing one step at a time by creating value in novel ways for a specific market segment. 2) From a product development process viewpoint, these cases helps students understand the challenge of evaluating and selecting product concepts - a critical stage in the concept development phase.

Bazile Telecom
© 2011 INSEAD Case Study
Also available: Teaching Note

This is a two part series. Frank Drummond the protagonist is a qualified medical doctor with vast experience in the healthcare sector. He leaves his native US to study for an MBA. Case A describes his first venture into product development. It traces the different stages Frank and the Bazile Telecom team go through in designing the actual phone hardware and the software, and developing the brand values. Just two years later the company is running successfully – a call centre has been set up and they have become a Mobile Virtual Network Operator. Frank, however, has “itchy” feet and is getting weary of the complexities of the telecom industry. He is tempted by a new product development venture proposed by a fellow doctor friend in the US, Bill.

Pedagogical Objectives: 1) From an entrepreneurship viewpoint, this case series emphasizes the value of focusing on a specific user's need (e.g. mobile communication for elderly people; transitioning of breast feeding to bottle in babies). It shows the value of focusing on a niche market to develop an innovative solution. It demonstrates the many advantages to starting small and growing one step at a time by creating value in novel ways for a specific market segment. 2) From a product development process viewpoint, these cases helps students understand the challenge of evaluating and selecting product concepts - a critical stage in the concept development phase.
COOL Karel, PALUMBO Joseph
Under Armour and the Sports Apparel and Footwear Industry in 2008
© 2011 INSEAD Case Study

The case describes how founder Kevin Plank built a very successful sports apparel company in the US to compete with the likes of giants Nike and Adidas. It analyzes the business model of Under Armour, its expansion beyond apparel into sports shoes, where Nike and Adidas are much more focused, and beyond the US market where its brand recognition is not established. It asks why the stock price is down in spite of the company's excellent results.

Pedagogical Objectives: The case studies the strategy of a niche company/upstart and its strategic options as it ventures closer to the markets dominated by established giants. It allows analysis of the profit and power dynamics in the supply chain, the different ways of competing in an industry, the building of resources and competencies to grow the business, and the process of choosing among alternative strategy options.

Tuesday, March 29, 2011

Coordinating Bilateral Investments in a Healthcare R&D Partnership
INSEAD Working Paper 2011/45/TOM/OB

In this paper, we analyze the optimal contractual arrangements in a bilateral R&D partnership between a pharmaceutical and a biotech firm. The biotech firm conducts early-stage research activities, while the pharmaceutical firm performs late-stage development activities, including production, distribution and mar- keting. We model the incentive alignment problems inherent in such partnerships using a principal-agent framework, and consider the cases where either the biotech firm or the pharmaceutical firm is the principal. We formulate the problem as a sequential investment game between the parties with double moral hazard where the investments made by both parties are observable, but not verifiable, and we also model the risk preferences of the biotech firm. When both firms are risk-neutral, we find that the first-best solution can be attained, and characterize the optimal contracts based on renegotiation, late-stage contracting, and options mechanisms that result in the first-best outcome. If the biotech firm is risk-averse, we show that the timing of the contract affects the attainment of the first-best solution, and identify optimal contracts that result in the first-best solution. Our research offers a systematic framework for choosing contracts to overcome agency problems that are commonly encountered in R&D partnerships in the healthcare industry.

Monday, March 28, 2011

Academy of Management Review 36, 2 (2011) 236-246

We summarize the manifest and latent content of the articles that make up the Special Topic Forum on Theory Development. Rather than offering new theories, however, most of the articles offer a series of critical accounts of current organizational theory and a range of novel ideas about the process of theory construction. We conclude by speculating about the institutional barriers to new theory creation and how those barriers might be overcome.

Friday, March 25, 2011

SINGH Jasjit, MARX Matt
INSEAD Working Paper 2011/44/ST revised version of 2010/03/ST

Geographic localization of knowledge spillovers is a long-held tenet of economic geography. However, empirical research has examined this phenomenon by considering only one geographic unit (country, state or metropolitan area) at a time, and has not accounted for spatial distance in such analyses. We accomplish both using a choice-based sampling framework to estimate the likelihood of knowledge flow, as represented by a citation between random patents. In addition to a robust country effect, we find a puzzling persistence of state-level localization that cannot be explained merely as an outcome of spatial proximity. This effect is found to be more than just a manifestation of greater mobility or closer networks within states, suggesting a role for state-level institutions. As a demonstration that state-level policy could influence knowledge flow patterns, we find that a natural experiment wherein Michigan inadvertently started enforcing non-compete agreements indeed led to a decrease in localized spillovers in the state.

Thursday, March 24, 2011

Hot or Cold: Is Communicating Anger or Threats More Effective in Negotiation?
Journal of Applied Psychology Forthcoming.

Wednesday, March 23, 2011

Tuesday, March 22, 2011

INSEAD Working Paper 2011/41/FIN

We study the interbank lending and asset sales markets in which banks with surplus liquidity have market power, frictions arise in lending due to moral hazard, and assets are bank-specific. Illiquid banks have weak outside options that allow surplus banks to ration lending, resulting in inefficient asset sales. A central bank can ameliorate this inefficiency by standing ready to fund illiquid banks, provided it is better informed than outside markets, or prepared to extend lossmaking loans. This rationale for central banking finds support in episodes that precede the modern central-banking era and informs debates on the supervisory and lender-of-last-resort roles of central banks.
How to Build Risk Into your Business Model
Harvard Business Review (2011)

Many managers find it harder to tell if changes in their business models will work out than to guess whether a new product or technology will catch on. The secret to systematic business model innovation is to focus on identifying where the risks are in your value chain. Then determine whether you can reduce them, shift them to other people, or even assume them yourself.
The Language of Coalition Formation in Online Multiparty Negotiations Journal of Language and Social Psychology 30 (2011) 66-81

The purpose of this study is to examine how language affects coalition formation in multiparty negotiations. The authors relied on communication accommodation theory for theoretical framing and hypothesized that language can help coalition partners reach agreement when it is used to increase a sense of unity. The findings of an experimental study support this hypothesis, demonstrating that greater linguistic convergence and assent increase agreements between potential coalition partners, whereas the expression of negative emotion words decreases agreement. The implications for coalition formation and the study of language in negotiations are discussed.
The Communication Orientation Model: Explaining the Diverse Effects of Communication Media on Integrative Negotiation Outcomes Personality and Social Psychology Review. Forthcoming

Monday, March 21, 2011

INSEAD Working Paper 2011/35/TOM

This paper analyzes the optimal procurement, processing and production decisions of a meat processing company (hereafter a "packer") in a beef supply chain. The packer processes fed cattle to produce two beef products, program (premium) boxed beef and commodity boxed beef, in fixed proportions, but with downward substitution of the premium product for the commodity product. The packer can source input (fed cattle) from a contract market, where long-term contracts are signed in advance of the required delivery time, and from a spot market on the spot day. Contract prices are taken to be of a general window form, linear in the spot price but capped by upper and lower limits on realized contract price. Our analysis provides managerial insights on the interaction of window contract terms with processing options. We show that the packer benefits from a low correlation between the spot price and product market uncertainties, and this is independent of the form of the window contract. Although the expected revenues from processing increase in spot price variability, the overall impact on profitability depends on the parameters of the window contract. Using a calibration based on the GIPSA (Grain Inspection, Packers and Stockyards Administration) Report (2007), this paper elucidates for the first time the value of long-term contracting as a complement to spot sourcing in the beef supply chain. Our comparative statics results provide some rules of thumb for the packer for the strategic management of the procurement portfolio. In particular, we show that higher variability (higher spot price variability, product market variability and correlation) increases the profits of the packer, but decreases reliance on the contract market relative to the spot market.

INSEAD Working Paper 2011/40/TOM

We study the impact of collaboration on the adoption of electric vehicles (EVs) among commercial fleets. Using cooperative game theory, we characterize the joint payoffs for the primary stakeholders in the EV adoption decision - the fleet manager, auto manufacturer, and electricity supplier - to determine the conditions under which EVs become economically feasible for commercial fleets. We do so in two settings. We first analyze a scenario where all three stakeholders cooperate in the EV adoption decision, a setting pertinent in regions such as France where a national electricity supplier makes such an arrangement feasible. We next analyze a scenario where the fleet manager and auto manufacturer cooperate but the electricity supplier participates as an independent actor, a setting pertinent in regions such as the United States where no single electricity supplier possesses sufficient market scope to become involved in the EV decision on a national scale. Comparing the regions of EV adoption in these two settings provides insights into the value of the electricity supplier's cooperation and the conditions under which intermediation to promote such cooperation can add value. Given the emissions mitigation potential resulting from EV adoption and the central role of ground transport in distribution, this research contributes to the broader study of sustainable operations.

INSEAD Working Paper 2011/43/TOM

As policy makers and researchers have acknowledged, there are inherent tensions between maintaining a Universal Service Obligation (USO) combined with full market opening (FMO). These tensions are exacerbated by serious intermodal competition in the form of electronic substitution for both advertising and transactions mail and were examined in Crew and Kleindorfer (2011). C-K demonstrated that retaining volumes by the USP is fundamental to retaining economies of scale in delivery, which are essential aspects of both the USO and remaining financially viable.

Friday, March 18, 2011

HILARY Gilles, HSU Charles
INSEAD Working Paper 2011/39/AC

We examine whether attribution bias that leads managers who have experienced short-term forecasting success to become overconfident in their ability to forecast future earnings. Importantly, this form of overconfidence is endogenous and dynamic. We also examine the effect of this cognitive bias on the managerial credibility. Consistent with the existence of dynamic overconfidence, managers who have predicted earnings accurately in the previous four quarters are less accurate in their subsequent earnings predictions. These managers also display greater divergence from the analyst consensus and are more precise. Lastly, investors and analysts react less strongly to forecasts issued by overconfident managers.
HILARY Gilles, HSU Charles
Endogenous Overconfidence in Managerial Forecasts
Journal of Accounting and Economics 51, 3 (2011) 300-313

We examine whether attribution bias that leads managers who have experienced short-term forecasting success to become overconfident in their ability to forecast future earnings. Importantly, this form of overconfidence is endogenous and dynamic. We also examine the effect of this cognitive bias on the managerial credibility. Consistent with the existence of dynamic overconfidence, managers who have predicted earnings accurately in the previous four quarters are less accurate in their subsequent earnings predictions. These managers also display greater divergence from the analyst consensus and are more precise. Lastly, investors and analysts react less strongly to forecasts issued by overconfident managers.

INSEAD Working Paper 2011/31/EPS

This paper shows that the mortgage credit boom has significantly affected urban and school racial segregation from 1995 to 2007. We develop a model of urban segregation with credit constraints that shows that easier credit can either increase or decrease segregation, depending on the race of the marginal consumer who benefits from the expansion of credit. We then use the annual racial demographics of each of the approximately 90,000 public schools in the United States from 1995 to 2007, matched to a national comprehensive dataset of mortgage originations, linked to the neighbourhood of the house, to show that higher leverage increases the segregation of African American and Hispanic students. Both segregation across schools and across school districts are higher when the leverage is higher. Higher leverage allows households to avoid interracial contact.

OUAZAD Amine, PAGE Lionel
INSEAD Working Paper 2011/34/EPS

We put forward a new experimental economics design with monetary incentives to estimate people’s perceptions of discrimination in a variety of contexts. We apply the design to estimate students’ perceptions of teachers: Students were given an endowment to bet on their own performance on a written verbal test, either when assessed non anonymously by their teacher, in a random half of the classroom, or when assessed anonymously by an external examiner. 1,200 British students in grade 8 classrooms across 29 schools took part. Female students invested more when assessed by a male teacher, and male students invested less when assessed by a female teacher. Interestingly, female students’ perceptions are not in line with actual discrimination: Teachers tend to give better grades to students of their own gender. Ethnicity and socioeconomic status did not play a role and do not explain the gender effect.

INSEAD Working Paper 2011/37/EPS 

This paper shows that information plays a key role in the coordination of white households’ forward-looking expectations to leave an area in response to the entry of minority households. First, from the 1940s to the 1970s, real estate brokers earned substantial commission fees during white flight to the suburbs. Real estate agents, who have asymmetric information on potential buyers, have an incentive to strategically disclose information on potential minority buyers, to trigger white flight and increase profits. The prohibition of this type of disclosure in the 1968 Civil Rights Act is shown to increase white welfare and prevent the entry of black households. Second, households’ behavior – whether to stay or leave – provides other households with information about potential buyers. Baltimore and Philadelphia prohibited “Sold” signs to stem white flight.Prohibiting “Sold” signs benefits whites with strong racial preferences and hurts whites with weak racial preferences.
INSEAD Working Paper 2011/36/TOM/ISIC revised version of 2010/54/TOM/ISIC

The World Health Organization estimates that almost a third of the world’s population still lacks access to essential medicines. The distribution network for medicines is ineffective and inefficient in many developing countries. Discussions often centre on why the medicine supply chain cannot replicate the supply chain for consumer products and beverages. There is little understanding of the similarities and differences between the two. This article compares these two supply chains in developing countries from a structural and incentive perspective. It illustrates the complexity of medicine supply chains, and highlights the important differences between these and consumer beverage (soft drink) supply chains.
INSEAD Working Paper 2011/33/FIN 

Following the publication of the Walker Report (2009) in the United Kingdom, international organizations such as the Basel Committee (2010), the OECD (2010), and the European Union (2010) have proposed guidelines to improve bank corporate governance and, more specifically, risk governance. These international reports vary widely on what the prime objective of bank corporate governance should be, with one group recommending a shareholder-based approach, and the other a stakeholder-based one. Moreover, the focus of these reports is exclusively on risk avoidance, with little guidance as to how an acceptable level of risk should be defined. Drawing on insights from economics and finance, this paper is designed to contribute to the debate on bank corporate governance. Our four main conclusions are as follows. Firstly, the debate on bank governance should concern not only the boards but also the governance of banking supervision with clearly identified accountability principles. Secondly, since biases for short-term profit maximization are numerous in banking, boards of banks should focus on long-term value creation. Thirdly, board members and banking supervisors should pay special attention to cognitive biases in risk identification and measurement. Fourthly, a value-based approach to risk taking must take into account the probability of stress scenarios and the associated costs of financial distress. Mitigation of these costs should be addressed explicitly in the design of bank strategy.
SHEKSHNIA Stanislav, FEY Carl F.
The key commandments for doing business in Russia
Organizational Dynamics (2011)

Russia possesses many opportunities, being the world’s largest country in terms of territory, possessing vast natural resources, having a population of over 150 million people, having had one of the world’s fastest GDP growth rates of 7.5% from 2001-2005, and having less competition in some industries than many countries due to the economic transformation it is undergoing. However, Russia also has a dynamic, unique, challenging, and sometimes difficult to understand business environment that has caused problems for many foreign firms. As a result, it is risk rather than opportunity that many associate with Russia. There is no denying that doing business in Russia is not for the faint at heart. However, difficulty understanding Russia’s business environment can also be an advantage as it serves as an entry barrier that assists those who do enter and learn how to operate effectively to reap higher returns. Based on interviews with executives from 36 foreign firms operating in Russia and supplemented by our extensive experience in Russia as executives, consultants, executive trainers, and researchers over the last 15 years, this article presents eight commandments to enable foreign firms to avoid mistakes and skip the trial-and-error learning many of their predecessors have been through and achieve success in Russia more rapidly. Indeed, this article suggests that risks can be mitigated and Russia presents good opportunities for skillfully designed foreign investment projects that take into account local specifics.
Operations Research 59, 6 (2011) 1361-1368

We study the dynamic pricing implications of a new, behaviorally motivated reference price mechanism, based on the peak-end memory model of Fredrickson and Kahneman (1993). This model suggests that consumers anchor on a reference price which is a weighted average of the lowest and most recent prices. Loss averse consumers are more sensitive to perceived losses than gains relative to this reference price. We find that a range of constant pricing policies is optimal for the corresponding dynamic pricing problem. This range is wider the more consumers anchor on lowest prices, and persists when buyers are loss neutral,in contrast with previous literature. In a transient regime, the optimal pricing policy is monotone, and converges to a steady state price, which is lower the more extreme and salient the low-price anchor is. Our results suggest that behavioral regularities, such as peak-end anchoring and loss aversion, limit the benefits of varying prices, and caution that the adverse effects of deep discounts on the firm's optimal prices and profits may be more enduring than previous models predict.
INSEAD Working Paper 2011/30/MKT

The literature on consumer self-control emphasizes that temptation is costly and focuses on the costs of resisting temptation. We propose that temptation can entail not only costs but also benefits. These arise from self-signaling effects of how consumers handle tempting choice options. Succumbing to temptation is a (costly) self-signal of weak willpower, whereas resisting temptation is a (beneficial) self-signal of strong willpower. In a series of five experiments, we demonstrate that these self-signaling costs and benefits of temptation depend not only on the chosen item but also on the temptation from the other options in the choice set. We discuss theoretical implications of our findings for research on impulsive choice and self-control and on self-signaling and managerial implications for pricing and assortment strategies.
INSEAD Working Paper 2011/29/DS

We examine the relationship between Machiavellianism and overconfidence. Participants were invited to take part in a real-world prediction task: forecasting the outcomes of the 2010 FIFA World Cup. In Studies 1 and 2, participants gave probabilistic forecasts for the outcomes of the tournament, completed a measure of Machiavellianism, and also estimated their relative performance. We found that Machiavellians expected themselves to outperform others to a greater extent than non-Machiavellians. However, they actually performed worse. In Study 3, participants played a betting task. Again, we found that Machiavellians tended to earn less. Further, across all three studies, Machiavellians tended to use probabilities that deviated more extremely from the base-rates. Hence, by all measures, they were more overconfident. This research contributes to the link of one of the constituents of the “dark triad” with overconfidence.
BAGINSKI Stephen, DEMERS Elizabeth, WANG Chong, YU Julia
Understanding the Role of Language in Management Forecast Press Releases
INSEAD Working Paper 2011/28/AC

Using a sample of 2,254 voluntarily-provided “unbundled” management earnings forecast press releases, we investigate the role of linguistic sentiment and linguistic certainty in pricing. We provide evidence that sentiment in the forecast setting is directionally consistent with the simultaneously issued hard earnings forecast and plays a significantly greater role in the context of unstructured managerial forecasts than in the earnings announcement setting. We document that sentiment is less important when historical earnings are more informative for valuation, and that the pricing of sentiment varies with forecast specific characteristics of the accompanying hard news that are unique to the management forecast setting (forecast rounding and timeliness). We further document that, similar to the pricing of earnings, the pricing of sentiment is attenuated in the cross-section by a stronger pre-disclosure information environment, differential (s-curve) pricing of larger absolute magnitudes of sentiment, and by higher capitalization rates. Investigating sentiment’s relation with the second moment of returns, we find that negative sentiment is associated with higher stock return volatility and greater dispersion in analyst forecasts, incremental to the magnitude of the sentiment and hard news surprise, and we find some evidence that more certain language is associated with lower idiosyncratic volatility and a reduction in dispersion. Finally, we find that negative sentiment is delayed, incremental to the delay of hard forecast bad news that has been documented in prior research.
WITT Michael A.
Humboldt Research Fellowship for Experienced Researchers


Wednesday, March 2, 2011

Managing attention in the social web: the AtGentNet approach in Human Attention in Digital Environments Claudia Roda (Ed.), Cambridge University Press (2011)

By transforming the Web into a massive social space, Web 2.0 has opened a vast set of opportunities for people to interact with one another using online social networking, blogs, wikis or social bookmarking. But at the same time such a phenomenon has created the conditions for a massive social interaction overload: people are being overwhelmed by solicitations and opportunities to engage in social exchange but they have few means by which to deal effectively with this new level of interaction. The objective of this chapter is to investigate the use of ICT (information and communication technologies) to support online social interactions in a more attention-effective way. This is achieved by adapting to a social context a general model (Roda and Nabeth 2008) which defines four levels of attention support: perception, deliberation, operation and metacognition. We then describe how the support of social attention has been operationalized with the implementation of the attention-aware social platform AtGentNet, and tested in the context of communities of learners and professionals. After discussing the results of the experimentation, this chapter concludes by reflecting on how this approach can be generalized to support the interaction of people in the social web in general.

For over thirty years, students have benefitted from this comprehensive, theory-based guide to accounting, its application to management decision making and its impact on global society. This substantially revised eighth edition reflects contemporary developments in the subject while continuing to encourage critical analysis of the usefulness and relevance of accounting practices.

Tuesday, March 1, 2011

Winner of 2011 European Case Clearing House (ecch) Award
Human Resource Management / Organisational Behaviour category
“Richard Murphy and the Biscuit Company (A)”
[London Business School Case Study]