BI Open (Norwegian Business School)
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Modeling Nonstationary Financial Volatility with the R Package tvgarch
Get PDFCertain events can make the structure of volatility of financial returns to change, making it nonstationary. Models of time-varying conditional variance such as generalized autoregressive conditional heteroscedasticity (GARCH) models usually assume stationarity. However, this assumption can be inappropriate and volatility predictions can fail in the presence of structural changes in the unconditional variance. To overcome this problem, in the time-varying (TV-)GARCH model, the GARCH parameters are allowed to vary smoothly over time by assuming not only the conditional but also the unconditional variance to be time-varying. In this paper, we show how useful the R package tvgarch (Campos-Martins and Sucarrat 2023) can be for modeling nonstationary volatility in financial empirical applications. The functions for simulating, testing and estimating TV-GARCH-X models, where additional covariates can be included, are implemented in both univariate and multivariate settings.publishedVersio
Decoding the meaning of alternative proteins: Connotations and music-matching
Get PDFAlternative proteins have recently received significant attention from both academia and industry. Given the reported lower willingness of consumers to accept these alternative protein sources, it is crucial to gain insights into consumers' perceptions of them. Study 1, based on the theory of the meaning of objects and concepts, unveiled the connotative meaning (evaluation, potency, activity) associated with five alternative proteins (insects, cultured meat, mycoprotein, algae, and plant-based proteins). Animal-based sources, such as insects and cultured meat, received lower ratings in evaluation but scored higher in potency/activity. Conversely, plant-based sources, including mycoproteins, algae, and plant-based proteins, were rated higher in evaluation but lower in potency/activity. Building upon the congruency theory, Study 2 integrated these connotative meanings of alternative proteins into potential marketing strategies. More specifically, Study 2 introduced background music as an ambient factor and demonstrated how certain music genres align with alternative proteins, suggesting their potential use in alternative protein marketing. Animal-based protein sources were found to align with music genres characterized by lower evaluation and higher potency/activity, such as metal and rock. In contrast, plant-based sources were better matched with music genres associated with higher evaluation and lower potency/activity, such as classical, jazz, and country. Drawing from the insights obtained through these studies, this paper discusses practical applications in the context of marketing strategies and highlights potential avenues for future research.acceptedVersio
Bayesian network structure learning using scatter search
Get PDFLearning the structure of Bayesian networks (BNs) from data is an NP-hard problem as the solution space grows super-exponentially with the number of nodes. Many algorithms have been developed to efficiently find the best structures, with score-based algorithms being those that use heuristics or metaheuristics to explore potential structures in the search space. This paper proposes a new score-based algorithm that relies on a well-known metaheuristic called scatter search, which, to the best of our knowledge, has not been used in learning BN structure. The core of scatter search is to maintain a reference set that stores both high-quality and diverse solutions, thereby continuously tracking and improving the high-quality solutions, while exploring different search directions indicated by the diverse solutions. By incorporating a distance metric in the learning process, the exploration can be more systematic than purely random, as is often the case in most existing algorithms. The effectiveness and efficiency of the proposed algorithm are evaluated through computational experiments. In addition to learning higher-score structures, the results show that scatter search provides a higher degree of robustness compared with benchmark algorithmspublishedVersio
Correlates of maternal Openness
Get PDFThis study explored correlates of maternal trait Openness, drawing on data from a large, nationally representative sample of children in the UK. This was collected from mothers when their children were at the age of 9 months, 3, 7, 11 and 15 years old. The outcome variable was maternal trait Openness, in a sample of 7,856 mothers who were, on average, 28 years old when their child was born. Structural equation modelling showed that maternal psychological distress and self-esteem, as well as parent-child relationship, children’s behavioural problems and maternal educational qualifications all had modest, but significant and direct, effects on maternal trait Openness. The strongest predictor was maternal educational qualifications, though all effect sizes were small. Age was significantly, and positively, associated with the outcome variable. Speculations about processes and mechanisms are made. The limitations are also discussed.publishedVersio
Social Washing in Architecture, Engineering, and Construction Firms
Get PDFThe growing importance of social sustainability fosters firms to communicate their social impact, e.g., through environmental, social, and governance (ESG) reporting. Unfortunately, firms’ actions are often not consistent with their communication. When action and communication on social sustainability are incongruent, social washing emerges. This paper aims to provide an exploratory analysis, based on multiple case studies, to investigate the dimensions and practices of social washing in architecture, engineering, and construction (AEC) firms. The results reveal that the main social washing practices in AEC are misleading assessment of impacts, cherry-picking, inadequate or absent involvement of the local community, and concealment of modern slavery. We propose a framework for operationalizing the analysis of social washing practices in AEC firms. Finally, we provide an overview of the dimensions and practices of social washing, laying the groundwork for future studies on the topicacceptedVersio
Demographic obstacles to European growth
No full textThe growth rates of the four largest European economies – France, Germany, Italy, and the United Kingdom – have slowed in recent decades. The persistence of the slowdown suggests that a low-frequency structural change is at work. Longer life expectancy and declining fertility have led to gradually ageing populations. These demographic trends contribute to economic growth directly through aggregate savings and labor supply decisions and indirectly through distortionary taxes needed to fund pension systems. We provide a structural framework to quantify the demographic contributions to historical and future growth rates. Several reforms have been suggested to increase late-life labor supply and, through that, output growth. Our structural framework also gives a welfare measure to evaluate these proposed reforms. The welfare implications are heterogeneous across age, wealth, and income. Welfare heterogeneity offers some insights into the political economy of pension reforms and the opposition to their implementation despite the projected increase in aggregate output growth.publishedVersio
Høyt presterende team og Psykologisk trygghet - Ett case studie av GK Norge AS
No full textExecutive Master of Management i Samspill og ledelse fra Handelshøyskolen BI, 2024Temaet i denne oppgaven er å undersøke betydningen av psykologisk trygghet i et høyt presterende team i GK Norge AS, i divisjon service. Vi har sett på leders rolle og leders mulighet til å påvirke og tilrettelegge for den psykologiske trygghetene i teamet. Forskning sier at psykologisk trygghet er helt avgjørende for at et team skal kunne prestere på et høyt nivå og kontinuerlig utvikle seg. Psykologisk trygghet er også avgjørende for at de ansatte skal være motiverte, engasjerte, ta eierskap, trives og bli inkludert i et godt arbeidsmiljø, som de ønsker å ta del i. Egeland, (2024), sier at alle snakker om psykologisk trygghet, få snakker om hvor vanskelig det er å få det til. Vi har undersøkt ulike faktorer som kan påvirke psykologisk trygghet. I GK vurderes de ansatte å være den viktigste ressursen i selskapet. Det betyr at denne ressursen må pleies og behandles godt, slik at både de ansatte og arbeidsgiver blir fornøyd. Leder har en viktig rolle i dette, igjennom å bygge en kultur hvor de ansatte får mulighet til å utvikle seg og «blomstre» på arbeidsplassen. I GK har organisasjonskulturen blitt formet og utviklet over 60 år, igjennom 3000 ansatte, 90 oppkjøp og over 3 land. De ansatte har også ulik oppfatning og tilknytning til organisasjonskulturen i selskapet. Det å skape en felles forståelse av hva som er selskapets organisasjonskultur i dag, har vært krevende.
Vi har benyttet fiskediagramskjema som et viktig arbeidsverktøy i utredningsfasen for å identifisere målsetninger, prioriteringer og utfordringer i undersøkelsen vår.Vi har kartlagt den psykologiske tryggheten i et høyt presterende team i GK igjennom en semistrukturert spørreundersøkelse med 10 spørsmål, innen temaene arbeidsmiljø, samarbeid og psykologisk trygghet. Spørsmålene er stilt til 9 teammedlemmer og 1 teamleder. Funnene i undersøkelsen viser god samvariasjon i svarene. I våre funn, opplever vi at det er enighet om at det er psykologisk trygghet i teamet, og at den er avgjørende, for å prestere på et høyt nivå. Leder har hatt en avgjørende rolle i å tilrettelegge for psykologisk trygghet. Økt motivasjon og trivsel blant de ansatte har også en direkte innvirkning på lønnsomhetene i GK
The Evolution of Communication Consulting: A Long-Term Comparison of Service Quality in Strategic Communication
Get PDFCommunication leaders and their teams are seldom able to handle the broad range of challenges within their area of responsibility by themselves. They rely on agencies as an external workbench and as specialists for new or seldom used practices. More importantly, they seek advice from communication consultants to understand challenges, and to identify opportunities for action. The increasing demand for such services has pushed prices and intensified the debate about their quality. Surprisingly, research on communication consulting and its quality is sparse. The first empirical studies were conducted just 10 years ago. In light of dynamic industry developments, the question arises regarding how the understanding and perceptions of communication consulting quality has evolved. To this end, a comparative study surveyed a total of 422 communication agencies in 2013 and 2023 on the relevance, factors, assurance, and showcasing of consulting quality. The results reveal that the importance of consulting quality is still high, but underlying conditions and implementation of quality have changed considerably. As the first in-depth and long-term exploration of this phenomenon, this research helps to shed light on a highly relevant but underexplored facet of strategic communication. It informs practice and offers numerous starting points for future research.publishedVersio
The International Labour Organization and Management Development in Argentina
Get PDFThis article explores how the International Labour Organization (ILO) introduced management development programs in Argentina as a pilot project in developing countries in the late 1950s. By studying how the ILO worked together with actors at the national level, the article reveals how the ILO’s original idea to focus on top management development was reshaped through a dialogue with local actors within the context of tripartite cooperation between the government, business organizations, and unions. While the initiative was successful during the project period, it collapsed when Argentina’s government closed down the national productivity center with which the ILO was cooperating. While the tripartite principle was valuable for the first achievements, it was extremely vulnerable without the support of all partners.publishedVersio
The role of multinational enterprises and formal institutions in BOP markets
Get PDFThere has been much debate on the role of multinational enterprises (MNEs) in ‘Bottom of the Pyramid’ (BOP) markets. MNEs are advised to overcome institutional voids by making maximum usage of informal institutions. In practice, the empirical support for MNEs' success and their contributions to the sustainable development of BOP markets has been limited. In this article, we focus on a realistic path –including the role of MNEs in this journey– to overcome the ‘poverty premium.’ The poverty premium refers to goods being available to BOP customers only at a very high cost, especially when using credit, and we attempt to address the root causes of this barrier. We present an actionable, transaction cost economics (TCE) based approach for MNEs and other market actors to strengthen and leverage contract-enforcing institutions in the long-term, using illustrative examples of the digital and financial inclusion journey observable in India. Our study confirms the continued need in BOP markets to build on conventional economics and management thinking, for the poorest people to be lifted out of poverty. Here, efficient formal institutions do matter.publishedVersio