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Collaborative leadership dynamics: joint evolution of chair and CEO roles
No full textAbstract
Purpose: Engaging a former dual CEO-chair as chairperson while appointing a new CEO retains the expertise of the incumbent and minimizes disruptions during leadership transitions. Although existing research has examined various aspects of separating the CEO and chair roles—such as power dynamics, succession patterns, and leadership during crises—significant gaps remain in understanding how organizations can effectively harness the collaborative potential of the two most senior organizational leaders while refining their distinct roles.
Design: This study leverages qualitative data from an emerging market context where the statutory separation of chair and CEO roles has been implemented. We obtained rare and revelatory access to 22 in-depth interviews in total with the chair, CEO, and senior executives.
Findings: The findings reveal that successful role separation requires deliberate and ongoing co-creation and negotiation of the chair and CEO roles. Mutual adaptation over time is crucial to navigating power dynamics and potential relational tensions between the two incumbents. Additionally, the effectiveness of the transition significantly hinges on establishing clear role boundaries and proactive relational management among top executives
Originality: We explore how senior leaders who previously held the dual CEO-chair role collaborate with the CEO successor after mandated CEO and chair role separation. We focus on what is involved in that separation and on the transition phase, which has received limited research attention to date. Additionally, we examine the broader implications for organizational functioning, offering strategic insights for organizations globally as they adapt to the growing trend of separating the two top roles in leadership and governance
Three applications of a modern GARCH technique to analyse daily stock markets' volatility
No full textThis thesis comprises three empirical chapters that examine the impact of COVID-19
on financial markets, with a specific emphasis on sectoral stock price responses, market
volatility, and spillover effects across various countries and time periods. The first chapter is the first to empirically uncover, via a recent GARCH-based estimation technique
addressing the problem of dimensionality, volatility correlations and Granger causality between the daily COVID-19 cases and the share price indexes in all 11 sectors of the Global
Industry Classification Standard across 11 major world economies accounting for 83.1%
of the global stock market capitalization for the two full years of the global pandemic,
January 2020 - December 2021. We document a shift of density mass from dominantly
negative correlations by sector from the first and second halves of 2020, with no vaccines
to reassure human fear, to dominantly positive correlations in the first and second halves
of 2021, with the population vaccinated two or three times and recovering its optimism.
Granger causality tests reveal almost immediate news transmission, of a day or two, from
the COVID-19 cases to sectoral price indexes, with some common patterns but also some
heterogeneity by sector and country. We interpret the documented main trends and findings by the usual story of how societies learn: faced with an unexperienced danger and
no cure for the virus, people panicked all over the world in 2020, influencing share prices
dominantly in a negative direction; by contrast, once equipped with vaccines and feeling
reassured for the longer run, optimism recovered in 2021, and stock prices, including by
sector, too.
The second chapter proposes an econometric algorithm that quantifies by a single
number (in the interval from 0 to –1) the average negative effect of the daily news regarding COVID-19 cases on stock-market prices by business sector. We apply it to the
US and the UK, which results in a data-driven, ‘objective’ ranking of the adverse overall impact of the huge and persistent COVID-19 shock to sectoral share prices in these
two leading economies that account for some 45% of global equity market capitalization.
Our quantification is based on a sample covering the full duration of the pandemic (1
January 2020 – 20 October 2022) and on a TGARCH approach, which we justify as
particularly appropriate for the task at hand. Consequently, we estimate the ranges of
such an average impact: weaker, moderate and strong. We, then, compare the ranges in
the two countries and explore similarities as well as differences. The most affected sector
in both countries is technology, while industry comes next. When both countries are
considered together, there are sectoral differences too, specifically that the share prices
of financials and utilities in the UK were the least affected of all business sectors in both
economies. Our empirical quantification and comparison by sector, thus, points not only
to some common patterns but also to the importance in explaining the differences of
country-specific production and trade structures as well as public and business policies
when dealing with the pandemic and its influence on stock-market prices.
The last chapter investigates how stock-market volatility in major economies (Namely,
the United States, Germany, China, and Japan) spills over into the returns of United
Kingdom’s stock market between 2000 and 2023. Using daily data and advanced econometric models from the GARCH family combined with a VAR-X framework, it quantifies the magnitude, persistence, and direction of volatility transmissions across periods
marked by the global financial crises, Brexit, COVID-19, and the Ukraine war. The
findings reveal that returns of the UK stock market exhibit strong and immediate volatility responses to shocks from the US and German stock indices reflecting deep financial
integration. While responses to shocks from Chinese and Japanese stock indices are
weaker or delayed, translating structural and regulatory differences. The study confirms
the robustness of its results through impulse-response and stability tests concluding that
understanding these interconnected dynamics are crucial for policymakers and investors
seeking to manage risk and maintain stability in an increasingly globalised financial system
How to gauge flood risk before you buy or rent a seafront property
No full textRising sea levels, stronger storms and increased erosion are making life on the coast riskier and more unpredictable. For potential buyers or renters, particularly in the wake of another winter of storms and flooding, questions around whether to invest in coastal properties are more urgent now than ever. The desire to understand flood risk before committing to a seaside home is understandable, but assessing that risk isn’t always straightforward. Knowing how people perceive these risks, however, will help scientists better communicate such risks. We surveyed over 700 UK residents in a nationwide study to understand how access to flood prediction maps, which indicate the relative risk of flooding for areas based on factors like sea-level rise, storm surges, and local topography, affected their housing preferences. These maps are typically available through government websites and are often consulted during the home-buying process via online property listings or planning reports. The results were striking. Once people were shown flood risk maps, their preferences changed decisively – away from scenic seafront properties and towards locations that were inland and considered to be “safe”. However, while this change in preference seems rational, it reveals a deeper underlying problem: flood risk is not being communicated clearly or effectively in the UK. Many people in our study treated flood maps as if their predictions were absolute and misinterpreted areas at risk of flooding as being exposed to actual flooding. In reality, these maps are based on mathematical models with varying degrees of complexity and uncertainty. Some widely used models are simple and treat flooding as a result of land elevation alone. Others are more complex and attempt to simulate how floodwater spreads over land. Unsurprisingly, these models can produce conflicting results
The adoption of Greek names by Idumaeans in Ptolemaic Egypt as evidence for acculturation (CPI 1 202)
No full textOn second-order L∞ variational problems with lower-order terms
No full textn this paper we study
nd-order-variational problems by seeking to minimise a supremal functional involving the Hessian of admissible functions as well as their lower-order terms, Specifically, we establish the existence of minimisers subject to (first-order) Dirichlet data on under natural assumptions, and, when
, we also show the existence of absolute minimisers. We further derive a necessary fully nonlinear PDE of third-order which arises as the analogue of the Euler-Lagrange equation for absolute minimisers, We then rigorously derive this PDE from smooth absolute minimisers, and prove the existence of generalised (merely measurable) solutions to the (first-order) Dirichlet problem on bounded domains. This generalises the key results obtained in [26] which first studied problems of this type, providing at the same time some simpler streamlined proofs
Satellite observed trends of global mean net atmospheric shortwave and longwave irradiances and diabatic heating by precipitation
Get PDFThe changes in global mean precipitation over recent decades are poorly understood despite their fundamental importance to climate change prediction. We provide an observational verification of the physical link between global precipitation and net atmospheric radiative cooling. April 2006 through December 2024, the net atmospheric total (shortwave + longwave) cooling increases at a rate of 0.11 ± 0.31 watts per square meter per decade (Wm−2 dec−1). Trends of longwave cooling and shortwave heating are 0.76 ± 0.48 and 0.64 ± 0.27 Wm−2 dec-1, respectively. The longwave trend is a result of partial cancelation among contributions from increasing surface skin temperature, air temperature, and water vapor. Increasing shortwave absorption is caused by increasing water vapor. The trend of global mean diabatic heating by precipitation is 0.03 ± 0.61 Wm−2 dec−1. These results observationally confirm that an absence of current global precipitation trends is consistent with net atmospheric radiative cooling trends explained by nearly balanced changes between longwave cooling and shortwave heating
Direkte Kommunikation – direkt mehr Demokratie? Metasprachliche Kommentierung von Angeboten direkter Kommunikation mit Bürgermeister*innen
No full textDer vorliegende Beitrag beschäftigt sich mit Reaktionen auf Angebote direkter Kommunikation, online oder face-to-face, von Oberbürgermeister*innen in über zwanzig deutschen Großstädten an deren Bürger*innen. Untersucht werden, wo vorhanden, Dokumentationen oder Kommentare zur Ankündigung solcher Kommunikationsereignisse bzw. zu Berichten über bereits stattgefundene Kommunikationsereignisse solcher Art. Im Gegensatz zum stark mediatisierten und vor allem medial vermittelten politischen Geschehen auf Bundesebene scheint sich mit dem Bürgermeister*innenamt die Chance direkteren Engagements mit den und aktiverer Partizipation durch die von ihnen repräsentierten Bürger*innen zu bieten. Während Angebote direkter Kommunikation teilweise als Ausdruck von Verantwortungsbewusstsein, Rechenschaftspflicht oder Handlungsbereitschaft wertgeschätzt werden, weisen Beiträge und Kommentare von Bürger*innen aber auch darauf hin, dass direkte Kommunikationsangebote Erwartungen wecken, die nicht immer erfüllt werden, so dass über Mangel an Antwort, Rückmeldung oder Klärung von Anliegen Beschwerde geführt wird.
Es zeigt sich auch, dass Bürgermeister*innen mit ähnlicher Skepsis umgehen müssen, wie sie den der Lebenswelt der Repräsentierten noch weiter entrückten politischen Akteur*innen etwa auf Bundesebene entgegengebracht wird. So wird zum einen dem Verdacht der Inszeniertheit Ausdruck gegeben, etwa durch Ortswahl oder Auswahl von Teilnehmer*innen oder Beiträgen. Zum anderen wird Mangel an Authentizität beklagt, dass es also den Bürgermeister*innen nicht auf einen Austausch mit den Repräsentierten ankomme, sondern lediglich auf Eigenwerbung. Die Analyse metakommunikativer Kommentierung verspricht einen Einblick darin, wie die Thematisierung kommunikativer Praxis zum Vehikel politischer Argumentation oder zum Ausdruck politischer Frustration wird. Es zeigt sich, dass die Einlösung des Anspruchs auf Engagement mit und Partizipation der Repräsentierten mit der gleichzeitigen Diskreditierung solchen Engagements einhergehen kann
Hydrological model preselection with a filter sequence for the national flood forecasting system in Kenya
Get PDFThe choice of model for operational flood forecasting is not simple because of different process representations, data scarcity issues and propagation of errors and uncertainty down the modelling chain. An objective decision needs to be made for the choice of the modelling tools. However, this decision is complex because all parts of the process have inherent uncertainty. This paper provides a model selection with a filter sequence for flood forecasting applications in data scarce regions, using Kenya as an example building on the existing literature, concentrating on six aspects: (i) process representation, (ii) model applicability to different climatic and physiographic settings, (iii) data requirements and model resolution, (iv) ability to be downscaled to smaller scales, (v) availability of model code, and (vi) possibility of adoption of the model into an operation flood forecasting system. In addition, we review potential models based on the proposed criteria and apply a decision tree as a filter sequence to provide insights on the possibility of model applicability. We summarise and tabulate an evaluation of the reviewed models based on the proposed criteria and propose the potential model candidates for flood applications in Kenya. This evaluation serves as an objective model pre-selection criterion to propose a modelling tool that can be adopted in development and operational flood forecasting to the end-users of an early warning system that can help mitigate the effects of floods in data scarce regions such as Kenya
Supports and constraints to middle leadership development in higher education: a Q-methodology study
Get PDFMiddle leadership development in a Higher Education context can be understood as a complex endeavor, influenced by interactions and interrelations within multiple systems. We explored the perspectives of thirty-five male and female middle leaders on the conditions influencing their leadership development at one university in Qatar. Q methodology was applied to collect and analyze data quantitatively and qualitatively. A 40-statement Q-sample was developed based on a proposed conceptual framework inspired by complexity thinking, and consisting of three dimensions; intrapersonal, relational and institutional. Q factor analysis revealed four significantly different viewpoints regarding the conditions that participants perceived were most influential for their leadership development, namely (1) institutional goals, (2) a culture of trust, (3) senior leadership support, and (4) personal ambitions. Despite the differences in viewpoints, three common constraints to leadership development were also identified. The study has implications for middle leadership development, with its distinctive methodological, theoretical and contextual contributions
Earliest modern human genomes constrain timing of Neanderthal admixture
Get PDFModern humans arrived in Europe more than 45,000 years ago, overlapping at least 5,000 years with Neanderthals1–4. Limited genomic data from these early modern humans have shown that at least two genetically distinct groups inhabited Europe, represented by Zlatý kůň, Czechia3 and Bacho Kiro, Bulgaria2. Here we deepen our understanding of early modern humans by analysing one high-coverage genome
and five low-coverage genomes from approximately 45,000-year-old remains from Ilsenhöhle in Ranis, Germany4, and a further high-coverage genome from Zlatý kůň.
We show that distant familial relationships link the Ranis and Zlatý kůň individuals and that they were part of the same small, isolated population that represents the deepest known split from the Out-of-Africa lineage. Ranis genomes harbour Neanderthal segments that originate from a single admixture event shared with all non-Africans that we date to approximately 45,000–49,000 years ago. This implies that ancestors of all non-Africans sequenced so far resided in a common population at this time, and further suggests that modern human remains older than 50,000 years from outside
Africa represent different non-African populations