Saturday, March 28, 2015

Economics of Asset Pricing - Research Papers 2015

Asset Pricing Theory (G1)

Presiding: JESSICA WACHTER (University of Pennsylvania)

Leisure Preferences, Long-Run Risks, and Human Capital Returns
ROBERT DITTMAR (University of Michigan)
FRANCISCO PALOMINO (University of Michigan)
WEI YANG (University of Indiana)
[View Abstract] [Download Preview]

New Entropy Restrictions and the Quest for Better Specified Asset Pricing Models
GURDIP BAKSHI (University of Maryland)
FOUSSENI CHABI-YO (Ohio State University)
[View Abstract] [Download Preview]

Asset Prices and Business Cycles with Financial Shocks
MAHDI NEZAFAT (Michigan State University)
CTIRAD SLAVIK (Goethe University Frankfurt)
[View Abstract]
ADRIEN VERDELHAN (Massachusetts Institute of Technology)
ZHIGUO HE (University of Chicago)

Topics in Asset Pricing (G1)

Presiding: ROBERT HODRICK (Columbia University)

Quality Minus Junk
LASSE PEDERSEN (Copenhagen Business School)
[View Abstract] [Download Preview]

Stock Market Valuations Across U.S. States
GEERT BEKAERT (Columbia University)
CAMPBELL R. HARVEY (Duke University)
CHRISTIAN LUNDBLAD (University of North Carolina)
STEPHAN SIEGEL (University of Washington)
[View Abstract]

Horizon Effects in Average Returns: The Role of Slow Information Diffusion
OLIVER BOGUTH (Arizona State University)
MURRAY CARLSON (University of British Columbia)
ADLAI FISHER (University of British Columbia)
MIKHAIL SIMUTIN (University of Toronto)
[View Abstract] [Download Preview]

Option-Based Estimation of Co-Skewness and Co-Kurtosis Risk Premia
KRIS JACOBS (University of Houston)
PETER CHRISTOFFERSEN (University of Toronto)
[View Abstract] [Download Preview]
JULES VAN BINSBERGEN (Stanford University)
RALPH KOIJEN (London Business School)
ZHONJIN LU (University of Georgia)
XIAOYAN ZHANG (Purdue University)

Asset Pricing under Heterogeneous Beliefs (G1)

Presiding: SULEYMAN BASAK (London Business School)

Value or Growth? Pricing of Idiosyncratic Cash Flow Risk with Heterogeneous Beliefs
HOGYU JHANG (Texas A&M University)
HWAGYUN KIM (Texas A&M University)
MICHAEL GALLMEYER (University of Virginia)
[View Abstract] [Download Preview]

Asset Prices and Portfolio Choice with Learning from Experience
PAUL EHLING (BI Norwegian Business School)
ALESSANDRO GRANIERO (London Business School)
[View Abstract] [Download Preview]

Dynamic Equilibrium with Rare Events and Heterogeneous Epstein-Zin Investors
GEORGY CHABAKAURI (London School of Economics)
[View Abstract]

Dynamic Noisy Rational Expectations Equilibria with Anticipative Information
JEROME DETEMPLE (Boston University)
THU TRUONG (Boston University)
[View Abstract] [Download Preview]
HONGJUN YAN (Yale University)
NICOLAE GARLEANU (University of California-Berkeley)
ILARIA PIATTI (University of Oxford)
BRETT GREEN (University of California-Berkeley)

Empirical Asset Pricing: Long Run Risk and Funding Risk (G1)

Presiding: PIETRO VERONESI (University of Chicago)

Business-Cycle Consumption Risk and Asset Prices
FEDERICO BANDI (Johns Hopkins University)
ANDREA TAMONI (London School of Economics)
[View Abstract] [Download Preview]

Short-Run and Long-Run Consumption Risks, Dividend Processes and Asset Returns
JUN LI (University of Texas-Dallas)
HAROLD ZHANG (University of Texas-Dallas)
[View Abstract] [Download Preview]

Monetary Policy Risks in the Bond Markets and Macroeconomy
IVAN SHALIASTOVICH (University of Pennsylvania)
RAM YAMARTHY (University of Pennsylvania)
[View Abstract]

International Funding Liquidity
AYTEK MALKHOZOV (McGill University)
PHILIPPE MUELLER (London School of Economics)
ANDREA VEDOLIN (London School of Economics)
GYURI VENTER (Copenhagen Business School)
[View Abstract] [Download Preview]
STEFANO GIGLIO (University of Chicago)
AMIR YARON (University of Pennsylvania)

Economics of Household Decisions in Finance - Research Papers 2015

Retirement Savings and Household Decisions (E2)

Presiding: OLIVIA MITCHELL (University of Pennsylvania)

Liquidity in Retirement Savings Systems: An International Comparison
JOHN BESHEARS (Harvard Business School)
JAMES CHOI (Yale University)
CHRISTOPHER HARRIS (University of Cambridge)
DAVID LAIBSON (Harvard University)
BRIGITTE C. MADRIAN (Harvard University)
[View Abstract] [Download Preview]

The Composition Effect of Consumption Around Retirement: Evidence from Singapore
SUMIT AGARWAL (National University of Singapore)
JESSICA PAN (National University of Singapore)
WENLAN QIAN (National University of Singapore)
[View Abstract]

Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes
CLEMENS SIALM (University of Texas-Austin)
LAURA STARKS (University of Texas-Austin)
HANJIANG ZHANG (Nanyang Technological University)
[View Abstract] [Download Preview]

The Retirement Consumption Puzzle in China
HONGBIN LI (Tsinghua University)
XINZHENG SHI (Tsinghua University)
BINZHEN WU (Tsinghua University)
[View Abstract] [Download Preview]
CHRISTOPHER CARROLL (Johns Hopkins University)
JEFFREY R. BROWN (University of Illinois-Urbana-Champaign and NBER)
JEREMY TOBACMAN (University of Pennsylvania)
EUGENE AMROMIN (Federal Reserve Bank of Chicago)

Household Risk, Credit, and Insurance (E2)

Presiding: FELICIA IONESCU (Federal Reserve Board)
Risky, Lumpy Human Capital in Household Portfolios
KARTIK B. ATHREYA (Federal Reserve Bank of Richmond)
FELICIA IONESCU (Federal Reserve Board)
URVI NEELAKANTAN (Federal Reserve Bank of Richmond)
[View Abstract] [Download Preview]

No One Saw This Coming: Inferring Income and Wealth Risks from Consumption Choices during the Great Recession
MARNIX AMAND (Universite de Lausanne)
[View Abstract]

Modeling the Revolving Revolution: The Role of IT Reconsidered
LUKASZ DROZD (University of Pennsylvania)
RICARDO SERRANO-PADIAL (University of Wisconsin-Madison)
[View Abstract] [Download Preview]

Evaluating Long-Term-Care Policy Options, Taking the Family Seriously
DANIEL BARCZYK (McGill University)
MATTHIAS KREDLER (Universidad Carlos III Madrid)
[View Abstract] [Download Preview]

Insurance and Behavioral Economics: Policy Implications (D1, G2)

Presiding: HOWARD KUNREUTHER (University of Pennsylvania)

Procrastination, Present-Biased Preferences, and Financial Behaviors
JEFFREY R. BROWN (University of Illinois-Urbana-Champaign and NBER)
ALESSANDRO PREVITERO (University of Western Ontario)
[View Abstract] [Download Preview]

Experiments on the Role of Emotions in Insurance Decision Making: Implications for Behavioral Welfare Economics
HOWARD KUNREUTHER (University of Pennsylvania)
MARK PAULY (University of Pennsylvania)
[View Abstract] [Download Preview]

Deterrents to Insurance Purchases: Distrust and Zero Aversion
RICHARD J. ZECKHAUSER (Harvard University)
ALEXANDRA DE FILIPPO (Harvard University)
JIYOUNG HAN (Harvard University)
CLAUDIA NEWMAN-MARTIN (Harvard University)
TIMOTHY CHESTON (Harvard University)
[View Abstract] [Download Preview]
DAVID LAIBSON (Harvard University)
ROBERT SHILLER (Yale University)
MAUREEN CROPPER (University of Maryland)

Economics of Natural Resource Use: Benefits, Costs and Policy Response - Research Papers 2015

Econometric Society

Natural Resource Use: Benefits, Costs and Policy Response (Q3)

Presiding: JUDITH CHEVALIER (Yale University)

The Short-Term Population Health Effects of Weather and Pollution: Implications of Climate Change
NICOLAS R. ZIEBARTH (Cornell University)
[View Abstract]

Winning the Oil Lottery: The Impact of Natural Resource Extraction on Growth
TIAGO V. CAVALCANTI (University of Cambridge)
DANIEL DA MATA (University of Cambridge)
FREDERIK GIANCARLO TOSCANI (University of Cambridge)
[View Abstract] [Download Preview]

Diesel Cars and Environmental Policy
ANDERS MUNK-NIELSEN (University of Copenhagen)
[View Abstract] [Download Preview]

Dynamic Natural Monopoly Regulation: Time Inconsistency, Asymmetric Information, and Political Environments
CLAIRE LIM (Cornell University)
ALI YURUKOGLU (Stanford University)
[View Abstract] [Download Preview]

Economics of Labor & Employment Relations - Research Papers - 2015

LERA Papers I: Discrimination and Segregation: Measurement, Detection, and Litigation (J8)
Presiding: BARBARA LEE (Rutgers University)
The Disability Employment Puzzle: A Field Experiment on Employer Hiring Behavior
MASON AMERI (Rutgers University)
LISA SCHUR (Rutgers University)
MEERA ADYA (Syracuse University)
SCOTT BENTLEY (Rutgers University)
DOUGLAS L. KRUSE (Rutgers University)
[View Abstract] [Download Preview]
Occupational Gender Representation in Canada
SAMI BIBI (Independent Labor Researcher)
[View Abstract]
How Viable is Resolving Hispanic Employment Discrimination through Litigation?
HELEN LAVAN (DePaul University)
[View Abstract] [Download Preview]
BARBARA LEE (Rutgers University)
VALERIE WILSON (Economic Policy Institute)
WILLIAM RODGERS III (Rutgers University)

LERA/IAFFE Papers II: The Work-Family Interface (J1)
Presiding: MARLENE KIM (University of Massachusetts-Boston)
Availability of Family-Friendly Work Practices and Implicit Wage Costs: New Evidence from Canada
ALI FAKIH (Lebanese American University)
[View Abstract] [Download Preview]
The Effect of Paid Family Leave on Employment and Earnings Volatility: Evidence from California
MICHAEL CARR (University of Massachusetts-Boston)
EMILY WIEMERS (University of Massachusetts-Boston)
[View Abstract]
Bringing Home the Bacon: Unpacking the Relationship between Breadwinner Status and Salary
COLLEEN MANCHESTER (University of Minnesota)
LISA LESLIE (New York University)
PATRICIA CAULFIELD DAHM (University of Minnesota)
[View Abstract]
ALAN BENSON (University of Minnesota)
TONY FANG (Monash University)
JESSICA MILLI (Institute for Women's Policy Research)

LERA Papers III: Labor and the Macro and Regional Economies (J1)
Presiding: MARK PRICE (Keystone Research Center)
Economic Development in the Massachusetts Life Sciences Cluster: Shared Prosperity or a Big Tradeoff?
BRANDYN HOLGATE (University of Massachusetts-Boston)
[View Abstract]
CEO Compensation and Mortgage Origination in the Banking Industry
YUANYUAN SUN (University of Illinois-Urbana-Champaign)
[View Abstract]
Labor Relations in a Financialized Economy: Investigating the Effects of Corporate and Household Finance
[View Abstract]
Apprenticeship to Entrepreneurship: A Role for Business Schools
CIHAN BILGINSOY (University of Utah)
ZHAO JIN (University of Utah)
[View Abstract]
MARK PRICE (Keystone Research Center)

LERA Papers IV: Stakeholder and Shareholder Voice: Outcomes for Competitiveness, Development, and Social Responsibility (J4)
Presiding: BETTY BARRETT (Massachusetts Institute of Technology)
The Influence of Employee Unions on Corporate Social Performance
MUHAMMAD UMAR BOODOO (University of Toronto)
[View Abstract]
Work Organization and Problem Solving in Stakeholder and Shareholder Environments
HEIKE NOLTE (University of Applied Sciences Emden)
PETER DORMAN (Evergreen State College)
[View Abstract]
BETTY BARRETT (Massachusetts Institute of Technology)
ALAN BENSON (University of Minnesota)
JESSICA NEMBHARD (City University of New York)

LERA Papers V: Industry and Occupation Studies of Employment Relations (J1)
Presiding: DAVID LEWIN (University of California-Los Angeles)
The Impacts of Unionization and Occupational Regulation Coverage on Employee Compensation in Canada
TINGTING ZHANG (University of Toronto)
XIAOYU HUANG (University of Toronto)
[View Abstract]
How to Screen Miners' Skills: Recruiting in the Coal Mining in Early Twentieth Century Japan
MAYO SAKAI (University of Tokyo)
[View Abstract] [Download Preview]
Unionism and Productivity in West Virginia Coal Mining: A Longer View
WILLIAM BOAL (Drake University)
[View Abstract] [Download Preview]
Occupational and Industrial Mobility among U.S. Truck Drivers: Are Truckers Different from other Blue Collar Workers?
STEPHEN BURKS (University of Minnesota-Morris)
KRISTEN MONACO (U.S. Bureau of Labor Statistics)
[View Abstract] [Download Preview]
HOWARD WIAL (Brookings Institution)
PETER ORAZEM (Iowa State University)

Labor & Employment Relations Association
LERA Papers VI: Job Quality and Job Satisfaction (J4)
Presiding: FRANÇOISE CARRÉ (University of Massachusetts-Boston)
Union Membership and Job Satisfaction: First Evidence from French Linked Employer-Employee Data
PATRICE LAROCHE (Europe Business School-Paris)
[View Abstract] [Download Preview]
Within and between Firm Trends in Job Polarization: Role of Globalization and Technology
SARI PEKKALA KERR (Wellesley College)
TERHI MACZULSKIJ (University of Jyvaskyla)
[View Abstract]
The Union Wage Premium in Canada's Private Sector from 1997 to 2012
EYOB FISSUH (Human Resources and Skills Development Canada)
CRAIG ESCHUK (Employment and Social Development Canada)
[View Abstract]
The Effect of Market-Based Policy Change on Job Quality: Direct Care Work in a Context of Managed Care
ELIZABETH NISBET (Rutgers University)
[View Abstract]
PETER DORMAN (Evergreen State College)
EILEEN APPELBAUM (Center for Economic and Policy Research)

LERA Papers VII: Employment Relations and Organizational Performance (J5)
Presiding: PHANINDRA V. WUNNAVA (Middlebury College)
Empirical Evidence on Diversity and Performance in Teams: The Roles of Task Focus, Status and Tenure
AVNER BEN-NER (University of Minnesota)
JOHN-GABRIEL LICHT (University of Minnesota)
JIN PARK (University of Minnesota)
[View Abstract]
Positive Labor Relations as a Key Component of Seaport Competitiveness
JORDAN COWMAN (University of Texas-Dallas)
[View Abstract] [Download Preview]
Assessing Union Activities and Its Influence on Performance of Unionized Firms in Ghana
GABRIEL DWOMOH (Kumasi Polytechnic)
KOFI KWARTENG (Takoradi Polytechnic)
[View Abstract] [Download Preview]
Relational Coordination: Reviewing the Theory and Evidence
JODY HOFFER GITTELL (Brandeis University)
CAROLINE LOGAN (Brandeis University)
[View Abstract]
PHANINDRA V. WUNNAVA (Middlebury College)
CHRISTINE BISHOP (Brandeis University)

LERA Papers VIII: Micro and Macro Effects of Employer-Provided Job Benefits (J3)
Presiding: JAMES BANG (St. Ambrose University)
Rethinking Employment Relations: The Social Bargain, Pensions, and Price Stability
AARON PACITTI (Siena College)
[View Abstract] [Download Preview]
Is There a Link between Employer-Provided Health Insurance and Job-Mobility? Evidence from Recent Micro Data
BENJAMIN CHUTE (Middlebury College)
PHANINDRA V. WUNNAVA (Middlebury College)
[View Abstract]
Exploring the Relationship of Employment Benefits to the Financial Burden and Health Outcomes of Certain Blood Cancer Patients
GREGORY A. ABEL (Dana-Farber Cancer Institute and Harvard University)
RANDY ALBELDA (University of Massachusetts-Boston)
DIANA SALAS CORONADO (University of Massachusetts-Boston)
[View Abstract]
JAMES BANG (St. Ambrose University)
FRANÇOISE CARRÉ (University of Massachusetts-Boston)
CRUZ BUENO (Siena College)

Returns to Child and Education Interventions - Research Papers 2015

Jan 05, 2015 1:00 pm, Boston Marriott Copley, Tufts
Society of Government Economists

Returns to Child and Education Interventions (I2, D1)

Presiding: QUENTIN WODON (World Bank)

Returns to Schooling around the World
CLAUDIO E. MONTENEGRO (University of Chile)
[View Abstract] [Download Preview]

Measuring the Economic Cost of Child Marriage
[View Abstract]
Demystifying the East Asian Education Tigers
[View Abstract]

The Impact of Early Childhood Shocks on the Evolution of Cognitive and Non-cognitive Skills
JESSICA LEIGHT (Williams College)
PAUL GLEWWE (University of Minnesota)
ALBERT PARK (Hong Kong University of Science and Technology)
[View Abstract] [Download Preview]
PAUL GLEWWE (University of Minnesota)

Monday, March 23, 2015

Brand Experience - Brief Literature Review

When consumers search for, shop for, and consume brands, they are exposed to utilitarian product attributes as well as various specific brand-related stimuli, such as brand-identifying colors (Bellizzi and Hite 1992; Gorn et al. 1997; Meyers-Levy and Peracchio 1995), shapes (Veryzer and Hutchinson 1998), typefaces, background design elements (Mandel and Johnson 2002), slogans, mascots, and brand characters (Keller 1987). These brand-related stimuli appear as part of a brand’s design and identity (e.g., name,
logo, signage), packaging, and marketing communications (e.g., advertisements, brochures, Web sites) and in environments in which the brand is marketed or sold (e.g., stores, events). These brand-related stimuli constitute the major source of subjective, internal consumer responses, which  authors (J. Josko Brakus, Bernd H. Schmitt, & Lia Zarantonello) referred to as “brand experience.”

Thus, brand experience is subjective, internal consumer responses (sensations, feelings, and cognitions)
and behavioral responses evoked by brand-related stimuli that are part of a brand’s design and identity, packaging, communications, and environments.

Further Explication of the Brand Experience Construct

Brand experiences vary in strength and intensity; that is, some brand experiences are stronger or more intense than others. As with product experiences, brand experiences also vary in valence; that is, some are more positive than others, and some experiences may even be negative. Moreover, some brand experiences occur spontaneously without much reflection and are short-lived; others occur more deliberately and last longer. Over time, these long-lasting brand experiences, stored in consumer memory, should affect
consumer satisfaction and loyalty (Oliver 1997; Reicheld 1996)

J. Josko Brakus, Bernd H. Schmitt, & Lia Zarantonello, "Brand Experience:What Is It? How Is It Measured? Does It Affect Loyalty?" Journal of Marketing, Vol. 73 (May 2009), 52

Tuesday, March 17, 2015

Walter Shewhart - Biography and Contribution

Date of Birth 18 March 1891

Shewhart's monumental work, Economic Control of Quality of Manufactured Product, published in 1931, is regarded as a complete and thorough exposition of the basic principles of quality control.

He graduated from the University of Illinois with bachelor’s and master’s degrees, and he received a doctorate in physics from the University of California at Berkeley in 1917. He taught for some time at the universities of Illinois and California, and  headed the physics department at the Wisconsin Normal School in LaCrosse.

Shewhart joined industry and  worked as an engineer at Western Electric from 1918 to 1924. At Bell Telephone Laboratories, he served in several capacities as a member of the technical staff from 1925 until his retirement in 1956.  He learned statistics by himself (self learning) and developed statistical process control concepts and related charts as a member of inspection staff at Hawthorne Plant of Western Electric.

He also lectured on quality control and applied statistics at the University of London, Stevens Institute of Technology, the graduate school of the U.S. Department of Agriculture, and in India. He was a member of the visiting committee at Harvard’s Department of Social Relations, an honorary professor at Rutgers, and a member of the advisory committee of the Princeton mathematics department. Shewhart served the War Department, the United Nations, and the government of India, as consultant and he was active with the National Research Council and the International Statistical Institute. He was an honorary member of England’s Royal Statistical Society and the Calcutta Statistical Association. He was a fellow and officer of the Institute of Mathematical Statistics, the American Association for the Advancement of Science, and the American Statistical Association, and a fellow of the Econometric Society, the International Statistical Institute, and the New York Academy of Science.

He taught at the universities of Illinois and California, and he briefly headed the physics department at the Wisconsin Normal School in LaCrosse. He served for more than 20 years as the first editor of the Mathematical Statistics Series published by John Wiley and Sons.

Shewhart wrote Statistical Method from the Viewpoint of Quality Control in 1939. He published numerous articles in professional journals.  One of the historical documents of Shewhart kept at Bell Laboratories is  the historic memorandum of May 16, 1924, in which he proposed the control chart to his superiors.

He died on 11 March 1967.

Both Deming and Juran were in touch with him and both promoted his ideas vigorously and added their contribution.
Sankhya - The Indian Journal of Statistics, October 1948
Shewart visited and lectured in India three times during 1947 to 1948 and was awarded D.Sc. by Indian Statistical Institute in 1962.

Sunday, March 15, 2015

Theory of Values - Component of Organizational Culture

The post is based on the literature review presented in the paper
Academy of Management Journal
2013. Vol. 56. No. 1. 84-112.


Pennsylvania State University


An overview of the literature based on cognitive, cultural, and practice perspectives.

The approach was inspired hy Reckwitz's (2002) discussion, as well as the numerous literatures that have circulated cognitive, cultural, and practice "turns" (e.g., Schatzki, Knorr-Cetina, & von Savigny, 2001).

Cognitive Perspective on Values

Multiple strands of literature have explored values from a cognitive perspective, united around a definition of values as abstract conceptions of the desirable (Rohan, 2000). One strand  has  theorized
and validated various typologies of individual human values (Rokeach, 1973; Vernon & Allport, 1931). Schwartz (1992) offered a circumplex model of over 50 discrete values such as honesty, loyalty, authority, and power. Organizational scholars have extended these efforts by developing typologies of individual workplace values (Quinn & Rohrbaugh, 1983; Sagie, Elizur, & Koslowsky, 1996). These scholars have concluded that people differ primarily in the arrangements of their value priorities, rather than in the presence or absence of particular values (Schwartz, 1992; Williams, 1979).

Other researchers have considered individual and collective values as distinct phenomena (Hofstede,
Neuijen, Ohayv, & Sanders, 1990; House, Hanges, Javidan, Dorfman, & Cupta, 2004), suggesting that collectives such as organizations have values too. For instance, Schwartz (1999) found that individual and collective values differ significantly from one another structurally. As .one example, in hierarchical organizations, members must accept that they are inferior to some and superior to others. In this case, the values of "humility" and "power" are positively correlated at the collective level despite being negatively correlated at the individual level. An important issue left unaddressed by this work concerns how tensions between individual and collective values are worked out (Callon,
Lascoumes, & Barthe, 2009). Some scholars have attempted to address this issue by taking a "fit" approach (Kristof, 1996; Ostroff & Judge, 2007), examining the extent to which congruence between individual and organizational values explains outcomes such as job satisfaction, organizational commitment, and employee turnover (Chatman, 1991; Edwards & Cable, 2009). Others have related individual values and occupational choices Qudge & Bretz, 1992; Spokane, Meir, & Catalano, 2000), as well as managerial values and organizational strategies (Hage & Dewar, 1973; Hambrick & Brandon, 1988). Despite the empirical tractability of this approach, these scholars have proposed that more research is needed on how individual and organizational values come together (Kristof-Brown, Zimmerman, & Johnson, 2005: 321), describing these processes as "a theoretical black box that has been largely neglected" (Edwards, Cable, Williamson, Lambert, & Shipp, 2006: 822).

Viewed broadly, these different cognitive perspectives have offered increasingly nuanced vocabularies for describing values in abstract terms, while demonstrating the importance of both individual and collective values. Yet, in conceiving of values as abstractions, cognitive perspectives undertheorize the connections between individuals and collectives, and relatedly, how abstract values
come to be embodied and manifest in organizational practices.

Cultural Perspective on Values

Another approach to values is offered by those who have taken a cultural perspective that focuses
on the manifestation of values in various artifacts, rituals, and symbols (Harrison & Beyer, 1984; Mar
tin, 1992; Schein, 1985). One prominent strand of organizational culture studies emphasizes the role
of entrepreneurs and executives in instilling their personal values into an organization through a topdown, or hierarchical, process (Barnard, 1938; Schein, 1985). For instance, some scholars have
suggested that senior executives play an important role in influencing whether organizations adopt
compliance-driven or aspiration-oriented ethics programs (Weaver, Treviño, & Cochran, 1999).
Charismatic leadership is one avenue through which values are thought to be instilled (Brown &
Treviño, 2009; Fanelli & Misangyi, 2006). Consequently, some consider "engineering" an organization's values to be an essential executive function (Kunda, 1992; Peters & Waterman, 1982).
Many scholars have seen organizational cultures predominately in terms of values that are espoused
by management and then harmoniously and uniformly shared by employees (Barley, Meyer, &
Gash, 1988; Detert, Schroeder, & Mauriel, 2000). Yet organizational cultures may remain differentiated or fragmented (Martin, 1992). And efforts at engineering values have even been shown to induce "concertive control" (Barker, 1993). Other studies have shown that imposing values from the top down is difficult to accomplish given the more open, transparent, and virtual forms of organizing now common in many domains (Gha & Edmondson, 2006; Palmisano, 2004). Thus, rather than being homogeneous, "cultural manifestations are interpreted, evaluated, and enacted in varying ways because cultural members have differing interests, experiences, responsibilities and values" (Martin, 2005: 272).

Within the cultural perspective, another strand is a discursive approach, in which organizing is
viewed as contingent upon language, and thus, as the result of ongoing conversations and meaning
making (Heracleous & Barrett, 2001; Phillips, Lawrence, & Hardy, 2004; Thomas, Sargent, & Hardy,
2011). According to Meyer, "narratives serve to encapsulate and entrench the values that are key to an organization's culture" (1995: 210). In this view, senior managers may hold privileged positions
when it comes to introducing values discourse, but other employees are involved as meanings are negotiated among actors (Gheney, 1999; Ford, Ford, & D'Amelio, 2008). But how these dynamics might unfold in the case of values has not been a concerted focus.

All the above viewpoints are  predominately closed system perspectives in which values are assumed
to be internal to an organization and its members.

But an open systems perspective (Emery & Trist, 1965; Scott & Davis, 2007) suggests a variety
variety of stakeholders and institutional actors are likely to influence an organization's values (Freeman, 1984; Kraatz, Ventresca, & Deng, 2010; Suddaby, Elsbach, Greenwood, Meyer, & Zilber,
2010). Notably, Selznick (1957) defined institutionalization as the process of infusing an organization
with values beyond the technical requirements at hand. Once institutionalization has occurred, Selznick argued, organizations would not readily give up or change their values. He conceived of values as "a prime function of leadership" (Selznick, 1957: 27), but later work has shown how organizational values may be translated through social movements, changes in field-level values, and the hiring of outsiders (Amis, Slack, & Hinings, 2002; Kraatz & Moore, 2002; Lounsbury, 2001).
These different cultural perspectives have drawn attention to how values can emerge from a variety
of sources—executives, employees and other stakeholders, the broader institutional environment—
and are manifest in various organizational artifacts, discourses, and practices. However, prior research has seldom studied values practices directly and has stopped short of understanding the processes involved in the emergence and performance of these values practices over time. Moreover, such an approach implies making a shift in how values, practices, and their relationship to one another are conceptualized.

Toward a Practice Perspective on Values

Both cognitive and cultural perspectives define values in "ostensive" terms (Latour, 1986). In other
words, they start with values as given and already objectified phenomena. By contrast, some scholars
have argued for a more dynamic and performative understanding of organizing (Gzarniawska, 1991;
Feldman & Pentland, 2003; Hatch, 2004).

This perspective suggests the need to focus on the processes whereby values emerge in performances. Thus, understanding what is of value, why it is valued, and how it is made recognizable requires attending to the practices through which values are performed. Such an approach is broadly consistent with the "practice turn" (Schatzki et al., 2001; Whittington, 2006) that has contributed new insights to diverse organizational phenomena such as strategies (Ghia & MacKay, 2007; Jarzabkowski, 2005), routines (D'Adderio, 2008; Feldman & Pentland, 2003), work and occupations (Hargadon & Bechky, 2006; O'Mahony & Bechky, 2008), sustainability and innovation (Garud & Gehman, 2012; Garud, Gehman, & Kumaraswamy, 2011), information technologies (Leonardi, 2007; Orlikowski, 2000), and knowledge (Gherardi, 2006; Nicolini, 2011).

At the core of the practice perspective is a relational ontology, one that flattens out conventional dualisms and reconceives of agency as distributed across social and material elements (Latour, 2005). In this perspective, values are to be found in practice (Dewey, 1939; Joas, 2000; Rouse, 2001). As Schatzki explained: "The organization of a practice is normative. . . . By 'normativity' I mean, first, oughtness and, beyond this, acceptability" (2002: 80, 85; see also Rouse, 2001). Thus, practices imply which ends should be pursued, what should be said and done, and how actions should be carried out.

Although offering a potentially promising reconceptualization of values, these literatures have not
explicitly addressed the emergence and performance of practices that are normatively right or wrong, good or bad, and thus, pursued as ends in themselves—what we call values practices.

O'Reilly - Organizational Culture Profile (OCP)

Values included in OCP

In alphabetical order

1. A willingness to experiment
2. Achievement orientation
3. Action orientation
4. Adaptability
5. An emphasis on quality

6. Being analytical
7. Being aggressive
8. Being Calm
9. Being careful
10. Being competitive

These values are given in the page 516 of the paper "People and Organizational Culture: A Profile Comparison Approach to Assessing Person-Comparison Fit," Academy of Management Journal, 1991, Vol. 34, No. 3, pp. 487-516  

Reviewed in the class of Fellow Programme 2014.

Saturday, March 14, 2015

Prof T.V. Rao - Biography and Contribution

He was a professor at IIM, Ahmedabad. He remained very active after his retirement also and is spearheading HR movement in the country.

IIM Ahmedabad Faculty Page

Detailed biogrphy

Professor Rosabeth Moss Kanter - Biography and Contribution

Date of Birth  15 March 1943

Rosabeth Moss Kanter holds the Ernest L. Arbuckle Professorship at Harvard Business School, where she specializes in strategy, innovation, and leadership for change. She is also Chair and Director of the Harvard University Advanced Leadership Initiative, an innovation that helps successful leaders at the top of their professions apply their skills to national and global challenges in their next life stage.