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Managerial Skills (managerial + skill)
Selected AbstractsFund Manager Use of Public Information: New Evidence on Managerial SkillsTHE JOURNAL OF FINANCE, Issue 2 2007MARCIN KACPERCZYK ABSTRACT We show theoretically that the responsiveness of a fund manager's portfolio allocations to changes in public information decreases in the manager's skill. We go on to estimate this sensitivity (RPI) as the R2 of the regression of changes in a manager's portfolio holdings on changes in public information using a panel of U.S. equity funds. Consistent with RPI containing information related to managerial skills, we find a strong inverse relationship between RPI and various existing measures of performance, and between RPI and fund flows. We also document that both fund- and manager-specific attributes affect RPI. [source] Is prior performance priced through closed-end fund discounts?INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 2 2010Michael Bleaney Abstract In open-end mutual funds (unit trusts), there is a strong positive cross-sectional relationship between net inflows to individual funds and past performance, as if investors attributed performance to managerial skill. Performance shows only very weak persistence, however, so at first sight investors do not appear to gain anything by responding to past performance information. This behaviour can be explained by the fact that past performance is effectively unpriced in the unit trust market, since management fees are unresponsive to demand. If investors believe that there is a non-zero probability that future performance will turn out to be positively correlated with past performance (i.e. that there is an element of managerial skill in performance), but a zero probability that this correlation will be negative, it is rational to prefer funds with better past performance when performance is not priced. In other words, it costs nothing to insure against the possibility of some managerial skill effect. If this explanation of the flow,performance relationship in unit trusts is correct, one would expect the relationship between investor demand and past fund performance to be much weaker if past performance were to be priced. We test this hypothesis in the market for closed-end funds (investment trusts). Because closed-end funds do not trade at net asset value, but at a price determined in the market, strong demand will raise the ratio of price to net asset value (known as the premium). Since it is well established that premiums are mean-reverting, future shareholder returns on funds currently on high premiums tend to be depressed by the reversion of the premium to the mean. In the closed-end fund market, as for open-end funds, there is little evidence of performance persistence, and therefore, to the extent that funds with good past performance are pushed to higher premiums, the expected return on them is less than on the average fund. This implicit pricing mechanism should mean that demand is a declining function of the premium, so that, even if demand is an increasing function of past performance for a given premium, any effect on the premium itself will be muted. We test this hypothesis for closed-end funds traded in the US and the UK. We find that there is a statistically significant effect of past performance on the premium in both countries. However, consistent with the hypothesis, it has limited economic significance, since it represents only a small component of premium variability. Copyright © 2008 John Wiley & Sons, Ltd. [source] Should Investors Avoid All Actively Managed Mutual Funds?THE JOURNAL OF FINANCE, Issue 1 2001A Study in Bayesian Performance Evaluation This paper analyzes mutual-fund performance from an investor's perspective. We study the portfolio-choice problem for a mean-variance investor choosing among a risk-free asset, index funds, and actively managed mutual funds. To solve this problem, we employ a Bayesian method of performance evaluation; a key innovation in our approach is the development of a flexible set of prior beliefs about managerial skill. We then apply our methodology to a sample of 1,437 mutual funds. We find that some extremely skeptical prior beliefs nevertheless lead to economically significant allocations to active managers. [source] Informal learning and the transfer of learning: How managers develop proficiencyHUMAN RESOURCE DEVELOPMENT QUARTERLY, Issue 4 2003Michael D. Enos This study examined how the extent to which managers engaged in informal learning, perceptions of support in the transfer environment, and level of managerial proficiency related to transfer of learning in twenty core managerial skills. The results suggested that informal learning is predominantly a social process and that managers with high levels of proficiency who experience low levels of coworker, supervisor, and organizational support learn managerial skills mostly from informal learning and transfer learning more frequently. New perspectives are offered on the interrelationship between informal learning and transfer of learning, the role of metacognition and self-regulation in informal learning, and the influence of informal learning in the development of managerial proficiency. [source] Invited reaction: Informal learning and the transfer of learning: How managers develop proficiencyHUMAN RESOURCE DEVELOPMENT QUARTERLY, Issue 4 2003Victoria J. Marsick Enos, Kehrhahn, and Bell have made an important contribution to measuring informal learning and its transfer as proficiency in a set of company-identified managerial skills. Measurement of informal learning is at the crux of research that seeks to link learning outcomes to other indicators of effective performance. The ability to show how informal learning affects managerial proficiency also would help practitioners build a better business case for planning and supporting informal learning. A drawback to the research methodology employed in this study is reliance on self-report, which the authors note but do not fully discuss. Questions also arise about the nature of skills measured and the nature of managerial work in what appears to be a period of transition in the company they examined. I conclude with some thoughts on alternative lenses for considering implications for practice. [source] The influence of expatriate and repatriate experiences on career advancement and repatriate retentionHUMAN RESOURCE MANAGEMENT, Issue 1 2009Maria L. Kraimer Abstract We address repatriate retention from a career advancement perspective by developing a model that analyzes the effect of expatriate experiences and organizational career support on repatriates' career advancement upon return to the home country. Career advancement, in turn, is expected to affect the repatriate's perceived underemployment and turnover intentions. We collected data from a sample of 84 recently repatriated employees. Results revealed a curvilinear relationship between the number of international assignments and career advancement upon repatriation. Results also showed that developmental expatriate assignments were positively related to career advancement while the acquisition of managerial skills was negatively related to career advancement. Acquiring cultural skills, completing assignment objectives, and organizational career support did not relate to career advancement. In terms of outcomes, we found that perceived underemployment mediated the relationship between career advancement and turnover intentions. A lower level of organizational career support also resulted in greater turnover intentions. © 2009 Wiley Periodicals, Inc. [source] Fit among Competitive Strategy, Administrative Mechanisms, and Performance: A Comparative Study of Small Firms in Mature and New IndustriesJOURNAL OF SMALL BUSINESS MANAGEMENT, Issue 2 2003Henrik Barth At least two different administrative mechanisms are available for the small business manager to develop and to pursue a competitive strategy. One refers to managerial skills needed to implement and to follow the competitive strategy chosen by the firm. The other refers to the design of organization structure,that is, how job tasks are divided, grouped, and coordinated. This paper argues that the fit among the competitive strategy followed by a firm, the utilization of the administrative mechanisms, and the performance of the firm is related to industry maturity. [source] Relationships among Strategic Capabilities and the Performance of Women-Owned Small VenturesJOURNAL OF SMALL BUSINESS MANAGEMENT, Issue 2 2002Miri Lerner This study of small, life-style ventures owned by women focuses on the strategic, firm-level factors related to business performance. A theoretical model drawing on the resource-based theory is developed and tested empirically. The model includes strategic capabilities, management styles, and their relation to performance. It is tested empirically on a sample of 220 Israeli female business owners. Analysis reveals that life-style venture performance is highly correlated with certain aspects of the business owner's skills as well as the venture&apops;s resources. Paradoxically, the owner/managers in the sample rate their skills and their venture's resources as being weak in precisely those areas that correlate positively with business performance. These findings suggest that performance of life-style ventures owned by women depends more on marketing, financial, and managerial skills than on innovation. [source] Resources, capabilities, and the performance of industrial firms: A multivariate analysisMANAGERIAL AND DECISION ECONOMICS, Issue 6-7 2004Abraham Carmeli This study uses multivariate analysis to assess the basic question asked by resource-based view researchers: Do organizational resources and capabilities account for variations in firm performance? An analysis of survey responses of 93 industrial enterprises in Israel indicates that superiority of an industrial enterprise, in terms of four performance measures (return on sales, return on equity, market share change, and customer satisfaction), can be explained by a set of four core organizational resources and capabilities (managerial skills, organizational culture, organizational communication, and perceived organizational reputation). The results lend significant support to the premise of the resource-based view of strategic management. Copyright © 2004 John Wiley & Sons, Ltd. [source] Characteristics of managerial coachingPERFORMANCE IMPROVEMENT QUARTERLY, Issue 1 2010Ann Gilley PhD Coaching has become ubiquitous in organizations. Despite its growth in popularity, the concept remains largely untested through empirical inquiry. This study examined the skills and behaviors associated with managerial coaching. Results indicate a link between specific managerial skills, behaviors, and coaching. [source] The Effect of Problem Severity, Managerial and Organizational Capacity, and Agency Structure on Intergovernmental Collaboration: Evidence from Local Emergency ManagementPUBLIC ADMINISTRATION REVIEW, Issue 2 2010Michael McGuire Like most public managers nowadays, local emergency managers operate within complex, uncertain environments. Rapid changes in the scope and severity of the issues increase the extent of intergovernmental collaboration necessary to address such challenges. Using a large data set of county emergency management agency directors, variations in intergovernmental collaboration reflect influences from problem severity, managerial capacity, and structural factors. The results demonstrate that public managers who perceive problems as severe, possess specific managerial skills, lead high-capacity organizations, and operate in less complex agency structures collaborate more often and more effectively across governmental boundaries. [source] Fund Manager Use of Public Information: New Evidence on Managerial SkillsTHE JOURNAL OF FINANCE, Issue 2 2007MARCIN KACPERCZYK ABSTRACT We show theoretically that the responsiveness of a fund manager's portfolio allocations to changes in public information decreases in the manager's skill. We go on to estimate this sensitivity (RPI) as the R2 of the regression of changes in a manager's portfolio holdings on changes in public information using a panel of U.S. equity funds. Consistent with RPI containing information related to managerial skills, we find a strong inverse relationship between RPI and various existing measures of performance, and between RPI and fund flows. We also document that both fund- and manager-specific attributes affect RPI. [source] Backyard Hog Production Efficiency: Evidence from the Philippines,ASIAN ECONOMIC JOURNAL, Issue 3 2008Amin W. Mugera D13; O13; Q12; R30 This article investigates the economic efficiency and the factors associated with efficiency for a sample of 126 hog producers in the Philippines. The input-oriented efficiency indices are computed and bootstrapped using data envelopment analysis. Econometric analysis of the factors influencing the efficiency indices are conducted using the Tobit model. Fixed capital does not influence the efficiency scores, whereas labor does negatively influence the efficiency indices. On average, technical efficiency is low, an indication that most households are not using the most efficient technology. Scale efficiency is fairly high but constrained by lack of operating capital and managerial skills. Technical efficiency is constrained by lack of access to credit and limited experience in hog production. [source] An Assessment of the Faculty Development Needs of Junior Clinical Faculty in Emergency MedicineACADEMIC EMERGENCY MEDICINE, Issue 7 2008Heather Farley MD Abstract Objectives:, Academic physicians must be able to access the resources necessary to support their ongoing professional development and meet requirements for continued academic advancement. The authors sought to determine the self-perceived career development needs of junior clinical faculty in emergency medicine (EM) and the availability of educational resources to meet those needs. Methods:, An educational "needs assessment" survey was distributed to 954 American College of Emergency Physicians (ACEP) members listed in the ACEP database as being faculty at EM residency programs in the United States and having graduated from an EM residency within the past 7 years. Respondents were asked to rank the importance of 22 areas of faculty development to their own professional growth and then to indicate whether educational resources in each area were available to them. Respondents were also asked to note the educational formats they prefer. A search for currently available resources in each topic area was undertaken and compared to the survey results. Results:, A total of 240 responses were received. Self-perceived career development needs were identified in the following areas: bedside teaching, lecture development, business skills, managerial skills, educational research, mentorship and career counseling, interpersonal skills, leadership skills, scholarly writing skills, physician wellness, and knowledge of the faculty development process. While a review of currently available educational resources revealed lectures, conferences, and online materials pertinent to most of these topics, a relative lack of resources in the areas of mentorship and physician wellness was identified. Conclusions:, Junior clinical faculty in EM perceive a lack of educational resources in a number of areas of faculty development. The academic community of EM should strive to improve awareness of and access to currently existing resources and to develop additional resources to address the area of physician wellness. The lack of mentorship in academic EM continues to be a problem in search of a solution. [source] | ||||||||||||||||||||||