Gentile, M. (2010). A beginner’s guide to raising ethical issues at work. Retrieved February 28, 2010 from: http://blogs.hbr.org/cs/2010/02/you_know_whats_right_but.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+harvardbusiness+%28HBR.org%29
This article, published on the Harvard Business Review website, discusses ways for employees to deal with ethical issues that arise at work. The author states that most workers want to be ethical but many, when faced with an issue, make excuses such as ‘everyone else is doing it’ or ‘no one is going to be hurt by this’, etc. She then gives some recommendations in how workers should deal with these situations. First, she states that employees should understand that ethical dilemmas are a normal part of a job. Then, treat the issue just as you would any other business situation and deal with it accordingly and tackle it head-on. Additionally, you should play to the psychological biases of your co-workers you are dealing with on the issue by identifying short-term wins that would result from the more ethical behavior. This article is very basic but makes some good points that manager should consider and study more. Ethical behavior should be the priority of all businesses and is very important to the success of a business.
Sunday, February 28, 2010
How to Keep Good Employees in a Bad Economy
Goldsmith, M. (2010). How to keep good employees in a bad economy. Retrieved February 28, 2010 from: http://blogs.hbr.org/goldsmith/2010/02/how_to_keep_good_employees_in.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+harvardbusiness+%28HBR.org%29
This article, published on the Harvard Business Review website, explains what managers need to do to retain their key employees during the global economic crisis. The author state that business leaders must manage their human assets with the same vigor they manage their financial assets. He follows with a list and explains six steps managers should use to retain their best workers: show respect, focus on a thriving environment, offer on-going training, provide coaching, give feedback, and lastly, money and decision making. He briefly explains each of these and on the last one, he states that money compensation alone is not enough; people need to be involved in decision making. This is a good article for managers to read and understand because it is important to know what steps you should take to retain you star employees and managers need to be proactive in doing so.
This article, published on the Harvard Business Review website, explains what managers need to do to retain their key employees during the global economic crisis. The author state that business leaders must manage their human assets with the same vigor they manage their financial assets. He follows with a list and explains six steps managers should use to retain their best workers: show respect, focus on a thriving environment, offer on-going training, provide coaching, give feedback, and lastly, money and decision making. He briefly explains each of these and on the last one, he states that money compensation alone is not enough; people need to be involved in decision making. This is a good article for managers to read and understand because it is important to know what steps you should take to retain you star employees and managers need to be proactive in doing so.
Saturday, February 27, 2010
Risk Management
Harvard Business School, (2009). Enterprise risk management. Retrieved February 27, 2010 from: http://www.hbs.edu/centennial/businesssummit/global-business/enterprise-risk-management.pdf
This article is a summary of a Harvard Business School Summit presentation, moderated by, Baker Foundation professor, Robert S. Kaplin, who gives his perspective on the importance of risk management in businesses and then hears from three risk management executives that have effective risk management programs in their respective companies. The summary lists several key points brought out in the summit, which include: there is great value in understanding risk management at the firm level; risk management is a key to sustained growth; staying relevant to your customers; strong management processes and controls; and others. This article discusses an important subject that managers should understand because in today’s corporate culture, risk management must be one of the top priorities for managers. Company leaders must set risk parameters and have the means of measuring the company’s risk and holding manager accountable for the results.
This article is a summary of a Harvard Business School Summit presentation, moderated by, Baker Foundation professor, Robert S. Kaplin, who gives his perspective on the importance of risk management in businesses and then hears from three risk management executives that have effective risk management programs in their respective companies. The summary lists several key points brought out in the summit, which include: there is great value in understanding risk management at the firm level; risk management is a key to sustained growth; staying relevant to your customers; strong management processes and controls; and others. This article discusses an important subject that managers should understand because in today’s corporate culture, risk management must be one of the top priorities for managers. Company leaders must set risk parameters and have the means of measuring the company’s risk and holding manager accountable for the results.
How Not to Lead in Crisis
George, W., (2010). Tragety at Toyota: How not to lead in crisis. Retrieved February 27, 2010 from: http://hbswk.hbs.edu/item/6381.html
This article, written by Harvard Business School professor Bill George, discusses how Toyota’s CEO mishandled the recent recall crisis Toyota has been and is going through. He states “this is not a crisis of faulty brakes and accelerators, but a leadership crisis”. He states that CEO Akio Toyoda went into hiding instead of dealing with the crisis head on. He refers readers to his book, 7 Lessons for Leading in Crisis, and recommends that Toyoda and other leaders use these seven lessons to deal with crisis situations: face reality, starting with yourself; don’t be Atlas, get the world off your shoulders; dig deep for the root cause; get ready for the long haul; never waste a good crisis; you’re in the spotlight, follow true north; and, go on the offensive, focus on winning now. This article and the seven recommendations briefly discussed are good tools for managers to consider using in everyday management practices and especially in crisis situations.
This article, written by Harvard Business School professor Bill George, discusses how Toyota’s CEO mishandled the recent recall crisis Toyota has been and is going through. He states “this is not a crisis of faulty brakes and accelerators, but a leadership crisis”. He states that CEO Akio Toyoda went into hiding instead of dealing with the crisis head on. He refers readers to his book, 7 Lessons for Leading in Crisis, and recommends that Toyoda and other leaders use these seven lessons to deal with crisis situations: face reality, starting with yourself; don’t be Atlas, get the world off your shoulders; dig deep for the root cause; get ready for the long haul; never waste a good crisis; you’re in the spotlight, follow true north; and, go on the offensive, focus on winning now. This article and the seven recommendations briefly discussed are good tools for managers to consider using in everyday management practices and especially in crisis situations.
Tackling the US Deficit
The Economist Online (2010). A modest proposal. Retrieved February 27, 2010 from: http://www.economist.com/world/united-states/displaystory.cfm?story_id=15560210&fsrc=rss
This article, published on The Economist’s website on February 19, 2010, reports that President Obama has appointed a special commission, by executive order, to look for ways to cut America’s deficit. This bi-partisan panel is to report to Obama with their recommendations by December 1, 2010. Obama is looking to bring the budget deficit into balance by 2015. This news is important to businesses and to managers because many believe that the real goal of the commission is to introduce a value-added tax (VAT), which is generally seen as a regressive tax that overly affects the poor. Many also believe this would give Obama a backdoor approach to raising taxes on the middleclass and poor, which is contrary to his campaign promises. If a VAT were to be implemented, prices for affected consumer goods would increase and quantity demanded for the same goods would decrease, thereby affecting many businesses and the economy.
This article, published on The Economist’s website on February 19, 2010, reports that President Obama has appointed a special commission, by executive order, to look for ways to cut America’s deficit. This bi-partisan panel is to report to Obama with their recommendations by December 1, 2010. Obama is looking to bring the budget deficit into balance by 2015. This news is important to businesses and to managers because many believe that the real goal of the commission is to introduce a value-added tax (VAT), which is generally seen as a regressive tax that overly affects the poor. Many also believe this would give Obama a backdoor approach to raising taxes on the middleclass and poor, which is contrary to his campaign promises. If a VAT were to be implemented, prices for affected consumer goods would increase and quantity demanded for the same goods would decrease, thereby affecting many businesses and the economy.
Friday, February 26, 2010
Naked Economics
Wheelan, C. (2002). Naked economics: Undressing the dismal science. New York, NY: W. W. Norton & Company.
This book was written by Charles Wheelan, a lecturer in public policy at the Harris School of Public Policy at the University of Chicago. In Naked Economic, Wheelan explains, in layman terms, many different aspects of economics and how they affect everyday people and businesses. He explains how capitalistic economies, as compared to communistic economies, work. He discusses how creative destruction, though detrimental to many workers and businesses, is a necessary process in a healthy economy and overall is good in the long run. He explains how the government plays an important role in the economy in such areas as dealing with externalities, which refers to the gap between the private cost and the social cost of a behavior. Government also provides public goods, which are not feasibly provided by the private sector. He also states that government’s inefficiencies affect the economy and that the less the economy is left to the government, the better off the consumer and the market economy will be. Other subjects discussed include, the importance of human capital, GDP, inflation, recession, unemployment, poverty, income inequality, budget deficits and surpluses, and many more subjects. This is a very informative book that would be good for all managers and most consumers to read. It skims a lot of information and does not go into detail but it does give the reader a good overall understanding of how the economy works and how it affects most everyone and every business.
This book was written by Charles Wheelan, a lecturer in public policy at the Harris School of Public Policy at the University of Chicago. In Naked Economic, Wheelan explains, in layman terms, many different aspects of economics and how they affect everyday people and businesses. He explains how capitalistic economies, as compared to communistic economies, work. He discusses how creative destruction, though detrimental to many workers and businesses, is a necessary process in a healthy economy and overall is good in the long run. He explains how the government plays an important role in the economy in such areas as dealing with externalities, which refers to the gap between the private cost and the social cost of a behavior. Government also provides public goods, which are not feasibly provided by the private sector. He also states that government’s inefficiencies affect the economy and that the less the economy is left to the government, the better off the consumer and the market economy will be. Other subjects discussed include, the importance of human capital, GDP, inflation, recession, unemployment, poverty, income inequality, budget deficits and surpluses, and many more subjects. This is a very informative book that would be good for all managers and most consumers to read. It skims a lot of information and does not go into detail but it does give the reader a good overall understanding of how the economy works and how it affects most everyone and every business.
Thursday, February 25, 2010
Users as Service Innovators
Oliveira, P. & Von Hippel, E. (2009). Users as service innovators: the case of banking services. Retrieved February 25, 2010 from: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1460751##
This study was performed by Pedro Oliveira, with the School of Economics and Management, Universidade Católica Portuguesa, and Eric Von Hippel, with MIT - Sloan School of Management. Its purpose is to determine how banking service innovations are initiated, by the service providers or by the service users. They found that 85% of services that banks now offer were originally self-provided by the service users prior to the banks offering them. Their study also shows evidence that these findings for the banking industry can be broadly generalized within the service sector, which represents 78.7% of total employment and contributed 77% of GDP in the US economy in 2006. Therefore, most service industries would find similar results in how their innovations are originated, so this study can provide important insight to company leaders. This study is useful to managers, especially those in the service sector, because by understanding what their clients want and what they are self-providing for themselves, the manager and company innovators are able to provide new services that will be attractive to their clients, and avoid those that are not so attractive.
This study was performed by Pedro Oliveira, with the School of Economics and Management, Universidade Católica Portuguesa, and Eric Von Hippel, with MIT - Sloan School of Management. Its purpose is to determine how banking service innovations are initiated, by the service providers or by the service users. They found that 85% of services that banks now offer were originally self-provided by the service users prior to the banks offering them. Their study also shows evidence that these findings for the banking industry can be broadly generalized within the service sector, which represents 78.7% of total employment and contributed 77% of GDP in the US economy in 2006. Therefore, most service industries would find similar results in how their innovations are originated, so this study can provide important insight to company leaders. This study is useful to managers, especially those in the service sector, because by understanding what their clients want and what they are self-providing for themselves, the manager and company innovators are able to provide new services that will be attractive to their clients, and avoid those that are not so attractive.
Wednesday, February 24, 2010
The New, Faster Face of Innovation
Brynjolfsson, E. & Schrage, M. (2009). The new, faster face of innovation. Retrieved on February 23, 2010 form: http://sloanreview.mit.edu/business-insight/articles/2009/3/5131/the-new-faster-face-of-innovation/
This article, published on the Business Insight section of MIT’s Sloan Management Review, discusses how technology has transformed the innovation process in the last few years and has given companies the ability to innovate very quickly and inexpensively. Because of computer and other technologies available to the public and business world, it has become much easier for companies to try different things without spending a great amount of time and money, which also gives them ability to scrap the idea quickly if it does not produce the anticipated result. The authors also argue that managers will need to give up some of the control of the innovating process; that since it is becoming less expensive in time and dollars, the lower level employees should be given more latitude. This is important information for today’s and tomorrow’s managers because has technology continues to change the way we do business, it’s important for leaders to understand how to take advantage of technologies and used them for their firms advantage, such as innovative opportunities disused in the article.
This article, published on the Business Insight section of MIT’s Sloan Management Review, discusses how technology has transformed the innovation process in the last few years and has given companies the ability to innovate very quickly and inexpensively. Because of computer and other technologies available to the public and business world, it has become much easier for companies to try different things without spending a great amount of time and money, which also gives them ability to scrap the idea quickly if it does not produce the anticipated result. The authors also argue that managers will need to give up some of the control of the innovating process; that since it is becoming less expensive in time and dollars, the lower level employees should be given more latitude. This is important information for today’s and tomorrow’s managers because has technology continues to change the way we do business, it’s important for leaders to understand how to take advantage of technologies and used them for their firms advantage, such as innovative opportunities disused in the article.
Tuesday, February 23, 2010
How to Manage Virtual Teams
Siebdrat, F., Hoegl, M., & Ernst, H. (2009). How to manage virtual teams. Retrieved February 23, 2010 from: http://sloanreview.mit.edu/the-magazine/files/saleable-pdfs/50412.pdf
This article, originally published in MIT’s Sloan Management Review in the summer of 2009, discusses a study regarding the pros and cons of virtual teams and compares them to co-located teams. Their research looked to answer two questions: When do virtual teams outperform co-located ones? And, how should companies manage dispersed teams. They found that virtual teams can outperform co-located teams when certain crucial team processes are in place for the team. These processes fall into two categories: task-related processes and socio-emotional processes. They also found the wider the dispersion, the more important these processes become. So to manage these teams, they state that managers should implement the mechanisms that will boost both socio-emotional and task-related processes. This study is important because with today’s global economy and with firms spreading their operations all over the world, virtual teams are becoming a reality for many workers and it is important for managers to know how to make the best of them.
This article, originally published in MIT’s Sloan Management Review in the summer of 2009, discusses a study regarding the pros and cons of virtual teams and compares them to co-located teams. Their research looked to answer two questions: When do virtual teams outperform co-located ones? And, how should companies manage dispersed teams. They found that virtual teams can outperform co-located teams when certain crucial team processes are in place for the team. These processes fall into two categories: task-related processes and socio-emotional processes. They also found the wider the dispersion, the more important these processes become. So to manage these teams, they state that managers should implement the mechanisms that will boost both socio-emotional and task-related processes. This study is important because with today’s global economy and with firms spreading their operations all over the world, virtual teams are becoming a reality for many workers and it is important for managers to know how to make the best of them.
Sunday, February 21, 2010
No More Executive Bonuses
Mintzberg, H., (2009). No more executive bonuses. Retrieved February 21, 2010 from: http://sloanreview.mit.edu/business-insight/articles/2009/5/5151/no-more-executive-bonuses/
This article, posted in the Business Insight section of MIT’s website, was written by Dr. Henry Mintzberg, a professor at the Desautels Faculty of Management at McGill University in Montreal. Dr. Mintzberg writes that executive bonuses should be eliminated all together and they should be compensated with just fair salaries instead. He states that the bonus systems are rigged and that the companies CEOs get bonuses regardless of whether they succeed or they fail and that the bonus systems are beyond repair because they rest on the flawed assumption that financial measures are the sole barometer of a company’s health. He further states that long-term measures of success need to be used but even then it is a flawed system that can hide problems for a long period of time. This article is good for managers to read and if Dr. Mintzberg is right, many managers may lose their bonus pay. It’s also important to know because if some companies practiced a ‘no bonus’ system but others did not, it could affect the quality of managers a company would have and affect the other stakeholders as well.
This article, posted in the Business Insight section of MIT’s website, was written by Dr. Henry Mintzberg, a professor at the Desautels Faculty of Management at McGill University in Montreal. Dr. Mintzberg writes that executive bonuses should be eliminated all together and they should be compensated with just fair salaries instead. He states that the bonus systems are rigged and that the companies CEOs get bonuses regardless of whether they succeed or they fail and that the bonus systems are beyond repair because they rest on the flawed assumption that financial measures are the sole barometer of a company’s health. He further states that long-term measures of success need to be used but even then it is a flawed system that can hide problems for a long period of time. This article is good for managers to read and if Dr. Mintzberg is right, many managers may lose their bonus pay. It’s also important to know because if some companies practiced a ‘no bonus’ system but others did not, it could affect the quality of managers a company would have and affect the other stakeholders as well.
Saturday, February 20, 2010
The Practice of Global Product Development
Eppinger, S. D. & Chitkara, A. R. (2009). The practice of global product development. Retrieved February 20, 2010 from: http://sloanreview.mit.edu/the-magazine/files/saleable-pdfs/50437.pdf.
This article is an update of an original that was published in 2006 in MIT’s Sloan Management Review; its purpose is to address strategic and tactical issues involved in global product development (GPD), which generally means that product development is done at co-locations in different regions of the world. This is a very fast-growing concept in the business world and the authors address the reasons why it is so prevalent, and some of the drawbacks. The four reasons stated for the expansion of GPD are: lower cost due to less expensive labor cost in other regions of the world, improved process, global growth by giving the firms access to the markets they are co-producing in, and access to technology that is available in these global markets. The article also discusses in detail ten factors that are considered to be key to the development of a successful GPD strategy: management priorities, process modularity, product modularity, core competence, intellectual property, data quality, infrastructure, governance and project management, collaborative culture, and organizational change management. This is a good article for manager to read and understand because the marketplace is becoming more global every year and to be competitive; many industries will continue to move in this direction.
This article is an update of an original that was published in 2006 in MIT’s Sloan Management Review; its purpose is to address strategic and tactical issues involved in global product development (GPD), which generally means that product development is done at co-locations in different regions of the world. This is a very fast-growing concept in the business world and the authors address the reasons why it is so prevalent, and some of the drawbacks. The four reasons stated for the expansion of GPD are: lower cost due to less expensive labor cost in other regions of the world, improved process, global growth by giving the firms access to the markets they are co-producing in, and access to technology that is available in these global markets. The article also discusses in detail ten factors that are considered to be key to the development of a successful GPD strategy: management priorities, process modularity, product modularity, core competence, intellectual property, data quality, infrastructure, governance and project management, collaborative culture, and organizational change management. This is a good article for manager to read and understand because the marketplace is becoming more global every year and to be competitive; many industries will continue to move in this direction.
How Not to Market on the Web
Hayashi, A. M. (2010). How not to market on the web. Retrieved February 20, 2010 from: http://sloanreview.mit.edu/the-magazine/files/saleable-pdfs/51204.pdf.
This article, which was published by MIT’s Sloan Management Review, discusses research done on the value of online advertising and how consumer’s concerns for privacy can influence its effectiveness. Two types of ads were studied: website content-based complementary ads and highly visible ads such as pop-ups, ads that move across the screen, and full-screen ads. The study shows that the complementary ads are three times as effective and the highly-visible ads were two times as effective as regular online advertising. However, when both types of ads are used simultaneously they become counterproductive. Further, it is shown that privacy issues are a factor behind the results. This article is important to managers and marketers because online advertising and marketing have become very important tools in today’s business world and it is important that managers understand the best methods to reach their targeted clients and deal with their privacy concerns at the same time.
This article, which was published by MIT’s Sloan Management Review, discusses research done on the value of online advertising and how consumer’s concerns for privacy can influence its effectiveness. Two types of ads were studied: website content-based complementary ads and highly visible ads such as pop-ups, ads that move across the screen, and full-screen ads. The study shows that the complementary ads are three times as effective and the highly-visible ads were two times as effective as regular online advertising. However, when both types of ads are used simultaneously they become counterproductive. Further, it is shown that privacy issues are a factor behind the results. This article is important to managers and marketers because online advertising and marketing have become very important tools in today’s business world and it is important that managers understand the best methods to reach their targeted clients and deal with their privacy concerns at the same time.
The Importance of Meaningful Work
Michaelson, C. (2009). The importance of meaningful work. Retrieved February 20, 2010 from: http://sloanreview.mit.edu/the-magazine/files/saleable-pdfs/51202.pdf.
This article, which was published by MIT’s Sloan Management Review, is a brief discussion about the author’s findings he published in a previous article regarding business student’s job plans compared to what the same students consider to the most socially responsible and/or most enjoyable jobs. Based on his findings, which he states is a teaching exercise rather than a scientific study, there is a disconnect between the two. This article is important for students read because they should try to find a balance between what career paths are seeking and what careers they would find to be the most meaningful. It is also important for managers and those responsible for recruitment to understand the concept of ‘meaningful work’ so they can factor this into their recruitment efforts and design jobs that are conducive to recruitment and retention of this generation of employees.
This article, which was published by MIT’s Sloan Management Review, is a brief discussion about the author’s findings he published in a previous article regarding business student’s job plans compared to what the same students consider to the most socially responsible and/or most enjoyable jobs. Based on his findings, which he states is a teaching exercise rather than a scientific study, there is a disconnect between the two. This article is important for students read because they should try to find a balance between what career paths are seeking and what careers they would find to be the most meaningful. It is also important for managers and those responsible for recruitment to understand the concept of ‘meaningful work’ so they can factor this into their recruitment efforts and design jobs that are conducive to recruitment and retention of this generation of employees.
What it Takes to Make ‘Star’ Hires Pay Off
Groysberg, B., Lee, L. & Abrahams, R. (2010). What it takes to make ‘star’ hires pay off. Retrieved February 19, 2010 from: http://sloanreview.mit.edu/the-magazine/files/saleable-pdfs/51220.pdf.
This article, which was published by MIT’s Sloan Management Review, discusses how managers should find, hire, and get the most out of ‘star’ performance employees. One very important aspect managers should consider is to surround the top-notch hire with co-workers that are equally high-quality performers. The authors state that to get the best out of these top-performers, that they should not be treated as solo performers. In addition, they list four other mistakes managers make in hiring and developing star employees. One is overestimating the importance of pay; overpaying star employees is not necessarily the right way to go because it can lead to other problems, especially with other employees. Two, allowing stars to go solo can lead to an atmosphere of too much competitiveness and not enough collaboration. Three, focusing too narrowly, which is referring to focusing on star performers only in one department instead on the company as a whole. And four, ignoring the talent that is already on your payroll is a mistake. Managers need to look within their organization to find and develop star performers and not just focus on hiring from the outside. This article is a very good resource for managers because finding, developing, and retaining high performers, can go a long way in helping a company to grow and to prosper.
This article, which was published by MIT’s Sloan Management Review, discusses how managers should find, hire, and get the most out of ‘star’ performance employees. One very important aspect managers should consider is to surround the top-notch hire with co-workers that are equally high-quality performers. The authors state that to get the best out of these top-performers, that they should not be treated as solo performers. In addition, they list four other mistakes managers make in hiring and developing star employees. One is overestimating the importance of pay; overpaying star employees is not necessarily the right way to go because it can lead to other problems, especially with other employees. Two, allowing stars to go solo can lead to an atmosphere of too much competitiveness and not enough collaboration. Three, focusing too narrowly, which is referring to focusing on star performers only in one department instead on the company as a whole. And four, ignoring the talent that is already on your payroll is a mistake. Managers need to look within their organization to find and develop star performers and not just focus on hiring from the outside. This article is a very good resource for managers because finding, developing, and retaining high performers, can go a long way in helping a company to grow and to prosper.
Friday, February 19, 2010
Business and Science
Pisano, G. P. (2010). The evolution of science-based business: innovating how we innovate. Retrieved February 19, 2010 from: http://www.hbs.edu/research/pdf/10-062.pdf
This is a working paper published on Harvard’s Working Knowledge website and explores the changing relationship between science and business. The author states that, in recent decades, in-house laboratories have declined in many areas of the business world. However, some sectors like biotech, nanotech, and energy, have their existence based on scientific research and innovation and are competing with universities that are looking for monetary returns on their research activities. This paper references work done by Alfred D. Chandler, Jr., who concluded that technological advances create potential for economical growth, but the growth cannot be realized without complementary innovation in the organization and in management. The subjects in this paper are important for managers to understand because both scientific and business innovations are important and need to be integrated. Scientists need to understand business and business leaders need to understand the importance of science.
This is a working paper published on Harvard’s Working Knowledge website and explores the changing relationship between science and business. The author states that, in recent decades, in-house laboratories have declined in many areas of the business world. However, some sectors like biotech, nanotech, and energy, have their existence based on scientific research and innovation and are competing with universities that are looking for monetary returns on their research activities. This paper references work done by Alfred D. Chandler, Jr., who concluded that technological advances create potential for economical growth, but the growth cannot be realized without complementary innovation in the organization and in management. The subjects in this paper are important for managers to understand because both scientific and business innovations are important and need to be integrated. Scientists need to understand business and business leaders need to understand the importance of science.
Tuesday, February 16, 2010
The Pros and Cons of Sarbanes-Oxley
Cohen, D. Dey, A. and Lys, T. (2007). The sarbanes-oxley act of 2002: Implications for compensation contracts and managerial risk-taking. Retrieved February 15, 2010 from: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1027448
This study, originally done in 2004 and revised in 2007, researches the pros and cons of the Sarbanes-Oxley Act of 2002 (SOX). The act was passed, in part, because of corrupt business practices such as Enron’s and gave the federal government more power over corporations. However, the research concluded that SOX is not reaching its goal of controlling illegal business practices. As a result of SOX, firms have switched from accrual-based earnings to real earnings management, which disadvantages shareholders but is more difficult to detect. Even though executive’s overall compensation has stayed the same, the research shows that SOX has lead to a reduction in stock option grants. This lack of equity-based compensation has lead to less risky investment decisions, which is negatively related to future stock return volatility. This article is good for managers to understand because it is important to understand this act and how it affects your business, but it’s also important to know that sometimes government regulations can go too far and have a negative impact on the firm and on the economy.
This study, originally done in 2004 and revised in 2007, researches the pros and cons of the Sarbanes-Oxley Act of 2002 (SOX). The act was passed, in part, because of corrupt business practices such as Enron’s and gave the federal government more power over corporations. However, the research concluded that SOX is not reaching its goal of controlling illegal business practices. As a result of SOX, firms have switched from accrual-based earnings to real earnings management, which disadvantages shareholders but is more difficult to detect. Even though executive’s overall compensation has stayed the same, the research shows that SOX has lead to a reduction in stock option grants. This lack of equity-based compensation has lead to less risky investment decisions, which is negatively related to future stock return volatility. This article is good for managers to understand because it is important to understand this act and how it affects your business, but it’s also important to know that sometimes government regulations can go too far and have a negative impact on the firm and on the economy.
Sunday, February 14, 2010
Companies Should Give Close Consideration Before Layoffs
Pfeffer, J. (2010). Lay off the layoffs: Our overreliance on downsizing is killing workers, the economy—and even the bottom line. Retrieved February 14, 2010 from: http://www.newsweek.com/id/233131
This article, found on the Newsweek.com website, makes a case for firms to avoid layoffs because they generally do not save the company money and because the company’s productivity and financial performance suffers. Some firms have to have layoffs in order to survive and if a firm is in an industry that is permanently shrinking or disappearing, they may have no choice but to lay off employees. But the author states that many firms that are temporarily suffering because of the economy, may be better off keeping their employees intact. Some of the reasons given were that layoffs are expensive and hiring employees later is also expensive. Less obvious is that firms suffer from morale problems with the remaining employees and productivity per employee suffers as well. This is a good article for managers to read and understand because many company leaders feel that layoffs are the only means of dealing with downturns in the market and their business, but in many cases, the firm will end up in worse position.
This article, found on the Newsweek.com website, makes a case for firms to avoid layoffs because they generally do not save the company money and because the company’s productivity and financial performance suffers. Some firms have to have layoffs in order to survive and if a firm is in an industry that is permanently shrinking or disappearing, they may have no choice but to lay off employees. But the author states that many firms that are temporarily suffering because of the economy, may be better off keeping their employees intact. Some of the reasons given were that layoffs are expensive and hiring employees later is also expensive. Less obvious is that firms suffer from morale problems with the remaining employees and productivity per employee suffers as well. This is a good article for managers to read and understand because many company leaders feel that layoffs are the only means of dealing with downturns in the market and their business, but in many cases, the firm will end up in worse position.
Rethinking Macroeconomic Policy
Blanchard, O., Dell’Ariccia, G. & Mauro, P., (2010). Rethinking macroeconomic policy. Retrieved February 14, 2010 from: http://www.imf.org/external/pubs/ft/spn/2010/spn1003.pdf
This paper, published by the International Monetary Fund (IMF), was researched and written by IMF officials that work in the Research and Fiscal Affairs Departments of the organization. Its purpose is to relook at how to use monetary policy in the future to hedge against the possibility of another “Great Recession” like the most recent one. The paper is split into three sections: first, What We Thought We Knew. In this section, they discuss how things have been handled in the past. The focus has been on one target, low inflation, and one tool, the policy rate. In the second section, What We Have Learned From the Crisis, they discuss that stable inflation may be necessary, but is not sufficient. Additionally, low inflation limits the ability for central banks to react because nominal interest rates are already very low and there is not much room to reduce them in a crisis. The final section, Implications for the Design of Policy, discusses possible changes that should be considered. These include: raising the inflation target, from 2 percent to 4 percent, possibly, which would, in turn, raise interest rates; combining monetary and regulatory policy; inflation targeting and foreign exchange intervention; and others. This paper is good for managers to read because it helps them to understand more about monetary policy and how it affects interest rates and inflation, which has very important consequences to most all businesses. It also shows how politics can gain more control over businesses, which should be taken into consideration as well.
This paper, published by the International Monetary Fund (IMF), was researched and written by IMF officials that work in the Research and Fiscal Affairs Departments of the organization. Its purpose is to relook at how to use monetary policy in the future to hedge against the possibility of another “Great Recession” like the most recent one. The paper is split into three sections: first, What We Thought We Knew. In this section, they discuss how things have been handled in the past. The focus has been on one target, low inflation, and one tool, the policy rate. In the second section, What We Have Learned From the Crisis, they discuss that stable inflation may be necessary, but is not sufficient. Additionally, low inflation limits the ability for central banks to react because nominal interest rates are already very low and there is not much room to reduce them in a crisis. The final section, Implications for the Design of Policy, discusses possible changes that should be considered. These include: raising the inflation target, from 2 percent to 4 percent, possibly, which would, in turn, raise interest rates; combining monetary and regulatory policy; inflation targeting and foreign exchange intervention; and others. This paper is good for managers to read because it helps them to understand more about monetary policy and how it affects interest rates and inflation, which has very important consequences to most all businesses. It also shows how politics can gain more control over businesses, which should be taken into consideration as well.
Five Collaboration Mistakes Leaders Should Avoid
Hansen, M. (2010). Obama’s five collaboration mistakes. Retrieved February 10, 2010 from: http://blogs.hbr.org/cs/2010/02/five_collaboration_mistakes.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+harvardbusiness+%28HBR.org%29
This article, found in Harvard’s The Conversation, discusses five collaboration mistakes President Obama and his administration have made in the past year and relates these mistakes to the business world. The first mistake is using the wrong language. “How leader talk matters…to get people motivated to collaborate, you need to talk the language of collaboration”. The second mistake is confusing delegation with collaboration. With delegation the leader is handing over the work to someone else. Collaboration should be more of a joint effort, sometime involving many parties, and the leader is more hands-on. The third mistake is no meaningful outreach to opponents. For collaboration to work, “you must involve all parties in a meaningful way”. The fourth collaboration mistake is not making compromises. If there is not some give and take between the parties, collaboration will be very difficult. The final mistake is not having a compelling goal. For collaboration to work there needs to be some common goals. This is a good article for mangers because collaboration is important in many work environments and avoiding the pitfalls mention in the article would help make the collaboration efforts more successful.
This article, found in Harvard’s The Conversation, discusses five collaboration mistakes President Obama and his administration have made in the past year and relates these mistakes to the business world. The first mistake is using the wrong language. “How leader talk matters…to get people motivated to collaborate, you need to talk the language of collaboration”. The second mistake is confusing delegation with collaboration. With delegation the leader is handing over the work to someone else. Collaboration should be more of a joint effort, sometime involving many parties, and the leader is more hands-on. The third mistake is no meaningful outreach to opponents. For collaboration to work, “you must involve all parties in a meaningful way”. The fourth collaboration mistake is not making compromises. If there is not some give and take between the parties, collaboration will be very difficult. The final mistake is not having a compelling goal. For collaboration to work there needs to be some common goals. This is a good article for mangers because collaboration is important in many work environments and avoiding the pitfalls mention in the article would help make the collaboration efforts more successful.
Wednesday, February 10, 2010
Health-care Reform and MBAs
Megilo, F. D. (2010). Health care: Rx for MBA job blues. Retrieved February 8, 2010 from: http://www.businessweek.com/bschools/content/feb2010/bs2010028_918003.htm
In this article, found on BusinessWeek.com website, the writer explains that even though many traditional employers have slowed their hiring of MBAs because of the economy, that there are many opportunities for business graduates in the health-care industry, especially if reform is enacted. Because of the vast challenges that face the health-care industry, MBAs are needed to help solve these problems even if there is no government endorsed reform, which is up in the air at this point. Many doctors need managers that understand the business side of health care. The author also states that MBAs that plan to go into health care need to have a basic understanding of what doctors and other health-care providers do. This is useful information for MBAs entering the job market but also, for managers outside of the health-care industry; it is important for all mangers have an understanding of health-care issues because of the effects these issues have on their firm and their employees.
In this article, found on BusinessWeek.com website, the writer explains that even though many traditional employers have slowed their hiring of MBAs because of the economy, that there are many opportunities for business graduates in the health-care industry, especially if reform is enacted. Because of the vast challenges that face the health-care industry, MBAs are needed to help solve these problems even if there is no government endorsed reform, which is up in the air at this point. Many doctors need managers that understand the business side of health care. The author also states that MBAs that plan to go into health care need to have a basic understanding of what doctors and other health-care providers do. This is useful information for MBAs entering the job market but also, for managers outside of the health-care industry; it is important for all mangers have an understanding of health-care issues because of the effects these issues have on their firm and their employees.
Monday, February 8, 2010
Fed's Control of Money Supply and Interest Rates
Hilsenrath, J. (2010). Fed to outline future tightening steps. Retrieved February 8, 2010 from: http://online.wsj.com/article/SB10001424052748703427704575051442884515742.html?mod=rss_whats_news_us_business
This article, found at WSJ.com, discusses what is expected of the Fed in the coming months as the economy recovers. Although he could be months away from actual making changes, Federal Reserve Chairman Ben Bernanke will begin the planning for future credit tightening this week. In the past, the Fed would have normally raised its target for federal-funds rate on banks’ overnight loan. This was done by buying and selling securities, which would influence the supply of money in the market. Now the Fed has a new tool; interest on excess reserves, which is the interest rate the Fed pays to banks on the money they leave on reserve at the central bank. By raising this rate, banks will keep more money in this reserve, thereby reducing the amount available to lend, which drives up short-term interest rates. Of course the Fed’s objective is to keep inflation in check and it uses money supply and interest rates to manipulate inflation. The information in this article is good for managers to understand because the tightening and loosening of credit, which is largely controlled by the Federal Reserve, affects most all businesses.
This article, found at WSJ.com, discusses what is expected of the Fed in the coming months as the economy recovers. Although he could be months away from actual making changes, Federal Reserve Chairman Ben Bernanke will begin the planning for future credit tightening this week. In the past, the Fed would have normally raised its target for federal-funds rate on banks’ overnight loan. This was done by buying and selling securities, which would influence the supply of money in the market. Now the Fed has a new tool; interest on excess reserves, which is the interest rate the Fed pays to banks on the money they leave on reserve at the central bank. By raising this rate, banks will keep more money in this reserve, thereby reducing the amount available to lend, which drives up short-term interest rates. Of course the Fed’s objective is to keep inflation in check and it uses money supply and interest rates to manipulate inflation. The information in this article is good for managers to understand because the tightening and loosening of credit, which is largely controlled by the Federal Reserve, affects most all businesses.
Sunday, February 7, 2010
Workplace Equality
Gadiesh, O. & Coffman, J. (2010). Why workplace equality initiatives aren’t helping women. Retrieved February 6, 2010 form:
http://blogs.hbr.org/cs/2010/02/why_women_still_arent_equals_i.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+harvardbusiness+%28HBR.org%29
This blog, found on the Harvard Business Review website, discusses gender parity in the workplace and states that even though companies claim to treat men and women equally, they really don’t. The main reason given is because women are still seen as better caregivers at home and tend to make more compromises in their career. The authors state that women make up 50% of the American workforce but only 3% of the Fortune 500 CEOs. The solution given is that companies need to develop less rigid promotion processes and career paths. They state that the benefit to the firm would be for it to double its talent pool of leaders and that parity would lead to improved employee retention (both genders), which would lead to costs reduction. This article points toward a real problem in the business world that should be explored more, but is somewhat shallow in it coverage of the subject.
http://blogs.hbr.org/cs/2010/02/why_women_still_arent_equals_i.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+harvardbusiness+%28HBR.org%29
This blog, found on the Harvard Business Review website, discusses gender parity in the workplace and states that even though companies claim to treat men and women equally, they really don’t. The main reason given is because women are still seen as better caregivers at home and tend to make more compromises in their career. The authors state that women make up 50% of the American workforce but only 3% of the Fortune 500 CEOs. The solution given is that companies need to develop less rigid promotion processes and career paths. They state that the benefit to the firm would be for it to double its talent pool of leaders and that parity would lead to improved employee retention (both genders), which would lead to costs reduction. This article points toward a real problem in the business world that should be explored more, but is somewhat shallow in it coverage of the subject.
When You Think a Strategy is Wrong
Gallo, A. (2010). When you think a strategy is wrong. Retrieved February 7, 2010 from: http://blogs.hbr.org/hmu/2010/02/when-you-think-the-strategy-is.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+harvardbusiness+%28HBR.org%29
This posting is found on Harvard Business Review’s Best Practices site and explains how lower-level managers should handle strategy implementation of a strategy they did not develop themselves. If the manager disagrees with the strategy, there are three steps he or she should follow in deciding how to handle the disagreement. First, the manager needs to diagnose the strategy so that he can understand the full picture. Secondly, the manager should contextualize his concerns with the strategy. Is it really that bad? Are you just resisting change? Can minor changes be made to improve it without scraping it altogether? These first two steps may help the manager see that the strategy is not so wrong after all. Lastly, if after the first two steps the manager still feels it is a bad strategy, he should verbalize it with his immediate supervisor. This discussion should be done in private and backed up with facts as to why this is not a good strategy and alternative solutions to the strategy should be presented. The information in this article can be helpful to managers because just going along with a bad strategy without looking into it further and not causing changes to happen when warranted is bad strategy in itself. Also though, it is not a good idea to resist a new strategy until you understand it, to the extent possible, from the viewpoint of upper management.
This posting is found on Harvard Business Review’s Best Practices site and explains how lower-level managers should handle strategy implementation of a strategy they did not develop themselves. If the manager disagrees with the strategy, there are three steps he or she should follow in deciding how to handle the disagreement. First, the manager needs to diagnose the strategy so that he can understand the full picture. Secondly, the manager should contextualize his concerns with the strategy. Is it really that bad? Are you just resisting change? Can minor changes be made to improve it without scraping it altogether? These first two steps may help the manager see that the strategy is not so wrong after all. Lastly, if after the first two steps the manager still feels it is a bad strategy, he should verbalize it with his immediate supervisor. This discussion should be done in private and backed up with facts as to why this is not a good strategy and alternative solutions to the strategy should be presented. The information in this article can be helpful to managers because just going along with a bad strategy without looking into it further and not causing changes to happen when warranted is bad strategy in itself. Also though, it is not a good idea to resist a new strategy until you understand it, to the extent possible, from the viewpoint of upper management.
Saturday, February 6, 2010
U. S. Wage Growth’s Downward Spiral
Ferrell, C. (2010). U.S. wage growth: the downward spiral. Retrieved February 6, 2010 from http://www.businessweek.com/investor/content/feb2010/pi2010025_902249.htm.
This article, found on the BusinessWeek.com website, discusses the outlook on worker’s wages as the U.S. economy begins to recover from the “Great Recession”. Ferrell states the short- and long-term outlook for wages is very bleak even when the recovery is in full swing. As the unemployed start to return to the workforce, their long-term earnings outlook is grim as well. Research has shown that many will never recover from their financial losses. In a study of the effect on wages during and after the deep recession in the early 1980s, Columbia University’s Till Marco von Wachter found that laid-off workers suffered with short-term wage loss of about 30% in the year immediately after the layoff and the average long-term loss was 15%. The article also states that there is a disconnect between productivity growth and wage growth. While productivity has increased by 11% during the expansion period of the 2000s, hourly compensation has stayed flat. The information in this article is useful to managers in a couple of different ways. From a microeconomic standpoint, managers are able to keep costs low by not paying top wages and with a tight job market, will be able to do so without too much worry over keeping positions filled. Employee morale, job commitment, productivity, honesty, and other factors could be a concern though. Probably less concerning to individual mangers but of concern from the macroeconomic view is that these lower wages have a negative impact on the overall economy, including the firms that are responsible for keeping the wages low.
This article, found on the BusinessWeek.com website, discusses the outlook on worker’s wages as the U.S. economy begins to recover from the “Great Recession”. Ferrell states the short- and long-term outlook for wages is very bleak even when the recovery is in full swing. As the unemployed start to return to the workforce, their long-term earnings outlook is grim as well. Research has shown that many will never recover from their financial losses. In a study of the effect on wages during and after the deep recession in the early 1980s, Columbia University’s Till Marco von Wachter found that laid-off workers suffered with short-term wage loss of about 30% in the year immediately after the layoff and the average long-term loss was 15%. The article also states that there is a disconnect between productivity growth and wage growth. While productivity has increased by 11% during the expansion period of the 2000s, hourly compensation has stayed flat. The information in this article is useful to managers in a couple of different ways. From a microeconomic standpoint, managers are able to keep costs low by not paying top wages and with a tight job market, will be able to do so without too much worry over keeping positions filled. Employee morale, job commitment, productivity, honesty, and other factors could be a concern though. Probably less concerning to individual mangers but of concern from the macroeconomic view is that these lower wages have a negative impact on the overall economy, including the firms that are responsible for keeping the wages low.
Small Business Lending Program
Williamson, E. (2010). Obama rolls out small business lending program. Retrieved February 6, 2010 from http://online.wsj.com/article/SB10001424052748704022804575040722955784294.html?mod=djemalertNEWS.
This article, found at WSJ.com, describes a proposal made by President Obama to make available $30 billion of the government’s Trouble Asset Relief Program (TARP) funds to community banks to encourage them to lend to small businesses. The hope is that by making these funds available to small and mid-sized banks, these banks would in turn lend more to small businesses and these borrowers will be able to expand their business and hire more employees. Because there is a stigma attached to banks that take TARP dollars, Ed Young, chief executive of the American Bankers Association, states that banks will not touch the funds if it’s under TARP. Small businesses that are interested in expanding should keep an eye on this to see how it develops. If passed, this could ease the current credit crunch that has been going on for the past twelve to eighteen months.
This article, found at WSJ.com, describes a proposal made by President Obama to make available $30 billion of the government’s Trouble Asset Relief Program (TARP) funds to community banks to encourage them to lend to small businesses. The hope is that by making these funds available to small and mid-sized banks, these banks would in turn lend more to small businesses and these borrowers will be able to expand their business and hire more employees. Because there is a stigma attached to banks that take TARP dollars, Ed Young, chief executive of the American Bankers Association, states that banks will not touch the funds if it’s under TARP. Small businesses that are interested in expanding should keep an eye on this to see how it develops. If passed, this could ease the current credit crunch that has been going on for the past twelve to eighteen months.
How to Destroy American Jobs
Slaughter, M. J. (2010) How to destroy american jobs. Retrieved from http://online.wsj.com/article/SB20001424052748704022804575041253835415076.html?mod=vocus#printMode
This article, found on WSJ.com, discusses one aspect of President Obama’s proposed budget released on February 1, 2010. The section discussed is headed "Reform U.S. International Tax System" and if enacted, U.S.-based multinational firms will face $122.2 billion in tax increases over the next decade. The intent of this tax proposal is keep U.S. companies from expanding in other countries and thereby producing more jobs domestically. However, studies have shown that the opposite would happen and that these tax increases would actually destroy American jobs. The article refers to research done by Mihir Desai, Fritz Foley, and James Hines, which concluded that when multinational U.S.-based firms expand internationally, it is not at the expense of domestic jobs at the parent company, but is strongly associated with more investment and employment in the domestic operations. Their study is titled "Foreign Direct Investment and Domestic Economic Activity" and can be found at http://www.nber.org.ezproxy.waterfield.murraystate.edu/papers/w11717.pdf. This is an example of well-intentioned actions proposed by the government but if the studies are accurate, the intented results will go amiss, so this and other proposals need to be given an extensive amount of consideration before enacted.
This article, found on WSJ.com, discusses one aspect of President Obama’s proposed budget released on February 1, 2010. The section discussed is headed "Reform U.S. International Tax System" and if enacted, U.S.-based multinational firms will face $122.2 billion in tax increases over the next decade. The intent of this tax proposal is keep U.S. companies from expanding in other countries and thereby producing more jobs domestically. However, studies have shown that the opposite would happen and that these tax increases would actually destroy American jobs. The article refers to research done by Mihir Desai, Fritz Foley, and James Hines, which concluded that when multinational U.S.-based firms expand internationally, it is not at the expense of domestic jobs at the parent company, but is strongly associated with more investment and employment in the domestic operations. Their study is titled "Foreign Direct Investment and Domestic Economic Activity" and can be found at http://www.nber.org.ezproxy.waterfield.murraystate.edu/papers/w11717.pdf. This is an example of well-intentioned actions proposed by the government but if the studies are accurate, the intented results will go amiss, so this and other proposals need to be given an extensive amount of consideration before enacted.
Friday, February 5, 2010
Excessive Internet Usage and Depression
Gabbatt, A. (2010). Excessive internet use linked to depression, research shows. Retrieved from http://www.guardian.co.uk/technology/2010/feb/03/excessive-internet-use-depression
This article, which is found on the Guardian website, describes a study done by Leeds University’s Institute of Psychological Sciences. The study found that there is a link between Internet addiction and depression. However, it is not clear which comes first, depression or the addiction to the Internet. The study also discovered that the Internet addicts spent more time on sexually gratifying, gaming, and online community websites. This is an interesting subject that managers should take note of. With the ever increasing usage of the Internet in today’s business world, it is important that managers know how much and for what reason their employees are using the Internet. Additionally, as shown in this article, it important for managers to realize that excessive Internet usage by an employee could point to an underlying problem that could have a negative effect on the firm as well.
This article, which is found on the Guardian website, describes a study done by Leeds University’s Institute of Psychological Sciences. The study found that there is a link between Internet addiction and depression. However, it is not clear which comes first, depression or the addiction to the Internet. The study also discovered that the Internet addicts spent more time on sexually gratifying, gaming, and online community websites. This is an interesting subject that managers should take note of. With the ever increasing usage of the Internet in today’s business world, it is important that managers know how much and for what reason their employees are using the Internet. Additionally, as shown in this article, it important for managers to realize that excessive Internet usage by an employee could point to an underlying problem that could have a negative effect on the firm as well.
Wednesday, February 3, 2010
Are We Experiencing an Ethics Bubble?
Verschoor, C. (2010). Are we experiencing an ethics bubble?. Strategic Finance, 91(7), 10-13. Retrieved from Business Source Premier database. Persistent link to this record (Permalink): http://waterfield.murraystate.edu.ezproxy.waterfield.murraystate.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=47266074&loginpage=Login.asp&site=ehost-live
This article reports the results of the 2009 National Business Ethics Survey (NBES), which was conducted by Washington-based Ethics Resource Center (ERC). The study was titled Ethics in a Recession and showed that ethical behavior improved during the recent recessionary times as compared to a pre-recession study done in 2007. Although there were fewer instances of misconduct observed in the 2009 study, the survey showed that there were a higher percentage of the observed instances of misconduct reported to management. Also important for managers to know is that there is a strong association between rising awareness in ethics and a strong ethical culture within a firm. Additionally, when employees felt there was a decline in the ethical culture of the firm, there is an increased likelihood of misconduct from the employees. This study can be very beneficial to managers because it shows that as the current economy continues to improve, the likelihood of ethical misconduct may increase and that it is important to have a strong ethics and compliance policy in place and that these policies and well promulgated and understood by the firm’s employees.
This article reports the results of the 2009 National Business Ethics Survey (NBES), which was conducted by Washington-based Ethics Resource Center (ERC). The study was titled Ethics in a Recession and showed that ethical behavior improved during the recent recessionary times as compared to a pre-recession study done in 2007. Although there were fewer instances of misconduct observed in the 2009 study, the survey showed that there were a higher percentage of the observed instances of misconduct reported to management. Also important for managers to know is that there is a strong association between rising awareness in ethics and a strong ethical culture within a firm. Additionally, when employees felt there was a decline in the ethical culture of the firm, there is an increased likelihood of misconduct from the employees. This study can be very beneficial to managers because it shows that as the current economy continues to improve, the likelihood of ethical misconduct may increase and that it is important to have a strong ethics and compliance policy in place and that these policies and well promulgated and understood by the firm’s employees.
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