...In sociology, the iron cage is a term coined by Max Weber for the increased rationalization inherent in social life, particularly in Western capitalist societies. The "iron cage" thus traps individuals in systems based purely on teleological efficiency, rational calculation and control. Weber also described the bureaucratization of social order as "the polar night of icy darkness".[1] The original German term is stahlhartes Gehäuse; this was translated into "iron cage", an expression made familiar to English language speakers by Talcott Parsons in his 1930 translation of Weber's The Protestant Ethic and the Spirit of Capitalism.[2] This translation has recently been questioned by certain sociologists and interpreted instead as the "shell as hard as steel".[2][3] Weber wrote: “ | In Baxter’s view the care for external goods should only lie on the shoulders of the 'saint like a light cloak, which can be thrown aside at any moment.' But fate decreed that the cloak should become an iron cage."[4] | ” | Weber became concerned with social actions and the subjective meaning that humans attach to their actions and interaction within specific social contexts. He also believed in idealism, which is the belief that we only know things because of the meanings that we apply to them. This led to his interest in power and authority in terms of bureaucracy and rationalization. Rationalization and bureaucracy[edit] Weber states, “the course of development involves… the bringing in of calculation...
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...Research Notes and Comments A Bibliographical Essay on Decision Making IT has been said that administration is the critical organizational process, making possible production, procurement, and the rest; that leadership is the heart of administration; and that decision making is the key to leadership. Inherent in these statements are some remarkably accurate characterizations of current administrative theory. One thing they seem to imply is a coherence and a unity in administrative theory which do not seem to exist. When one attempts to assay the literature dealing with a concrete administrative process such as decision making, he discovers this. Divergent approaches to the study of decision making show that there are conflicting conceptions of its nature and function. And these probably are symptoms of a more fundamental conflict in contemporary administrative theory. Administration and leadership as foci for study have traditionally been the concern of historians, occasional novelists, and students of management, public and private. A generation ago these people had articulated a consistent, rather comprehensive conception of leadership, and especially administration. The Papers of Gulick and Urwick, for example, were regarded by many of us as a major conceptual achievement setting forth a twentieth-century theory of organization. Even as these ideas were gaining acceptance, however, the concepts that would replace them were emerging. After World War I, even before the ...
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...International Journal of Banking and Finance Volume 9 | Issue 1 Article 3 6-5-2012 Modelling and forecasting volatility in the gold market Stefan Trück Macquarie University, stefan.trueck@mq.edu.au Kevin Liang Macquarie University Follow this and additional works at: http://epublications.bond.edu.au/ijbf Recommended Citation Trück, Stefan and Liang, Kevin (2012) "Modelling and forecasting volatility in the gold market," International Journal of Banking and Finance: Vol. 9: Iss. 1, Article 3. Available at: http://epublications.bond.edu.au/ijbf/vol9/iss1/3 This Journal Article is brought to you by the Faculty of Business at ePublications@bond. It has been accepted for inclusion in International Journal of Banking and Finance by an authorized administrator of ePublications@bond. For more information, please contact Bond University's Repository Coordinator. Trück and Liang: Forecasting volatility in the gold market International Journal of Banking and Finance, Volume 9 (Number 1), 2012: pages 48-80 MODELLING AND FORECASTING VOLATILITY IN THE GOLD MARKET Stefan Trück and Kevin Liang Macquarie University, Australia _____________________________________________ Abstract We investigate the volatility dynamics of gold markets. While there are a number of recent studies examining volatility and Value-at-Risk (VaR) measures in financial and commodity markets, none of them focuses on the gold market. We use a large number of statistical models to model...
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...“INVENTION AND INNOVATION FOR SUSTAINABLE DEVELOPMENT” Report of a workshop sponsored by the Lemelson-MIT Program and LEAD International, London, November 2003 THE LEMELSON-MIT PROGRAM School of Engineering Massachusetts Institute of Technology 1 Workshop Participants ____________________________ Julia Marton-Lefèvre, Chair, LEAD International, UK Merton C. Flemings, Vice-Chair, Massachusetts Institute of Technology, USA Evan I. Schwartz, Rapporteur, Author and Independent Journalist, USA Shereen El Feki, The Economist, UK David Grimshaw, Intermediate Technology Development Group, UK Pamela Hartigan, Schwab Foundation for Social Entrepreneurship, Switzerland Ashok Khosla, Development Alternatives, India Ehsan Masood, LEAD International, UK Penelope Mawson, LEAD International, UK Nick Moon, ApproTEC, Kenya Adil Najam, Fletcher School, Tufts University, USA Julia Novy-Hildesley, Lemelson Foundation, USA Anna Richell, Design Council, UK Ammon Salter, Imperial College London, UK Eugenio de Motta Singer, ERM, Brazil Rory Stear, Freeplay Energy Corp., UK Zhang Lubiao, Institute of Agricultural Economics, China 2 Foreword This draft document comprises Recommendations and a Summary of the discussion from a workshop held at the secretariat of LEAD International in London in November 2003, as part of a larger study on invention and inventiveness. The study will culminate in an “Invention Assembly” in Washington D.C. in April 2004. The study is supported by the Lemelson-MIT...
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...Business AnAlytics And intelligence Course Starting: 29 June 2014 Application Deadline: Early Decision 28 February 2014 Regular Decision 15 April 2014 (Batch 5) (Classes conducted on-campus as well as off-campus) Certificate Programme on Business Analytics and Intelligence BATCH 5 in god We trust, All Others Must Bring data - W edwards deming he theory of bounded rationality proposed by nobel laureate Herbert Simon is evermore significant today with increasing complexity of the business problems; limited ability of human mind to analyze alternative solutions and the limited time available for decision making. introduction of enterprise resource planning (eRP) systems has ensured availability of data in many organizations; however, traditional eRP systems lacked data analysis capabilities that can assist the management in decision making. Business Analytics is a set of techniques and processes that can be used to analyse data to improve business performance through fact-based decision making. Business Analytics is the subset of Business intelligence, which creates capabilities for companies to compete in the market effectively. Business Analytics is likely to become one of the main functional areas in most companies. Analytics companies develop the ability to support their decisions through analytic reasoning using a variety of statistical and mathematical techniques. thomas devonport in his book titled, “competing on analytics: the new science of winning”, claims...
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...William & Mary Law Review Volume 45 | Issue 4 Article 5 A Pattern-Oriented Approach to Fair Use Michael J. Madison Repository Citation Michael J. Madison, A Pattern-Oriented Approach to Fair Use, 45 Wm. & Mary L. Rev. 1525 (2004), http://scholarship.law.wm.edu/wmlr/vol45/iss4/5 Copyright c 2004 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. http://scholarship.law.wm.edu/wmlr A PATTERN-ORIENTED APPROACH TO FAIR USE MICHAEL J. MADISON* ABSTRACT More than 150 years into development of the doctrineof "fairuse" in American copyright law, there is no end to legislative,judicial, and academic efforts to rationalizethe doctrine. Its codification in the 1976 CopyrightAct appearsto have contributedto its fragmentation, rather than to its coherence. As did much of copyright law, fair use originated as a judicially unacknowledged effort via the law to validate certain favored practicesand patterns.In the main, it has continued to be applied as such, though too often courts mask their implicit validation of these patterns in the now-conventional "caseby-case" application of the statutoryfair use "factors"to the defendant's use of the copyrighted work in question. A more explicit acknowledgment of the role of these patterns in fair use analysis would be consistent with fair use, copyright policy, and tradition. Importantly, such an acknowledgment would help to bridge the often difficult conceptual gap between fair use...
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...differences, and trends. Proficiency with common financial statement analysis techniques benefits both internal and external users. Before beginning detailed explanations of numerous ratios and percentages, however, we consider factors relevant to communicating useful information. 674 The Curious Accountant On May 14, 2007, DaimlerChrysler (DC) and Cerberus announced that Cerberus, a private-equity firm, was buying 80 percent of the Chrysler Group from DaimlerChrysler. The sale closed on August 3, 2007. Some analysts claimed the “sale” actually involved DaimlerChrysler paying Cerberus to take Chrysler off its hands. After the sale, DaimlerChrysler planned to rename itself Daimler AG and focus its efforts on its production of commercial trucks and its Mercedes brand of cars. Three other groups in addition to Cerberus also made offers to buy Chrysler, but in the end Cerberus was the winner. The question some might ask is why would anyone have wanted to buy Chrysler? It had lost money in several years prior to the sale, including a $1.6 billion loss in 2006. Additionally, like...
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...and trends. Proficiency with common financial statement analysis techniques benefits both internal and external users. Before beginning detailed explanations of numerous ratios and percentages, however, we consider factors relevant to communicating useful information. 674 The Curious Accountant On May 14, 2007, DaimlerChrysler (DC) and Cerberus announced that Cerberus, a private-equity firm, was buying 80 percent of the Chrysler Group from DaimlerChrysler. The sale closed on August 3, 2007. Some analysts claimed the “sale” actually involved DaimlerChrysler paying Cerberus to take Chrysler off its hands. After the sale, DaimlerChrysler planned to rename itself Daimler AG and focus its efforts on its production of commercial trucks and its Mercedes brand of cars. Three other groups in addition to Cerberus also made offers to buy Chrysler, but in the end Cerberus was the winner. The question some might ask is why would anyone have wanted to buy Chrysler? It had lost money in several years prior to the sale, including a $1.6 billion loss in...
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...and trends. Proficiency with common financial statement analysis techniques benefits both internal and external users. Before beginning detailed explanations of numerous ratios and percentages, however, we consider factors relevant to communicating useful information. 674 The Curious Accountant On May 14, 2007, DaimlerChrysler (DC) and Cerberus announced that Cerberus, a private-equity firm, was buying 80 percent of the Chrysler Group from DaimlerChrysler. The sale closed on August 3, 2007. Some analysts claimed the “sale” actually involved DaimlerChrysler paying Cerberus to take Chrysler off its hands. After the sale, DaimlerChrysler planned to rename itself Daimler AG and focus its efforts on its production of commercial trucks and its Mercedes brand of cars. Three other groups in addition to Cerberus also made offers to buy Chrysler, but in the end Cerberus was the winner. The question some might ask is why would anyone have wanted to buy Chrysler? It had lost money in several years prior to the sale, including a $1.6 billion loss in...
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...Economic Action and Social Structure: The Problem of Embeddedness Author(s): Mark Granovetter Source: American Journal of Sociology, Vol. 91, No. 3 (Nov., 1985), pp. 481-510 Published by: The University of Chicago Press Stable URL: http://www.jstor.org/stable/2780199 . Accessed: 18/10/2013 11:39 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. . The University of Chicago Press is collaborating with JSTOR to digitize, preserve and extend access to American Journal of Sociology. http://www.jstor.org This content downloaded from 158.143.192.135 on Fri, 18 Oct 2013 11:39:24 AM All use subject to JSTOR Terms and Conditions Economic Action and Social Structure: The Problem of Embeddedness' Mark Granovetter State University of New York at Stony Brook How behavior and institutions are affected by social relations is one of the classic questions of social theory. This paper concerns the extent to which economic action is embedded in structures of social relations, in modern industrial society. Although the usual neoclassical...
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...THE B L A C K SWAN The HIGHLY I mpact IM of the PROBABLE Nassim Nicholas Taleb U.S.A. $26.95 Canada $34.95 is a highly improbable event with three principal characteristics: It is unpre dictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random, and more predictable, than it was. The astonishing success of Google was a black swan; so was 9 / 1 1 . For Nassim Nicholas Taleb, black swans underlie almost everything about our world, from the rise of religions to events in our own personal lives. A BLACK SWAN Why do we not acknowledge the phenomenon of black swans until after they occur? Part of the answer, according to Taleb, is that humans are hardwired to learn specifics when they should be focused on generalities. We concentrate on things we already know and time and time again fail to take into consideration what we don't know. We are, therefore, unable to truly estimate oppor tunities, too vulnerable to the impulse to simplify, narrate, and categorize, and not open enough to rewarding those who can imagine the "impossible." For years, Taleb has studied how we fool our selves into thinking we know more than we actually do. We restrict our thinking to the irrelevant and inconsequential, while large events continue to surprise us and shape our world. Now, in this reve latory book, Taleb explains everything we know about what we don't know. He offers...
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...More Than a Numbers Game A Brief Histor y of Accounting Thomas A. King John Wiley & Sons, Inc. More Than a Numbers Game More Than a Numbers Game A Brief Histor y of Accounting Thomas A. King John Wiley & Sons, Inc. Copyright © 2006 by Thomas A. King. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability...
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...Philosophy and Design Pieter E. Vermaas • Peter Kroes Andrew Light • Steven A. Moore Philosophy and Design From Engineering to Architecture Pieter E. Vermaas Delft University of Technology Delft the Netherlands Andrew Light University of Washington Seattle USA Peter Kroes Delft University of Technology Delft the Netherlands Steven A. Moore University of Texas Austin USA ISBN 978-1-4020-6590-3 e-ISBN 978-1-4020-6591-0 Library of Congress Control Number: 2007937486 © 2008 Springer Science + Business Media B.V. No part of this work may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, microfilming, recording or otherwise, without written permission from the Publisher, with the exception of any material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Printed on acid-free paper. 9 8 7 6 5 4 3 2 1 springer.com Contents List of Contributors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Design in Engineering and Architecture: Towards an Integrated Philosophical Understanding . . . . . . . . . . . . . . . . . Peter Kroes, Andrew Light, Steven A. Moore, and Pieter E. Vermaas Part I Engineering Design ix 1 Design, Use, and the Physical and Intentional Aspects of Technical Artifacts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...
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...THE INTELLIGENT INVESTOR A BOOK OF PRACTICAL COUNSEL REVISED EDITION B E NJAM I N G RAHAM Updated with New Commentary by Jason Zweig To E.M.G. Through chances various, through all vicissitudes, we make our way. . . . Aeneid Contents Epigraph iii Preface to the Fourth Edition, by Warren E. Buffett viii A Note About Benjamin Graham, by Jason Zweig x Introduction: What This Book Expects to Accomplish COMMENTARY ON THE INTRODUCTION 1. 1 12 35 The Investor and Inflation 47 COMMENTARY ON CHAPTER 2 3. 18 COMMENTARY ON CHAPTER 1 2. Investment versus Speculation: Results to Be Expected by the Intelligent Investor 58 65 COMMENTARY ON CHAPTER 3 4. A Century of Stock-Market History: The Level of Stock Prices in Early 1972 80 General Portfolio Policy: The Defensive Investor 88 COMMENTARY ON CHAPTER 4 5. 101 124 Portfolio Policy for the Enterprising Investor: Negative Approach 133 COMMENTARY ON CHAPTER 6 7. 112 COMMENTARY ON CHAPTER 5 6. The Defensive Investor and Common Stocks 145 iv 155 COMMENTARY ON CHAPTER 7 8. Portfolio Policy for the Enterprising Investor: The Positive Side 179 The Investor and Market Fluctuations 188 v Contents COMMENTARY ON CHAPTER 8 9. Investing in Investment Funds COMMENTARY ON CHAPTER 9 213 226 242 10. The Investor and His Advisers 257 COMMENTARY ON CHAPTER 10 272 11. Security...
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...Markets HBP Case # 9-702-077 ............................................... 113 8. Valuing Companies in Corporate Restructurings HBP Case # 9-201-073 ................................. 131 UVA-F-1191 Rev. Feb. 1, 2011 VALMONT INDUSTRI V IES, INC. Forty years ago, we made our fi F m irst center p pivot irriga ation system It was m. es ssentially a long steel pipe resting upon a set of wheels th would tr p hat ravel in a ci ircle, wateri crops. A few years later, we stood that irrig ing l gation pipe o its end on an made ou first light pole. It was our first le nd ur s esson in leve erage. It wo ouldn’t be our last. —Valmont 1993 Annual Report t After being one of the most successful Fortu A une 500 co ompanies du uring the...
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