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Financial Transmission Rights (FTRs) are financial derivatives in wholesale electricity markets that are sold in auctions. The revenue collected from FTR auctions is passed through to electricity customers to reimburse them for transmission congestion payments they make in the spot energy market. On average, electricity customers' congestion payments greatly exceed auction reimbursements in electricity markets across the United States. We study the issue of auction revenue deficiency through the lens of Auction Revenue Rights (ARRs), which is the predominant mechanism used in U.S. electricity markets to distribute auction revenue to electricity customers. We demonstrate how the ARR process influences fundamental supply conditions in the FTR auction market and show how divergent auction equilibria emerge under different ARR decision-making regimes. Using market data from PJM, we find empirical evidence that variation in ARR management strategies helps explain differences between an FTR's auction price and its realized ex post value. Keywords: Financial transmission rights, Electricity markets, PJM, Congestion, Price discovery, 1. INTRODUCTION Since the passage of FERC Order 888 in 1996, competitive electricity markets have expanded in the United States to serve roughly two-thirds of electricity consumers in the country. [...]

develop the thesis that in related diversified firms, the core business (in my analysis, the largest business) may provide benefits such as scope economies to a related segment, but it [...]

This study examines firms' strategic decisions in the competitive market regarding whether to engage in marketing activities to assist consumers in finding the fit between their personal tastes and products' horizontal attributes. We find that competitive firms' strategies to facilitate fit revelation critically depend on the product qualities they offer. In particular, a firm offering a high-quality product is more likely to facilitate fit revelation in the competitive market than it would as a market monopolist, whereas a firm offering a low-quality product is less likely to do so. In addition, the firm offering the high-quality product implements fit-revealing activities in a greater intensity than its rival that offers the low-quality product, if the quality difference between the two products is small and both products' qualities are sufficiently high. Key words: consumer fit uncertainty; fit revelation; competitive strategies; game theory History: Received May 13, 2011; accepted May 11, 2012, by J. Miguel Villas-Boas, marketing. Published online in Articles in Advance November 5, 2012., 1. Introduction In many product categories, such as food, drugs, cosmetics, books, and magazines, a consumer's purchase decision largely depends on how well a product's horizontal attributes fit her personal [...]

Abstract Purpose--This paper is a case study of a cooperative whose involvement in the retail business was exemplary of a successful cooperative, bold enough to venture into the retail business. [...]

We thank Dominique Hanssens, Devavrat Purohit, and Richard Staelin for their insightful commentaries on our paper on dealer networks and demand shocks in the car industry. Jointly, the commentaries raise [...]

In their 2012 article, Albuquerque and Bronnenberg (hereafter, AB) develop an empirical model of the automobile market by specifically accounting for consumer, dealer, and manufacturer behavior. This is a provocative [...]

The purpose of this paper is to integrate the literature on deception, highlight the key variables, and provide a decision-making framework that leads to deception. The rationale and context for strategic deception are examined. Uncertainty provides the context for deception. Bounded rationality and opportunity exploitation by corporate executives facilitate deception. Enactment of strategic deception is moderated by the firm's ethical orientation. Relative stakes may create ethical dilemmas and weaken the effectiveness of ethical orientation. While deception has short-term strategic advantage, there are deleterious unintended consequences in the long-term., '... All warfare is the way (Tao) of deception. Therefore, when capable, feign incapacity; when active, inactivity. When near, make it appear that you are far away; when far away, [...]

Abstract Purpose--This is a theoretical paper, which aims to consider the role of strategic human resource management (SHRM) in the development of 'gross national happiness' (GNH) in Bhutan. Design/methodology/approach--The paper [...]

IMAGINE THE PULSATING ENERGY AND collaborative creativity at some of world's most renowned design studios: for example, the iPhone studio at Apple; or the design studio of an inspired architect [...]

The article discusses the entrepreneurial studies that have been done by Ludwig Lachmann for explaining the different activities and routines that should be undertaken in a disequilibrium world. The various strategic goals that should be focused on by an entrepreneur are also explained.

Family firms are embedded in social structures that differ substantially from those of nonfamily firms. While these social structures can be sources of strength, they can also lead to dysfunctional [...]

Le Breton-Miller and Miller argue that as the family becomes more embedded in the firm, the firm's decision makers become more susceptible to influence by the family, and agency problems [...]

Abstract This article summarizes the literature on inventory management flexibility from a competence perspective, and it classifies the work according to inter-firm and intra-firm flexibilities. It also explores the relationships [...]

We maintain that human resources are strategically significant in at least three cases, when these resources (1) help create traditional Ricardian rents; (2) function as components of organizational capabilities that [...]

Within the entrepreneurship and strategic management domains there has been a movement by scholars to combine certain aspects of both areas to create a new concept of strategic entrepreneurship. To [...]

The author investigates real options reasoning from an attention-based view, using several propositions on the effects of a firm's specific concrete and contextual attention structures on managerial decisions.

In an electricity market cleared by a merit-order economic dispatch we make use of the mixed-integer linear programming (MILP) scheme derived in Part I to find the market outcomes supported by a pure strategy Nash equilibria (NE). From these NE, we identify offer strategies in terms of gaming or not gaming that best meet the risk/benefit expectations of the participating Gencos. To do this, a number of measures of potential profit gain and loss are developed that quantify the notion of risk/benefit under the possible multiple NE. The NE identification scheme is tested on several systems of up to 30 generating units, each with four incremental cost blocks, also showing how market power is influenced by the number and size of the competing Gencos as well as by the imposed price cap. Index Terms--Dominant strategy, electricity market, gaming, market power, merit order, mixed-integer linear programming, multiple pure strategy Nash equilibra, strategic offers, supply function equilibrium.

Study proposes that the motives for acquisitions are specific to whether assign entries are made through full or partial ownership. Findings offer new insights into the role of ownership structures in determining the choice of entry ownerships.

The ascendance of a novel academic field as an admittance-seeking social movement is described by a generalized sociological model. The dramatic rise of the field of strategic management and its success in the administrative sciences is also discussed.

Managers have long been challenged by an abundance of internal and external demands and uncertainties in their operating environments. Anecdotal evidence and a growing number of research studies have advocated [...]

1. Introduction Standard information-sharing models contain no capacity restrictions; in essence, capacity and output choices are made simultaneously. This article studies the role of capacity and capacity choice in the [...]

Agency, strategic choice, and cognitive perspectives are used to examine the conditions under which chief executive officers (CEOs) of small private corporations involve the board of directors in strategic decisions. [...]

The Miles and Snow strategic type framework is re-examined with respect to interrelationships with several theoretically relevant batteries of variables, including SBU strategic capabilities, environmental uncertainty, and performance. With respect to both variable battery associations and objective statistical criteria, it is shown that the empirically derived solution dominates the traditional P-A-D-R typology of Miles and Snow.

Byline: Norah Jones* (1), John O'Shea (1) Abstract: New developments in e-learning and increasinglysophisticated learning technologies arebeginning to make a major impact in U.K.universities. It is clear that universitiesneed to change to accommodate the impact oftechnology on learning. Communicationtechnologies that are free from time or placeconstraints provide new challenges touniversities on how they should be organised. The paper reflects on the university's strategicplanning process and outlines the developmentprocess of an e-learning initiative. Examplesof the emergent change agenda are identifiedand finally possibilities for futuredevelopment are explored. It isclear that the impact of e-learning willrequire universities to re-think fundamentallytheir thinking and therefore their strategiesin a whole range of areas. There hasbeen much focus on technological advancementbut much less on how technology impacts onstrategic planning. This paper addresses thisgap in the literature by examining oneuniversity's strategic responses to thischallenge of e-learning. The learning attachedto this case study could be used to help otheruniversities respond to the change agendabrought about by e-learning. Author Affiliation: (1) The School of Humanities and Social Sciences, University of Glamorgan, Treforest, CF37 1DL, South Wales, United Kingdom (author for correspondence, E-mail Article History: Registration Date: 07/10/2004

The reasons for high rate of failure of small businesses are discussed. The importance of goal setting and strategic planning towards achieving the goal are also discussed.

With the help of the example of RBC Financial Group, a Canadian company, insight into the essentials for being great leaders in the market are discussed.

The strategic management process is examined by placing the interaction between management power and action at the heart of the empirical and theoretical enterprise. Case studies on the restructuring process and outcome in four large Czech enterprises are presented.

A social theory framework is developed to explain the common themes of recursive and adaptive practice underpinning the existing strategic management literature. The concept of management practices-in-use into a research agenda is developed along with nine broad research questions that may be used to investigate empirically strategy as practice.

Operating exposure is identified as the most crucial and difficult component to manage in foreign exchange (FX) risk. The other components of FX, their dependence on the international market structure and firm strategies for their size and relative importance and the implications for managing FX exposure is discussed.

Informal Internet networks, known as elusive ensembles, are valuable due to the strategic social capital embedded in them. A methodology to review and estimate the value of the informal Internet networks and a guidance to improve the strategic efficacy of these elusive ensembles is presented.

The professional field of strategic management distinguishes several different schools, among them the prescriptive and emergent approaches (Lynch, 2000). Although theorists distinguish different approaches (e.g., Idenburg, 1993; Mintzberg, 1987), in [...]

I demonstrate the constitutive effects of discursive strategies and explore the discursive conditions in which changing ideas generate these effects. I perform an extensive analysis of the discursive strategies generated by three key actors in the Asian financial crisis. I argue that all three, U.S. Treasury, the International Monetary Fund, and the Kim Dae-jung South Korean administration, represented key practices associated with the Asian model as 'cronyism' and as 'corruption,' thereby normatively delegitimating these practices, thereby effecting the demise of the Asian model of development in Korea. I argue that these discursive practices generate narrative structures that have a constitutive effect on the subsequent discursive and economic practices of actors. The manner in which the narratives represent 'causes' of the crisis constitute and reconstitute the social meanings by which past and current social and economic practices are legitimated or de-legitimated. The structures constituted by these social meanings re-create and reconstitute the present and future conditions for strategic action. I conclude with a demonstration of how these narratives institutionalize the discourses they construct through changes in Korean state and commercial institutions.

The four congruent configurations, to address the processes of corporate value creation are explained. Mintzberg's configurations approach explores the organizational structures and processes connected with each strategy like financial control, scale, leverage, and creativity.