This paper contributes to research on organizational learning by investigating specific learning activities undertaken by improvement project teams in hospital intensive care units and proposing an integrative model to explain implementation success. Organizational learning is important in this context because medical knowledge changes constantly and hospital care units must learn new practices if they are to provide high-quality care. To develop a model of factors affecting improvement project teams driving essential organizational learning in health care, we draw from three streams of related research—best-practice transfer (BPT), team learning (TL), and process change (PC). To test the model’s hypotheses, we collected data from 23 neonatal intensive care units seeking to implement new or improved practices. We first analyzed the frequency of specific learning activities reported by improvement project participants and discovered two distinct factors: learn-what (activities that identify current best practices) and learn-how (activities that operationalize practices in a given setting). Next, ordinary least squares (OLS) regression analyses supported three of our four hypotheses. Specifically, a high level of supporting evidence for a unit’s portfolio of improvement projects was associated with implementation success. Learn-how was positively associated with implementation success, but learn-what was not. Psychological safety was associated with learn-how, which was found to mediate between psychological safety and implementation success.

An experience-sampling study of 124 undergraduates, pretested on complex memory-span tasks, examined the relation between working memory capacity (WMC) and the experience of mind wandering in daily life. Over 7 days, personal digital assistants signaled subjects eight times daily to report immediately whether their thoughts had wandered from their current activity, and to describe their psychological and physical context. WMC moderated the relation between mind wandering and activities' cognitive demand. During challenging activities requiring concentration and effort, higher-WMC subjects maintained on-task thoughts better, and mind-wandered less, than did lower-WMC subjects. The results were therefore consistent with theories of WMC emphasizing the role of executive attention and control processes in determining individual differences and their cognitive consequences.

We present a theoretical model that synthesizes and expands current explanations of the failure of decision-making groups to effectively use information that is distributed among their members. We propose that groups can outperform individual decision makers and voting schemes if certain asymmetries in information distribution are present and certain asymmetries in information processing are absent. How to achieve this we deduce from a review of the relevant literature. Finally, we discuss directions for future research and practical implications.

Research on roles and identities generally represents a micro perspective that does not account for the reconstruction of professional role identity, owing to insufficient attention to institutional forces. We trace institutional influences on professional role identity reconstruction and extend theory by building bridges across institutional, organizational, and individual levels of analysis. Findings indicate that agentic reconstruction of professional role identity is enabled and constrained by an institutional environment that provides interpretive, legitimating, and material resources that professionals adopt and adapt. Institutional forces also impact organizational arrangements that further influence microlevel agency. We elaborate interactions among these three levels of analysis.

This paper analyzes the relationship between the diffusion of new technologies and the decentralization of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. Decentralized control, on the other hand, delegates authority to a manager with superior information. However, the manager can use his informational advantage to make choices that are not in the best interest of the principal. As the available public information about the specific technology increases, the tradeoff shifts in favor of centralization. We show that firms closer to the technological frontier, firms in more heterogeneous environments, and younger firms are more likely to choose decentralization. Using three data sets on French and British firms in the 1990s, we report robust correlations consistent with these predictions.

We revisit and extend the topic of secondary share sales and revisions in IPOs. First we test to determine if secondary share sales constitute a negative signal that is captured in aftermarket performance. We find secondary share sales in general are not correlated with poorer initial or long-run performance, but selling by officers and directors is associated with poorer long-run returns. Second, we examine if secondary share revisions (1) reflect selling shareholders’ attempts to conceal private information or (2) are contingent upon whether a firm can reach its goal of raising sufficient capital. We find empirical support for a capital goal, but not for concealment.

This article explores multilevel relationships between group-level OCB, individual-level OCB, and work performance. We also discuss conceptualizing OCB with regard to context and multiple levels of analysis. We hypothesize that group-level OCB moderates the relationship between individual-level OCB and job performance. Results based on 100 work groups in a manufacturing firm indicate that group-level OCB significantly moderated the relationship between individual-level OCB and job performance. Comparing contexts in which group-level OCB was rare with those in which it was prevalent, we found that high individual-level OCB yielded greater significant increases in job performance ratings when group-level OCB was rare.

ABSTRACT The standard analysis of corporate governance assumes that shareholders vote in ratios that firms choose, such as one share‐one vote. However, if the cost of unbundling and trading votes is sufficiently low, then shareholders choose the ratios. We document an active market for votes within the U.S. equity loan market, where the average vote sells for zero. We hypothesize that asymmetric information motivates the vote trade and find support in the cross section. More trading occurs for higher‐spread and worse‐performing firms, especially when voting is close. Vote trading corresponds to support for shareholder proposals and opposition to management proposals.

ABSTRACT We investigate the effect of growth opportunities in a firm's investment opportunity set on its joint choice of leverage, debt maturity, and covenants. Using a database that contains detailed debt covenant information, we provide large‐sample evidence of the incidence of covenants in public debt and construct firm‐level indices of bondholder covenant protection. We find that covenant protection is increasing in growth opportunities, debt maturity, and leverage. We also document that the negative relation between leverage and growth opportunities is significantly attenuated by covenant protection, suggesting that covenants can mitigate the agency costs of debt for high growth firms.

Abstract This paper investigates the effect of closed overnight exchanges on option prices. During the trading day, asset prices follow the literature's standard affine model that allows for stochastic volatility and random jumps. Independently, the overnight asset price process is modeled by a single jump. We find that the overnight component reduces the variation in the random jump process significantly. However, neither the random jumps nor the overnight jumps alone are able to empirically describe all features of option prices. We conclude that both random jumps during the day and overnight jumps are important in explaining option prices, where the latter account for about one quarter of total jump risk.