This article explores three interconnected decisions related to early retirement- the decision whether to leave a long-term job prior to age 65. the decision whether to accept bridge employment, and the decision whether to obtain bridge employment in the same industry or occupation as the last job- and the relationships among these three decisions and adjustment to retirement. In addition, this article examines the key variables that influence these three decisions, integrating previous research on individual-level, family-level, job- and career-related, organization-level, and environmental-level factors. The article concludes with an examination of methodological issues in the study of early retirement decisions and provides directions for future theory development.
This paper presents an incentive-based theory of the dynamics of the distribution of consumption in the presence of aggregate shocks. The paper builds on the models concerning the distribution of income or consumption and incentive problems of Green (1987), Thomas and Worrall (1991), Phelan and Townsend (1991), and Atkeson and Lucas (1992). By incorporating aggregate production shocks, the model allows an examination of the interactions between individual and aggregate consumption series given incomplete insurance. Further, the methodology outlined allows the incorporation of incentive considerations to macroeconomic environments similar to Rogerson (1988) and Hansen (1985).
ABSTRACT This article presents a model of repurchase tender offers in which firms choose between the Dutch auction method and the fixed price method. Dutch auction repurchases are more effective takeover deterrents, while fixed price repurchases are more effective signals of undervaluation. The model yields empirical implications regarding price effects of repurchases, likelihood of takeover, managerial compensation, and cross‐sectional differences in the elasticity of the supply curve for shares.
This study is a follow-up on three others, published in Strategic Management Journal, 1987, 1989, and 1991. A sample of tenured business policy scholars, with significant track records in publishing, rated key management journals with respect to their appropriateness as outlets for scholarly research in the business policy field. The results of the survey are reported.
Organizational learning, like individual learning, involves the development of new and diverse interpretations of events and situations. Unlike individual learning, however, collective learning also involves developing enough consensus around those diverse interpretations for organized action to result. Traditional measures of organizational consensus are unable to capture the multiplex nature of collective agreement that encompasses both unity and diversity. Traditional wisdom thus suggests that to achieve unity in groups, one must sacrifice diversity. This study breaks the notion of consensus into two component parts: consensus around interpretations embedded in the content and in the framing of communications. Communicated content consists of the labels people use to convey their “pictures” of reality, e.g., pictures of issues as threats or as opportunities. The framing of communications refers to the form people use to construct a picture, regardless of its content, e.g., rigid or flexible perceptions of an issue. People may hold very different pictures of reality and still agree on the way they frame them. It is thus possible for groups to simultaneously agree and disagree, an essential component of collective learning. Simultaneous agreement and disagreement is especially important in corporate innovative efforts. Successful corporate innovation requires that decision makers develop a collective understanding that incorporates the new and the different. This paper describes the changing pictures and frames communicated in a new-venture development process in a large financial institution over a two-year period. Several linguistic analyses show how the venture team members developed unified ways of framing their arguments, while at the same time maintaining diversity through differences in the content of team members' interpretations. The results reveal one way that organizations manage to combine the unity and diversity needed for collective learning. The managerial implications present a challenge for anyone wishing to promote learning as a community: managers must actively encourage the development of different and conflicting views of what is thought to be true, while striving for a shared framing of the issues that is broad enough to encompass those differences.
This study examined the cognitive processes involved in handling job problems in two business organizations. Two situational characteristics, discrepancy between a goal and performance and the frequency of a problem's occurrence, and two individual characteristics?cognitive complexity and the accessibility of ?script tracks? in memory (conceptual structures)?were found to be associated with these cognitive processes. Job complexity moderated the relationship of cognitive complexity with promotability.
This paper tests an optimal (S, s) rule in household durable purchases and examines directly the resulting aggregate expenditure dynamics. The observed decision rule responds to income uncertainty and growth as predicted by an (S, s) model resulting from transactions costs. Tests against liquidity constraints find that about half the households purchase according to an optimal (S, s) rule. Aggregating the (S, s) rule over households produces a cross-section distribution of durables holdings. The empirical distribution is similar to that predicted theoretically, as is its response to aggregate shocks. Furthermore, simulations of aggregate expenditure based on the household distribution exhibit dynamics consistent with those observed in the 1980s. Copyright 1994 by University of Chicago Press.