London Business School

About: London Business School is a education organization based out in London, England, United Kingdom. It is known for research contribution in the topics: Portfolio & Equity (finance). The organization has 1138 authors who have published 5118 publications receiving 437980 citations. The organization is also known as: LBS.

The employer brand

Abstract: This paper tests the application of brand management techniques to human resource management (HR) The context is set by defining the ‘Employer Brand’ concept and reviewing current HR concerns Pilot qualitative research is reported with top executives of 27 UK companies, who were asked to reflect on their HR practices and the relevance of branding This exploratory research indicates that marketing can indeed be applied to the employment situation Bringing these functionally separate roles closer together would bring mutual benefit and lead to comparable performance measures, eg, trust and commitment Strong corporate equity with the brand's customers can improve the return on HR, while at the same time improved HR can improve the return on brand equity from external customers Formal, larger scale research would be required to substantiate the reciprocal benefits from a closer alignment of HR and marketing practices

Stages of Diversification

Abstract: This paper studies the evolution of sectoral concentration in relation to the level of per capita income. We show that various measures of sectoral concentration follow a U-shaped pattern across a wide variety of data sources: countries first diversify, in the sense that economic activity is spread more equally across sectors, but there exists, relatively late in the development process, a point at which they start specializing again. We discuss this finding in light of existing theories of trade and growth, which generally predict a monotonic relationship between income and diversification.

Option Prices, Implied Price Processes, and Stochastic Volatility

Abstract: This paper characterizes all continuous price processes that are consistent with current option prices. This extends Derman and Kani (1994), Dupire (1994, 1997), and Rubinstein (1994), who only consider processes with deterministic volatility. Our characterization implies a volatility forecast that does not require a specific model, only current option prices. We show how arbitrary volatility processes can be adjusted to fit current option prices exactly, just as interest rate processes can be adjusted to fit bond prices exactly. The procedure works with many volatility models, is fast to calibrate, and can price exotic options efficiently using familiar lattice techniques.

What drives corporate social performance? The role of nation-level institutions

Abstract: Based on Whitley's “national business systems” (NBS) institutional framework, we theorize about and empirically investigate the impact of nation-level institutions on firms’ corporate social performance (CSP). Using a sample of firms from 42 countries spanning seven years, we construct an annual composite CSP index for each firm, based on social and environmental metrics. We find that the political system, followed by the labor and education system, and the cultural system are the most important NBS categories of institutions that impact CSP. Interestingly, the financial system appears to have a relatively less significant impact. We discuss implications for research, practice and policymaking.

Accounting systems and systems of accountability — understanding accounting practices in their organisational contexts

Abstract: In this paper we argue that understanding accounting practices in their organisational contexts requires more than a technical description of accounting information systems as they are conceived and designed in abstract. What is required are studies of the way in which accounting systems become embodied, through use, in organisational systems of accountability. We present a framework for analysing the operation of systems of accountability in organisations, and illustrate this by contrasting, in an ideal-typical manner, forms of accountability in relationships characterised by regular face-to-face contacts, with forms of accountability in relationships which span physical distance.