Showing papers on "Exit strategy published in 2000"

De-escalating information technology projects: lessons from the Denver International Airport

Abstract: Project failure in the information technology area is a costly problem, and troubled projects are not uncommon. In many cases, these projects seem to take on a life of their own, continuing to absorb valuable resources, while failing to deliver any real business value. While prior research has shown that managers can easily become locked into a cycle of escalating commitment to a failing course of action, there has been comparatively little research on de-escalation, or the process of breaking such a cycle. Through de-escalation, troubled projects may be successfully turned around or sensibly abandoned. This study seeks to understand the process of de-escalation and to establish a model for turning around troubled projects that has both theoretical and practical significance. Through a longitudinal case study of the IT-based baggage handling system at Denver International Airport (DIA), we gathered qualitative data on the de-escalation of commitment to a failing course of action, allowing us to inductively develop a model of the de-escalation process as it unfolded at DIA. The model reveals de-escalation as a four-phase process: (1) problem recognition, (2) re-examination of prior course of action, (3) search for alternative course of action, and (4) implementing an exit strategy. For each phase of the model, we identified key activities that may enable de-escalation to move forward. Implications of this model for both research and practice are discussed.

Beautiful exit: how to leave your business partner

Abstract: Interorganisational buyer‐seller relationships have been primarily studied from the perspective of relationship development and the benefits accrued from relationships. There is a lack of research concerning problems with relationships and relationship dissolution. The dissolution of a business relationship can be either desirable, freeing badly deployed resources, as indicated by the customer portfolio approach, or harmful, involving costly legal disputes and the loss of company reputation. By employing a theory‐driven case study approach we examine the exit strategies available for the disengager in dissolving interorganisational buyer‐seller relationships. We show that the quality of dissolution is affected by the disengager’s choice of exit strategy. Managerial suggestions are provided for achieving “beautiful exits”, i.e. such communication strategies which minimise damages of the dissolution to the disengager, the other party, and the connected business network.

The Extent of Venture Capital Exits: Evidence from Canada and the United States

Abstract: This paper considers the issue of when venture capitalists (VCs) make a partial, as opposed to a full exit, for the full range of exit vehicles. A full exit for an IPO involves a sale of all of the venture capitalist's holdings within one year of the IPO; a partial exit involves sale of only part of the venture capitalist's holdings within that period. A full acquisition exit involves the sale of the entire firm for cash; in a partial acquisition exit, the venture capitalist receives (often illiquid) shares in the acquiror firm instead of cash. In the case of a secondary sale or a buyback exit (in which the entrepreneur buys out the venture capitalist), a partial exit entails a sale of only part of the venture capitalist's holdings. A partial write-off involves a write down of the investment. We perform empirical tests on samples of full and partial exits derived from a survey of Canadian and U.S. venture capital firms. The evidence indicates that partial exits are more likely for IPOs and secondary sales in Canada. Partial exits in Canada are also more likely the greater the market to book value of the investment. Partial exits in the U.S., by contrast, are more likely for buyback exits and when there is greater capital available for investment in the venture capital industry. The U.S. evidence further indicates that partial acquisition exits are more likely for technology firms, the longer the investment duration, and the greater the market to book value of the entrepreneurial firm. We also present evidence that the longer the investment duration, the more likely that venture capital investments will be written down, rather than completely written off. The differences we find between the Canadian and U.S. samples highlight the impact of legal and institutional factors on exit strategies.

‘At least 2001’: US security policy and exit strategy in Bosnia

Abstract: This article describes and analyzes the United States’ security conduct in Bosnia since the Dayton Accords of November 1995, and its involvement in the multilateral conflict resolution and peacebuilding effort. From this analysis, the conclusion is that it will be difficult for the US to exit from its engagement in Bosnia. Various explanations are offered for the formulation of American policy: norms and values, alliance politics and the role of NATO, bureaucratic and congressional influence, as well as presidential leadership. The most important factor remains affirmation of US leadership to make the peacebuilding mission in Bosnia a successful one.

Canada’s national initiative to advance access to electronic journals*

Abstract: This paper describes a national experiment in the licensing of full text information in journals, primarily in the fields of science, technology and medicine. It discusses the initiative of the federal government of Canada through the creation of the Canada Foundation for Innovation as a new funding agency, with an objective of improving research and creativity in Canadian science. The successful efforts initiated by the Canadian Association of Research Libraries/Association des bibliotheques de recherche du Canada to create a funding opportunity to develop the 'information infrastructure' for Canadian researchers and the resulting Canadian National Site Licensing Project (CNSLP) progress is discussed. The evolution of a project governance structure to maintain the support of the 64 participating institutions is reviewed and the need to develop an appropriate exit strategy at the conclusion of the federal funding is also considered.

Attacking rural poverty : strategy and public actions

Abstract: Poverty remains pervasive, and its incidence and intensity are usually higher in rural than in urban areas. The international community recognizes that reducing world poverty is one of the major development challenges of our time. Many believe that poverty is a threat to global security. There is no blueprint for overcoming poverty. Every developing country needs to prepare a mix of policies and take public actions based on its economic, sociopolitical, and structural context, and those policies should be targeted to address the different forms of deprivation that face the rural poor. The exit strategies for escaping poverty should also be included in a menu of policy choices that individual countries should undertake, consistent with their resources and institutional capabilities. They also need to establish a systematic monitoring process to assess the progress they may or may not make toward reducing rural poverty.

The Costly Remedy

Abstract: Support for sanctions enforcement must not compromise overall military preparedness. America's affinity for economic sanctions evolved from the human price paid to advance foreign policy by military means in World War I. Since 1918, strategists have sought to wield the economic instrument of power to achieve an international environment that enhances security, bolsters economic prosperity; and promotes worldwide growth of democratic processes. During the Cold War, use of economic sanctions was selective and success sporty. Since the collapse of the Soviet Union, however, the United States has shown little reluctance to use its position as the world's leading economy and sole superpower to threaten or impose economic sanctions to advance its foreign policy agenda. [1] Even though the limited effectiveness of economic sanctions is well documented, enthusiasm for their use remains popular in our highly competitive, results-oriented society. [2] Rationale for this enthusiasm, however, is hard to trace in a world where tyrants exhibit little concern for their citizens, who often bear the brunt of sanctions. The argument proposed by Woodrow Wilson in 1919, that economic sanctions are an economic, peaceful, silent, deadly remedy, has little credibility today. While economic sanctions may be seen as an inexpensive way to pursue an activist foreign policy, this is a serious miscalculation. In fact, sanctions use is and will continue to be a serious drain on the readiness and resources of our armed forces. Policy Considerations Economic sanctions are long-duration operations that exclude a target nation from free intercourse at the international level. To remain effective over the long term, sanctions require a readiness to employ a number of enforcement tools including military capabilities and forces. By weakening the economy and limiting access to essential commodities, capital, research, and technical education, sanctions are intended to deny the sanctioned entity a military option to end its exclusion. The challenge for U.S. policymakers is that the only remaining military superpower is not as "super" as it was in 1990, and the calculus of coercive diplomacy to influence the policies of other nations isn't what it used to be. The United States and the former Soviet Union no longer threaten mutual annihilation, and as the recent Kosovo experience demonstrated, the current terms of military engagement favor limited use of air strikes over large-scale deployment of ground forces to influence the policies of other nations. [3] Congress and the U.S. military leadership are currently questioning the readiness and capability of the armed forces to reinforce economic sanctions with decisive military action if the desired goals are not achieved. [4] Since the fall of the Berlin Wall, U.S. military forces have increased the tempo of their operations through sanctions, as well as military actions such as Desert Storm and in Haiti and Kosovo. At the same time, the military has absorbed massive reductions in resources and personnel. The increased demands on the military are in large part due to the inability of foreign policy executors to define an end state or exit strategy for many of their engagement activities. This demonstrated inability to efficiently plan for the use of military capabilities when designing sanctions regimes has made them a major consumer of military resources. For example, incremental costs incurred for Department of Defense contingency operations from fiscal year 1991 to 1996 were over $64 billion. Of that amount, approximately $4 billion to $5 billion was spent on sanctions regimes. [5] Harry Summers, nationally syndicated military affairs analyst, describes how sanctions, when they are effective, can create an unstable condition that may require remediation through military means. As the noose tightens on a state's economy, the victim may pursue a highly risky course of action[ldots] that otherwise would not have been hazarded[ldots]. …