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Cross‐cultural studies show that most, but not all, human societies engage in warfare. Some non‐warring societies cluster as peace systems. The existence of peace systems, and non‐warring societies more generally, shows that warfare is not an inevitable feature of human social life. This article considers three peace systems in some detail: Brazil's Upper Xingu River basin tribes, Aboriginal Australians, and the European Union. A primary goal is to explore features that contribute to peace in each of the three non‐warring systems. What do these peace systems suggest about how to prevent war? Provisionally, key elements would seem to be the promotion of interdependence among the units of the peace system, creation of cross‐cutting links among them, the existence of conflict resolution procedures, and belief systems (including attitudes and values) that are anti‐war and pro‐peace.

The challenges of the 21st century, post-industrial society are increasingly complex. They will not be solved by the actions of individual, “heroic” leaders; instead, they require the participation of diverse stakeholders in order to make progress. Through a discussion of the evolution of leadership theory, we demonstrate that theories emerging from a post-industrial paradigm highlight the collective dimensions of leadership in contrast to the leader-centric theories of the Industrial Era. We draw from this literature to problematize the leader-centric nature of community leadership programs in the United States by specifically examining their sponsorship, content, and structure. Finally, we offer a vision for how to re-imagine community leadership programs so that they are more responsive to the complexity of the 21st century by drawing upon collective leadership and postmodern curriculum theory.

In M&A markets, acquirers face a hold-up problem of losing the value of investments they make in due diligence, negotiations, and post-acquisition planning if targets would pursue the options of waiting for better offers or selling to an alternative bidder. This chapter extends information economics to the literature on M&A contracting by arguing that such contracting problems are more likely to occur for targets with better outside options created by the information available on their resources and prospects. We also argue that acquirers address these contracting problems by using termination payment provisions to safeguard their investments. While previous research in corporate strategy and finance has suggested that certain factors can facilitate an acquisition by reducing a focal acquirer’s risk of adverse selection (e.g., signals, certifications), we note that these same factors can make the target attractive to other potential bidders and can exacerbate the risk of hold-up, thereby leading acquirers to use termination payment provisions as contractual safeguards.

Since its early conception, the group has grown from a handful of enthusiastic engineers to the largest trade association in Europe, if not the world, for Surface Mount. As in previous years, SMART will be arranging Seminars, Hands‐on Workshops and Open Forums, giving valuable knowledge for those just entering or those already experienced in SMT. Open forums allow the opportunity for the exchange of information on a variety of different topics, building experience in the technology which would otherwise be unobtainable.

We derive marginal conditions of optimality (i.e., Euler equations) for a general class of Dynamic Discrete Choice (DDC) structural models. These conditions can be used to estimate structural parameters in these models without having to solve for approximate value functions. This result extends to discrete choice models the GMM-Euler equation approach proposed by Hansen and Singleton (1982) for the estimation of dynamic continuous decision models. We first show that DDC models can be represented as models of continuous choice where the decision variable is a vector of choice probabilities. We then prove that the marginal conditions of optimality and the envelope conditions required to construct Euler equations are also satisfied in DDC models. The GMM estimation of these Euler equations avoids the curse of dimensionality associated to the computation of value functions and the explicit integration over the space of state variables. We present an empirical application and compare estimates using the GMM-Euler equations method with those from maximum likelihood and two-step methods.

Financial analysts' forecasts serve as a proxy for market earnings expectations, and research provides mixed evidence of the relation between financial analysts' expertise and forecast accuracy. The judgment and decision-making (J/DM) literature suggests that those with more expertise will not perform better when tasks exhibit either extremely high or extremely low complexity. Expertise is expected to contribute to superior performance for tasks between these two extremes. Using archival data, this research examines the effect of analysts' expertise on forecasting performance by taking into consideration the forecasting task's complexity. Results indicate that expertise is not an explanatory factor for forecast accuracy when the forecasting task's complexity is extremely high or low. However, when task complexity falls between these two extremes, expertise is a significant explanatory variable of forecast accuracy. Both results are consistent with our expectations.

This article analyzes the hypothesis that analysts issue higher long-term earnings growth (LTG) forecasts following a market-wide investor sentiment.

This study analyzed 193 publicly traded Brazilian firms listed on B3 (Brasil, Bolsa, Balcão), totaling 2,291 observations. To address the potential selection bias resulting from analysts' preference for more liquid firms, this study used the Heckman model in the analysis with samples with only one analyst and the entire sample. The study also applied other robustness tests to ensure the reliability of the findings.

The results suggest that market-wide investor sentiment influences LTG when the firm's stocks are difficult to value. Market optimism did not reflect five-year profit growth after the forecast issue, suggesting lower forecast accuracy during high investor sentiment values.

Volatile-earnings firms have relevant implications in LTG forecasts during bullish moments. According to the study’s evidence, investors' decisions and policymakers' and regulators' rules should consider analysts' expertise as independent information when considering LTG as input for valuation models, even under market optimism.

This paper contributes to the literature on the influence of investor sentiment on analysts' forecasts by incorporating two crucial elements in the discussion: the scenario free from herding behavior, as usually only one analyst issues LGT forecast for Brazilian firms, and the analysis of research hypotheses incorporates the difficulty of pricing a firm given the uncertainty of its earnings as an explanation to bullish forecast.

The study assesses the significance of environmental uncertainty and its effects on fishing strategies of small-scale fishermen in Ende, Flores, Indonesia. Periodic environmental cycles such as the moon phase can have important effects on fishing strategies by regulating the behavior of stocks and tides. Traditional lunar calendars are used by subsistence fishermen to decide when and where to go fishing. Environmental uncertainty, specifically unprecedented changes in oceanographic and atmospheric conditions, is threatening the predictability of traditional systems of ecological knowledge.

Methods included ethnographic and observational techniques. Interviews (n = 58) and surveys (n = 132) are qualitatively and quantitatively analyzed. A combination of standard statistical tests, multilevel models, and cluster analysis is applied to long-term repeated observations of fishing events (n = 2,633).

Endenese fishermen emphasized the importance of the traditional lunar calendar to allocate their effort in interviews and surveys. This belief does not coincide with observed behavior. Contrary to expectations from the traditional calendar, the lowest probability of fishing happens in the intermediate phases, with fishing also occurring during the full moon. Differences between individuals play an important role in explaining variability in returns. Finally, based on the consideration of variability, three different fishing strategies are identified that suggest an effect of environmental uncertainty in effort regulation.

The paper underlines the importance of studies of variability to identify behavioral flexibility and adaptation. Results emphasize the value of considering individual traits in the analysis of subsistence practices.