Cass Business School Research Articles

Cass Bayes Business School: Rebranding Due to Slavery Links

Abstract Interview with Caroline Wiertz, Professor of Marketing and Deputy Dean, Bayes Business School The killing of George Floyd by a police officer in June of 2020 led to an outcry in the U.S. and across Europe and put the spotlight on brands with any history of racial injustice. One of these brands was Cass Business School, part of City, University of London, and named after the Sir John Cass’s Foundation when it made a gift in 2002. It turns out that the Foundation’s, and thus the school’s namesake, Sir John Cass was a 17th Century merchant and a major proponent of the slave trade. He was involved in the Royal Africa Company and had direct contact with slave agents in Africa and the Caribbean. A high-profile debate ensued, pitting those who considered the name change a moral imperative against others who feared the change would dilute the school’s brand value. The university’s Council ultimately decided to drop the name, and the school is now rebranding as Bayes Business School, named after Thomas Bayes and his famous theorem. In this interview, Caroline Wiertz, Professor of Marketing and leader of the name change project group, gives an insider view of how Cass used an open innovation process to manage the highly complex task of rebranding a premier institution.

‘Never let a good crisis go to waste’. An interview with Professor Peter Fleming on dark academia, the pandemic and neoliberalism

Peter Fleming is a Professor at the University of Technology Sydney (UTS) Business School. He previously held positions at Cambridge University, Queen Mary University of London, and Cass Business School. Peter Fleming’s research focuses on the future of work and the ethical implications it surfaces. He is also the author of numerous books which more recently include The mythology of work, The death of homo economics, The worst is yet to come, Sugar daddy capitalism, and Dark academia. How universities die. This interview focuses on Fleming’s fairly pessimistic perspectives on the future of universities that are espoused in his most recent book, Dark academia. In a devastating critique, he argues that universities were already in crisis prior to the pandemic, but that has been exacerbated by it in the context of neoliberalism and shrinking government budgets, especially in key higher education-exporting countries such as the U.S., the UK and Australia. Apart from our focus on the state of higher education in this interview, we also, amongst other things, discuss Fleming’s nuanced critique of work (that forms the bulk of his oeuvre), his love-hate relationship with writing and other biographical snippets, as well his exciting future projects.

Practical Applications of Measuring Sequence of Returns Risk

In <b>Measuring Sequence of Returns Risk</b> from the Summer 2020 issue of <b><i>The Journal of Retirement</i></b>, authors <b>Andrew Clare</b> (of <b>Cass Business School</b>), <b>Simon Glover</b> (of <b>ITI Group</b>), <b>James Seaton</b> (of <b>Solent Systematic Investment Strategies</b>), <b>Peter Smith</b> (of the <b>University of York</b>), and <b>Stephen Thomas</b>(of <b>Cass Business School</b>) demonstrate that the timing–not just the amount–of investment returns can be vitally important to investors’ retirement income prospects. Major losses right around one’s retirement date are much more damaging than those that happen long before or after retirement. Popular investment vehicles like target-date funds (TDFs) have not protected against sequence risk, so investors need a different strategy. The authors find that a simple stock/bond asset allocation combined with a trend-following strategy for the stock portion (switching assets between stocks and government bonds, based on current market trends) greatly reduces sequence risk and minimizes the chances that retirees will run out of money or need to withdraw less from savings each year. The authors also offer ways to measure how well different investment strategies protect against sequence risk. <b>TOPICS:</b>Volatility measures, downside-only measures, performance measurement

Practical Applications of Measuring Sequence of Returns Risk

In <b>Measuring Sequence of Returns Risk</b> from the Summer 2020 issue of <b><i>The Journal of Retirement</i></b>, authors <b>Andrew Clare</b> (of <b>Cass Business School</b>), <b>Simon Glover</b> (of <b>ITI Group</b>), <b>James Seaton</b> (of <b>Solent Systematic Investment Strategies</b>), <b>Peter Smith</b> (of the <b>University of York</b>), and <b>Stephen Thomas</b>(of <b>Cass Business School</b>) demonstrate that the timing–not just the amount–of investment returns can be vitally important to investors’ retirement income prospects. Major losses right around one’s retirement date are much more damaging than those that happen long before or after retirement. Popular investment vehicles like target-date funds (TDFs) have not protected against sequence risk, so investors need a different strategy. The authors find that a simple stock/bond asset allocation combined with a trend-following strategy for the stock portion (switching assets between stocks and government bonds, based on current market trends) greatly reduces sequence risk and minimizes the chances that retirees will run out of money or need to withdraw less from savings each year. The authors also offer ways to measure how well different investment strategies protect against sequence risk. <b>TOPICS:</b>Volatility measures, downside-only measures, performance measurement

After the storm: how Hong Kong holds on to its global status as a business hub in the Asia-Pacific

Guest Editors: Professor Tai-Lok Lui, The Education University of Hong Kong Professor Chris Rowley, Kellogg College, Oxford University & Cass Business School, City, University of London, UK Profess...

Post-pandemic business opportunities in East Asia: risk management, organizational survival and providing goods and services for the new normal

Guest Editors: Professor Geon-Cheol Shin, School of Management, Kyung Hee University, Korea Professor Chris Rowley, Kellogg College, Oxford University & Cass Business School, City, University of Lo...

The Interplay of Firm Strategy and Industry Lifecycle

The symposium features five papers that examine how firms’ engagement in the reduction of various types of uncertainty influence their entry strategies and inventive activity as well as impact their performance. The five papers use diverse theoretical frameworks, methodologies, levels of analysis, and empirical contexts. Together, they address an interesting set of questions and advance our knowledge about firm and industry evolution, with implications for firm performance, subsequent entry patterns, innovation, and entrepreneurial actions. The symposium should be of interest to scholars of strategic management, technology management, and entrepreneurship. Architects and Bottlenecks: The Impact of Component and Complement Strategy on Firm Survival Presenter: Nathan Furr; INSEAD Presenter: Anna Szerb; INSEAD Industry Emergence and Growth for Trickle-Sideways Innovation: Diffusion of Mobile Money Industry Presenter: Audra Wormald; Robert H. Smith School of Business, U. of Maryland Inventing for Legitimacy: Evidence from the Commercial Drone Industry Presenter: Anavir Shermon; Kenan-Flagler Business School, U. of North Carolina at Chapel Hill Presenter: Mahka Moeen; U. of North Carolina, Chapel Hill Profiting from Enabling Technologies? Presenter: Alfonso Gambardella; Bocconi U. Presenter: Elena Novelli; Cass Business School, City, U. of london The Problems and Promise of Entrepreneurial Partnerships Presenter: John S. Chen; U. of Florida Presenter: Daniel Walter Elfenbein; Washington U. in St. Louis Presenter: Hart E. Posen; U. of Wisconsin, Madison Presenter: Ming zhu Wang; Washington U. in St. Louis, Olin Business School

Maintain or Disrupt: Narratives of Sustainability in Finance

Management scholars are increasingly mobilizing research to better address grand challenges that face society. One such challenge is that of integrating sustainability in finance, which involves combining financial objectives with non-financial concerns in investment decision-making. In mixing in non-financial concerns, sustainability is at odds with a traditional finance approach in which profit maximization plays a guiding role. Recent research has shown what actors are doing to embed sustainability in finance; however, they have done so from disparate theoretical traditions. A central tension that has emerged is that of embedding sustainability practices in existing structures or engaging in a friction between sustainability and traditional approaches to finance. We build on the tradition of Institutional Work and the concepts of maintenance and disruption to conceptualize this tension. In this symposium we propose four empirical papers from different view-points (hedge funds, conservation finance, academia, and asset management firms) and extend theory with a discussion on the interplay between maintenance and disruption in grand challenges. Why Activist Hedge Funds Target Socially Responsible Firms: The Signaling Costs of CSR Presenter: Mark R. DesJardine; Penn State Smeal College of Business Presenter: Emilio Marti; Rotterdam School of Management, Erasmus U. Using Conservation Finance and its Metrics to Reconcile Indigenous and Non-Indigenous Peoples Presenter: Diane-Laure Arjalies; Ivey Business School Presenter: Bobby Banerjee; Cass Business School, City U. London “Performativity Crisis” in Academia: The Emergence of a Sustainable Finance Epistemic Community. Presenter: Rachelle BELINGA; MINES ParisTech – PSL Research U. The Role of Emotion in the Translation of Sustainability in Finance. Presenter: Tamar Gross; New York U. Presenter: Tracy Van Holt; NYU Stern

‘His’ and ‘Her’ Career: Exploring the Unexpected Consequences of Gendered Stereotypes

Although women are still overall more likely to experience career disadvantages relative to men at work, empirical analyses have shown how socialized and cultural expectations about gender in work settings can produce positive and negative career outcomes for both genders. This symposium offers novel insights on the conditions under which gender stereotypes can help or hinder careers in unexpected ways. Specifically, we bring together a set of five papers that examine how cultural beliefs about gender, gendered differences in social tie formation, and the gender composition of teams and organizations can positively and negatively influence the career trajectories of men and women. Identifying these consequences of gender stereotypes serves as a starting point for finding practical ways to promote gender equity and improve working conditions for both men and women throughout professional organizations. Should Old Acquaintance Be Forgot: Gender Differences in Networks & Performance Following Mobility Presenter: Evelyn Ying Zhang; U. of Toronto, Rotman School of Management Presenter: Brandy Aven; Carnegie Mellon U. The Help-Seeking Paradox: Gender and the Effects of Career Re-Entry Assistance Presenter: Julia Lee Melin; Stanford U. A Fatherhood Penalty? Examining Fatherhood and Promotion Time in the Workplace Presenter: Maima Aulia Syakhroza; Cass Business School Presenter: Ming De Leung; U. of California, Irvine Distributions that Divide: Structural Predictors of Gender Pay Inequality Presenter: Mabel Abraham; Columbia Business School Presenter: Youjin Jenna Song; Columbia Business School Gender, Team Composition, and Career Attainment in Organizations Presenter: Elizabeth Linos; U. of California, Berkeley Presenter: Sanaz Mobasseri; Boston U. Questrom School of Business

Longevity risk and capital markets: the 2018–19 update

This Special Issue of the Annals of Actuarial Science contains 12 contributions to the academic literature all dealing with longevity risk and capital markets. Draft versions of the papers were presented at Longevity 14: The Fourteenth International Longevity Risk and Capital Markets Solutions Conference that was held in Amsterdam on 20-21 September 2018. It was hosted by the Pensions Institute at Cass Business School and the Netspar Network for Studies on Pensions, Ageing and Retirement.

Longevity Risk and Capital Markets: The 2018-19 Update

This Special Issue of the Annals of Actuarial Science contains 12 contributions to the academic literature all dealing with longevity risk and capital markets. Draft versions of the papers were presented at Longevity 14: The Fourteenth International Longevity Risk and Capital Markets Solutions Conference that was held in Amsterdam on 20-21 September 2018. It was hosted by the Pensions Institute at Cass Business School and the Netspar Network for Studies on Pensions, Ageing and Retirement.

Ten minutes with Zisis Kozlakidis, Head of Laboratory Services and Biobanking at the International Agency for Research on Cancer, World Health Organization

### Biography Dr Zisis Kozlakidis, PhD, MBA, FLS, is the head of Laboratory Services and Biobanking at the International Agency for Research on Cancer (IARC/WHO). He is responsible for one...

Ten minutes with Mr Peter Lees, CEO, Faculty of Medical Leadership and Management (FMLM)

![Graphic][1] ### Biography Peter Lees is the Chief Executive of the UK Faculty of Medical Leadership and Management (FMLM). In 2011, he led the establishment of FMLM which became an...

Correction to: Benchmark-adjusted performance of US equity mutual funds and the issue of prospectus benchmarks

After publication in Vol 20 Issue 1, it was noticed that the affiliations of authors Irina Bezhentseva Mateus and Cesario Mateus were incorrectly given as Cass Business School, City, University of London, London, UK.

Digital Transformation: What Is New If Anything?

Submission period: 1 December 2018 to 15 January 2019 Guest Editors (in alphabetical order): Gianvito Lanzolla (Cass Business School, London), Annika Lorenz (U. of Utrecht, the Netherlands), Ella Miron-Spektor (Technion, Israel and Cass Business School, London), Melissa Schilling (NYU Stern School of Business, USA), Giulia Solinas (Ludwig-Maximilian Universitat, DE), Christopher Tucci (EPFL, Switzerland).

Microfoundations of Ambidexterity

Ambidexterity is widely understood to be critical for a firm’s sustained success and survival. Yet how exactly firms achieve ambidexterity is still not well understood. In particular, we lack a good sense of the microfoundations of organizational ambidexterity. It is the aim of this symposium to push the discussion in this realm, including yet also going beyond the particular traits and skills of individuals toward social interaction and practices of individuals in processes of ambidexterity. To do so, this symposium will bring together both ambidexterity and microfoundations scholars in order to enable a productive discussion of how to push the field forward. The evolution of ambidexterity: Navigating identity in new organizational forms Presenter: Allanah Johnston; Newcastle U. Business School Presenter: Konstantinos Andriopoulos; Cass Business School, City U. London Presenter: Manto Gotsi; U. of Westminster On the impact of managerial actions on (im)balancing exploration and exploitation Presenter: Wolfgang H. Guettel; Johannes Kepler U. Linz Presenter: Johanna Gruenauer; Johannes Kepler U. Linz Presenter: Stefan Konlechner; Johannes Kepler U. Linz Complements or substitutes? Investigating the interplay amongst drivers of ambidexterity in SMEs Presenter: Alexander Zimmermann; U. of Liechtenstein Presenter: Susan Anne Hill; Cass Business School, City U. London Presenter: Julian M Birkinshaw; London Business School Presenter: Martin Jaeckel; Infiniti China Alternating and interlacing of sequential, structural, and contextual ambidexterity Presenter: Arne Keller; Freie U. Berlin Presenter: Johann Fortwengel; King's College London Presenter: Alexander Martin; hwtk Berlin

Think Positive (Emotions)! Understanding Awe, Hope, and Compassion in Organizations

A growing body of positive organizational scholarship research provides strong support for the ubiquity and importance of positive emotions in organizations. In this symposium, four empirical papers continue this line of research by examining the contours and consequences of awe, hope, and compassion in the workplace. These emotions are explored across a diverse set of research contexts, utilize several distinct empirical approaches, and focus on both the individual and group levels of analysis. Following the paper presentations, our discussant, Kathleen Sutcliffe, will offer recommendations for the development of the papers presented and provide insights on how to further advance research in this growing domain. The symposium is designed to provide insight on the role of positive emotions within the organizational context and inspire new streams research. The Emotional Culture of Curiosity and Awe on Performance, Innovation, and Employee Attitudes Presenter: Olivia Amanda O'Neill; George Mason U. Presenter: Jennifer Mueller; U. of San Diego Presenter: Chan Hyung Park; Washington U. in St. Louis, Olin Business School Which Matters More? Group Fear Versus Group Hope in Entrepreneurial Escalation of Commitment Presenter: Tori Yu-wen Huang; The U. of Nottingham, China Presenter: Vangelis Souitaris; Cass Business School, City U. London Presenter: Sigal Barsade; The Wharton School, U. of Pennsylvania To Hope is to Persist: The Role of Hope in the Creative Process Presenter: Chaitali Kapadia; Hong Kong U. of Science and Technology Presenter: Shimul Melwani; U. of North Carolina, Chapel Hill Doing Bad to Do Good? Compassion at Work and Pro-Social Rule Breaking Presenter: Samantha Su-Hsien Sim; NOVA School of Business and Economics Presenter: Jochen Matthias Reb; Singapore Management U.

Reshaping Knowledge and Expertise in Occupational Work

In today’s knowledge economy, occupations are becoming more salient in the structuring of work as the role of organizations is receding. As such, the modern-day worker’s aspiration is more and more in the vein of progressing to the center of the occupation (i.e. moving from ‘apprentice’ to ‘master’) rather than simply progressing to the top of the organizational hierarchy. Consequently, expertise has become constitutive of what an occupation is and does more than ever before. At the same time, occupational experts regularly confront innovations and dramatic changes that require radically different ways of knowing, disrupt established task jurisdictions and reconfigure work practices, thereby challenging the raison d’être of many occupations. To understand these salient issues, we require more situated longitudinal studies that investigate what occupational experts actually do and how radical change, whether social or material, alters this “doing.” Led by two prominent scholars in this field of inquiry, this symposium aims to bring the focus on knowledge and expertise back into work-based studies of occupations. How Temporarily Embedded Occupations Enact Expertise in Client Settings Presenter: Daisy Eusun Chung; Cass Business School, City U. London Presenter: Isaac Waisberg; Tel Aviv U. Wait, the Baby Could Die! Integrating Expertise in a Hospital Merger Presenter: Karla Sayegh; McGill U. A Regime of Knowing Perspective for Implementing Technology at Work Presenter: Stella Pachidi; U. of Cambridge Analytical Technologies and the Practices of Validation in the Production of Strategic Knowledge Presenter: Callen Anthony; New York U.

THE ‘PRODUCTIVITY PUZZLE’ AND THE COST OF CAPITAL

Economic AffairsVolume 38, Issue 2 p. 265-272 Discussion THE ‘PRODUCTIVITY PUZZLE’ AND THE COST OF CAPITAL J. R. Sargent, J. R. Sargent sargent341@btinternet.com Honorary Professor of Economics, University of Warwick. Email: sargent341@btinternet.com. For comments on an earlier version of this paper, the author is indebted to Geoffrey Wood (of the City University Cass Business School), to Geoffrey Renshaw and Nicholas Crafts (of the Economics Department at the University of Warwick), and to two referees.Search for more papers by this author J. R. Sargent, J. R. Sargent sargent341@btinternet.com Honorary Professor of Economics, University of Warwick. Email: sargent341@btinternet.com. For comments on an earlier version of this paper, the author is indebted to Geoffrey Wood (of the City University Cass Business School), to Geoffrey Renshaw and Nicholas Crafts (of the Economics Department at the University of Warwick), and to two referees.Search for more papers by this author First published: 19 June 2018 https://doi.org/10.1111/ecaf.12286 Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat Volume38, Issue2June 2018Pages 265-272 RelatedInformation

Longevity Risk and Capital Markets: The 2015-16 Update

This Special Issue of Insurance: Mathematics and Economics contains 16 contributions to the academic literature all dealing with longevity risk and capital markets. Draft versions of the papers were presented at Longevity 11: The Eleventh International Longevity Risk and Capital Markets Solutions Conference that was held in Lyon, France on 8-9 September 2015. It was hosted by Institut de Science Financiere et d'Assurance (ISFA), Universite Lyon 1, Lyon, and co-hosted by Laboratoire de Science Financiere et d'Assurances, Lyon; Laboratoire de Probabilites et Modeles Aleatoires, Universite Pierre et Marie Curie, Paris; Pensions Institute, Cass Business School, City University of London, UK; and the LoLitA (Longevity with Lifestyle Adjustments) ANR research project team. It was sponsored by Prudential Financial, SCOR, Societe Generale Corporate and Investment Banking, the Society of Actuaries (SOA), EY, Milliman, Reinsurance Group of America, Aon Benfield, Guy Carpenter, PRIM’ACT, and SINALYS.