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FOR SALE BY OWNER for Less than It Is Worth

What accounts for owners selling items for more or less than they are worth? Do sellers and buyers see the value of an item in the same way? Can a third-party agent impact the selling price of an item to net the seller a higher profit? The following article explores these questions with some surprising answers.

Consumers who decide to sell a used product often consider employing an intermediary instead of trying to sell the product on their own. For example, many consumers utilize real estate agents to sell their homes or dealer consignment services to sell their vehicles. Even smaller-ticket items like DVDs, textbooks, or baby strollers may be sold via consignment stores or “iSold It” drop-off locations.

Intermediaries often attempt to attract customers by touting their ability to set more realistic prices than product owners. Indeed, empirical research has found that in comparison to intermediaries, owners tend to be “overly optimistic” when determining list prices for their homes,[1] sports memorabilia,[2] or shares of corporate stock.[3] To illustrate, an article on Realtor.com noted that homeowners whose homes are For Sale By Owner “usually overprice their home,” which “is a sure way to deter potential buyers.”[4] The problem with overpricing (in terms of both the initial listing price as well as the minimum price sellers are ultimately willing to accept) is that it can create unnecessary delays and even result in failure to sell a product.

The Role of Product Attachment in Pricing Decisions

One reason that product owners may demand higher prices than intermediaries is because they feel greater emotional attachment to the product being sold. As documented by television programs such as Hoarders and Hoarding: Buried Alive, consumers may become so intensely attached to their possessions that they develop a pathological condition. Even among normally functioning consumers, however, product attachment is prevalent. In fact, a recent online poll conducted by the Globe and Mail newspaper indicated that nearly 60 percent of respondents were emotionally attached to their houses; for many, this attachment was due to memories associated with the house.[5]

On the surface, the link between product attachment and pricing decisions seems straightforward—sellers who feel strongly attached to their products may charge above-market prices to make themselves feel better about selling a treasured possession. Consistent with this notion, a study examining home prices in the Boston housing market suggested that owner-occupants might list their homes for higher prices than professional investors because “perhaps, the psychological pain of selling one’s home exceeds that of selling a mere investment.”[6] Alternatively, attached sellers may charge higher prices to “subconsciously sabotage the [sales] process.”[7] According to a blog published on the real estate website Zillow.com, “often, a seller who isn’t emotionally ready to sell will insist on listing at a price that is higher than what the market will bear.”[8]

Consumers themselves seem to share the intuition that product attachment will lead owners to charge more. In a recent study, we asked participants to indicate which of the following two sellers would likely seek a higher price when selling an identical baseball card: an attached seller who had inherited the card from his grandfather or an unattached seller who had received it from an acquaintance. An overwhelming majority of participants (92 percent) expected the strongly attached seller to demand a higher price.[9]

Despite an abundance of evidence that product owners often charge higher prices than intermediaries,[10] [11] [12] we argue that in some cases attached sellers do exactly the opposite—that is, they charge less rather than more. Specifically, in a series of recent experiments, several of which were reported in the Journal of Marketing,[13] we identified conditions under which attached sellers are willing to accept less than unattached sellers (e.g., intermediaries) for an identical product.

The Unexpected Power of Buyer Usage Intent

Why would sellers be willing to grant discounts rather than charge premiums when selling products to which they feel attached? Simply put, sellers want to be absolutely sure that they “find a good home” for their most cherished possessions and are often willing to sacrifice personal profit to ensure that this objective is met. Our research suggests that unlike intermediaries, attached sellers may be greatly influenced by the dialogue that often occurs with potential buyers during the transaction process. In particular, if an attached seller learns how a buyer plans to use her product following the transaction, this knowledge can meaningfully influence her sales price or willingness to discount. For example, collectors are often reluctant to split up their collection by selling individual items to different buyers and instead seek a single buyer who will keep the collection intact. Although the owner of a 300,000 record collection “balks at the idea of splitting up the records to different sellers only looking for one genre, he knows he might be forced to do so.”[14] Because attached sellers are more sensitive to the usage intentions of potential buyers, the price that they are willing to accept for a product can depend on whether they agree or disagree with how the buyer plans to use the product. If an attached seller deems a particular buyer’s usage intention to be appropriate, he might grant a discount. On the other hand, if an attached seller considers a buyer’s usage intention to be inappropriate, he may actually charge a higher price.

One test of this hypothesis was a study in which participants learned of a rare handmade doll in pristine condition that had previously been on loan at an art museum. Participants were informed that a prospective buyer had offered to pay 75 percent of the doll’s asking price but was unwilling to negotiate further. Participants were then divided into three groups. One group was told that the buyer wanted to buy the doll for his young daughter to play with (which participants later reported was considered to be an inappropriate use for such a rare doll). A second group was told that the buyer wanted to buy the doll to display in an art gallery (which was considered appropriate). A third group, as a control, was not told anything about the buyer’s usage intentions. All participants were then asked whether they would be willing to accept the buyer’s offer. As predicted, participants in the first group (who deemed the usage intent inappropriate) were less likely to sell the doll at a discount than participants who were not informed of the buyer’s usage intent. In contrast, participants in the second group (who deemed the usage intent appropriate) were more likely to sell the doll at a discount than participants in the control group.

Relative to attached sellers, intermediaries are much less sensitive to the usage intentions communicated by buyers and therefore less likely to provide unnecessary discounts. To demonstrate this, we conducted a field experiment on a popular e-commerce website in which sellers who had listed a used car for sale were emailed and asked whether they would consider providing a discount of 15 percent on their car. Sellers were either individuals who were trying to sell their own cars or professional used car dealers (i.e., intermediaries). In the request for the discount, the communicated usage intention was randomly assigned to be either appropriate (i.e., “I’m interested in restoring used cars to their original condition”) or inappropriate (i.e., “I’m interested in disassembling used cars for parts”). The findings showed that individual car owners were greatly affected by the usage intentions that were communicated. On average, they were 46 percent more likely to consider giving the discount when an appropriate (vs. inappropriate) usage intention was communicated. Intermediaries, on the other hand, were no more compelled to provide a discount after learning that the usage intention was appropriate versus inappropriate.[15]

Do buyers always reveal their product usage intentions to sellers in this way during the process of negotiating prices and exchanging information about a product? Perhaps not, but data suggests that communication of buyer usage intent occurs more often than one might expect. Nearly one in four consumers surveyed who had sold a product online (e.g., on eBay, Craigslist, etc.) recalled potential buyers who had communicated usage intentions to them. For example, one seller remembered a potential buyer of exercise equipment who had communicated how much he planned to use the equipment “to lose weight and tone [his] body.” Another seller recalled that the buyer of her sofa had revealed her plans to “lay on it and watch movies all day.” And even when buyers did not explicitly communicate their usage intentions, 61 percent of sellers indicated that they inferred usage intentions anyway.[16]

Even though buyer usage intentions are frequently communicated during transactions, sellers of used goods may not realize that this seemingly innocuous “chatter” may be inadvertently causing them to discount their prized products. To test this, we asked 130 prospective sellers to list as many reasons as they could for selling a cherished product below its market value. Although the sellers provided a total of 624 reasons for selling their products for less than they were worth, not a single response mentioned buyer usage intentions. Instead, the reasons given for discounting a favorite product centered on relationships (e.g., the buyer is a friend/relative), fairness norms (e.g., it was the first offer received), and transaction-related benefits (e.g., the buyer will pay cash). Sellers do not seem to realize the powerful impact buyer usage intent can have on their pricing decisions. The following section discusses how buyers, sellers, and intermediaries might leverage the power of buyer usage intent to succeed in the marketplace.

Leveraging Buyer Usage Intent in the Marketplace

Implications for Buyers. The main implication of this research for buyers is that price may not be the only factor that matters in negotiations. When competing with other potential buyers for a scarce good, clearly and fully articulating a usage intention that the seller would endorse can be a source of advantage and may limit the focus on price competition. Even if the intended use is so obvious that it seems not worth stating, the results of our research (e.g., the doll study mentioned earlier) suggest that merely communicating this appropriate intention can be beneficial. On the other hand, buyers who wish to purchase items from attached sellers should avoid expressing a usage intention that might be considered inappropriate by the seller. Investing a little time and effort to learn about a seller’s preferred usage intention can have a large payoff for buyers.

Implications for Sellers. Product owners often set out wanting to maximize profits from a transaction, but when the thought of parting with a used item to which they feel attached becomes very salient, they start to be influenced by buyer usage intent. To avoid such influences and maximize profits, product owners might consider hiring an intermediary to sell their product. Due to a relatively detached and objective relationship to the item, intermediaries are much less likely to be influenced by buyer usage intent and therefore more likely to get the best price for the product. Intermediaries are further incentivized to maximize the final selling price because it increases their commission, which is typically a percentage of the selling price. Of course, product owners who forgo intermediaries need not pay a commission at all, so sellers must carefully weigh the costs and benefits of selling on their own versus hiring an intermediary. If product owners opt not to use an intermediary, they may be well served to at least seek pricing advice from trusted yet detached advisers—friends and family who are not emotionally attached may be able to help attached owners maintain their focus on selling at a high price.

In addition to providing guidance to individual product owners, this research has important implications for companies in terms of how to market products. Specifically, for companies that seek to accelerate product replacement, our findings suggest that offering consumers an acceptable way to dispose of their used products may be critical. If consumers who feel attached to a product know that it will be put to good use, they may be more likely to trade it in or replace it.

Implications for Intermediaries. As indicated above, product owners who feel attached to their possessions may be reluctant to use an intermediary because they want to be personally involved in finding their products “a good home.” Intermediaries can help overcome such resistance by taking measures to ensure that sellers’ usage preferences are met, such as building a usage clause into the contractual purchase agreement. For example, the seller of a collection of products (e.g., antiques, coins) may wish to stipulate that the buyer keep the collection together as a whole and not re-sell the items individually. While sellers should be warned that insisting on such restrictions could potentially reduce their profits, this may help attached sellers feel more comfortable using an intermediary and more satisfied with the final outcome of the transaction. The final implication for intermediaries is that they can attract customers by warning product owners of the dangers of selling items on their own—not only do personal sellers run the risk of setting prices that are too high, they also are at risk of accepting offers that are too low. By highlighting this additional risk, intermediaries can increase the perceived value of the benefits they offer to product owners. In many cases, an increase in the final selling price when an intermediary is used may more than offset the intermediary’s commission, such that the seller generates more profit even after paying the intermediary’s fees than he might have generated by merely selling the product on his own.

In addition to its implications for business-to-consumer (B2C) and consumer-to-consumer (C2C) transactions, our research also has potential applications in business-to-business (B2B) contexts. For example, the relationship between attachment and buyer usage intent may hold for the sale of companies as well as consumer products. This is consistent with prior research which argues that the subjective valuation of a company may be impacted not only by its financial worth, but also by the emotional attachment of company leaders.[17] In 2008, Jerry Yang, the co-founder of Yahoo!, convinced his board to reject a takeover bid by Microsoft, claiming that the bid undervalued the company that he had built. Yang’s decision was widely criticized; the Harvard Business Review noted that Yang “never really did want to part with the company with which he has been inextricably entwined”[18] and the New York Times chided Yang: “Your feelings aren’t supposed to get in the way of your fiduciary duty.”[19] Indeed, entrepreneurs can grow attached to their businesses—particularly private family-owned businesses—and often have specific preferences regarding their future.[20] Investor Warren Buffett, speaking of the future fate of his company Berkshire Hathaway, has said “The important thing is not this year or next year, but where Berkshire is 20 years after I die. Not taking care of Berkshire would be like not having a will—cubed.”[21] Buffett’s preference is to keep the company intact, and reportedly “it would be his worst nightmare to have Berkshire Hathaway split apart after he is gone.”[22] Due to similar feelings of attachment, the CEO of a utility-and-energy company sold it to Buffett at a discount because the alternative—a private equity deal—“would have been great for me, but we would have destroyed the company.”[23] These examples show that individuals who grow attached to businesses display characteristics similar to those whose attachment to a product makes them sensitive to buyer usage intent.

In sum, our research suggests that buyer usage intent is a powerful non-price factor that can influence price negotiations. Although additional non-price factors may certainly affect negotiations, attached sellers do not anticipate being influenced by information about a buyer’s usage intent. In contrast, a seller might expect to grant discounts to a buyer with whom there is an ongoing relationship in hopes of gaining an advantage in future transactions. Similarly, as mentioned earlier, a seller may reject a higher offer in favor of a lower one due to relationship factors, fairness norms, or transactional factors. While sellers expect such factors to influence their selling decisions, they underestimate the extent to which their decisions may be influenced by knowing how the buyer plans to use a product. Indeed, this research shows that although attached sellers do not anticipate being influenced by a buyer’s usage intent, they often agree to sell their used product at a discount to buyers who express an appropriate usage intent, and may end up demanding more from buyers who express an inappropriate usage intent. Understanding how buyer usage intent influences pricing decisions can benefit buyers, sellers, and intermediaries alike. Each can wield the power of buyer usage intent to create a source of strategic advantage in the marketplace.

Note: The authors thank Nancy Dodd, Ben Postlethwaite, Smriti Saxena, and the reviewers for their helpful comments on this article.

[1] Genesove, D. and C. Mayer. “Loss Aversion and Seller Behavior: Evidence from the Housing Market.” Quarterly Journal of Economics 116, (2001): 1233-1260, doi:10.1162/003355301753265561.

[2] List, J. A. “Does Market Experience Eliminate Market Anomalies?” Quarterly Journal of Economics, 118, (2003): 41-71, doi:10.1162/00335530360535144.

[3] Shapira, Z. and I. Venezia. “Patterns of behavior of professionally managed and independent investors.” Journal of Banking & Finance, 25, (2001): 1573-1587, doi:10.1016/s0378-4266(00)00139-4.

[4] Geffner, M. “FSBO Woes: Why It’s So Hard to Sell Your Own Home.” (2000). http://www.realtor.com/basics/sell/why/fsbo.asp?source=web.

[5] Timson, J. “Houses are Never Just Investments.” (2012). http://www.theglobeandmail.com/life/relationships/news-and-views/judith-timson/houses-are-never-just-investments/article2378164/.

[6] Genesove, Quarterly Journal of Economics.

[7] Desimone, B. “Three Tips for Emotionally Detaching from Your Home.” (2012). http://www.zillow.com/blog/2012-02-02/three-tips-for-emotionally-detaching-from-your-home/.

[8] Ibid.

[9] Brough, A. R. and M. S. Isaac. “Finding a Home for Products We Love: How Buyer Usage Intent Affects Sellers’ Pricing Decisions.” Journal of Marketing, 76, No.4, (2012): 78-91, doi:10:1509/jm.11.0181.

[10] Genesove, Quarterly Journal of Economics.

[11] List, Quarterly Journal of Economics.

[12] Shapira, Journal of Banking & Finance

[13] Brough, Journal of Marketing.

[14] Kennedy, G. D. “Murray Gershenz’s 300,000-Plus Record Collection is No Bestseller”. (2012). http://latimesblogs.latimes.com/music_blog/2012/04/murray-gershenzs-300000-plus-record-collection-is-no-bestseller.html.

[15] Brough, Journal of Marketing.

[16] Ibid.

[17] Astrachan, J. H. and P. Jaskiewicz. “Emotional Returns and Emotional Costs in Privately Held Family Businesses: Advancing Traditional Business Valuation.” Family Business Review, 21, (2008): 139-149.

[18] Kellerman, B. “Is Jerry Yang’s Bond to Yahoo Too Tight?” (2008). http://blogs.hbr.org/kellerman/2008/05/is_jerry_yangs_bond_to_yahoo_t.html.

[19] Nocera, J. “Oh Jerry, It’s No Longer Your Baby.” (2008). http://www.nytimes.com/2008/06/14/business/14nocera.html?pagewanted=1&_r=2.

[20] Vitelli, E. “How to Manage a Successful Family-Owned Business.” (2012). http://bangordailynews.com/2012/01/19/business/how-to-manage-a-successful-family-owned-business/.

[21] McLean, B. “Mr. Warren’s Confession.” (2011). http://www.vanityfair.com/business/features/2011/02/warren-buffett-201102.

[22] Ibid.

[23] Ibid.

2013 Volume 16 Issue 1

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2007 Volume 10 Issue 1

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2006 Volume 9 Issue 1

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2005 Volume 8 Issue 4

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2005 Volume 8 Issue 2

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2004 Volume 7 Issue 3

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• Attempting to Control Health Care Costs – Again
• Editor’s Note
• The Crude Facts About the Price of Oil
• Conversation with Sempra Energy’s Stephen Baum
• The Book Corner

2004 Volume 7 Issue 2

• The Uncertain World of Trademark Dilution
• Does Corporate Social Responsibility Pay Off
• Strengthening Values Centered Leadership
• Editor’s Note: Deeper Questions
• The Twin Deficits
• Conversation with Rite Aid’s Robert Miller
• The Book Corner
• From Michelangelo to the Modern Boardroom
• Preparing for a Future Labor Shortage

2004 Volume 7 Issue 1

• Slowing Runaway Juries
• Merger and Acquisition Strategies
• Slips, Trips, and Falls
• Using Conflict to Your Advantage
• Wired!
• Editorial: Don’t Panic!
• IT MATTERS: Seek and You Might Find
• Conversation with American Honda’s Tom Ross
• The Dollar vs. the Euro
• The Book Corner

2003 Volume 6 Issue 4

• Negotiating Effectively
• Why Good Leaders Do Bad Things
• Editorial: Cybersatire
• Main Street and Hedging
• IT MATTERS: Digital Indemnity
• What Stays and Who Pays?
• Inflation to Deflation and Back?
• Conversation with AT&T’s Betsy Bernard
• The Car Deal
• The Book Corner
• Using Dashboard Based Business Intelligence Systems

2003 Volume 6 Issue 3

• The Cost of Lost Data
• Consolidate All IT?
• Blowing the Whistle
• Hedging Strategies for Uncertain Times
• Creating and Sustaining an Ethical Workplace Culture
• Editorial: Onward and Upward?
• IT MATTERS: Portal Combat
• Facing Up to the Possibility of Deflation
• Dialogue With Four Executives

2003 Volume 6 Issue 2

• Do Not Call!*
• Improving Research Performance
• Just-in-Time to Just-in-Case
• Increasing the Firm’s Strategic IQ
• Special Purpose Entities
• Editorial: Shock and Awe
• IT MATTERS: Webhosting
• Conversation with Galpin Ford’s Bert Boeckmann

2003 Volume 6 Issue 1

• Communicating Your Strategy
• Reforming Corporate America
• Recognize the True Cost of Compensation
• Learn from Experience
• Use Emotional Intelligence to Cope in Tough Times
• Conversation with Evoke Software’s Lacy Edwards
• Editorial
• Predicting Bankruptcy in the WorldCom Age

2002 Volume 5 Issue 4

• Build Value in a Small Business
• Protect Your Trade Secrets
• Managing in an Era of Multiple Cultures
• Consider the Pros and Cons of Expensing Stock Options
• IT MATTERS: Web Services May Bridge the Great Culture Gap
• Editor’s Note
• Conversation with Kinko’s Paul Orfalea
• Calculating the Strategic Value of Customer Satisfaction

2002 Volume 5 Issue 3

• Encourage Your Employees to Play
• Managerial Leadership at Twelve O’Clock
• Remembering George L. Graziadio
• Editor’s Note: Bad Boys in the Board Room
• Who’s Driving American Firms?
• Supreme Court Sides With Business
• Using Asset Allocation Strategies to Recover from a Bear Hug
• Mediate, Arbitrate or Litigate?
• IT MATTERS: The Wonderful World of the Wireless Web

2002 Volume 5 Issue 2

• Does Market Efficiency Trump Behavioral Bias in Finance Decisions?
• Making Mergers a Growth Strategy
• Sealing Cracks in the Capital Markets
• Artificial Intelligence Techniques Enhance Business Forecasts
• Editor’s Note: Weapons of Mass Disruption
• E-Commerce Reboots
• IT MATTERS: Web Services Prevail Despite Travail
• Go Directly to Jail?
• Conversation with Trader Joe’s John Shields

2002 Volume 5 Issue 1

• Build a Culture of Value Creation
• Choose Tomorrow’s Leaders Today
• Small Firms Keep R&D Vibrant
• Teams Use IT to Manage Client Impressions
• Putting Spirituality to Work
• IT MATTERS: Fifty Years and Counting
• Defining Disability Under the ADA
• Conversation with Reid Plastics’ Joe Rokus
• Editor’s Note: Decisions, Decisions, Decisions

2001 Volume 4 Issue 4

• Gender Impacts Virtual Work Teams
• Doing Business in a Volatile World
• The Strategic Downside of Downsizing
• Editor’s Note: Corporate Citizenship in the Wake of September 11!
• The Economic Downturn is No Surprise
• IT MATTERS: ROI for Tech Deployments in the Downturn
• Supreme Court Faces Key Business Cases
• Conversation with Joseph and Edna Josephson Institute of Ethics’ Michael Josephson
• Are Workplace Bullies Sabotaging Your Ability to Compete?

2001 Volume 4 Issue 3

• Suddenly Unemployed?
• Too Late for an IPO?
• Electricity Price Gouging in California?
• Editor’s Note: Surf’s Up!
• The Fine Art of Delegation
• Waiting Games People Play
• Business at the Bar
• Conversation with California’s Senator Sandra Bowen

2001 Volume 4 Issue 2

• Knowledge Management and Business Portals
• Trust as a Competitive Advantage
• Is Price Everything?
• Editor’s Note: A Quarter Without Quarter
• Has the Dow Really Escaped the Bear?
• Dot.Gone
• IT MATTERS: E-Business is Definitely an E-Ticket Ride!
• Downsizing with Dignity
• Conversation with Salomon Smith Barney’s Mitchell J. Held
• The California Electricity Crisis

2001 Volume 4 Issue 1

• Repetition Leads To Innovation
• What’s the Problem?
• Editor’s Note: Quakes, Flakes, and Double Takes
• IT MATTERS: CRM Solution Seekers Beware!!!!
• Language, Culture and Global Business
• Conversation with WATTSHealth Systems’ Dr. Clyde Oden, Jr.
• Personality Traits and Workplace Culture
• Who Wants to Lose a Million?
• The Power of Performance Profiling

2000 Volume 3 Issue 4

• Building Wealth
• How Small Firms Plan to Grow
• Using Internet Portals to Manage the Information Deluge
• Editor’s Note: Messy Brains and Global Opportunities
• SEC Requires Fair Disclosure
• IT MATTERS: MP3.com Completes Settlements
• Conversation with Boyd Clarke of tompeters!
• Planning in a Complex World
• Business Be Advised!

2000 Volume 3 Issue 3

• Do Japan’s High Tech Failures Open Doors for Western Firms?
• Managing Earnings … or Cooking the Books?
• The Battle Over Merger Accounting
• Conversation with Development Bank of Japan’s Dr. Kazuyuki Matsumoto
• Editor’s Note: Friends, Romans & Countrymen…
• What Directors Need to Know
• Still Thinking of Doing an IPO?

2000 Volume 3 Issue 2

• Managing Innovation through Corporate Venturing
• The Death of the Sales Force
• Thinking of Doing an IPO?
• Serving Each Other on the Inside
• Editor’s Note: Screaming Into the Future!
• Conversation with Power-One’s Stephen J. Goldman
• Will Marketers Survive the Information Age?

2000 Volume 3 Issue 1

• Re-Assessing the Health of the Asian Tigers
• Knowledge Management and the Internet
• The Learning Organization in Practice
• Economic Forecasting
• Editor’s Note: A Short Hello!
• Are You Ready for E-Commerce?
• E-Business: The New Management Challenge
• Conversation with Raytheon’s Daniel Burhnam
• The Bull Market’s Flawed Foundation

1999 Volume 2 Issue 4

• The Electric Day Trader and Ruin
• Teambuilding for Competitive Advantage
• Parable of the Commons
• Preserve and Strengthen a Business Partnership
• Editor’s Note: Here to Be Thrilled!
• Conversation with McDonald’s Mike Roberts
• Telecommuting… Out of Sight, Out of Mind?

1999 Volume 2 Issue 3

• How Gerber Used a Decision Tree in Strategic Decision-Making
• Customer Satisfaction Measurement
• Get Your Message Across!
• Balancing Act for Employers in Today’s Labor Market
• Editor’s Note: Too Much Fun!
• E-Commerce & Taxation
• Conversation with Harvard’s Dr. Gary Hamel
• To Join or Not To Join..?

1999 Volume 2 Issue 2

• Defamation Vs. Negligent Referral
• Maximize Business Achievement
• Preserving Family & Business Assets
• Knowledge is Power…
• Editor’s Note: Welcome to the Graziadio Business Review
• E-Commerce & Taxation
• Conversation with Franchise Mortgage Acceptance Company’s Wayne “Buz” Knyal
• Cultivating the Customer Asset

1999 Volume 2 Issue 1

• Business and Universities Moving to Collaborative Technologies
• Tips for Reducing Executive Stress
• Russia at the Crossroads
• Editor’s Note: Volume 2, Issue 1
• GBR Case Study
• Launching an Effective Citizen Advisory Panel

1998 Volume 1 Issue 3

• T.I.P.S.
• Retirement Call to Action
• The European Directive On Data Privacy
• Editor’s Note: Welcome to the GBR, Volume I, Issue 3
• Debt Tied to Lower Firm Performance
• Conversation with Countrywide Credit Industries’ Angelo Mozilo
• Boosting Country Club Memberships With Innovative Marketing and Pricing Concepts

1998 Volume 1 Issue 2

• Management Skills for the 21st Century
• Middlaning
• Decision-Making in a Global Environment
• Editor’s Note: Welcome to the GBR, Volume I, Issue 2
• Conversation with Global Pacific Information Services’ Jeffrey Rigsby
• Cultural Insights on Doing Business in China
• When Worlds Collide

1998 Volume 1 Issue 1

• Editor’s Note: Welcome to the GBR
• Guide to Personal Investment Software
• Southeast Asia: Crisis To Recovery
• Growth Strategies for High Tech Firms
• Conversation with Imperial Bank’s George L. Graziadio
• The Human Realities of Corporate Downsizing
• AB Corporation Case Study

Video Interview on Corporate Social Responsiblitiy with Golden State Foods

What is a values-driven company? What does corporate social responsibility mean in practical terms? How do you balance creating social good with the bottom line?

On September 29, 2009, Bill Sanderson, senior vice president of Finance and Administration for Golden State Foods, and his colleague, Chuck Browne, executive director of the Golden State Foods Foundation, visited with the Graziadio Business Report to answer the questions above and more.

Bill Sanderson is senior vice president of Finance and Administration for Golden State Foods and president of its subsidiary, Golden State Service Industries. Bill chairs the Golden State Foods Foundation committee in Irvine. He has also been a member of the board of directors of Big Brothers / Big Sisters of Orange County for more than 17 years and served as chairman of the board from 1997 through 2000.

Chuck Browne is the executive director of the Golden State Foods Foundation. He played an instrumental role in the start-up of the foundation and has led and coached 18 foundation committees across the United States in pursuing its mission. Prior to joining Golden State Foods, Chuck took early retirement in 1997 to enjoy time on his 300-acre Missouri farm. To learn more about Golden State Foods and their foundation, visit goldenstatefoods.com.

Questions for Bill and Chuck:

1. Tell us about Golden State Foods (GSF).
2. How has GSF been impacted by the economic downturn
3. How did GSF get involved with corporate social responsibility
4. Tell us about your project that recycles cooking oil from McDonald’s.
5. Tell us about the GSF Foundation.
6. How do you prevent the bottom line of business from trumping the social good?
7. What does it mean to be a values-based business?
8. What’s next on the horizon for GSF?

2013 Volume 16 Issue 1

• Leading from Character Strength
• Private Businesses Predict Limited Growth for 2013
• Justice in Ethics Programs
• Moving from Misuse to Bricolage
• EDITORIAL: The New Paradigm for Management Education
• The Book Corner
• Video Library
• Dean’s Executive Leadership Series
• Graziadio School Business Programs

2012 Volume 15 Issue 3

• Facilitating the Inventor–Entrepreneur Interaction:
• Bridging the Complexity Gap:
• A No Fault Approach to Recouping Executive Compensation
• Implementing Intrapreneurship:
• Facebook: Data Mining the World’s Largest Focus Group
• The Four-Year U.S. Presidential Cycle and the Stock Market
• VIDEO – Wall of Worry: Elections and the Markets
• Editor’s Note

2012 Volume 15 Issue 2

• VIDEO – Wall of Worry: Elections and the Markets
• The Four-Year U.S. Presidential Cycle and the Stock Market
• CEO Performance of 125 of Northern California’s Largest Companies
• FOR SALE BY OWNER for Less than It Is Worth
• Beyond the Numbers
• Making Decisions with Multiple Attributes: A Case in Sustainability Planning
• The Ethics of Ethics Programs
• Transorganizations: Managing in a Complex and Uncertain World
• The Global Economy is Open for Business
• VIDEO: Leadership, Innovation and Disruption
• UPDATE: Benefits of International Portfolio Diversification
• Editorial: The World of Graduate Management Education Turned Up Side Down
• The Book Corner
• Editor’s Note

2012 Volume 15 Issue 1

• CEO Performance of 100 of Southern California’s Largest Companies
• Editor’s Note
• UPDATE: Reforming Corporate America
• UPDATE: Top 10 U.S. Economic Issues to Monitor
• UPDATE: Airline Industry Key Success Factors
• UPDATE: Management Skills for the 21st Century
• UPDATE: Creating and Sustaining an Ethical Workplace Culture
• UPDATE: The Dollar vs. the Euro
• UPDATE: Making Mergers a Growth Strategy
• UPDATE: The Employers’ Legal Obligations to Employees in the Military
• The Book Corner

2011 Volume 14 Issue 4

• Editor’s Note
• Financial Swiss Army Knife: A User-Friendly Tool for Facilitating Financial Analysis and Due Diligence
• Achieving Enterprise Stability Based on Economic Capital
• The Internet and Globalization: Ten Tips to Building an Effective Digital Strategy for Global Success
• Learn to Expect the Unexpected in Global Retail Expansion
• VIDEO: Stop the Madness: A Recipe to Jump-Start the Global Economy
• The Book Corner

2011 Volume 14 Issue 3

• Editor’s Note
• Labor Pains: The Recovery of the U.S. Labor Market is about to be Pushed Back
• Creating Advocates: A Values-Oriented Approach to Developing Brand Loyalty
• Leveraging Action Learning as a Talent Management Strategy during Economic Uncertainty
• Protecting Descriptive Brands in Trademark and Trade Dress Law:
• VIDEO: Transforming the Relationship between Business and IT Executives
• The Book Corner

2011 Volume 14 Issue 2

• Editor’s Note: Finding Distinctiveness
• Secondary Meaning in Trademark and Trade Dress Law
• Financial Elements of Business Resilience
• Positive Organizational Scholarship and Practice: A Dynamic Duo
• VIDEO: Currency Wars, a Faculty Panel
• The Book Corner

2011 Volume 14 Issue 1

• Editor’s Note
• A Consequence Analysis that Needs to be Shared
• Family Business Succession
• The Quest for Distinctiveness in Trademark and Trade Dress Law
• Self-Organizing Conversation as an Invitation to Serendipity
• The ABC’s of Effective Feedback
• “Spiritual Capital and Virtuous Business Leadership” with Yale’s Ted Malloch
• “The Role of the CIO” with Harvey Koeppel
• The Book Corner

2010 Volume 13 Issue 4

• Attn: The Corner Office – Why U.S. Firms Should Pay Special Dividends Before Year-End 2010
• The Charisma of Twitter
• Lessons from the New Dodd-Frank Financial Regulatory Reform Law
• The Changing Role of the Residential Real Estate Broker
• 2010 Student Paper Winner: Using Social Media to Grow Your Business
• Editor’s Note: New Look, New Name, Still Great Content
• What to Do when Traditional Diversification Strategies Fail – Revisited
• Great Leaders are Great Decision-Makers
• The Four Levels of Innovation
• The Book Corner

2010 Volume 13 Issue 3

• The Spoiled American
• Choosing Your Negotiation Site
• Editorial: Systems Thinking
• Improvisation as a Way of Dealing with Ambiguity and Complexity
• Economic Recovery Gaining Traction
• The Book Corner
• City National Bank’s Robert Iritani Discusses the Future of Financial Management
• An Interview with Clean Tech Start-up Advisor Susanna Kass
• Servanthood Leadership

2010 Volume 13 Issue 2

• Carl Schramm Talks Expeditionary Economics
• Highly Effective Technical Personnel Strategies
• Real Options: The Value Added through Optimal Decision Making
• 10 Lessons for Entrepreneurs
• Utilizing Business Service Management Concepts to Improve Healthcare Information Services
• Editor’s Note
• Strategies for Leading through Times of Change
• Editorial: Will commercial real estate will follow in the footsteps of the residential property market?
• The Book Corner

2010 Volume 13 Issue 1

• Six Steps for Confronting the Emerging Leadership Succession Crisis
• Interview with Robert Eckert, Chairman of the Board and CEO of Mattel, Incorporated
• Political Connections: The Missing Dimension in Leadership
• How Coach, H-P, Zara, and Ford Profited from a Comprehensive Application of Market Orientation
• Three Ways Larger Monitors Can Improve Productivity
• The Role of Finance in the Strategic-Planning and Decision-Making Process
• Editorial: Is Robotics America’s Ticket to Continued Global Competitiveness?
• The Power of Collective Wisdom and the Trap of Collective Folly By Alan Briskin, Sheryl Erickson, John Ott, and Tom Callanan
• The Book Corner

2009 Volume 12 Issue 4

• Women, the Recession, and the Impending Economic Recovery
• The Power of Sharing in an Uncertain World
• How to Communicate Change to Employees
• Five Tactics to Create a Sustainable Restaurant Business
• IT Solutions for SMBs in an Economic Downturn
• What’s Next, Hollywood?
• Eight Key Attributes of Effective Leaders
• What to Do When Traditional Diversification Strategies Fail
• Video Interview on Corporate Social Responsiblitiy with Golden State Foods
• The Book Corner

2009 Volume 12 Issue 3

• Offshoring May Slow Impending U.S. Economic Recovery
• In Memory of Luis Villalobos
• IT Outsourcing: China Grasps for the Lead
• The Buffett Approach to Valuing Stocks
• Audio Interview with BP’s Chief Economist Christof Ruhl
• Audio Interview with McKesson U.S. Pharmaceutical President John Figueroa
• Editorial: E-Learning is Green Learning
• Domestic Partner Benefits in the United States
• Examining the Role of Short-Term Correlation in Portfolio Diversification
• The Book Corner

2009 Volume 12 Issue 2

• The Root Causes of Unethical Behavior
• Price Fixing and Minimum Resale Price Restrictions Are Two Different Animals
• Investing for Income in a Down Economy
• What Determines Which Businesses Win and Which Lose?
• Leveraging Opportunities in the Current Economic Climate
• Editorial: Writing a Business Plan to Attract Investors
• What’s Next LA: The Road to Economic Recovery
• Owner-Occupied Commercial Real Estate for the Entrepreneur
• Attention Deficit Hyperactivity Disorder (ADHD) in the Workplace
• The Winner’s Curse and Optimal Auction Bidding Strategies
• The Book Corner

2009 Volume 12 Issue 1

• Private vs. Public Real Estate Markets
• More Than Money
• The Successful Expatriate Leader in China
• Recognizing Organizational Culture in Managing Change
• Editorial: Taking Advantage of California’s Retirees to Help Close the Budget Gap
• Believe It: Complaints Are Gifts
• An Alternative Way to Manage Equity Portfolios
• Active Alpha Portfolio Management: Appendix A
• Active Alpha Portfolio Management: Appendix B
• The Book Corner

2008 Volume 11 Issue 4

• Best Practices for Headcount Reporting
• 2008 Graziadio School Student Paper Competition – How Intercultural Competence Drives Success in Global Virtual Teams
• Discovering Leadership Potential
• Discovering Leadership Potential – Survey
• Discovering Leadership Potential – Evaluation Guidelines
• Corporate Governance, SOX, and the Business Judgment Rule
• What Will The International Financial Reporting Standards (IFRS) Mean to Businesses and Investors?
• Who are Fannie Mae and Freddie Mac?
• Editorial: Crisis in America: A Nation at Risk
• The End of the Beginning for the Global Credit Crisis
• The Book Corner
• All IFRS-Compliant Statements Are Not Equal

2008 Volume 11 Issue 3

• The Book Corner
• IT-Enabled Information Transparency: A Strategic Approach
• Editorial: The Top 10 Embracements for Difficult Economic Times
• Servicing the Software Industry (SaaS)
• Where Do Older Workers Go?
• Creating Wealth in Low Income Communities
• Supplier Diversity and Competitive Advantage: New Opportunities in Emerging Domestic Markets
• The Last 100 Feet of the Supply Chain
• America’s Financial Crisis

2008 Volume 11 Issue 2

• The Tie-In Decision
• The Trybaby Syndrome
• Editorial: California Greening: Boom or Bust?
• High CEO Pay Could Draw Renewed Attention in Election Year
• The Book Corner
• Empowering Employees to Success
• Commercial Banking and Treasury Management in Mexico

2008 Volume 11 Issue 1

• Venture Capital Audio Interview
• Learning to Love Financial Market Barbarians
• The Top 10 U.S. Economic Issues to Monitor
• Putting Performance and Happiness Together in the Workplace
• Harassment Prevention Training 2008
• Editorial: No Child Left Behind-A Blueprint for Success
• A Class with Drucker by William A. Cohen
• The Book Corner
• Is Managed Futures an Asset Class?

2007 Volume 10 Issue 4

• Organizational Design and Implementation
• Managing the Critical Role of the Warehouse Supervisor
• Editorial
• Creating a Community in Southern California that Values Sharing Knowledge
• The Book Corner
• Commercial Banking in the U.S. Versus Canada

2007 Volume 10 Issue 3

• Developing a Barometer for Workplace Attitude (WPA)
• The Employers’ Legal Obligations to Employees in the Military
• Employee Incentives
• Will the Sub-Prime Meltdown Burst the Housing Bubble?
• Strategic Leadership – Part Two
• Editor’s Note
• Assertive Performance Feedback
• To Tell or Not to Tell?
• The Book Corner

2007 Volume 10 Issue 2

• The Trader Joe’s Experience
• Strategic Leadership
• Managing Organizational Knowledge
• The Family-Owned Business
• Editor’s Note
• Emotional Dynamism: Playing the Music of Leadership
• Benefits of International Portfolio Diversification
• Aligning Business with a Value Statement
• The Book Corner

2007 Volume 10 Issue 1

• The Death of Time and Distance
• The Moral and Financial Conflict of Socially Responsible Investing
• What You Need to Know about Labor Shortages
• Women Entrepreneurship
• SEC Quest to Regulate Hedge Funds Hits Speed Bump
• The Book Corner

2006 Volume 9 Issue 4

• Seasonality and the Stock Market
• Airline Industry Key Success Factors
• Seven Neurotic Styles of Management
• IT in Healthcare
• Wings of the Great Northwest
• Gratitude at Work
• Editor’s Note
• The Book Corner
• Using ADR to Resolve Worker’s Compensation Claims

2006 Volume 9 Issue 3

• Making Marketing Accountable
• Conversations about Conscientious Capitalism
• Gen Y and Organizational Life
• The Business Impact of Change Management
• Class Action Shareholder Suits Face Legal Setbacks
• The Book Corner
• Achieving Corporate Success and Maximized Value

2006 Volume 9 Issue 2

• Business Survival Skills
• Six Components of a Model for Workplace Spirituality
• HR’s Strategic Partnership with Line Management
• The Book Corner
• Obesity, Social Responsibility, and Economic Value
• Graziadio Faculty Discuss Ethics

2006 Volume 9 Issue 1

• A Winning Tool to Manage Price: The Pricing Checklist
• Update: The Price of Oil
• Mapping IT Resources for Successful Implementations
• Is the Real Estate Market a House of Cards?
• Whither Now Dow?
• The Book Corner

2005 Volume 8 Issue 4

• Whistleblowers
• Editorial: Does a Non-Public Business Need SOX?
• Am I My Brother’s Keeper?
• 5-Forces Industry Analysis
• IT MATTERS: Measuring Success
• A New Imperative for Management: Sexual Harassment Training
• The Company Director’s Role In Company Growth
• Editor’s Note
• The Book Corner

2005 Volume 8 Issue 3

• IT MATTERS: The IT Governance Road Map
• Fair Trade or Strategic Concern: The Unocal War
• Avoiding Ethical Misconduct Disasters
• The Positive Psychology Approach to Goal Management
• Antitrust Law in the European Union
• Editor’s Note
• The Book Corner
• D & O Policies: Greater Risks Less Coverage
• A Blueprint for Change: Appreciative Inquiry

2005 Volume 8 Issue 2

• Connecting Enterprise Information and People in a Web World
• The Leader’s Role in Strategy
• IT MATTERS: Ethics, Information Systems, and a Steel Ax
• Conversation with author and leadership scholar James M. Kouzes
• Will China Float the Yuan?
• Editorial
• Corruption Across Borders
• Resolving Intra-Organization Conflicts
• An Uphill Battle
• Leading and Managing Change
• The Book Corner

2005 Volume 8 Issue 1

• Managing Resistance to Change
• The Link Between Price and Profit Margin in a Global Market
• IT MATTERS: Or more correctly, use of IT matters…
• The Impact of Empowered Employees on Corporate Value
• What You Need to Know about Attorneys’ Fees
• Editor’s Note: Phishing
• The Book Corner
• Strengthening Value-Centered Ethics (Part 3)
• Will Your Company’s Electronic Records Storage Withstand Legal Scrutiny?
• Conversation with Gemstar-TV Guide International’s Jeff Shell

2004 Volume 7 Issue 3

• Litigate or Arbitrate?
• Presidential Elections and Stock Market Cycles
• Businesspersons Beware: Lying is a Crime
• Strengthening Value-Centered Ethics (Part 2)
• Attempting to Control Health Care Costs – Again
• Editor’s Note
• The Crude Facts About the Price of Oil
• Conversation with Sempra Energy’s Stephen Baum
• The Book Corner

2004 Volume 7 Issue 2

• The Uncertain World of Trademark Dilution
• Does Corporate Social Responsibility Pay Off
• Strengthening Values Centered Leadership
• Editor’s Note: Deeper Questions
• The Twin Deficits
• Conversation with Rite Aid’s Robert Miller
• The Book Corner
• From Michelangelo to the Modern Boardroom
• Preparing for a Future Labor Shortage

2004 Volume 7 Issue 1

• Slowing Runaway Juries
• Merger and Acquisition Strategies
• Slips, Trips, and Falls
• Using Conflict to Your Advantage
• Wired!
• Editorial: Don’t Panic!
• IT MATTERS: Seek and You Might Find
• Conversation with American Honda’s Tom Ross
• The Dollar vs. the Euro
• The Book Corner

2003 Volume 6 Issue 4

• Negotiating Effectively
• Why Good Leaders Do Bad Things
• Editorial: Cybersatire
• Main Street and Hedging
• IT MATTERS: Digital Indemnity
• What Stays and Who Pays?
• Inflation to Deflation and Back?
• Conversation with AT&T’s Betsy Bernard
• The Car Deal
• The Book Corner
• Using Dashboard Based Business Intelligence Systems

2003 Volume 6 Issue 3

• The Cost of Lost Data
• Consolidate All IT?
• Blowing the Whistle
• Hedging Strategies for Uncertain Times
• Creating and Sustaining an Ethical Workplace Culture
• Editorial: Onward and Upward?
• IT MATTERS: Portal Combat
• Facing Up to the Possibility of Deflation
• Dialogue With Four Executives

2003 Volume 6 Issue 2

• Do Not Call!*
• Improving Research Performance
• Just-in-Time to Just-in-Case
• Increasing the Firm’s Strategic IQ
• Special Purpose Entities
• Editorial: Shock and Awe
• IT MATTERS: Webhosting
• Conversation with Galpin Ford’s Bert Boeckmann

2003 Volume 6 Issue 1

• Communicating Your Strategy
• Reforming Corporate America
• Recognize the True Cost of Compensation
• Learn from Experience
• Use Emotional Intelligence to Cope in Tough Times
• Conversation with Evoke Software’s Lacy Edwards
• Editorial
• Predicting Bankruptcy in the WorldCom Age

2002 Volume 5 Issue 4

• Build Value in a Small Business
• Protect Your Trade Secrets
• Managing in an Era of Multiple Cultures
• Consider the Pros and Cons of Expensing Stock Options
• IT MATTERS: Web Services May Bridge the Great Culture Gap
• Editor’s Note
• Conversation with Kinko’s Paul Orfalea
• Calculating the Strategic Value of Customer Satisfaction

2002 Volume 5 Issue 3

• Encourage Your Employees to Play
• Managerial Leadership at Twelve O’Clock
• Remembering George L. Graziadio
• Editor’s Note: Bad Boys in the Board Room
• Who’s Driving American Firms?
• Supreme Court Sides With Business
• Using Asset Allocation Strategies to Recover from a Bear Hug
• Mediate, Arbitrate or Litigate?
• IT MATTERS: The Wonderful World of the Wireless Web

2002 Volume 5 Issue 2

• Does Market Efficiency Trump Behavioral Bias in Finance Decisions?
• Making Mergers a Growth Strategy
• Sealing Cracks in the Capital Markets
• Artificial Intelligence Techniques Enhance Business Forecasts
• Editor’s Note: Weapons of Mass Disruption
• E-Commerce Reboots
• IT MATTERS: Web Services Prevail Despite Travail
• Go Directly to Jail?
• Conversation with Trader Joe’s John Shields

2002 Volume 5 Issue 1

• Build a Culture of Value Creation
• Choose Tomorrow’s Leaders Today
• Small Firms Keep R&D Vibrant
• Teams Use IT to Manage Client Impressions
• Putting Spirituality to Work
• IT MATTERS: Fifty Years and Counting
• Defining Disability Under the ADA
• Conversation with Reid Plastics’ Joe Rokus
• Editor’s Note: Decisions, Decisions, Decisions

2001 Volume 4 Issue 4

• Gender Impacts Virtual Work Teams
• Doing Business in a Volatile World
• The Strategic Downside of Downsizing
• Editor’s Note: Corporate Citizenship in the Wake of September 11!
• The Economic Downturn is No Surprise
• IT MATTERS: ROI for Tech Deployments in the Downturn
• Supreme Court Faces Key Business Cases
• Conversation with Joseph and Edna Josephson Institute of Ethics’ Michael Josephson
• Are Workplace Bullies Sabotaging Your Ability to Compete?

2001 Volume 4 Issue 3

• Suddenly Unemployed?
• Too Late for an IPO?
• Electricity Price Gouging in California?
• Editor’s Note: Surf’s Up!
• The Fine Art of Delegation
• Waiting Games People Play
• Business at the Bar
• Conversation with California’s Senator Sandra Bowen

2001 Volume 4 Issue 2

• Knowledge Management and Business Portals
• Trust as a Competitive Advantage
• Is Price Everything?
• Editor’s Note: A Quarter Without Quarter
• Has the Dow Really Escaped the Bear?
• Dot.Gone
• IT MATTERS: E-Business is Definitely an E-Ticket Ride!
• Downsizing with Dignity
• Conversation with Salomon Smith Barney’s Mitchell J. Held
• The California Electricity Crisis

2001 Volume 4 Issue 1

• Repetition Leads To Innovation
• What’s the Problem?
• Editor’s Note: Quakes, Flakes, and Double Takes
• IT MATTERS: CRM Solution Seekers Beware!!!!
• Language, Culture and Global Business
• Conversation with WATTSHealth Systems’ Dr. Clyde Oden, Jr.
• Personality Traits and Workplace Culture
• Who Wants to Lose a Million?
• The Power of Performance Profiling

2000 Volume 3 Issue 4

• Building Wealth
• How Small Firms Plan to Grow
• Using Internet Portals to Manage the Information Deluge
• Editor’s Note: Messy Brains and Global Opportunities
• SEC Requires Fair Disclosure
• IT MATTERS: MP3.com Completes Settlements
• Conversation with Boyd Clarke of tompeters!
• Planning in a Complex World
• Business Be Advised!

2000 Volume 3 Issue 3

• Do Japan’s High Tech Failures Open Doors for Western Firms?
• Managing Earnings … or Cooking the Books?
• The Battle Over Merger Accounting
• Conversation with Development Bank of Japan’s Dr. Kazuyuki Matsumoto
• Editor’s Note: Friends, Romans & Countrymen…
• What Directors Need to Know
• Still Thinking of Doing an IPO?

2000 Volume 3 Issue 2

• Managing Innovation through Corporate Venturing
• The Death of the Sales Force
• Thinking of Doing an IPO?
• Serving Each Other on the Inside
• Editor’s Note: Screaming Into the Future!
• Conversation with Power-One’s Stephen J. Goldman
• Will Marketers Survive the Information Age?

2000 Volume 3 Issue 1

• Re-Assessing the Health of the Asian Tigers
• Knowledge Management and the Internet
• The Learning Organization in Practice
• Economic Forecasting
• Editor’s Note: A Short Hello!
• Are You Ready for E-Commerce?
• E-Business: The New Management Challenge
• Conversation with Raytheon’s Daniel Burhnam
• The Bull Market’s Flawed Foundation

1999 Volume 2 Issue 4

• The Electric Day Trader and Ruin
• Teambuilding for Competitive Advantage
• Parable of the Commons
• Preserve and Strengthen a Business Partnership
• Editor’s Note: Here to Be Thrilled!
• Conversation with McDonald’s Mike Roberts
• Telecommuting… Out of Sight, Out of Mind?

1999 Volume 2 Issue 3

• How Gerber Used a Decision Tree in Strategic Decision-Making
• Customer Satisfaction Measurement
• Get Your Message Across!
• Balancing Act for Employers in Today’s Labor Market
• Editor’s Note: Too Much Fun!
• E-Commerce & Taxation
• Conversation with Harvard’s Dr. Gary Hamel
• To Join or Not To Join..?

1999 Volume 2 Issue 2

• Defamation Vs. Negligent Referral
• Maximize Business Achievement
• Preserving Family & Business Assets
• Knowledge is Power…
• Editor’s Note: Welcome to the Graziadio Business Review
• E-Commerce & Taxation
• Conversation with Franchise Mortgage Acceptance Company’s Wayne “Buz” Knyal
• Cultivating the Customer Asset

1999 Volume 2 Issue 1

• Business and Universities Moving to Collaborative Technologies
• Tips for Reducing Executive Stress
• Russia at the Crossroads
• Editor’s Note: Volume 2, Issue 1
• GBR Case Study
• Launching an Effective Citizen Advisory Panel

1998 Volume 1 Issue 3

• T.I.P.S.
• Retirement Call to Action
• The European Directive On Data Privacy
• Editor’s Note: Welcome to the GBR, Volume I, Issue 3
• Debt Tied to Lower Firm Performance
• Conversation with Countrywide Credit Industries’ Angelo Mozilo
• Boosting Country Club Memberships With Innovative Marketing and Pricing Concepts

1998 Volume 1 Issue 2

• Management Skills for the 21st Century
• Middlaning
• Decision-Making in a Global Environment
• Editor’s Note: Welcome to the GBR, Volume I, Issue 2
• Conversation with Global Pacific Information Services’ Jeffrey Rigsby
• Cultural Insights on Doing Business in China
• When Worlds Collide

1998 Volume 1 Issue 1

• Editor’s Note: Welcome to the GBR
• Guide to Personal Investment Software
• Southeast Asia: Crisis To Recovery
• Growth Strategies for High Tech Firms
• Conversation with Imperial Bank’s George L. Graziadio
• The Human Realities of Corporate Downsizing
• AB Corporation Case Study

The Link Between Price and Profit Margin in a Global Market

The vacillation in the exchange rate of the dollar against foreign currencies creates a climate of uncertainty for managers buying and selling in the global marketplace. In spite of these fluctuations, there are ways to hedge business exposure to changes in the value of the dollar.

During the past year, the value of the U.S. dollar has changed fairly dramatically in terms of many other currencies. For example, the dollar fell about 10 percent in value against the Japanese yen in March 2004 alone. From September to November of 2004, the dollar’s ongoing fall against the euro grew by another 10 percent. If you consider an even longer period of time, the changes can be even more dramatic. It’s not unusual for the change to be in excess of 30 percent if the time horizon stretches to a year or more. It becomes obvious that this sort of short-term change in exchange rates can present a very difficult challenge to managers who routinely operate in a global context as they strive to remain price competitive while maintaining satisfactory profit margins. While this is a formidable challenge to any firm, it seems even more daunting to a small firm, especially if it is a newcomer to international trade.

Let’s examine a hypothetical example of the potential impact of this exchange rate variability phenomenon. Let’s assume that at the beginning of 2004, a small European manufacturer of automobile components priced its best selling product to its U.S. based customers at 150 euros. At an exchange rate of €1 (euro) = $1.10 (U.S.), the price in dollars to the U.S. dealers was $165, the same price as a comparable component produced and sold by a U.S. based competitor. By December of 2004, the exchange rate had changed to €1 = $1.34. If the manufacturer wanted to maintain a stable profit margin, it would continue to sell its product for €150 euros. The problem is that this sales price would then translate into a U.S. price of $201. This is a price increase of almost 22 percent in less than a year! The European manufacturer’s now uncompetitive price was not caused by poor management. Instead, it is a function of a variable (exchange rates) that is not controllable by the manufacturer’s managers. Imagine the additional competitive pain that could be inflicted by an aggressive U.S. based manufacturer that decides to reduce its prices in the U.S. market while its European competitor’s price is increasing!

The Initial Problem

When a firm sells to foreign customers, either the firm or its buyers are subject to the exchange rate risk inherent in such transactions. The sales/marketing side of the firm is primarily concerned with facilitating these transactions by doing everything in its power to make the buyer happy with its overall offering, while the treasury/finance side of the firm is primarily concerned with minimizing the financial risk inherent in such transactions. As managers of large global firms know, the natural tension that such sales create between the marketing and treasury functions of a firm can cause considerable dysfunction.

The seller must make a choice about the currency in which it will invoice its customers. The natural tendency for a manager focusing on the financial implications of the transaction is to prefer that the invoicing be in the firm’s domestic currency, thereby passing all of the transaction’s exchange rate risk along to the buyer. However, the sales/marketing-oriented managers in the selling firm want the potential buyer to be happy. They know that the buyer will be happier if the seller agrees to assume the exchange rate risk by invoicing the transaction in the buyer’s domestic currency. The seller’s marketing manager will claim that her firm’s agreement to absorb this risk is a “market friendly” gesture. The seller’s finance department will likely have little concern about this risk if it is short-term in nature, since short-term exchange rate risks can be addressed in three short steps.

Financially-Based Solutions

Step 1: Identify the Exposure

A financially sophisticated seller will likely use one of three major types of risk management products to hedge currency exposures, depending on the size and frequency of the foreign exchange transactions. These risk management practices include forwards, options, and swaps. Before entering into any particular type of contract, however, the seller must consider its net exposure to the foreign currency. Net exposure is the degree to which a firm is net long (or positive) or net short (or negative) in a given currency (FX):

Net exposure = Net foreign assets – net FX bought

Going back to our prior automobile components example, suppose we have a U.S. manufacturer that sells components on credit to a customer in a country in which the euro is the transaction currency. If we assume the U.S. price is $150, then we have a net exposure in U.S. dollars of $150 per unit. If the exchange rate is €1 = $1.30, then the euro equivalent is €115.38. This is the exposure in euros that must be hedged.

Step 2: Choose a Hedging Instrument

The risks associated with collecting in a non-dollar-denominated currency can be enormous. Fortunately, forwards, swaps, and options can help to mitigate these risks.

Forward Transactions

Forward transactions provide a way of eliminating exchange rate risk when a firm is to receive or make a foreign currency payment in the future. A forward transaction enables one to buy or sell a currency at a fixed rate at some specified date in the future. By aligning this date to the date of the foreign currency payment, one essentially locks in the exchange rate and eliminates the risk of future fluctuations of that currency. Banks typically offer short- and long-dated forwards in a variety of currencies to meet such demands.

The function of the forward FX contract is to offset the uncertainty of the future spot rate (the then prevailing exchange rate) on a foreign currency at the end of the investment horizon. Once again, using the foreign automobile components sale as an example, we suggest that instead of waiting until payment is received to transfer foreign currency back into dollars at an unknown rate, one can enter into a contract to sell forward the sales amount, at the current known forward exchange rate for dollars/foreign currency. The delivery of the foreign currency to the buyer occurs at the end of the investment horizon. This activity essentially removes the future spot exchange rate uncertainty. The following example illustrates this strategy.

On January 1, 2005, a U.S. based automobile component manufacturer sells 100 components at $150 each, for a total of $15,000, on credit and wants to hedge the risk exposure of collecting and converting €11,538.46 back to U.S. dollars. Assuming the credit period is one year, one would enter into a forward agreement to sell €11,538.46 for $15,000 on January 1, 2006 to hedge this transaction. One would thus effectively eliminate the currency risk associated with the foreign transaction. Regardless of what happens to the exchange rate, the seller is guaranteed to receive $15,000.

Advantage: Can lock in exchange rate, which guarantees a particular future payment.

Disadvantage: Gives up translation profit if euro currency appreciates against the U.S. dollar and creates transaction costs of forward contract.

Options

Options are contracts that, for a fee, guarantee a worst case exchange rate for the future purchase of one currency for another. Unlike a forward contract, the option does not obligate the buyer to take delivery of a currency on the settlement date unless she exercises the option. Foreign exchange options thus protect one against unfavorable currency movements while allowing participation in favorable movements. Therefore, the mechanics of options contracts are such that one would pay a premium similar to that of an insurance policy in order to protect against adverse price movements.

Advantage: Options protect against downside risk and allow upside appreciation.

Disadvantage: Options are essentially an insurance policy and therefore can be quite costly.

Currency Swaps

Currency swaps represent a way for a corporation with recurring cash flows in a foreign currency or one seeking financing in a foreign country to eliminate exchange rate risk. In a currency swap, one simultaneously purchases and sells a given currency at a fixed exchange rate and then exchanges those currencies at a future date. This maneuver allows one to convert a stream of cash flows in one currency into another currency at a fixed exchange rate. This technique in effect creates an on-balance sheet liability that must be settled in the future. One concern with currency swaps is that of counterparty credit risk when the time comes to settle the transaction. For this reason, many contracts only exchange the netted cash flows at pre-specified time intervals. This practice in effect is a credit risk mitigating strategy.

Advantage: Currency swaps protect against exchange rate fluctuations.

Disadvantage: Currency swaps give up translation profits and can be subject to counterparty default risk.

Step 3: Hedge the exposure

Once the seller has evaluated the appropriateness of these financial management products, he can decide on the best way to hedge the currency risk exposure. Most often, currency translation exposures are mitigated through the use of forward contracts or a standardized version of forwards—futures contracts, which are traded on organized exchanges.

What if it’s not that simple?

The rub comes when the rate of exchange between currencies is in a long-term trend in a particular direction, and the seller might want to be market friendly by extending lengthy credit terms to its buyer (e.g., three to five years). It becomes difficult (if not impossible) and/or costly to attempt to address this sort of long-term exchange rate risk. Under this scenario of limited ability on the part of the seller to address concerns related to exchange rate risk, how should managers proceed if they desire to be “market friendly” in this way?

One must first recognize that there are circumstances under which a buyer might have little choice but to be “market friendly.” For example, in a recent visit to a small manufacturing concern in the Czech Republic, one of the authors inquired as to the invoicing practices of this Czech firm. Without hesitation, the two senior managers indicated that their economically powerful customers simply forced the seller to invoice in the buyer’s currency. The seller was so dependent on its large buyers for its very survival that it had no choice but to assume the exchange rate risk. In the case of this Czech firm, it has little concern about such a practice since its large customers tend to be domiciled in countries whose currencies are fairly stable against the Czech krona. However, as the Czech Republic transitions to use of the euro over the next several years, this situation may well change. What should a small firm do when dealing with large, powerful customers who can dictate the terms of their transactions?

One option is to attempt to develop a large and diverse enough customer base to allow existence of a “natural” hedge against exchange rate fluctuations. For example, if the small firm has customers in the U.S., the E.U., Japan, etc., it is likely, although not a certainty, that over time the fluctuations of the various currencies of this diverse customer group will offset each other. This sort of hedge is fairly common in today’s global environment for very large firms that do business on a truly global basis. However, the likelihood is low that smaller firms can consistently and effectively protect against currency fluctuations in this manner.

A second, less familiar form of risk reduction for small firms would be to utilize various forms of countertrade (modern variants of barter) in conducting their global transactions. The basic idea under this approach would be that payments for products sold would be received in the form of other products rather than in the form of foreign currencies. Since the value of a product might be far less volatile than the value of currencies, the risk of fluctuations in product value should be greatly reduced.

A Hypothetical Example

Let’s again look at a hypothetical example. Suppose that a small manufacturer of automotive components is confronted with currency fluctuations of the magnitude that have been illustrated above. In such a competitive industry, profit margins tend to be quite small, and the large automobile assemblers, such as Toyota, consistently apply pressure for even lower prices (and, therefore, lower margins) on the components they outsource. If the small manufacturer experiences a 20 percent increase in the value of its domestic currency vis-à-vis the Japanese yen (in the case of Toyota) and is unable to pass along the currency swing by increasing its prices to its Japanese customers, it will find itself losing money on each part it sells to that customer. However, if the small manufacturer can work with its customer, one of its subsidiaries, or a third party in Japan that has a product that the manufacturer could use in its own production or operations or that it could effectively resell to another party, the potential exists that the 20 percent change in the value of the manufacturer’s domestic currency would not impact the net price of the component parts that the manufacturer is selling to the Japanese customer.

This sort of approach to dealing with the pricing challenges that arise when currency fluctuations are of a significant magnitude is in itself a challenge. Such an approach requires the cooperation of the marketing/sales and treasury/finance functions in an organization. Depending on the complexity of the arrangement that needs to be structured, this approach might also require the involvement and/or agreement of other functional areas of business such as procurement, production, and operations. However, when viewed in the context of the alternative (that is, abandoning customers in markets whose currencies have significantly depreciated), the challenges inherent in using this non-traditional approach to being market friendly might seem to be very worthwhile.

2013 Volume 16 Issue 1

• Leading from Character Strength
• Private Businesses Predict Limited Growth for 2013
• Justice in Ethics Programs
• Moving from Misuse to Bricolage
• EDITORIAL: The New Paradigm for Management Education
• The Book Corner
• Video Library
• Dean’s Executive Leadership Series
• Graziadio School Business Programs

2012 Volume 15 Issue 3

• Facilitating the Inventor–Entrepreneur Interaction:
• Bridging the Complexity Gap:
• A No Fault Approach to Recouping Executive Compensation
• Implementing Intrapreneurship:
• Facebook: Data Mining the World’s Largest Focus Group
• The Four-Year U.S. Presidential Cycle and the Stock Market
• VIDEO – Wall of Worry: Elections and the Markets
• Editor’s Note

2012 Volume 15 Issue 2

• VIDEO – Wall of Worry: Elections and the Markets
• The Four-Year U.S. Presidential Cycle and the Stock Market
• CEO Performance of 125 of Northern California’s Largest Companies
• FOR SALE BY OWNER for Less than It Is Worth
• Beyond the Numbers
• Making Decisions with Multiple Attributes: A Case in Sustainability Planning
• The Ethics of Ethics Programs
• Transorganizations: Managing in a Complex and Uncertain World
• The Global Economy is Open for Business
• VIDEO: Leadership, Innovation and Disruption
• UPDATE: Benefits of International Portfolio Diversification
• Editorial: The World of Graduate Management Education Turned Up Side Down
• The Book Corner
• Editor’s Note

2012 Volume 15 Issue 1

• CEO Performance of 100 of Southern California’s Largest Companies
• Editor’s Note
• UPDATE: Reforming Corporate America
• UPDATE: Top 10 U.S. Economic Issues to Monitor
• UPDATE: Airline Industry Key Success Factors
• UPDATE: Management Skills for the 21st Century
• UPDATE: Creating and Sustaining an Ethical Workplace Culture
• UPDATE: The Dollar vs. the Euro
• UPDATE: Making Mergers a Growth Strategy
• UPDATE: The Employers’ Legal Obligations to Employees in the Military
• The Book Corner

2011 Volume 14 Issue 4

• Editor’s Note
• Financial Swiss Army Knife: A User-Friendly Tool for Facilitating Financial Analysis and Due Diligence
• Achieving Enterprise Stability Based on Economic Capital
• The Internet and Globalization: Ten Tips to Building an Effective Digital Strategy for Global Success
• Learn to Expect the Unexpected in Global Retail Expansion
• VIDEO: Stop the Madness: A Recipe to Jump-Start the Global Economy
• The Book Corner

2011 Volume 14 Issue 3

• Editor’s Note
• Labor Pains: The Recovery of the U.S. Labor Market is about to be Pushed Back
• Creating Advocates: A Values-Oriented Approach to Developing Brand Loyalty
• Leveraging Action Learning as a Talent Management Strategy during Economic Uncertainty
• Protecting Descriptive Brands in Trademark and Trade Dress Law:
• VIDEO: Transforming the Relationship between Business and IT Executives
• The Book Corner

2011 Volume 14 Issue 2

• Editor’s Note: Finding Distinctiveness
• Secondary Meaning in Trademark and Trade Dress Law
• Financial Elements of Business Resilience
• Positive Organizational Scholarship and Practice: A Dynamic Duo
• VIDEO: Currency Wars, a Faculty Panel
• The Book Corner

2011 Volume 14 Issue 1

• Editor’s Note
• A Consequence Analysis that Needs to be Shared
• Family Business Succession
• The Quest for Distinctiveness in Trademark and Trade Dress Law
• Self-Organizing Conversation as an Invitation to Serendipity
• The ABC’s of Effective Feedback
• “Spiritual Capital and Virtuous Business Leadership” with Yale’s Ted Malloch
• “The Role of the CIO” with Harvey Koeppel
• The Book Corner

2010 Volume 13 Issue 4

• Attn: The Corner Office – Why U.S. Firms Should Pay Special Dividends Before Year-End 2010
• The Charisma of Twitter
• Lessons from the New Dodd-Frank Financial Regulatory Reform Law
• The Changing Role of the Residential Real Estate Broker
• 2010 Student Paper Winner: Using Social Media to Grow Your Business
• Editor’s Note: New Look, New Name, Still Great Content
• What to Do when Traditional Diversification Strategies Fail – Revisited
• Great Leaders are Great Decision-Makers
• The Four Levels of Innovation
• The Book Corner

2010 Volume 13 Issue 3

• The Spoiled American
• Choosing Your Negotiation Site
• Editorial: Systems Thinking
• Improvisation as a Way of Dealing with Ambiguity and Complexity
• Economic Recovery Gaining Traction
• The Book Corner
• City National Bank’s Robert Iritani Discusses the Future of Financial Management
• An Interview with Clean Tech Start-up Advisor Susanna Kass
• Servanthood Leadership

2010 Volume 13 Issue 2

• Carl Schramm Talks Expeditionary Economics
• Highly Effective Technical Personnel Strategies
• Real Options: The Value Added through Optimal Decision Making
• 10 Lessons for Entrepreneurs
• Utilizing Business Service Management Concepts to Improve Healthcare Information Services
• Editor’s Note
• Strategies for Leading through Times of Change
• Editorial: Will commercial real estate will follow in the footsteps of the residential property market?
• The Book Corner

2010 Volume 13 Issue 1

• Six Steps for Confronting the Emerging Leadership Succession Crisis
• Interview with Robert Eckert, Chairman of the Board and CEO of Mattel, Incorporated
• Political Connections: The Missing Dimension in Leadership
• How Coach, H-P, Zara, and Ford Profited from a Comprehensive Application of Market Orientation
• Three Ways Larger Monitors Can Improve Productivity
• The Role of Finance in the Strategic-Planning and Decision-Making Process
• Editorial: Is Robotics America’s Ticket to Continued Global Competitiveness?
• The Power of Collective Wisdom and the Trap of Collective Folly By Alan Briskin, Sheryl Erickson, John Ott, and Tom Callanan
• The Book Corner

2009 Volume 12 Issue 4

• Women, the Recession, and the Impending Economic Recovery
• The Power of Sharing in an Uncertain World
• How to Communicate Change to Employees
• Five Tactics to Create a Sustainable Restaurant Business
• IT Solutions for SMBs in an Economic Downturn
• What’s Next, Hollywood?
• Eight Key Attributes of Effective Leaders
• What to Do When Traditional Diversification Strategies Fail
• Video Interview on Corporate Social Responsiblitiy with Golden State Foods
• The Book Corner

2009 Volume 12 Issue 3

• Offshoring May Slow Impending U.S. Economic Recovery
• In Memory of Luis Villalobos
• IT Outsourcing: China Grasps for the Lead
• The Buffett Approach to Valuing Stocks
• Audio Interview with BP’s Chief Economist Christof Ruhl
• Audio Interview with McKesson U.S. Pharmaceutical President John Figueroa
• Editorial: E-Learning is Green Learning
• Domestic Partner Benefits in the United States
• Examining the Role of Short-Term Correlation in Portfolio Diversification
• The Book Corner

2009 Volume 12 Issue 2

• The Root Causes of Unethical Behavior
• Price Fixing and Minimum Resale Price Restrictions Are Two Different Animals
• Investing for Income in a Down Economy
• What Determines Which Businesses Win and Which Lose?
• Leveraging Opportunities in the Current Economic Climate
• Editorial: Writing a Business Plan to Attract Investors
• What’s Next LA: The Road to Economic Recovery
• Owner-Occupied Commercial Real Estate for the Entrepreneur
• Attention Deficit Hyperactivity Disorder (ADHD) in the Workplace
• The Winner’s Curse and Optimal Auction Bidding Strategies
• The Book Corner

2009 Volume 12 Issue 1

• Private vs. Public Real Estate Markets
• More Than Money
• The Successful Expatriate Leader in China
• Recognizing Organizational Culture in Managing Change
• Editorial: Taking Advantage of California’s Retirees to Help Close the Budget Gap
• Believe It: Complaints Are Gifts
• An Alternative Way to Manage Equity Portfolios
• Active Alpha Portfolio Management: Appendix A
• Active Alpha Portfolio Management: Appendix B
• The Book Corner

2008 Volume 11 Issue 4

• Best Practices for Headcount Reporting
• 2008 Graziadio School Student Paper Competition – How Intercultural Competence Drives Success in Global Virtual Teams
• Discovering Leadership Potential
• Discovering Leadership Potential – Survey
• Discovering Leadership Potential – Evaluation Guidelines
• Corporate Governance, SOX, and the Business Judgment Rule
• What Will The International Financial Reporting Standards (IFRS) Mean to Businesses and Investors?
• Who are Fannie Mae and Freddie Mac?
• Editorial: Crisis in America: A Nation at Risk
• The End of the Beginning for the Global Credit Crisis
• The Book Corner
• All IFRS-Compliant Statements Are Not Equal

2008 Volume 11 Issue 3

• The Book Corner
• IT-Enabled Information Transparency: A Strategic Approach
• Editorial: The Top 10 Embracements for Difficult Economic Times
• Servicing the Software Industry (SaaS)
• Where Do Older Workers Go?
• Creating Wealth in Low Income Communities
• Supplier Diversity and Competitive Advantage: New Opportunities in Emerging Domestic Markets
• The Last 100 Feet of the Supply Chain
• America’s Financial Crisis

2008 Volume 11 Issue 2

• The Tie-In Decision
• The Trybaby Syndrome
• Editorial: California Greening: Boom or Bust?
• High CEO Pay Could Draw Renewed Attention in Election Year
• The Book Corner
• Empowering Employees to Success
• Commercial Banking and Treasury Management in Mexico

2008 Volume 11 Issue 1

• Venture Capital Audio Interview
• Learning to Love Financial Market Barbarians
• The Top 10 U.S. Economic Issues to Monitor
• Putting Performance and Happiness Together in the Workplace
• Harassment Prevention Training 2008
• Editorial: No Child Left Behind-A Blueprint for Success
• A Class with Drucker by William A. Cohen
• The Book Corner
• Is Managed Futures an Asset Class?

2007 Volume 10 Issue 4

• Organizational Design and Implementation
• Managing the Critical Role of the Warehouse Supervisor
• Editorial
• Creating a Community in Southern California that Values Sharing Knowledge
• The Book Corner
• Commercial Banking in the U.S. Versus Canada

2007 Volume 10 Issue 3

• Developing a Barometer for Workplace Attitude (WPA)
• The Employers’ Legal Obligations to Employees in the Military
• Employee Incentives
• Will the Sub-Prime Meltdown Burst the Housing Bubble?
• Strategic Leadership – Part Two
• Editor’s Note
• Assertive Performance Feedback
• To Tell or Not to Tell?
• The Book Corner

2007 Volume 10 Issue 2

• The Trader Joe’s Experience
• Strategic Leadership
• Managing Organizational Knowledge
• The Family-Owned Business
• Editor’s Note
• Emotional Dynamism: Playing the Music of Leadership
• Benefits of International Portfolio Diversification
• Aligning Business with a Value Statement
• The Book Corner

2007 Volume 10 Issue 1

• The Death of Time and Distance
• The Moral and Financial Conflict of Socially Responsible Investing
• What You Need to Know about Labor Shortages
• Women Entrepreneurship
• SEC Quest to Regulate Hedge Funds Hits Speed Bump
• The Book Corner

2006 Volume 9 Issue 4

• Seasonality and the Stock Market
• Airline Industry Key Success Factors
• Seven Neurotic Styles of Management
• IT in Healthcare
• Wings of the Great Northwest
• Gratitude at Work
• Editor’s Note
• The Book Corner
• Using ADR to Resolve Worker’s Compensation Claims

2006 Volume 9 Issue 3

• Making Marketing Accountable
• Conversations about Conscientious Capitalism
• Gen Y and Organizational Life
• The Business Impact of Change Management
• Class Action Shareholder Suits Face Legal Setbacks
• The Book Corner
• Achieving Corporate Success and Maximized Value

2006 Volume 9 Issue 2

• Business Survival Skills
• Six Components of a Model for Workplace Spirituality
• HR’s Strategic Partnership with Line Management
• The Book Corner
• Obesity, Social Responsibility, and Economic Value
• Graziadio Faculty Discuss Ethics

2006 Volume 9 Issue 1

• A Winning Tool to Manage Price: The Pricing Checklist
• Update: The Price of Oil
• Mapping IT Resources for Successful Implementations
• Is the Real Estate Market a House of Cards?
• Whither Now Dow?
• The Book Corner

2005 Volume 8 Issue 4

• Whistleblowers
• Editorial: Does a Non-Public Business Need SOX?
• Am I My Brother’s Keeper?
• 5-Forces Industry Analysis
• IT MATTERS: Measuring Success
• A New Imperative for Management: Sexual Harassment Training
• The Company Director’s Role In Company Growth
• Editor’s Note
• The Book Corner

2005 Volume 8 Issue 3

• IT MATTERS: The IT Governance Road Map
• Fair Trade or Strategic Concern: The Unocal War
• Avoiding Ethical Misconduct Disasters
• The Positive Psychology Approach to Goal Management
• Antitrust Law in the European Union
• Editor’s Note
• The Book Corner
• D & O Policies: Greater Risks Less Coverage
• A Blueprint for Change: Appreciative Inquiry

2005 Volume 8 Issue 2

• Connecting Enterprise Information and People in a Web World
• The Leader’s Role in Strategy
• IT MATTERS: Ethics, Information Systems, and a Steel Ax
• Conversation with author and leadership scholar James M. Kouzes
• Will China Float the Yuan?
• Editorial
• Corruption Across Borders
• Resolving Intra-Organization Conflicts
• An Uphill Battle
• Leading and Managing Change
• The Book Corner

2005 Volume 8 Issue 1

• Managing Resistance to Change
• The Link Between Price and Profit Margin in a Global Market
• IT MATTERS: Or more correctly, use of IT matters…
• The Impact of Empowered Employees on Corporate Value
• What You Need to Know about Attorneys’ Fees
• Editor’s Note: Phishing
• The Book Corner
• Strengthening Value-Centered Ethics (Part 3)
• Will Your Company’s Electronic Records Storage Withstand Legal Scrutiny?
• Conversation with Gemstar-TV Guide International’s Jeff Shell

2004 Volume 7 Issue 3

• Litigate or Arbitrate?
• Presidential Elections and Stock Market Cycles
• Businesspersons Beware: Lying is a Crime
• Strengthening Value-Centered Ethics (Part 2)
• Attempting to Control Health Care Costs – Again
• Editor’s Note
• The Crude Facts About the Price of Oil
• Conversation with Sempra Energy’s Stephen Baum
• The Book Corner

2004 Volume 7 Issue 2

• The Uncertain World of Trademark Dilution
• Does Corporate Social Responsibility Pay Off
• Strengthening Values Centered Leadership
• Editor’s Note: Deeper Questions
• The Twin Deficits
• Conversation with Rite Aid’s Robert Miller
• The Book Corner
• From Michelangelo to the Modern Boardroom
• Preparing for a Future Labor Shortage

2004 Volume 7 Issue 1

• Slowing Runaway Juries
• Merger and Acquisition Strategies
• Slips, Trips, and Falls
• Using Conflict to Your Advantage
• Wired!
• Editorial: Don’t Panic!
• IT MATTERS: Seek and You Might Find
• Conversation with American Honda’s Tom Ross
• The Dollar vs. the Euro
• The Book Corner

2003 Volume 6 Issue 4

• Negotiating Effectively
• Why Good Leaders Do Bad Things
• Editorial: Cybersatire
• Main Street and Hedging
• IT MATTERS: Digital Indemnity
• What Stays and Who Pays?
• Inflation to Deflation and Back?
• Conversation with AT&T’s Betsy Bernard
• The Car Deal
• The Book Corner
• Using Dashboard Based Business Intelligence Systems

2003 Volume 6 Issue 3

• The Cost of Lost Data
• Consolidate All IT?
• Blowing the Whistle
• Hedging Strategies for Uncertain Times
• Creating and Sustaining an Ethical Workplace Culture
• Editorial: Onward and Upward?
• IT MATTERS: Portal Combat
• Facing Up to the Possibility of Deflation
• Dialogue With Four Executives

2003 Volume 6 Issue 2

• Do Not Call!*
• Improving Research Performance
• Just-in-Time to Just-in-Case
• Increasing the Firm’s Strategic IQ
• Special Purpose Entities
• Editorial: Shock and Awe
• IT MATTERS: Webhosting
• Conversation with Galpin Ford’s Bert Boeckmann

2003 Volume 6 Issue 1

• Communicating Your Strategy
• Reforming Corporate America
• Recognize the True Cost of Compensation
• Learn from Experience
• Use Emotional Intelligence to Cope in Tough Times
• Conversation with Evoke Software’s Lacy Edwards
• Editorial
• Predicting Bankruptcy in the WorldCom Age

2002 Volume 5 Issue 4

• Build Value in a Small Business
• Protect Your Trade Secrets
• Managing in an Era of Multiple Cultures
• Consider the Pros and Cons of Expensing Stock Options
• IT MATTERS: Web Services May Bridge the Great Culture Gap
• Editor’s Note
• Conversation with Kinko’s Paul Orfalea
• Calculating the Strategic Value of Customer Satisfaction

2002 Volume 5 Issue 3

• Encourage Your Employees to Play
• Managerial Leadership at Twelve O’Clock
• Remembering George L. Graziadio
• Editor’s Note: Bad Boys in the Board Room
• Who’s Driving American Firms?
• Supreme Court Sides With Business
• Using Asset Allocation Strategies to Recover from a Bear Hug
• Mediate, Arbitrate or Litigate?
• IT MATTERS: The Wonderful World of the Wireless Web

2002 Volume 5 Issue 2

• Does Market Efficiency Trump Behavioral Bias in Finance Decisions?
• Making Mergers a Growth Strategy
• Sealing Cracks in the Capital Markets
• Artificial Intelligence Techniques Enhance Business Forecasts
• Editor’s Note: Weapons of Mass Disruption
• E-Commerce Reboots
• IT MATTERS: Web Services Prevail Despite Travail
• Go Directly to Jail?
• Conversation with Trader Joe’s John Shields

2002 Volume 5 Issue 1

• Build a Culture of Value Creation
• Choose Tomorrow’s Leaders Today
• Small Firms Keep R&D Vibrant
• Teams Use IT to Manage Client Impressions
• Putting Spirituality to Work
• IT MATTERS: Fifty Years and Counting
• Defining Disability Under the ADA
• Conversation with Reid Plastics’ Joe Rokus
• Editor’s Note: Decisions, Decisions, Decisions

2001 Volume 4 Issue 4

• Gender Impacts Virtual Work Teams
• Doing Business in a Volatile World
• The Strategic Downside of Downsizing
• Editor’s Note: Corporate Citizenship in the Wake of September 11!
• The Economic Downturn is No Surprise
• IT MATTERS: ROI for Tech Deployments in the Downturn
• Supreme Court Faces Key Business Cases
• Conversation with Joseph and Edna Josephson Institute of Ethics’ Michael Josephson
• Are Workplace Bullies Sabotaging Your Ability to Compete?

2001 Volume 4 Issue 3

• Suddenly Unemployed?
• Too Late for an IPO?
• Electricity Price Gouging in California?
• Editor’s Note: Surf’s Up!
• The Fine Art of Delegation
• Waiting Games People Play
• Business at the Bar
• Conversation with California’s Senator Sandra Bowen

2001 Volume 4 Issue 2

• Knowledge Management and Business Portals
• Trust as a Competitive Advantage
• Is Price Everything?
• Editor’s Note: A Quarter Without Quarter
• Has the Dow Really Escaped the Bear?
• Dot.Gone
• IT MATTERS: E-Business is Definitely an E-Ticket Ride!
• Downsizing with Dignity
• Conversation with Salomon Smith Barney’s Mitchell J. Held
• The California Electricity Crisis

2001 Volume 4 Issue 1

• Repetition Leads To Innovation
• What’s the Problem?
• Editor’s Note: Quakes, Flakes, and Double Takes
• IT MATTERS: CRM Solution Seekers Beware!!!!
• Language, Culture and Global Business
• Conversation with WATTSHealth Systems’ Dr. Clyde Oden, Jr.
• Personality Traits and Workplace Culture
• Who Wants to Lose a Million?
• The Power of Performance Profiling

2000 Volume 3 Issue 4

• Building Wealth
• How Small Firms Plan to Grow
• Using Internet Portals to Manage the Information Deluge
• Editor’s Note: Messy Brains and Global Opportunities
• SEC Requires Fair Disclosure
• IT MATTERS: MP3.com Completes Settlements
• Conversation with Boyd Clarke of tompeters!
• Planning in a Complex World
• Business Be Advised!

2000 Volume 3 Issue 3

• Do Japan’s High Tech Failures Open Doors for Western Firms?
• Managing Earnings … or Cooking the Books?
• The Battle Over Merger Accounting
• Conversation with Development Bank of Japan’s Dr. Kazuyuki Matsumoto
• Editor’s Note: Friends, Romans & Countrymen…
• What Directors Need to Know
• Still Thinking of Doing an IPO?

2000 Volume 3 Issue 2

• Managing Innovation through Corporate Venturing
• The Death of the Sales Force
• Thinking of Doing an IPO?
• Serving Each Other on the Inside
• Editor’s Note: Screaming Into the Future!
• Conversation with Power-One’s Stephen J. Goldman
• Will Marketers Survive the Information Age?

2000 Volume 3 Issue 1

• Re-Assessing the Health of the Asian Tigers
• Knowledge Management and the Internet
• The Learning Organization in Practice
• Economic Forecasting
• Editor’s Note: A Short Hello!
• Are You Ready for E-Commerce?
• E-Business: The New Management Challenge
• Conversation with Raytheon’s Daniel Burhnam
• The Bull Market’s Flawed Foundation

1999 Volume 2 Issue 4

• The Electric Day Trader and Ruin
• Teambuilding for Competitive Advantage
• Parable of the Commons
• Preserve and Strengthen a Business Partnership
• Editor’s Note: Here to Be Thrilled!
• Conversation with McDonald’s Mike Roberts
• Telecommuting… Out of Sight, Out of Mind?

1999 Volume 2 Issue 3

• How Gerber Used a Decision Tree in Strategic Decision-Making
• Customer Satisfaction Measurement
• Get Your Message Across!
• Balancing Act for Employers in Today’s Labor Market
• Editor’s Note: Too Much Fun!
• E-Commerce & Taxation
• Conversation with Harvard’s Dr. Gary Hamel
• To Join or Not To Join..?

1999 Volume 2 Issue 2

• Defamation Vs. Negligent Referral
• Maximize Business Achievement
• Preserving Family & Business Assets
• Knowledge is Power…
• Editor’s Note: Welcome to the Graziadio Business Review
• E-Commerce & Taxation
• Conversation with Franchise Mortgage Acceptance Company’s Wayne “Buz” Knyal
• Cultivating the Customer Asset

1999 Volume 2 Issue 1

• Business and Universities Moving to Collaborative Technologies
• Tips for Reducing Executive Stress
• Russia at the Crossroads
• Editor’s Note: Volume 2, Issue 1
• GBR Case Study
• Launching an Effective Citizen Advisory Panel

1998 Volume 1 Issue 3

• T.I.P.S.
• Retirement Call to Action
• The European Directive On Data Privacy
• Editor’s Note: Welcome to the GBR, Volume I, Issue 3
• Debt Tied to Lower Firm Performance
• Conversation with Countrywide Credit Industries’ Angelo Mozilo
• Boosting Country Club Memberships With Innovative Marketing and Pricing Concepts

1998 Volume 1 Issue 2

• Management Skills for the 21st Century
• Middlaning
• Decision-Making in a Global Environment
• Editor’s Note: Welcome to the GBR, Volume I, Issue 2
• Conversation with Global Pacific Information Services’ Jeffrey Rigsby
• Cultural Insights on Doing Business in China
• When Worlds Collide

1998 Volume 1 Issue 1

• Editor’s Note: Welcome to the GBR
• Guide to Personal Investment Software
• Southeast Asia: Crisis To Recovery
• Growth Strategies for High Tech Firms
• Conversation with Imperial Bank’s George L. Graziadio
• The Human Realities of Corporate Downsizing
• AB Corporation Case Study

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• Top Five Posts

  • City National Bank’s Robert Iritani Discusses the Future of Financial Management
  • Creating and Sustaining an Ethical Workplace Culture
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• New in the GBR Blog

  • Our Degree Is What We Make of It
    As I outlined in my Three Part MBA Philanthropy Series, alumni are a critical financial component to business schools.  However, alumni can contribute in many other ways. In addition to providing financial support to their alma mater, alumni also play an equally important role in pre-student recruiting and job placement. Why is pre-student recruiting importa […]

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