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Aug 10, 1990 - uncooperative fiefdoms were rampant and barriers to the free flow of information ... orientation depending on which clique managed to get Bob's ear. ... the country to the east, supposedly to be closer to the market. .... that the normal rules of conduct did not apply to him, that any ..... Naresh K. MALHOTRA.
"THE CEO WHO COULDN'T TALK STRArGt1416141A OTHER TALES FROM THE BOARD ROOM

by Manfred F.R. KETS DE VRIES* N° 90/89/0B

* Professor of Organisational Behaviour and Management Policy, INSEAD, Boulevard de Constance, Fontainebleau 77305 Cedex, France.

Printed at INSEAD, Fontainebleau, France.

8/10/90

THE CEO WHO COULDN'T TALK STRAIGHT AND OTHER TALES FROM THE BOARD ROOM

Manfred F.R. Kets de Vries*

* Raoul de Vitry d'Avaucourt Professor of Human Resource Management, INSEAD, Fontainebleau, France.

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ABSTRACT

In this paper the case histories of three CEOs are presented, illustrating the suspicious, alexithymic and narcissistic modes. The ways in which the behavior of such top executives affects their organizations are described. Connections are drawn between early personality development and leadership styles, with particular reference to the development of the self. Finally, the paper ends with a number of recommendations to board members on how to identify such troublesome executives.

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THE MAN WHO COULDN'T TALK STRAIGHT

Frank Nelson had been CEO of Storex, a manufacturer and distributor of automotive equipment, for two years and was becoming increasingly uncertain about whether he was handling his job his correctly. He kept up a good facade, but somehow nothing felt right.

At the last board meeting, a lot of barely-veiled criticism had been leveled against him following a missed business opportunity in Eastern Europe. Frank's explanation -- that some of his subordinates had arrived too late with their proposal -had not gone down well. The board felt that he had been the one stalling the deal. There had also been considerable tension over the resignation of two of his senior executives.

The increasing vigilance of the board was making Frank feel paranoid: the last thing he needed was a vote of noconfidence. But Frank was really preoccupied with what he saw as disturbing developments within the company. He felt that his key executives were not committed to the direction in which he thought the company should be going. The bungled Eastern Europe affair was symptomatic. It suggested insufficient cooperation and team work among the principal players in the company.

If he were honest with himself, Frank had to admit that a lot of energy was wasted on political infighting. Because of that,

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certain things didn't get done -- decisions dragged on forever or were not followed up. All too often committee meetings went around in non-productive circles, each individual sticking to a predictable position and accusing others of foul play. Everyone seemed to be preoccupied with protecting his or her own turf.

Frank was also upset by an undefined impression that a number of his vice presidents and directors did not respect him. He had a feeling that some of them were making fun of him behind his back. He even had a sneaking suspicion that one in particular was maneuvering to take over his job. Overheard conversations, furtive glances and occasional caustic remarks made at meetings further undermined his peace of mind.

Frank had been trying to assess his own responsibility for the troubled atmosphere in the company. It was not easy to put a finger on the problem -- he was not sure what he did wrong. What was it about his behavior that provoked these reactions?

He could acknowledge a few things which made him different from other people. He had always been extremely careful about revealing anything about himself -- you never knew how that sort of information might be used. Closely related to this was his difficulty in asking other people for help. He had always suspected people's motives in offering him assistance. He preferred to keep his independence, knowing all too well that nothing came without a price.

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Frank was also aware of his habit of wriggling out of making unpleasant decisions, or making someone else do the dirty work. When he had no choice but to do it himself he tended to obfuscate the matter -- so much so, in fact, that he frequently failed to put his message across clearly, causing initial confusion and subsequent anger in the person to whom the message was directed. Having to bite the bullet, and say how things really were -- without "packaging" -- made Frank feel awful. He was always afraid that the person concerned would get back at him when his guard was down.

Having been the focus of many angry reactions, it gradually dawned on Frank that there was a problem -- that his lack of openness and his suspiciousness were not conducive to a smoothly functioning organization. He began to realize that some of the internal discontent could be a direct result of his own behavior. One of the executives who had resigned told him that his secretiveness made it very difficult for his people to know where they stood and that, not surprisingly, this had led to paranoid thinking, gamesmanship, power plays, information-hoarding and the creation of political fiefdoms within the organization.

At home, things seemed better. There had been the usual difficulties at the beginning of his marriage and it was some time before Frank felt comfortable in his dealings with his wife. Now she was probably the only person he really trusted and for whom he had tender feelings.

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His wife had had to make an effort, however, before she knew how to interpret Frank's often cutting remarks. But now she seemed to have a good understanding of his needs, despite his talent for "packaging," and had become an expert translator of his subtle signals. In many instances she had taken charge of the dirty work. With this kind of complementarity, Frank's specific mental blocks became less noticeable.

He had discussed with his wife a recent incident at work, when one of his key employees had accused him of manipulative practices before handing in his resignation. His wife pointed out many parallels in his behavior at home and at the end of the conversation suggested that he seek the help of a psychotherapist.

The idea provoked Frank's instant opposition. Therapists were supposed to deal with crazy people. Did that make him crazy? What if the therapist made him lose control? Perhaps he did have some small problems, but who hadn't? Personally, he felt anything but crazy.

His wife insisted, however, and persuaded him that it would be a good idea to talk to someone in a neutral atmosphere, without the ties of family or friendship. Eventually, Frank could only agree with her suggestion but nevertheless it was not easy to take the first step.

Frank's relationship with the therapist was a stormy one. Initially, Frank found the therapist threatening. He was

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supposed to tell her everything, not an easy assignment for someone who had such a hard time confiding in others. Could she be trusted? Would she abuse the information she was given? Could Frank stand having this sort of mirror placed in front of him, being stripped of his defences, with all his faults and inadequacies on show?

Frank's therapist did not make it easy for Frank to worm out of difficult situations and, strangely, she also seemed oblivious to Frank's subtle slights. Each time Frank tried to provoke the woman, she would block whatever defensive maneuver he adopted. The therapist wanted him not only to become more trusting but also to call a spade a spade.

In spite of the early problems, Frank's discussions with the therapist eventually started to pay off. He began to trust the therapist and to develop a sense of confidence in her way of dealing with him. He no longer disguised his feelings but let the therapist know when he felt angry or upset. In addition, the therapist helped him to understand better the continuity between his present behavior and his past history. Most importantly, their discussions led Frank to experiment with changing his deepseated routines.

Frank did not have happy memories of his childhood. He mentioned, with a certain amount of regret, that he had never felt much warmth towards his parents. For reasons which he had never completely understood there had always been bitterness between his father and mother; life at home was characterized by

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constant quarrels. He remembered how his mother used to complain that her marriage had put a premature end to a promising career in fashion. He recalled his father's repeated accusations about his mother's "special" friendship with a distant cousin. He had not been helped by the fact that his brother, who was two years his junior, had been their parents' favorite. This had aroused a great deal of jealousy in Frank.

Survival at home had meant making himself as unobtrusive as possible. Frank always had to be on his guard. Asking for something usually invited a litany of reproaches -- being told that he was only interested in himself and didn't care for others. All too quickly, his parents' anger at each other would be redirected toward him, a situation his brother frequently exploited by finding something for which Frank could be blamed. Unsurprisingly, Frank decided that the wisest way to behave was to keep quiet and not express his real wishes.

Frank remembered vividly one occasion when things had got completely out of hand. He had tried to skip school by pretending to be ill, managing to raise the temperature of the thermometer to make his parents believe that he had a fever. The next thing he knew -- despite all his protestations and even confession of his deceit -- he found himself lying on an operating table waiting to have his appendix removed. He could still relive his sense of panic and the feeling that there was nobody he could rely on or trust.

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The appendix episode had taught Frank at a very early age that the world was a dangerous place. This screen memory set the tone for his later behavior. There were powers beyond his control and people who would always try to get at him. No wonder indirection became his way of expressing his wants. No wonder he was reluctant to reveal much about himself -- that way it was much more difficult for other people to get a hold on him and do things to him. This way of behaving was much safer.

Understanding the symbolic meaning of the appendix incident was essential in helping Frank make sense out of his later behavior. The incident had taught him that it was safer to play hide and seek with his real desires. In his position as CEO, however, it was much harder to pass the buck -- he was much more visible, and there were fewer places to hide. Frank's inability to talk straight became more noticeable. His lack of trust in others and his continual expectation of some form of malicious action had a much greater impact. This was where he had failed -- this was where he had created confusion and had a negative effect on the organization.

The therapist helped Frank to understand that his childhood experience had left him with a sense of suspiciousness and distrust, and that this was not necessarily a conscious process. In his intrapsychic world he retained the memory that revealing his wants could have dreadful consequences. His homework now was to realize psychologically that he was an adult, that the situation was different, that the old childhood set-up was no longer valid, and that he could make a new beginning.

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The Suspicious Mode

To some extent all of us possess an element of suspiciousness. We have all probably had an unfortunate experience that took us by surprise at one time or another. These memories may linger on and create a certain amount of wariness when we are placed in a similar situation. But for most of us this does not necessarily become our predominant Weltanschauung.

For some people, however, suspiciousness may turn into a way of life and completely color their outlook on the world. Such individuals seem continually to look for confirmation of their preconceived expectations, ignoring facts and dismissing anything which fails to validate their persuasion.

Such people are always on their guard against an external threat or danger; they are always imagining things (Shapiro, 1965; Meissner, 1978; Millon, 1981). They have lost their sense of proportion, taking things out of context and making mountains out of molehills. What others see as innocuous events are for them clear indications of conspiracy; there is treachery everywhere. Projection, the attribution of undesirable traits and motives to others, is their preferred defense mechanism. It must be said, however -- and this is a factor which makes this type of behavior so hard to deal with -- that somehow they are always able to demonstrate some element of reality in their assertions.

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Moreover, such people are normally blind to the fact that they are acting in this peculiar manner. While they are quick to deny that they manifest such behavior patterns themselves, they tend to be very critical of such features in others. This form of behavior -- always ascribing hidden motives to others -leads to rigidity. Spontaneity and playfulness disappear. These people are overly preoccupied with the dangers of external influences and control and with the belief that somewhere out there is a menacing force which is out to get them.

This paranoid response is very much a reaction to feelings of deficiency and frailty. As we saw in Frank's case, a child's sense of self-worth and self-esteem can easily get out of balance when consequential relationships are missing. Shifts of attention by the parents to a younger sibling, nonempathic responses, or an oppressive home atmosphere where attack and counterattack prevail, prevent the establishment of fruitful relationships and can create feelings of devaluation and inadequacy. A growing sense of resentment and disillusionment may follow, leading to loss of trust in one's external environment. The groundwork is laid for a distorted outlook on life, where other people are viewed as potential enemies and persecutors.

Frank's example demonstrates the extent to which this type of behavior can affect the total organization -- a common phenomenon when individuals occupy a key position. Paranoid thinking can be contagious and may become the overriding pattern in the organization. A fight/flight culture may then predominate, one

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in which everyone is on guard against attack and where personal threats and secrecy prevail. A lack of trust is a predictable consequence. The hoarding of information becomes a weapon in the arsenal of the power-seekers.

In their selection and evaluation of CEOs, board members would do , well to look out for these behavior patterns. They should be able to penetrate a candidate's particular style. Most especially, they should ask themselves whether this is a person who can build relationships of trust, and whether it would be possible for him or her to create a corporate culture where there is a frank exchange of ideas and respect for the individual, where promises are kept and intellectual curiosity is encouraged. Board members need to determine whether the candidate is able to make tough decisions and at the same time be fair.

THE MAN WHO COULDN'T FEEL

P(sychotherapist): What do you do?

E(xecutive):

I run a data processing firm. It is a subsidiary of a large multinational.

P: Can you say something about your work?

E: I like the work. I like the office. It is rather big...in a corner. I have a good view.

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P: What can you say about the people you work with?

E: Not much... I find it hard to describe how I feel about them.

P: What career prospects do you have?

E: I don't know. A colleague of mine who used to work for me got promoted recently to group vice president at head office.

P: Did you get upset about that? After all, he used to work for you.

E: No, those are the breaks.

P: What is your relationship with your wife like?

E: All right. We have been married for fifteen years.

P: Have there never been any problems between the two of you?

E: She had an affair once with another man.

P: How did you deal with it? Did you feel hurt?

E: I didn't feel very much. When she told me about it, I said it's all right... I think all this talk about feelings is crazy. What's important is to get on with life.

P: How is your relationship with your wife now?

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E: She sometimes screams at me for no reason.

P: Have you found out why she gets upset?

E: No.

P: Do you have children?

E: Yes.

P: Can you tell me something about them?

E: I have a boy and a girl. They are doing fine. I haven't much contact with them, given my working hours.

P: How do you feel?

E: I have had stomach pains for three years. They got worse but I discovered that if I held my body in a certain position it hurt less. I managed until the ulcer perforated. Now I take pills and watch my diet.

P: What do you usually do when you are at home?

E: I am not at home that much given my working hours. But when I am there I watch television.

P: What was the last program you watched?

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E: I don't remember. I usually forget the story line immediately.

P: Do you ever dream?

E: No.

P: Do you ever fantasize or have day-dreams?

E: Not that I can remember.

P: Do you ever cry?

E:

No.

P: Do you ever get excited about things?

E:

No.

P: Are you anxious being here?

E: My wife told me I might.

P: What thoughts do you have now?

E: I don't know...none. What do you expect me to say? I find it hard to describe how I feel... I am not much of a talker.

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The flat, matter-of-fact tone in which Bob Holden, the executive in question, describes his life and problems is very striking. Whatever else may be said about it, the dialogue is certainly not characterized by a great outpouring of emotions. The conversation contains very little affect, even when Bob talks about what, for other people, would be highly-charged emotional issues.

Surprisingly enough, after this unpromising start, Bob returned to the psychotherapist. He was strongly encouraged to do so by the Senior Vice President Executive Manpower of the parent company, a man he very much respected, and who had been partially responsible for Bob's being in his present position. The VP had been impressed by Bob's ability to work hard but had recently become concerned about whether Bob really had been the right choice for the job. The inappropriateness of some of his reactions, his startling lack of insight about people, his absence of interest in them as human beings with individual concerns, motivations, likes and dislikes, raised questions about Bob's fitness to lead and motivate a team of executives. The VP hoped that some work with a therapist, who at one point had been a consultant to the company, would help Bob understand better his particular leadership style and the effect it had on other people.

In subsequent discussions the therapist learned more about Bob's background. He was an only child whose parents had led a very active working life which clearly left very little time for him. His mother ran the household like clockwork. Every minute

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seemed to be planned in advance; nothing was left to chance. Given the particular set-up in the family, Bob felt he had never had much say in running his own life. Stormy disapproval followed each time he tried to deviate from the program. His mother had given the developing child very little individual leeway in the household. It was almost as if she had prescribed what he had to feel, to do and to think. He was not allowed the psychic space to daydream, to experiment with his own feelings and fantasies.

When he was at high school Bob went through a short period of rebelliousness; he stopped studying and had to repeat a year. But given the kind of family pressure he was under at home, this modest insurrection was short-lived. He discovered that it was much less painful to give in and continue his dependency relationship.

It was Bob's mother who pushed him on to engineering school, even suggesting the area in which he subsequently specialized, information systems. An educator herself, she was convinced that this field of studies had a great future.

Bob mentioned that at times other people had pointed out that he had a fatalistic view of things. He himself often felt pushed by an unmovable force. Things had to be done in certain ways; to do something differently would only lead to trouble. He told the therapist that he sometimes felt like a robot devoid of emotions. The fantasy that his mother still controlled his intrapsychic world, his thoughts and his feelings, had lingered

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on.

Physical illness -- albeit a very primitive, non-verbal

choice -- seemed to have become his main outlet for communicating his feelings and, even more, helped to make him feel alive.

Bob liked his job. He felt it gave him the structure he needed to help him act in appropriate ways. However, his job had seemed much easier before he became CEO. Before, given the kind of work he was doing in data processing, his interface with other people had been minimal. Now, in his role as CEO, he was supposed to be an empathic facilitator for his subordinates, able to empower, motivate and develop them. Since he had serious difficulty in assessing his own feelings, dealing with those of others did not come easily to him.

With the help of the therapist, Bob became more adept at recognizing what he felt. Like a child learning how to walk, he gradually became able to identify which feeling belonged to which situation. He also became more spontaneous in expressing his own wants -- less dependent on a prescribed program.

The Alexithymic Disposition

People who behave like Bob are sometimes called alexithymics, a word constructed from the Greek, meaning having no words for emotions (Sifneos, 1972). The psychoanalyst Krystal (1979) compared the problem of alexithymics to the way color-blind people manage in a world full of colors: they cope by picking up clues which serve as indicators of emotions which they cannot discern themselves. Superficially, they seem quite well adjusted

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to reality and to function very successfully in work situations. If we penetrate further, however, we encounter a wasteland of ideas and imagination. Given their problems in feeling, it will come as no surprise that these people have an impaired capacity for empathy: they tend to treat others with detachment and indifference. Love objects can be highly interchangeable. There is an absence of the human quality in relationships. When dealing with such individuals we are often left with a feeling of dullness, boredom and frustration.

Alexithymic individuals have an extreme reality-based cognitive style, an impoverished fantasy life and a paucity of inner emotional experiences. They prefer to operate ritualistically rather than reflectively. They also tend towards stereotypical interpersonal behavior and a speech pattern characterized by endless repetition of trivial details. This last characteristic seems to be the outcome of the attempt to find some kind of foothold in the external world, arising from the internal difficulty these people experience in describing what they feel. Whatever emotion they do feel tends to be of a vague, diffuse nature.

Obviously, when placed in a senior executive's position, people with this kind of mind-set create a very specific corporate ambiance, seriously affecting the modus operandi of all those around them.

The alexithymic's factual, unemotional, and

unimaginative way of behaving and acting fits the prototypical image of the organizational bureaucrat. The wooden quality of their behavior, their obsession with facts, and their need for

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structure all help to complete the picture. Their behavior appears to be almost overadaptive.

Bob is a good example of an executive who experienced great difficulty in dealing with emotions. Just as he was programmed by his parents, he programmed his company. He set up a strict hierarchy, insisting that others conform to highly prescriptive rules and procedures.

While Frank confused others because of his suspicion and evasiveness, Bob's inability to handle one of the most important tasks of a senior executive, catering for the emotional needs of his subordinates, led to widespread feelings of frustration and disaffection. Moreover, without a nugget of passionate feeling, it becomes much harder to generate commitment to a shared vision of where a company should be going, resulting in demotivation, bewilderment and interpersonal aggressiveness. In Bob's company, a highly politicized organizational culture developed, a playground for second-tier gamesmen. Warring and uncooperative fiefdoms were rampant and barriers to the free flow of information were erected. With such an organizational culture, insufficient scanning of the external environment was to be expected: the focus of the organization became more internal. A vacillating, muddling-through type of strategy followed, its orientation depending on which clique managed to get Bob's ear.

Like Bob, some people may disguise their interpersonal difficulties by resorting to jobs which are thing-oriented.

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Abstractions, tasks, set ideas and inanimate objects become of overriding importance; feelings become superfluous; what really counts is the system. For such people contact with others will be depersonalized and mechanical. Their attachment to procedures, rules and regulations is their way of coping with the sterility of their inner world. The initial interview with Bob illustrates the mental state of such a person.

Organizations give alexithymics great opportunities to blend into environments which camouflage what, in other situations, might be regarded as strange behavior. In this way they give relief to alexithymic individuals by providing a kind of structure which not only makes their behavior less conspicuous but may also appear to legitimize it. Hence, organizations can take on a containing function for the malfunctioning individual (Kets de Vries, 1990).

The current information revolution is a particularly efficient facilitator for alexithymic behavior. The increasing importance of the human/computer provides very efficient protective cover for people with these inclinations. They operate in an automaton-like way, clinging to fixed routines or zealously advocating abstractions and thereby abolishing relationships with real people. They are content with having their pace directed by their computer screen, and with the stimulus it provides. Such people seem to be perfectly programmed. Unfortunately, their frequently mindless and rigid pursuit of routines leaves little room for curiosity and initiative. They may not possess an adaptive capacity sufficient

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to cope with environmental change, a deficiency which can have devastating consequences for an organization.

Board members would do well to identify such people in time and be very careful about putting them in a top position. It is not that hard to recognize signs of serious alexithymia. There are usually sufficient opportunities to observe potential candidates and see if they have "fire in their belly." We should not forget that the inability to show emotions and the incapacity to get close to other people can exact a high price in the form of organizational disorientation, non-cooperation and stifled creativity.

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THE MAN WHO COULDN'T HEAR

When Tom Devon went to his board meeting he had some explaining to do. In spite of his promise the year before that the reported loss was only a temporary set-back, this year the company was even deeper in the red. Stocks were selling at an all-time low. A funereal atmosphere pervaded the company. Some of the better people who had not yet left were thinking of leaving. How had all this had happened? What had gone wrong?

Things certainly had not looked bad five years earlier when Tom was made president of the Telar corporation, an established company in the branded foods business. Older executives (who had managed to hang on) still remembered how his predecessor had

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specifically picked him for his talents as a team player and his professed commitment to participatory management. But all these talents had melted away the moment he became CEO. Many who knew him before felt that he had changed into a different kind of person. A common criticism was that Tom increasingly followed his own path and was no longer interested in hearing what others had to say.

As CEO he had embarked on a number of expensive projects. His first scheme was to move the head office from the north of the country to the east, supposedly to be closer to the market. However, cynics within the company suggested that the real reason for the move was so that Tom could be near his country estate. Two costly jet airliners were acquired to fly Tom and his entourage around the globe. An expensive yacht, allegedly to be used to entertain customers, topped off his spending spree. In fact, the boat was mostly used by Tom and his friends to go deepsea fishing.

For the stated purpose of streamlining the company, changing its image and making it more of a trend setter, two reorganizations took place within four years. The only visible results of the work of the armies of consultants hired during this time were a serious destabilization of the company, the exodus of a number of valuable long-term employees and significant problems with morale. A number of questionable, expensive acquisitions followed without much thought being given to their fit with other parts of the company.

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Tom's autocratic style and imperious way of acting increasingly antagonized his original supporters. Frank interchange was lost; good ideas were left by the wayside. It was hard to stop Tom once he got going, as he seemed to have lost the ability to listen.

In spite of the company's going into the red, Tom's salary and perks remained unaffected. He appeared to be unperturbed by the downward slide in profits, enthusiatically organizing an extravagant planning conference in a castle near Paris at a period when the company was in increasing financial difficulties. No expense was spared, including the chartering of helicopters, excessive speaker fees for a number of politicians, and the hiring of a three-star French chef.

Finally, Tom approved a low-interest loan to a company of which he was part owner, and this conflict of interests gave the board the excuse to ask for his resignation. In spite of his protestations that he did not see any potential conflict, since he did not occupy a management position in the second company, Tom was forced to resign.

After his separation from the company, Tom sank into a serious depression. His sudden fall from grace had badly damaged his self-esteem. At the same time, he developed a number of stress symptoms which led to a visit to his family doctor. Since there seemed to be nothing physically wrong with him, his doctor suggested that he saw a psychotherapist. With his morale at an all-time low, Tom felt he had nothing to lose. To be prepared

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for the encounter, however, he armed himself beforehand by reading a few books on psychotherapy.

At the first interview the psychotherapist was struck by the impression Bob made. He was meticulously dressed, wearing an Armani suit, Gucci shoes and a Patek Philippe watch. He immediately demonstrated his familiarity with clinical terms. He then pulled out of his attaché case a number of newspaper clippings showing himself photographed with well-known people from the worlds of politics and the arts.

Tom recalled how he had always been the center of attention when he was growing up. His parents would show off his good looks, dress him up and have him sing songs. He had vivid memories of people watching and encouraging him. He was always considered very talented, a person destined to have a great future. His mother even succeeded in persuading his teachers to let him skip a grade at grammar school. With hindsight he wondered if that had been a wise move, since it had put a lot of pressure on him. Moreover, it had made it more difficult for him to relate to his playmates. He complained that his parents had not seemed to care much about his personal desires but were more interested in outward symbols of success, like degrees and looks.

Tom was a very good student at high school and at graduation was listed in the year book as the person most likely to succeed. Study at an Ivy League college had been more difficult due to the amount of time he spent on women. Things no longer come as easily to him; to obtain good grades he really had to work.

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After taking his MBA degree, Tom had a problem choosing one job from among the many job offers that came his way. He had been a most successful interviewee, finding it extremely easy to charm recruiters. Given his interest in the media and his taste for glamour, advertising had been a logical choice of direction. He had seemed to be well set for a brilliant career. He recalled how contagious his enthusiasm and self-assurance had instantly been within the firm, that they had led to a succession of rapid promotions.

After gentle prompting by the therapist, Tom acknowledged some of the darker sides of his personality. He recognized that his relationships had probably always been somewhat lopsided. He tended to take others' admiration for his work for granted -- he felt he was entitled to it. He found it more difficult, however, to show real rather than faked interest in the work of others. Subordinate managers who failed to show enthusiasm for his ideas could find themselves quickly out of favor. He admitted that raising his anger could be dangerous for a person's career. He recalled two occasions where he had gone out of his way to put rivals in a bad light. Although he knew how to be subtle, he could also be very vindictive.

Tom elaborated at length on his talent for taking in his superiors with his charm. He was very good at playing games and at showing his best side. And it had paid off. He had obtained the top job -- at least for some time. But with the top job he had lost his sense of boundaries; somehow he had got the idea that the normal rules of conduct did not apply to him, that any

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transgression was allowed. The havoc his attitude caused to the organization, where people felt abused and stepped on, resulted in its near-bankruptcy.

The Narcissistic Style

A narcissistic personality like Tom's is a type frequently encountered in top management positions. Indeed, it is only to be expected that many narcissistic personalities, with their need for power, prestige and glamour, eventually end up in leadership positions. Their sense of drama, their ability to manipulate others, their knack for establishing quick, superficial relationships serve them well in organizational life. They can be quite successful, particularly in areas which allow them to fulfill their ambition for greatness, fame and glory.

We must remember, however, that while a certain amount of narcissistic behavior is essential for organizational success, like everything else, it is all a matter of degree. A moderate dose of grandiosity and idealization, expressed as selfconfidence and shown in the leader's ability to identify with senior executives and the organization, will contribute to effective organizational functioning. The theatrical quality of leaders' behavior -- their confidence and purposefulness -- can be extremely contagious. In a faltering organization it may even create much-desired group cohesion, as well as greater alertness to internal and external danger signs. Furthermore, the manner in which many executives use their subordinates as an extension of themselves does not necessarily have to be viewed in a

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negative way. The positive side is that these leaders let their followers share their vision and expertise, thus offering great opportunities for learning and career advancement. Obviously, this kind of leadership behavior is particularly effective within organizations in crisis where enthusiasm and purpose are needed to generate motivation and momentum.

Unfortunately, this sense of excitement is frequently only temporary; it easily wears off. Then the darker side of the excessively narcissistic personality may be seen. Although the narcissistic executive is usually heralded as a person with great potential, over time it becomes clear that something is lacking - things do not seem to work out and their original promise is never quite fulfilled. For them, power and prestige tend to be more important than commitment to performance; their energy may be diverted towards political expediency at the cost of long-term goals. Their primary concern is usually the preservation of their own position and importance, and they are contemptuous of the needs of others and of the organization. Their uninhibited behavior, self-righteousness, inattention to organizational structure and processes, and inability to accept a real interchange of ideas, impair organizational functioning and prevent organizational adaptation to internal and external changes. Their consequent exclusion of others from policy-making, intolerance of positive criticism and unwillingness to compromise will inevitably have serious negative effects.

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One of a leader's most important roles is to be aware of and accommodate the emotional needs of his subordinates. Leaders driven by the forces of excessive narcissism typically disregard their subordinates' legitimate needs and take advantage of their loyalty. They are exploitative, callous, and overcompetitive, frequently resorting to excessive use of depreciation. This behavior fosters submissiveness and passive dependency, stifling the critical function of their managers.

Sadly, the executives themselves are rarely conscious of their reasons for behaving the way they do. It usually takes the onset of serious personal problems -- physical aging, career setbacks, marital difficulties and an increasing feeling of emptiness in their work and their relationships -- to make such people begin to wonder what is happening to them and why.

Board members would do well to detect the symptoms of excessive narcissism early on and create boundaries to check it. They should be careful not to be swept away by the superficial charm of these candidates and to assess the degree of realism in what they are saying. However, detection and prevention are not always easy, since narcissistic behavior usually only blossoms fully when the executive in question has been in the top position for some time.

DEVELOPMENT OF THE SELF

Self-love is essential for survival. Without concern for the self the organism will die. On the other hand, too great a

30

preoccupation with the self can become self-destructive. A cohesive integration of the self is needed for adaptive functioning. However, a sense of self is acquired only gradually and changes throughout one's life. In order to become a person in one's own right, transitional space is needed. But this is not always an easy or straightforward process. Some parents use their children as extensions of themselves and are unable to give them the psychic space they need.

Each of our three examples demonstrates how a child's early interactions with its immediate environment can take on a patterning role. Obviously, a certain degree of frustration is inevitable in the process of growing up. The intensity of these feelings of frustration will vary, however. The "good-enough" mother is the one who is successful in spontaneously reacting to the full course of the infant's experiences (Winnicott, 1975). We should remember that what makes for good-enough care is ageappropriate frustration without traumatization: only a little frustration can be dealt with at any one time. Only if children sense that they mean something to others for their own sake will they feel comfortable in their own skin and acquire a sense of inner value and esteem.

As a way of coping with the shortcomings of parental care and in an attempt to ward off feelings of helplessness, the developing child retains the original experience of perfection of its early years through the creation of an all-powerful, grandiose, exhibitionistic image of itself and an all-powerful, idealized image of its parent, the latter taking on the role of

31

savior and protector. These two narcissistic configurations can be called the grandiose self and the idealized parent imago (Kohut, 1971).

In normal circumstances the grandiosity and exhibitionism of the grandiose self are gradually tamed by the forces of reality. To begin with the parents reflect and reinforce the child's grandiose self-image, confirming the latter's self-esteem. As the child develops, parents' reactions modify this self-image channeling grandiose fantasies of power in a realistic direction. A basis is laid for sensible ambitions, down-to-earth activities and a secure sense of self-esteem.

The same can be said about the idealized parent imago. In situations of good-enough care the child's evaluation of the parent becomes increasingly realistic; he or she will begin to assimilate these more realistic elements into his or her permanent personality structure, to be used as guidelines for his or her ideals and ambitions. Gradually, a cohesive sense of self develops.

When damage is caused to the grandiose self by parental understimulation or overstimulation, overburdening, or inconsistent intervention and discipline during a child's vulnerable period of development, a completely different picture may result. Our three examples suggest that on a superficial level many of the parents involved seemed to treat their children well. However, closer observation reveals how callous and indifferent their treatment often was. These parents frequently

32

used their children as proxies in their own search for admiration and greatness. Their behavior created only the illusion of loving without taking the real needs of the children into consideration. Both grandiose self and idealized parent imago were not really modified and truly integrated, but continued to exist in their unaltered forms, pursuing their archaic aims. In all the examples we see an absence of transitional space in which the child was allowed to experiment and play. A cohesive sense of self was thus absent from the adult, causing an imbalance in psychic structure, a danger of fragmentation and problems in the regulation of selfesteem. Each of these cases is an illustration of one of these various forms of psychological injury and their repercussions on organizational functioning.

THE ROLE OF THE BOARD

Like the proverbial monkeys who see no evil, hear no evil speak no evil, the three types of CEOs described have difficulties in speaking, feeling and hearing. Given the relationship between personality, leadership style, corporate culture, organizational structure and strategy (Kets de Vries & Miller, 1986, 1987), I have argued that board members would do well to identify such people at an early stage, given the harm they can do to organizations.

The key function of a board of directors is the selection and evaluation of CEOs. Selecting a new CEO requires an assessment

33

of the qualifications needed for the job in the light of the environmental challenges which lie ahead. In such instances an appraisal of the strategic mandate is required. A great deal of psychological acumen is demanded in order to determine if a new CEO fits this strategic mandate, has the qualities required for

the job and can handle its pressures. The strains a CEO will undergo are many and include the sense of isolation which comes with the office, the effects of aging, the fear of failure (and success) and particularly the "leader-as-mirror effect" -- the tendency of subordinates to idealize their leaders and project their own fantasies on them and the resulting need for applause on the part of the leaders themselves (Kets de Vries, 1989).

My examples have shown that surprises are not uncommon. The insidious pressures which come with the top job are of a special nature and as such are beyond the coping abilities of some executives. The board should therefore show increased vigilance, particularly in the early stages of the CEO's taking the job. This is especially important when a CEO is brought in from outside. Careful attention should be given to coaching the new incumbent and periodically reviewing and evaluating strategy. Board members should watch for some obvious red flags. Does strategy seem incoherent? Is the CEO preoccupied with constant reorganization? Does the CEO embark on unusual ventures? Is too much attention being paid to outward symbols? Does the CEO exhibit eccentric behavior? Are the CEO's actions uninspired, lacking that germ of passion? Has suspiciousness crept into the organization? Is the CEO becoming isolated and uncommunicative? Does the CEO demonstrate a bizarre single mindedness? Is the

34

CEO

listening to other people? Does the CEO act in an

erratic, arbitrary manner? Is the CEO prone to violent outbursts for no apparent reason? Does the CEO procrastinate? Does he or she show signs of workaholism? Are there too many unexplained slip-ups? Are key, long-term executives leaving?

All these indications of trouble could be observed in our three examples. They are danger signs the board should look out for and be prepared to take appropriate steps to deal with. If a CEO

does not fulfil the strategic mandate outlined, it is the

responsibility of the board to replace that person.

For a number of reasons, boards all too often play a passive role, behaving much like a rubber stamp. Frequently, board members feel beholden to the CEO who picked them in the first place. Many board members have a hard time admitting that they may have selected the wrong person. Furthermore, many board members are or have been CEOs themselves, making the notion of firing one of their own kind very difficult, since such an act cuts too deeply into the basic power fabric of CEO relations. Given these impediments, it usually takes some kind of catastrophe within an organization before a CEO is replaced.

The three cases I have described are a reminder that board members can benefit from becoming psychologically more astute. Paying attention to quantitative measures of CEO performance only is not sufficent -- after all, CEOs make or break organizations. It is essential that board members should be willing to play the role of organizational detective and be sensitive to elements of

35

leadership style, so that they can be on the look-out for potentially disruptive behavior.

As I have indicated, this is not going to be easy. More often than not symptomatology is very well disguised. Board members would be well advised not to limit their activities to mere attendance at board meetings. Meeting other directors, participating in exit interviews of key executives, and being involved in top management succession planning sessions are ways of keeping a finger on the pulse of the organization.

Moreover, as many board members will be CEOs themselves, they are in a good position to understand the pressures which come with being in the top job. When cracks in the armor start to appear, they can help the CEO by counseling him or her and even suggesting professional help. Of course, making such a process possible necessitates a relationship of trust, mutual respect and fair play. Here a healthy dose of humility, humanity and humor will be an important asset. In the end, these qualities are the only real protection against the pitfalls of leadership.

36

REFERENCES

Kets de Vries, Manfred F.R. (1989), Prisoners of Leadership, New York: Wiley. , (1990), "Fools, Impostors and Leaders", manuscript. Kets de Vries, Manfred F.R. & Danny Miller (1986), "Personality, Culture and Organization," The Academy of Management Review, 11 (2), 266-279. , (1987), Unstable at the Top, New York: Mentor Books. Kohut, Heinz (1971), The Analysis of the Self, New York: International Universities Press. Krystal, Henry (1979), "Alexithymia and Psychotherapy," American Journal of Psychotherapy, 33, 17-31. Meissner, William W. (1978), The Paranoid Process, New York: Jason Aronson. Millon, Theodore (1981), Disorders of Personality, New York: Wiley. Shapiro, David (1965), Neurotic Styles, New York: Basic Books. Sifneos, Peter E. (1972), Short-Term Psychotherapy and Emotional Crisis, Cambridge: Harvard University Press. Weber, Max (1947), The Theory of Social and Economic Organization, trans. A.M. Henderson and T. Parsons, New York: Oxford University Press. Winnicott, Donald W. (1975), Through Pediatrics to Psychoanalysis, New York: Basic Books.

INSEAD WORKING PAPERS SERIES

1986

86/11

Philippe A. NAERT and Alain BULTEZ

"From "Lydiametry" to "Pinkhamization": misspecifying advertising dynamics rarely affects profitability".

86/12

Roger BETANCOURT and David GAUTSCHI

"The economics of retail firms", Revised April 1986.

86/01

Arnoud DE MEYER

"The R & D/Production interface". 86/13

Philippe A. NAERT Marcel WEVERBERGH and Guido VERSWUVEL

"Subjective estimation in integrating communication budget and allocation decisions: a case study", January 1986.

S.P. ANDERSON and Damien J. NEVEN

"Spatial competition k la Cournot".

86/02

86/14

Charles WALDMAN

•Comparaison internationale des merges brutes du commerce", June 1985.

Michael BRIMM

"Sponsorship and the diffusion of organizational innovation: a preliminary view".

86/15

Mihkel TOMBAK and Arnoud DE MEYER

"How the managerial attitudes of firms with FMS differ from other manufacturing firms: survey results", June 1986.

86/16

B. Espen ECKBO and Herwig M. LANGOHR

"Les primes des offres publiques, la note d'information et le marchd des transferts de contrdle des societes".

86/17

David B. JEMISON

"Strategic capability transfer in acquisition integration", May 1986.

86/18

James TEBOUL and V. MALLERET

"Towards an operational definition of services", 1986.

86/03

86/04

Spyros MAKRIDAKIS and Michele HIBON

"Confidence intervals: an empirical investigation for the series in the M-Competition".

86/05

Charles A. WYPLOSZ

"A note on the reduction of the workweek", July 1985.

86/06

Francesco GIAVAllI, Jeff R. SHEEN and Charles A. WYPLOSZ

"The real exchange rate and the fiscal aspects of a natural resource discovery". Revised version: February 1986.

86/07

Douglas L. MacLACHLAN and Spyros MAI/AIDA/US

"Judgmental biases in sales forecasting", February 1986. 86/19

Rob R. WEITZ

86/08

Jose de la TORRE and David H.NECKAR

"Forecasting political risks for international operations", Second Draft: March 3, 1986.

"Nostradamus: • knowledge-based forecasting advisor".

86/20

"Conceptiudizing the strategic process in diversified firms: the role and nature of the corporate influence process", February 1986.

Albert CORHAY, Gabriel HAWAWINI and Pierre A. MICHEL

"The pricing of equity on the London stock exchange: seasonality and size premium", June 1986.

86/21

Albert CORHAY, Gabriel A. HAWAWINI and Pierre A. MICHEL

"Risk-premia seasonality in U.S. and European equity markets", February 1986.

86/22

Albert CORHAY, Gabriel A. HAWAWINI

"Seasonality in the risk-return relationships some international evidence", July 1986.

86/09

86/10

Philippe C. HASPESLAGH

R. MOENART, Arnoud DE MEYER, J. BARBE and D. DESCHOOLMEESTER.

"Analysing the issues concerning technological de-maturity".

and Pierre A. MICHEL

86/23

Amoud DE MEYER

"An exploratory study on the integration of information systems in manufacturing", July 1986.

86/34

86/25

David GAUTSCHI and Vithala IL RAO

H. Peter GRAY and Ingo WALTER

"A methodology for specification and aggregation in product concept testing", July 1986.

86/36

Jean DERMINE

Barry EICHENGREEN and Charles WYPLOSZ

"Measuring the market value of a bank, a primer", November 1986.

Albert CORHAY and

"Seasonality in the risk-return relationship:

Gabriel HAWAWINI

sane international evidence", July 1986.

David GAUTSCHI and

"The evolution of retailing: a suggested economic interpretation".

"Protection", August 1986. 86/37

Roger BETANCOURT

86/26

"Acquisitions: myths and reality", July 1986.

and David JEMISON 86/35

86/24

Philippe HASPESLAGH

"The economic consequences of the Franc Dineen", September 1986.

86/38

Gabriel HAWAWINI

"Financial innovation and recent developments in the French capital markets",

86/27

Karel COOL and Ingemar DIERICKX

"Negative risk-return relationships in business strategy: paradox or truism?", October 1986.

Updated: September 1986.

86/39

Gabriel HAWAWINI Pierre MICHEL

86/28

Manfred KETS DE VRIES and Danny MILLER

"Interpreting organizational texts.

86/29

Manfred KETS DE VRIES

"Why follow the leader?".

86/30

Manfred KETS DE VRIES

"The succession game: the real story.

86/31

Arnoud DE MEYER

"Flexibility: the next competitive battle", October 1986.

and Albert CORHAY

86/40

Charles WYPLOSZ

"Capital flows liberalization wad the EMS, a French perspective", December 1986.

86/41

Kura FERDOWS

"Manufacturing in a new perspective",

and Wickham SKINNER

1986.

Kasra FERDOWS

*MS as indicator of manufacturing strategy", December 1986.

86/42

and Per LINDBERG

86/31 Arnoud DE MEYER, Jinichiro NAKANE, Jeffrey G. MILLER and Kama FERDOWS

"Flexibility: the next competitive battle", Revised Version: March 1987.

86/43

86/44 86/32

86/33

"The pricing of common stocks on the Brussels stock exchange: a re-examination of the evidence", November 1986.

Karel COOL and Dan SCHENDEL

Performance differences among strategic group members", October 1986.

Ernst BALTENSPERGER and Jean DERMINE

"The role of public policy in insuring financial stability: a cross-country, comparative perspective", August 1986,

1987

Revised November 1986.

87/01

Damien NEVEN

"On the existence of equilibrium in hotelling's model", November 1986.

Ingemar DIERICIOC

"Value added tax and competition",

Carmen MATUTES

December 1986.

and Damien NEVEN

Manfred KETS DE VRIES

"Prisoners of leadership".

July

87/02

87/03

"An empirical investigation of international asset pricing", November 1986.

Claude VIALLET

David GAUTSCHI and Vithala RAO



"A methodology for specification and aggregation in product concept testing", Revised Version: January 1987.

87/15

Spyros MAKRIDAKIS

May 1987.

87/16

Susan SCHNEIDER and Roger DUNBAR

87/04

Sumantra GHOSHAL and Christopher BARTLETT

"Organizing for innovations: case of the multinational corporation", February 1987.

87/17

Andre LAURENT and Fernando BARTOLOME

87/05

Arnoud DE MEYER and Kura FERDOWS

"Managerial focal points in manufacturing strategy", February 1987.

87/18

Reinhard ANGELMAR and Christoph LIEBSCHER

87/06

Arun K. JAIN, Christian PINSON and

"Customer loyalty as • construct in the marketing of banking services", July 1986.

Naresh K. MALHOTRA

Rolf BANZ and Gabriel HAWAWIN!

87/19

"Equity pricing and stock market anomalies", February 1987.

"Takeover attempts: what does the language tell us?, June 1987. "Managers' cognitive maps for upward and downward relationships", June 1987. "Patents and the European biotechnology lag: • study of large European pharmaceutical firms", June 1987.

David BEGG and Charles WYPLOSZ

87/07

"METAFORECASTING: Ways of improving Forecasting. Accuracy and Usefulness",

87/20

Spyros MAKRIDAKIS

"Why the EMS? Dynamic games and the equilibrium policy regime", May 1987. "A new approach to AM/stir-id forecasting", June 1987.

87/08

Manfred KETS DE VRIES

"Leaders who can't manage", February 1987.

87/09

Lister VICKERY, Mark PILKINGTON and Paul READ

"Entrepreneurial activities of European MBAs", March 1987.

Andre LAURENT

"A cultural view of organizational change", March 1987

87/10

87/21

Susan SCHNEIDER

"Strategy formulation: the impact of national culture", Revised: July 1987.

87/22

Susan SCHNEIDER

"Conflicting ideologies: structural and motivational consequences", August 1987.

87/23

Roger BETANCOURT

"The demand for retail products and the household production model: new views on complementarily and substitutability".

David GAUTSCHI

Robert FILDES and Spyros MAKRIDAKIS

"Forecasting and loss functions", March

87/12

Fernando BARTOLOME and Andre LAURENT

"The Janus Head: learning from the superior and subordinate faces of the manager's job", April 1987.

87/13

Sumantra GHOSHAL

"Multinational corporations as differentiated networks", April 1987.

87/11

1987. 87/24

Andre LAURENT

87/25 and Nitin NOHRIA

87/14

Landis GABEL

"Product Standards and Competitive Strategy: An Analysis of the Principles", May 1987.

C.B. DERR and

87/26

"The internal and external careers: • theoretical and cross-cultural perspective", Spring 1987.

N. K. MALHOTRA and

"The robustness of MDS configurations in the face of incomplete data", March 1987,

Christian PINSON

Revised: July 1987.

Roger BETANCOURT

"Demand complementarities, household production and retail assortments", July

A. K. JAIN,

and David GAUTSCHI

1987.

87/27

Michael BURDA

"Is there a capital shortage in Europe?",

87/39

Manfred KETS DE VRIES

August 1987.

87/28

Gabriel HAWAWINI

"Controlling the interest-rate risk of bonds: an introduction to duration analysis and

"The dark side of CEO succession", November 1987.

87/40

Carmen MATUTES and Pierre REGIBEAU

"Product compatibility and the scope of entry", November 1987.

immunization strategies", September 1987.

87/41 87/29

Susan SCHNEIDER and Paul SHRIVASTAVA

"Interpreting strategic behavior: bask assumptions themes in organizations",

Gabriel HAWAWINI and Claude VIALLET

"Seasonality, size premium and the relationship between the risk and the return of French common Mocks", November 1987

September 1987

87/42 87/30

Jonathan HAMILTON

"Spatial competition and the Core", August

W. Bentley MACLEOD

1987.

Damien NEVEN and Jacques-F. THISSE

"Combining horizontal and vertical differentiation: the principle of max-min differentiation", December 1987.

Jean GABSZEWICZ and

"Location", December 1987.

and F. THISSE 87/43

87/31

Meanie QUINZII and

"On the optimality of central places",

J. F. THISSE

September 1987.

Arnoud DE MEYER

"German, French and British manufacturing strategies less different than one thinks",

Jacques-F. THISSE 87/44

87/32

Jonathan HAMILTON, Jacques-F. THISSE and Anita WESKAMP

"Spatial discrimination: Bertrand vs. Cournot in a model of location choice", December 1987.

September 1987. 87/45 87/33

Yves DOZ and Amy SHUEN

87/34

Kama FERDOWS and Arnoud DE MEYER

"A process framework for analyzing cooperation between firms", September 1987. `European manufacturers: the dangers of complacency. Insights from the 1987 European manufacturing futures survey",

Karel COOL, David JEMISON and Ingemar DIERICKX

87/46

Ingemar DIERICKX and Karel COOL

"Business strategy, market structure and risk-micas relationships: a causal interpretation", December 1987. "Asset stock accumulation and sustainability of competitive advantage", December 1987.

October 1987. 1988 87/35

P. J. LEDERER and J. F. THISSE

"Competitive location on networks under discriminatory pricing", September 1987.

88/01

Michael LAWRENCE and Spyros MAKRIDA1US

87/36

Manfred KETS DE VRIES

"Prisoners of leadership", Revised version October 1987.

87/37

Landis GABEL

"Factors affecting judgemental forecasts and confidence intervals", January 1988.

88/02

Spyros MAKRIDAKIS

"Predicting recessions and other turning points", January 1988.

88/03

James TEBOUL

'De-industrialize service for quality", January

"Privatization: its motives and likely consequences", October 1987.

1988. 87/38

Susan SCHNEIDER

"Strategy formulation: the impact of national culture", October 1987.

88/04

Susan SCHNEIDER

"National vs. corporate culture: implications for human resource management", January

88/16

Gabriel HAWAWINI

1988.

88/05



88/06



88/07

Charles WYPLOSZ

"The swinging dollar: is Europe out of step?", January 1988.

Reinhard ANGELMAR

"Les tomtits dans les canary( de distribution", January 1988.

Ingemar DIERICKX and Karel COOL

88/08



Reinhard ANGELMAR and Susan SCHNEIDER

88/09



DESGAGNE

88/10

Bernard SINCLAIRDESGAGNE

88/11



global investing", March 1988. /17

Michael BURDA

"Monopolistic competition, costs of adjustment and the behavior of European employment", September 1987.

88/18

Michael BURDA

"Reflections on "Wait Unemployment" in Europe", November 1987, revised February 1988.

88/19

MI LAWRENCE and

"Individual bias in judgements of confidence", March 1988.

"Competitive advantage: a resource based perspective", January 1988. ' Issues in the study of organizational cognition", February 1988.

Spyros MAKRIDAKIS 88/20

Bernard SINCLAIR-

Bernard SINCLAIRDESGAGNE

"Price formation and product design through bidding", February 1988.

Jean DERM1NE, Damien NEVEN and

"The robustness of some standard auction game forms", February 1988.

/21

' When stationary strategies are equilibrium bidding strategy: The single-crossing

/22

James TEBOUL



Manfred KETS DE VRIES

Lars-Hendrik ROLLER

"Proper Quadratic Functions with an Application to AT&T", May 1987 (Revised March 1988).

Sjur Didrik FLAM

"Equilibres de Nash-Cournot dans le 'much* armpits' du gaz: an cm oil les solutions en boucle ouverte et en feedback coincident", Mars 1988.

and Georges ZACCOUR

"Alexithymia in organizational life: the organization man revisited", February 1988.



Main NOEL 88/14 "The interpretation of strategies: a study of 88/24 the impact of CEOs on the corporation", March 1988. 88/15



"De-industrialize service for quality", March 1988 (88/03 Revised).

88/12 Spyros MAKRIDAKIS 88/23 "Business firms and managers in the 21st century", February 1988

"Portfolio selection by mutual funds, an equilibrium model*, March 1988.

J.F. THISSE

property", February 1988.

88/13

"Market efficiency and equity pricing: international evidence and implications for

B. Espen ECKBO and Herwig LANGOHR

"Information disclosure, means of payment, and takeover premia. Public and Private tender offers in France", July 1985, Sixth revision, April 1988.

Anil DEOLALIKAR and Lars-Hendrik ROLLER

"The production of and returns from industrial innovation: an econometric analysis for a developing country", December



88/25

Everette S. GARDNER

"The future of forecasting", April 1988.

and Spyros MAKRIDAKIS

1987. 88/26

Sjur Didrik FLAM

"Semi-competitive Comsat equilibrium in

and Georges ZACCOUR

multistage oligopolies", April 1988

88/39 88/27

Murugappa KRISHNAN

"Entry game with resalable capacity",

Lars-Hendrik ROLLER

April 1988.

Sumantra GHOSHAL and

"The multinational corporation as • network: perspectives from interorganizational theory", May 1988.

C. A. BARTLETT

88/29

Naresh K. MALHOTRA, Christian PINSON and Arun K. JAIN

"Consumer cognitive complexity and the dimensionality of multidimensional scaling configurations", May 1988.

"The Leader as Mirror : Clinical Reflections", July 1988.

88/40

88/28

Manfred KETS DE VRIES

Josef LAKONISHOK and

Theo VERMAELEN

"Anomalous price behavior around repurchase tender offers", August 1988.

88/41

Charles WYPLOSZ

"Assymetry in the EMS: intentional or systemic?", August 1988.

88/42

Paul EVANS

"Organizational development in the transnational enterprise", June 1988.

B. SINCLAIR-DESGAGNE

'Group decision support systems implement Bayesian rationality", September 1988.

Essam MAHMOUD and

'The state of the art and future directions in combining forecasts", September 1988.

88/30 Catherine C. ECKEL "The financial fallout from Chernobyl: risk 88/43 and Theo VERMAELEN perceptions and regulatory response", May 1988. 44

88/31

Sumantra GHOSHAL and

"Creation, adoption, and diffusion of Christopher BARTLETT innovations by subsidiaries of multinational corporations", June 1988. 88/45

Spyros MAKRIDAIUS Robert KORAJCZYK and Claude VIALLET

88/32

Kasra FERDOWS and David SACKRIDER

"International manufacturing: positioning plants for success", June 1988.

August 1988. 46

88/33

Mihkel M. TOMBAK

"An empirical investigation of international asset pricing", November 1986, revised

"The importance of flexibility in manufacturing", June 1988.

Yves DOZ and Amy SHUEN

88/47 88/34 Mihkel M. TOMBAK "flexibility: an important dimension in manufacturing", June 1988.

Alain BULTEZ, Els GLISBRECHTS,

"From intent to outcome: a process framework for partners's**, August 1988. "Asymmetric cannibalism between substitute items listed by retailers", September 1988.

Philippe NAERT and Net VANDEN ABEELE

88/35

Mihkel M. TOMBAK

"A strategic analysis of investment in flexible manufacturing systems", July 1988. 88/48 88/36

Vikas TIBREWALA and Bruce BUCHANAN

Michael BURDA

"A Predictive Test of the NBD Model that Controls for Non-stationarity", June 1988.

1988.

88/49 88/37 Murugappa KRISHNAN "Regulating Price-Liability Competition To Lars-Hendrik ROLLER Improve Welfare", July 1988.

Nathalie DIERKENS

Manfred KETS DE VRIES

"Information asymmetry and equity issues", September 1988.

88/50

88/38

"Reflections on 'Wait unemployment' in Europe, II", April 1988 revised September

"The Motivating Role of Envy : A Forgotten Factor in Management", April 88.

Rob WEITZ and Amoud DE MEYER

88/51

Rob WEITZ

"Managing expert systems: from inception through updating", October 1987. "Technology, work, and the organization: the impact of expert systems", July 1988.

88/63

88/52

Fernando NASCIMENTO

"Strategic pricing of differentiated consumer

Susan SCHNEIDER and

"Cognition and organizational analysis:

and Wilfried R.

durables in a dynamic duopoly: a numerical

Reinhard ANGELMAR

who's minding the store?", September 1988.

VANHONACKER

analysis", October 1988.

/64 Manfred KETS DE VRIES "Whatever happened to the philosopher88/53 king: the leader's addiction to power,

Kane FERDOWS

"Charting strategic roles for international factories", December 1988.

September 1988. 88/65

88/54

Lars-Hendrik ROLLER and Mihkel M. TOMBAK

"Strategic choice of flexible production technologies and welfare implications", October 1988

88/55

Peter BOSSAERTS and Pierre HILLION

88/56

Pierre HILLION

Arnoud DE MEYER

88/66

Nathalie DIERKENS

"A discussion of exact measures of information assymetry: the example of Myers and %Wu( model or the importance of the asset structure of the firm", December 1988.

"Method of moments tests of contingent claims asset pricing models", October 1988. "Size-sorted portfolios and the violation of the random walk hypothesis: Additional empirical evidence and implication for tests of asset pricing models", June 1988.

"Quality up, technology down", October 1988

and Kasra FERDOWS

88/67

Paul S. ADLER and

"The chief technology officer", December

Kasra FERDOWS

1988.

Joyce K. BYRER and

"The impact of language theories on dialog", January 1989.

1989

88/57

Wilfried VANHONACKER and Lydia PRICE

"Data transferability: estimating the response effect of future events based on historical analogy", October 1988.

89/01

Tawfik JELASSI

88/58 B. SINCLAIR-DESGAGNE "Assessing economic inequality", November 89/02 and Mihkel M. TOMBAK

Louis A. LE BLANC

1988.

and Tawfik JELASSI

89/03 88/59 Martin KILDUFF "The interpersonal structure of decision making: • social comparison approach to organizational choke", November 1988.

Beth H. JONES and Tawfik JELASSI

Michael BURDA 89/04 88/60 "Is mismatch really the problem? Some estimates of the Cbelwood Gate II model with US data", September 1988.

Kasra FERDOWS and

88/61 Lars-Hendrik ROLLER "Modelling cost structure: the Bell System 89/05 revisited", November 1988.

Martin KILDUFF and

88/62

Cynthia VAN HULLE, Theo VERMAELEN and

"Regulation, taxes and the market for corporate control in Belgium", September

Paul DE WOUTERS

1988.

Arnoud DE MEYER

DSS

"DSS software selection: a multiple criteria decision methodology", January 1989. "Negotiation support: the effects of computer intervention and conflict level on bargaining outcome", January 1989. "Lasting improvement in manufacturing performance: In search of a sew theory", January 1989.

Reinhard ANGELMAR

89/06

"Shared history or shared culture? The effects of time, culture, and performance on institutionalization in simulated organizations", January 1989.

Mihkel M. TOMBAK and

"Coordinating manufacturing and business

B. SINCLAIR-DESGAGNE

strategies: I", February 1989.

89/07

89/08

Damien 1. NEVEN

Amoud DE MEYER and

89/18

Srinivasan BALAK-

"Information asymmetry, market failure and

RISHNAN and

joint-ventures: theory and evidence",

organisation", January 1989.

Mitchell KOZA

March 1989.

Wilfried VANHONACKER,

"Combining related and sparse data in linear regression models", Revised March 1989.

"Trends in the development of technology and their effects on the production structure in the European Community", January 1989.

89/19

Damien NEVEN,

"Brand proliferation and entry deterrence",

89/20

Carmen MATUTES and

February 1989.

Hellmut SCHUTFE

89/09

"Structural adjustment in European retail banking. Some view from industrial

Donald LEHMANN and Fareena SULTAN Wilfried VANHONACKER and Russell WINER

"A rational random behavior model of choice", Revised March 1989.

Marcel CORSTJENS 89/21 89/10 Nathalie DIERKENS, Bruno GERARD and Pierre HILLION

"A market based approach to the valuation of the assets in place and the growth opportunities of the firm", December 1988.

Aenoud de MEYER and Kash FERDOWS

89/22

Manfred KETS DE VRIES and Sydney PERZOW

89/11

Manfred KM'S DE VRIES and Main NOEL

89/12

89/13

Wilfried VANHONACKER

Manfred KETS DE VRIES

"Understanding the leader-strategy interface: application of the strategic relationship interview method", February 1989.

89/23

Robert KORAJCZYK and Claude VIALLET

"Estimating dynamic response models when the data are subject to different temporal aggregation", January 1989.

89/24

"The impostor syndrome: a disquieting phenomenon in organizational life", February

89/25

Martin KILDUFF and Mitchel ABOLAFIA

Reinhard ANGELMAR

"Product innovation: a tool for competitive advantage", March 1989.

"What is the role of character in psychoanalysis?" April 1989. "Equity risk premia and the pricing of foreign exchange risk" April 1989.

"The social destruction of reality: Organisational conflict as social drama" zAmil 1989.

Roger BETANCOURT and David GAUTSCHI

1989. 89/14

"Influence of manufacturing improvement programmes on performance", April 1989.

"Two essential characteristics of retail markets and their economic consequences" March 1989.

89/26

Charles BEAN, Edmond MALINVAUD,

"Macroeconomic policies for 1992: the transition and after", April 1989.

Peter BERNHOLZ, 89/15

89/16

Reinhard ANGELMAR

Wilfried VANHONACKER, Donald LEHMANN and

"Evaluating a firm's product innovation performance", March 1989.

Francesco GIAVAllI and Charles WYPLOSZ

"Combining related and sparse data in linear regression models", February 1989.

89/27

"Changement Organisational et realites cultureUes: contrastes franco-amdricaias", March 1989.

89/28

David KRACKHARDT and Martin KILDUFF

Fareena SULTAN 89/17

Gilles AMADO, Claude FAUCHEUX and Andre LAURENT

Martin KILDUFF

"Friendship patterns and cultural attributions: the control of organizational diversity", April 1989. "The interpersonal structure of decision making: a social comparison approach to

organizational choice", Revised April 1989.

89/29

89/30

89/31

89/32

Robert GOGEL and Jean-Claude LARRECHE

"The battlefield for 1992: product strength

89/42

Robert ANSON and Tawfik JELASSI

"A development framework for computersupported conflict resolution", July 1989.

89/43

Michael BURDA

"A note on firing costs and severance benefits in equilibrium unemployment", June 1989.

and geographic coverage", May 1989.

Lars-Hendrik ROLLER and Mihkel M. TOMBAK

"Competition and Investment in flexible

Michael C. BURDA and

"Intertemporal prices and the US trade balance in durable goods", July 1989.

89/44

Stefan GERLACH

Balaji CHAKRAVARTHY and Peter LORANGE

"Strategic adaptation in multi-business firms", June 1989.

Peter HAUG and Tawfik JELASSI

"Application and evaluation of a multicriteria decision support system for the

89/45

Rob WEITZ and Amoud DE MEYER

case study", June 1989.

Technologies", May 1989.

dynamic selection of U.S. manufacturing locations", May 1989.

"Managing expert systems: a framework and

89/46

Marcel CORSTJENS, Carmen MATUTES and Damien NEVEN

"Entry Encouragement", July 1989.

89/47

Manfred KETS DE VRIES and Christine MEAD

"The global dimension in leadership and organization: issues and controversies", April

89/33

Bernard SINCLAIRDESGAGNE

"Design flexibility in monopsonistic industries", May 1989.

89/34

Sumantra GHOSHAL and Nittin NOHRIA

"Requisite variety versus shared values: managing corporate-division relationships in the M-Form organisation", May 1989.

Jean DERMINE and Pierre HILLION

"Deposit rate ceilings and the market value of banks: The case of France 1971-1981", May 1989.

89/49

lean DERMINE

"Home country control and mutual recognition", July 1989.

"A dispositional approach to social networks: the case of organizational choice", May 1989.

89/50

Jean DERMINE

"The specialization of financial institutions, the EEC model", August 1989.

"The organisational fool: balancing a leader's hubris", May 1989.

89/51

Spyros MAKRIDAKIS

"Sliding simulation: a new approach to time series forecasting", July 1989.

89/52

Arnoud DE MEYER

"Shortening development cycle times: a manufacturer's perspective", August 1989.

89/53

Spyros MAKRIDAKIS

"Why combining works?", July 1989.

89/54

S. BALAKRISHNAN and Mitchell KOZA

"Organisation costs and a theory of joint ventures", September 1989.

1989.

89/48 89/35

89/36

89/37

Martin KILDUFF

Manfred KETS DE VRIES

89/38

Manfred KETS DE VRIES

"The CEO blues", June 1989.

89/39

Robert KORAJCZYK and

"An an piCicrd investigation of international

Claude VIALLET

asset pricing", (Revised June 1989).

Balaji CHAKRAVARTHY

"Management systems

89/40

B. SINCLAIR-DESGAGNE and Nathalie DIERKENS

"European integration and trade Rows", August 1989.

for innovation and

productivity", June 1989. 89/41

Damien NEVEN and Lars-Hendrik ROLLER

"The strategic supply of precisions", June 1989.

89/55

89/56

H. SCHUTTE

"Euro-Japanese cooperation in information

89/67

Peter BOSSAERTS and

technology", September 1989.

"Market microstructure effects of

(FIN)

Pierre HILLION

government intervention in the foreign

Wilfried VANHONACKER

"On the practical usefulness of meta-analysis

and Lydia PRICE

results", September 1989.

Taekwon KIM,

"Market growth and the diffusion of multiproduct technologies", September 1989.

exchange market", December 1989.

1990 89/57

Lars-Hendrik ROLLER and Mihkel TOMBAK

90/01

B. SINCLAIR-DESGAGNE

"Unavoidable Mechanivms", January 1990.

90/02 EP

Michael BURDA

"Monopolistic Competition, Costs of Adjustment, and the Behaviour of European Manufacturing Employment", January 1990.

TM/EP/AC

89/58

Lars-Hendrik ROLLER

(EP,TM)

and Mihkel TOMBAK

89/59

Manfred KETS DE VRIES,

(011)

Daphne ZEVADI,

"Locus of control and entrepreneurship: a three-country comparative study", October 1989.

90/03 TM

Arnoud DE MEYER

Alain NOEL. and

"Management of Communication in International Research and Development", January 1990.

"Simulation graphs for design and analysis of discrete event simulation models", October

90/04 FIN/EP

Gabriel HAWAWINI and

"The Transformation of the European Financial Services Industry: From

"Strategic aspects of flexible production technologies", October 1989.

Mihkel TOMBAK 89/60

Enver YUCESAN and

(TM)

Lee SCHRUBEN

Eric RAJENDRA

1989. 89/61

Susan SCHNEIDER and

(AU)

At/mud DE MEYER

"Interpreting and responding to strategic issues: The impact of national culture",

Fragmentation to Integration", January 1990. 90/05 FIN/EP

Gabriel HAWAWINI and

90/06 FIN/EP

Gabriel HAWAWINI and

Bertrand JACQUILLAT

"European Equity Markeb: Toward 1992 and Beyond", January 1990.

October 1989. 89/62

Amoud DE MEYER

"Technology strategy and international R&D operations", October 1989.

89/63

Enver YUCESAN and

(TM)

Lee SCHRUBEN

"Equivalence of simulations: A graph approach", November 1989.

89/64

Enver YUCESAN and

(TM)

Lee SCHRUBEN

89/65

Soumitra DUTTA and

(TM,

Piero BONISSONE

(TM)

Eric RAJENDRA

"Integration of European Equity Markets: Implications of Structural Change for Key Market Partic ' ipants to and Beyond 1992", January 1990.

(TM,EP)

B. SINCLAIR-DESGAGNE

Gabriel HAWAWINI

'Stock Market Anomalies and the Pricing of Equity on the Tokyo Stock Exchange", January 1990.

90/08 TM/EP

Tawfik JELASSI and

"Modelling with MCDSS: What about Ethics?", January 1990.

"Complexity of simulation models: A graph theoretic approach", November 1989. "MARS: A mergers and acquisitions reasoning system", November 1989.

AC, FIN) 89/66

90/07 FIN/EP

B. SINCLAIR-DESGAGNE

90/09

Alberto GIOVANNINI

EP/FIN

and Jae WON PARK

90/10

Joyce BRYER and

TM

Tawrik JELASS1

"Capital Controls and International Trade Finance", January 1990.

"On the regulation of procurement bids", November 1989.

"The Impact of Language Theories on DSS Dialog", January 1990.

90/11 TM

90/12 EP

Enver YUCESAN

Michael BURDA

"An Overview of Frequency Domain Methodology for Simulation Sensitivity Analysis", January 1990. "Structural Change, Unemployment Benefits and High Unemployment: A U.S.-European Comparison", January 1990.

90/21 FIN

Roy SMITH and Ingo WALTER

"Reconfiguration of the Global Securities Industry in the 1990's", February 1990.

90/22 FIN

Ingo WALTER

"European Financial Integration and Its Implications for the United States", February 1990.

90/23

Damien NEVEN

"EEC Integration towards 1992: Some Distributional Aspects", Revised December 1989

Lan Tyge NIELSEN

"Positive Prices in CAM", January 1990.

90/25 FIN/EP

Lan Tyge NIELSEN

"Existence of F.quilibriaun in CAPM", January 1990.

90/26 011/BP

Charles KADUSHIN and Michael BRIMM

"Why networking Fails: Double Binds and the Limitations of Shadow Networks", February 1990.

90/27 TM

Abbas FOROUGHI and Tawfik JELASSI

"NSS Solutions to Major Negotiation Stumbling Blocks", February 1990.

90/28 TM

Arnaud DE MEYER

"The Manufactaring Cootribution to Innovation", February 1990.

90/29 FIN/AC

Nathalie DIERKENS

"A Discussion of Correct Measures of Information Asymmetry", January 1990.

90/30 FIN/EP

Lars Tyge NIELSEN

"The Expected Utility of Portfolios of Assets", March 1990.

90/31 MKT/EP

David GAUTSCHI and Roger BETANCOURT

"What Determines U.S. Retail Margins?", February 1990.

90/32

Srinivaaan BALAKRISHNAN and Mitchell KOZA Caren SIEHL, David BOWEN and Christine PEARSON

"Information Asymmetry, Adverse Selection and Joint-Ventures: Theory and Evidence",

EP/SM 90/13 TM

Soumitra DUTTA and Shashi SHEKHAR

"Approximate Reasoning about Temporal Constraints in Real Time Planning and Search", January 1990.

90/24 FIN/EP

90/14 TM

Albert ANGEHRN and Hans-Jakob LOTH'

"Visual Interactive Modelling and Intelligent DSS: Putting Theory Into Practice", January 1990.

90/15 TM

Amoud DE MEYER, Dirk DESCHOOLMEESTER,

"Tbe Internal Technological Renewal of a Besiness Unit with a Mature Technology", January 1990.

Rudy MOENAERT and Jan BARBE 90/16 FIN

Richard LEVICH and Ingo WALTER

"Tax-Driven Regulatory Drag: European Financial Centers in the 1990's", January 1990. "Information Asymmetry and Equity Issues",

90/17 FIN

Nathalie DIERKENS

90/18 MKT

Wilfried VANHONACKER

90/19 TM

Beth JONES and Tawfik JELASSI

"The Effect of Computer Intervention and Task Structure on Bargaining Outcome", February 1990.

90/20 TM

Tawfik JELASSI, Gregory KERSTEN and Slinky ZIONTS

"An Introduction to Group Decision and Negotiation Support", February 1990.

Revised January 1990.

"Managerial Decision Rules and the Estimation of Dynamic Sales Response Models", Revised January 1990.

SM

90/33 011

Revised, January 1990. "The Role of Rites of Integration in Service Delivery", March 1990.

90/34 FIN/EP

Jean DERMINE

'The Gains from European Banking Integration, a Call for a Pro-Active Competition Policy", April 1990.

90/35 EP

Jae Won PARK

'Changing Uncertainty and the TimeVarying Risk Premia in the Term Structure of Nominal Interest Rates", December 1988, Revised March 1990.

90/36 TM

Arnaud DE MEYER

90/45

Soumilra DUTTA and

TM

Piero BONISSONE

90/46 TM

Spyros MAKRIDAIUS

90/47 MKT

and Mich2Ie HIBON

Lydia PRICE and Wilfried VANHONACKER

"An Empirical Investigation of Manufacturing Strategies in European

"Integrating Case Based and Rule Based Reasoning: The Possibilistic Connection", May 1990. "Exponential Smoothing: The Effect of Initial Values and Loss Functions on PostSample Forecasting Accuracy". "Improper Sampling in Natural Experiments: Limitations on the Use of Meta-Analysis Results in Bayesian Updating', Revised May 1990.

Industry", April 1990.

90/37 Th1/0B/SM

William CATS-BARIL

"Executive Information Systems: Developing

90/48 EP

Jae WON PARK

"The Information in the Term Structure of Interest Rates: Out-of-Sample Forecasting Performance", lune 1990.

90/49 TM

Soumitra DUTTA

"Approximate Reasoning by Analogy to Answer Null Queries", June 1990.

Daniel COHEN and

"Price and Trade Effects of Exchange Rates Fluctuations and the Design of Policy Coordination", April 1990.

an Approach to Open the Possible,", April 1990.

90/38 MKT

Wilfried VANHONACKER

"Managerial Decision Behaviour and the Estimation of Dynamic Sales Response Modes", (Revised February 1990).

90/39

Louis LE BLANC and

TM

Tewfik JELASSI

90/40 OB

Manfred KETS DE VRIES

'Leaden on the Couch: The case of Roberto Calvi", April 1990.

90/41 FIN/EP

Gabriel HAWAWINI,

"Capital Market Reaction to the Announcement of Interstate Banking Legislation", March 1990.

90/42 MKT 90/43 FIN 90/44 OB

Itzhak SWARY and lk HWAN JANG Joel STECKEL and Wilfried VANHONACKER Robert KORAJCZYK and Claude VIALLET

Gilles AMADO.

90/50 EP

Charles WYPLOSZ

"An Evaluation and Selection Methodology for Expert System Shells", May 1990.

"Cross-Validating Regression Models in Marketing Researeb", (Revised April 1990).

90/51 EP

Michael BURDA and Charles WYPLOSZ

"Gross Labour Market Flows in Europe: Some Stylized Facts", lune 1990.

90/52 FIN

Lars Tyge NIELSEN

"The Utility of Infinite Means", June 1990.

90/53 EP

Michael Burda

"The Consequences of German Economic and Monetary Union', June 1990.

Damien NEVEN and

"European Financial Regulation: A Framework for Policy Analysis", (Revised May 1990).

90/54 EP

Colin MEYER

90/55 EP

Michael BURDA and

"Intertemporal Prices and the US Trade

Stefan GERLACH

Balance', (Revised July 1990).

'Equity Risk Preside and the Pricing of Foreign Exchange Risk", May 1990.

Claude FAUCHEUX and

*Organisational Change and Cultural Realities: Franco-American Contrasts", April

Andre LAURENT

1990.

90/56 EP

Damien NEVEN and Lars-Hendrik ROLLER

"The Structure and Determinants of East-West Trade: A Preliminary Analysis of the Manufacturing Sector', July 1990

90/57 FIN/EP/ TM

Lan Tyge NIELSEN

Comma Knowledge of a Multivariate Aggregate Statistic% July 1990

90/58 FIN/EP/TM

Lan Tyge NIELSEN

90/59 FIN

90/60 TM

90/68 TM/SE

Soumitra DUTTA

"A Framework and Methodology for Enhancing the Business Impact of Artificial Intelligence Applications", September 1990

90/69 TM

Soumitra DUTTA

"A Model for Temporal Reasoning in Medical Expert Systems", September 1900

'Cosmos Knowledge of Price and Expected Cost in an Ofigopofistic Market", August 1990

90/70 TM

Albert ANGEHRN

C': A Visual Interactive MCDSS", September 1990

Jean DERMINE and Lars-Hendrik ROLLER

"Economies of Scale and Scope is the French Mutual Funds (SICAV) Industry", August 1990

90/71 MKT

Philip PARKER and Hubert GATIGNON

*Competitive Effects in Diffusion Models: An Empirical Analysis", September 1990

"An Interactive Group Decision Aid for Multiobjective Problems: An Empirical Aseessasen", September 1990

90/71 TM

Enver YUCESAN

Peri IZ and Tawfik JELASSI

•Aoslysis of Marker Chains Using Simulation Graph Models", October 1990

90/73 TM

Arnaud DE MEYER and Kam FERDOWS

"Removing the Berrien in Manufacturing", October 1990

90/74 SM

Sumentra GHOSHAL and Nitin NOHRIA

•Requisite Compiesdly: Orgesisimg HeadquartersSebeitfiery Religious la hINCs% October 1990

90/75 MKT

Roger BETANCOURT and David GAUTSCHI

"The Outputs of Retail Activities: Concepts, Measurement and Evidence", October 1990

90/76 MKT

Wilfried VANHONACKER

'Managerial De 'mien Behaviour and the Estimation of Dynamic Sales Response Models", Revised October 1990

90/77 MKT

Wilfried VANHONACKER

"Testing the Koyck Scheme of Sales Response to Advertising: An Aggregation-Independent Autocorrelation Test", October 1990

90/61 TM

Pankaj CHANDRA and Mihkel TOMBAK

"Models for the Evlanation of Manufacturing Flembility% August 1990

90/62 EP

Damien NEVEN and Memo VAN DIM

'Public Policy Towards TV Broadcasting in the Netherlands", August 1990

90/63 SM

Summers GHOSHAL and Eleanor WESTNEY

*Organising Competitor Analysis Systems", August 1990

90/64 SM

Sumantra GHOSHAL

"Wang Differentiation and Corporate Performance: Case of the Multinational Corporation", August 1990

90/65 EP

Charles WYPLOSZ

"A Note on the Real Exchange Rate Effect of German Unification", August 1990

90/66 TM/SE/FIN

Soumitn DUTTA and Piero BONISSONE

"Computer Support for Strategic and Tactical Planning in Mergers and Acquisitions", September 1990

90/78 EP

Michael BURDA and Stefan GERLACH

"Exchange Rate Dynamics and Currency Unification: The Ostmark - DM Rate", October 1990

90/67 TM/SE/FIN

Soumitra DUTTA and Piero BONISSONE

"integrating Prior Cases and Expert Knowledge In • Merger and Acquisitions Reasoning System", September 1990

90/79 TM

Anil GABA

"Inferences with an Unknown Noise Level in a Bernoulli Process•, October 1990

90/80

Anil GABA and

"Using Survey Data in Inferences about Purchase

TM

Robert WINKLER

Behaviour", October 1990

90/81

Tawfik JELASSI

"Du Present au Futur: Bilan et Orientations des Systimes Interactifs d'Aide it la Decision,"

TM

October 1990 90/82

Charles WYPLOSZ

EP

"Monetary Union and Fiscal Policy Discipline," November 1990

90/83

Nathalie DIERKENS and

FIN/TM

Bernard SINCLAIR-DESGAGNE

"Information Asymmetry and Corporate Communication: Results of a Pilot Study", November 1990

90/84

Philip M. PARKER

MKT

"The Effect of Advertising on Price and Quality: The Optometric Industry Revisited," December 1990

90/85

Avijit GHOSH and

MKT

Vikas TIBREWALA

"Optimal Timing and Location in Competitive Markets," November 1990

90/86

Olivier CADOT and

"Prudence and Success in Politics,"

EP/TM

Bernard SINCLAIR-DESGAGNE

90/87

Lars Tyge NIELSEN

"Existence of Equilibrium in CAPM: Further Results", December 1990

90/88

Susan C. SCHNEIDER and

OB/MKT

Reinhard ANGELMAR

"Cognition in Organisational Analysis: Who's Minding the Store?" Revised, December 1990

FIN/EP

November 1990