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\"Third Edition of the field-defining book! Originated by Reginald Evans in the 1940's, the Action Learning Model was refined and then reintroduced in 1995 by lead author Michael Marquardt to organizations globally as a powerful tool for improving organizational performance. Today, Marquardt is widely considered to be the modern \"father\" of the Action Learning approach. For this new edition, Marquardt has teamed up with three Action Learning experts from Asia and the UK who bring a broader global approach to what has become THE seminal book in the field. NEW TO THIS EDITION: Each chapter has been updated for alignment with today's practice and implementation of Action Learning in organizations. In addition, new material, including case studies have been added to most chapters and outdated ones replaced. The authors have added more examples of great questions in Chapter 4 (Questions & Reflections), more discussion of virtual Action Learning in Chapter 3 (The Group) and completely new content in Chapter 7 (The Action Learning Coach), specifically on how to begin Action Learning sessions and how to become a Certified Action Learning Coach\"-- Provided by publisher.

A limit on use is often practiced overnight in mountain national parks to reduce users’ environmental impact on campgrounds and cabins or huts, where they spend most of their time. This study aims to propose an appropriate management system to mitigate the problems observed in Daisetsuzan National Park’s unmanaged campsites. We looked into three mountain national parks in Taiwan to learn about an established campground reservation system. We collected information on campgrounds and cabins in these three national parks through a literature review and internet surveys. The distribution of campgrounds and cabins was mapped using ArcMap 10.8.1. They effectively reduced the distance between adjacent campgrounds and controlled each campground’s area. This was done by tolerating some informal sites among online reservable campgrounds. The results of the interview surveys with the three park managers showed that the reservation system helped reduce the crowding problem. Introducing a lenient reservation system, with the support of related stakeholders and park users, would be a promising option to mitigate soil erosion and overuse problems in campsites in Daisetsuzan National Park’s alpine zone and in other campsites in fragile environments worldwide.

Psoriasis is a well-known chronic disease characterized by the development of erythematous, indurated, scaly, pruritic plaques on the skin with cycles of remission and symptom flare-ups. The management of patients with chronic plaque psoriasis has been more challenging since the Covid-19 pandemic as health care professionals have had to adapt to remote consultations for some patients, and patients have had to adapt to the changing health landscape. The rapid resolution of psoriasis symptoms especially those with a substantial impact on quality of life can improve patient satisfaction and adherence, making it an important factor in successful treatment. Cal/BD foam contributes to improved patient adherence and treatment outcome through its rapid action and superior efficacy versus Cal or BD monotherapy, Cal/BD ointment and gel and clobetasol cream in the short-term flare treatment of psoriasis. Moreover, the benefits of proactive long-term management of psoriasis compared to reactive management and its favourable safety profile are higher efficacy and a better health-related quality of life. Cal/BD foam should be considered an effective topical treatment for short-term flare treatment and long-term control of adult psoriatic patients.

Cryptocurrencies have attracted significant attention due to their high risk, extreme volatility, regulatory controversies, and scandals. Investors and policymakers are drawn to them for their potential to enhance diversification and deliver high returns. This study examines the impact of incorporating cryptocurrencies into investment portfolios, focusing on their ability to improve risk-adjusted returns and diversification. A rolling asset allocation strategy employing the maximum Sharpe Ratio within a Markowitz framework was applied to weekly data from 2018 to April 2024. The analysis compares two unconstrained portfolios and two constrained portfolios, which impose a concentration limit on cryptocurrency investments. Results reveal that in 70% of the rolling periods examined, portfolios with cryptocurrency allocations outperformed non-cryptocurrency portfolios in terms of Sharpe Ratios. However, the heightened volatility of cryptocurrencies significantly increased portfolio risk, with annualized weekly standard deviations ranging from 18% to 25%, compared to 12% to 15% for portfolios without cryptocurrency exposure. These findings illustrate the dual nature of cryptocurrencies: they can act as both a source of instability and an opportunity for diversification. The study underscores the necessity of a cautious and strategic approach to incorporating cryptocurrencies into investment plans, given their inherent risks and unpredictable behavior.

This chapter contrasts the return of Vanguard and Fidelity active stock mutual funds with the same-style portfolio of Vanguard’s index funds over the ten years through 2022. Vanguard’s equally weighted portfolio of domestic active funds generally excess-returns the Vanguard same-style index fund portfolio, as does Fidelity’s equally weighted active-fund portfolio.

In the present paper, we test the benefit of using Markov-Switching models and volatility futures diversification in a Euro-based stock portfolio. With weekly data of the Eurostoxx 50 (ESTOXX50) stock index, we forecasted the smoothed regime-specific probabilities at T + 1 and used them as the weighting method of a diversified portfolio in ESTOXX50 and ESTOSS50 volatility index (VSTOXX) futures. With the estimated smoothed probabilities from 9 July 2009 to 29 September 2020, we simulated the performance of three theoretical investors who paid different trading costs and invested in ESTOXX50 during calm periods (low volatility regime) or VSTOXX futures and the three-month German treasury bills in distressed or highly distressed periods (high and extreme volatility regimes). Our results suggest that diversification benefits hold in the short-term, but if a given investor manages a two-asset portfolio with ESTOXX50 and our simulated portfolios, the stock portfolio’s performance is enhanced significantly, in the long term, with the presence of trading costs. These results are of use to practitioners for algorithmic and active trading applications in ESTOXX50 ETFs and VSTOXX futures.

This paper demonstrates that the ability of fund managers to create value depends on market liquidity conditions, which in turn introduces a liquidity risk exposure (beta) for skilled managers. We document an annual liquidity beta performance spread of 4% in the cross section of mutual funds over the period 1983–2014. Liquidity risk premia explain an insubstantial fraction of this spread; instead, the spread can be attributed to the differential ability of high liquidity beta funds to outperform across high and low market liquidity states, due to a differential rate of either mispricing correction or intensity of informed trading. Tests based on mispricing, proxied by a comprehensive set of 68 anomalies, and tick-by-tick trades, from a large proprietary institutional trading data set, corroborate the contribution of these channels. The results highlight the interaction between informed investors, mispricing, and liquidity beta. The Internet appendix is available at https://doi.org/10.1287/mnsc.2017.2851 . This paper was accepted by Neng Wang, finance.

Digital Twins (DTs) are on the rise as innovative, powerful technologies to harness the power of digitalisation in the WRRF sector. The lack of consensus and understanding when it comes to the definition, perceived benefits and technological needs of DTs is hampering their widespread development and application. Transitioning from traditional WRRF modelling practice into DT applications raises a number of important questions: When is a model's predictive power acceptable for a DT? Which modelling frameworks are most suited for DT applications? Which data structures are needed to efficiently feed data to a DT? How do we keep the DT up to date and relevant? Who will be the main users of DTs and how to get them involved? How do DTs push the water sector to evolve? This paper provides an overview of the state-of-the-art, challenges, good practices, development needs and transformative capacity of DTs for WRRF applications.

The active money management industry is characterized by both strong competitive pressure from passive investment vehicles and high fees. This paper investigates how the introduction of low-cost index funds affects fund company strategies. The retail mutual fund market is segmented, where unsophisticated investors rely on financial advisers and sophisticated ones invest directly. Exploiting the staggered entry of low-cost Vanguard index funds as competitive shocks, I show that, in response to competition, incumbents sold to self-directed investors reduce their fees by 5% of the mean; however, funds sold with broker recommendations increase their fees by 6% of the mean. Index fund entry also slows the growth of actively managed funds. The responsiveness of broker-sold fund flows to distribution fees increases, suggesting a shift in composition toward less elastic consumers. Further, incumbents increase the degree of active management. The results illustrate why mutual fund fees slowly decline in the aggregate despite competition from lower-cost alternatives. This paper was accepted by Gustavo Manso, finance .

Understanding water recharge mechanisms and accurately predicting water inflow are the fundamental objectives of mine hydrogeology investigation, particularly for ensuring deep mining safety. These investigation findings establish a scientific basis for planning drainage systems, optimizing mining layouts, and developing water hazard prevention and control measures. This paper takes the Maoping lead-zinc mine in Northeast Yunnan, China as a case study, which is a typical deep mine with significant water inflow challenges. Through systematic analysis of the mine’s hydrogeological structural characteristics, this study identifies the principal water sources and pathways causing mine water inrush hazards. A three-dimensional numerical model was developed using FEFLOW software to predict mine water inflow under wet, normal, and dry years during multi-level mining operations in the Maoping lead-zinc mine. Furthermore, the evolution pattern of deep flow field under the influence of mining activities was analyzed. The investigation results indicate that the regional groundwater recharge to the Maoping lead-zinc mine originates primarily from the carbonate rock karst fissure aquifer of the Permian Qixia and Maokou formations in the northern mining area, with secondary contributions from the Carboniferous-Devonian karst aquifer in the southern mining area. Atmospheric precipitation in the Xianji syncline located east of the mining area recharges mine water through major water-conducting faults F46, F16, and F50. In addition, there is no centralized recharge pathways for mine water along the Luoze River. The numerical simulation results demonstrate that as the mining section deepens, the inflow of mine water gradually increases. The deep groundwater depression cone expands along both northeast and northwest directions. Guided by the characterization of mine hydrogeological structures, four proactive water hazard management strategies are established: (1) targeted treatment of risk sources, (2) coupled stress-seepage field control, (3) real-time monitoring and early warning, and (4) controlled dewatering and pressure relief. This study provides a typical example for the analysis of water recharge mechanisms and prediction of water inflow in deep mines with complex hydrogeological structural characteristics, and can serve as a reference for prevention, control, and management of mine water inrush hazards in deep mines.