CHARLES P.

JONES
Personal Data
Department of Business Management
B33 Nelson Hall, Box 7229
North Carolina State University
Raleigh, N. C. 27695
(919) 515-6940

2204 Weybridge Drive

Raleigh, N. C. 27615
(919) 872-6702

Education
University of North Carolina Ph.D.
University of North Carolina Masters
University of North Carolina A.B

Finance
M.B.A.
Economics

Chartered Financial Analyst designationsince 1982

Honors: 1) Outstanding Teacher Award, 1993,
2) Board of Governors Teaching Award, 1998
Teaching Experience
Edwin Gill Professor of Finance 1983 to present
North Carolina State University - Professor - 1978
North Carolina State University - Associate Professor of Economics and Business--1974/1978
North Carolina State University - Assistant Professor of Economics--1970/1974
Indiana University - Assistant Professor of Finance - 1969/1970
University of North Carolina - Instructor - 1968
Teaching Interests

Research Interests

Investments
Managerial Finance
Risk Management
Money & Capital Markets

Asset Allocation Decisions

Rate of Return on Assets
Stock Selection Models
Quarterly Earnings Surprises

Undergraduate, Masters
Courses Taught
Financial Management
Investments-Risk Management
Money & Capital Markets

BUS 420, BUS 520

BUS 422, BUS 522
BUS 524
BUS 528

PUBLICATIONS
(1)

Books

Investments: Analysis and Management

John Wiley and Sons, Publishers
10th Edition, 2006
11th Edition, forthcoming, September 2009
One of the major textbooks in the marketplace over the last 20 years.
Translated into several foreign languages.
Instructors Manual, Investments: Analysis and Management
All editions.
Sean Cleary and Charles Jones, Investments, 2nd Canadian Edition, John Wiley & Sons,
Publishers, 2005.
Mutual Funds: Your Money, Your Choice
Prentice-Hall/Financial Times
2002
Introduction to Financial Management
Richard D. Irwin
1992
Money, Financial Markets, and the Economy
West Publishing Company
1980
Essentials Of Modern Investments
Ronald Press
1977
Security Analysis and Portfolio Management
Ronald Press
1975

(2) Selections in Books

The Wilson-Jones data on stock prices and returns in the Journal of Business (July 2002) have
been used for the United States series in Triumph of the Optimists written by Elroy Dimson, Paul
Marsh, and Mike Staunton, published by Princeton University Press, 2002.
The data organized by Jack Wilson and Charles Jones on U. S. stock price indexes, dividends,
earnings and returns from 1870 to the present was published as a eries in Historical Statistics of
the United States: Millennium Edition, 2001.
"U. S. Financial Markets and Long-Term Economic Growth, 1790-1989," Economic
Development in Historical Perspective, (Ed.) Thomas Weiss and Donald Schaefer,
(Stanford University Press, 1994), pp. 28-52. With Richard Sylla and Jack Wilson
"Financial Market Panics and Volatility in the Long Run, 1830-1988,"
Financial Crises (Ed.) Michael Bordo, (Brookfield, Vermont: Edward
Elgar, 1992). With Richard Sylla and Jack Wilson
"U. S. Financial Markets and Long-Term Economic Growth, 1790-1989," Economic
Development in Historical Perspective, (Ed.) Tom Weiss and Donald Schaefer, Stanford
University Press, 1992
Financial Market Panics and Volatility in the Long Run, 1830-1988," Crashes and Panics: The
Lessons From History, Eugene N. White, Ed., pp. 55-125, (Homewood, Illinois: Dow-Jones
Irwin, 1990)

(3) Journal Articles

Is Sell in May and Go Away a Valid Strategy for Investors? submitted to the Journal of
Wealth
Management, April 2009
Analyzing and Estimating Real Stock Returns, The Journal of Portfolio Management,
Spring 2008.
How Important is the P/E Ratio in Determining Market Returns?, The Journal of Investing,
Summer 2008.
Using the Supply Side Approach to Understand and Estimate Stock Returns, The Journal of
Portfolio Management, Summer 2006. With Jack Wilson.
Forecasting Stock Returns: The Relative Importance of Valuation Variables, The Journal of
Wealth Management, Vol. 9, No. 1, Summer 2006, pp. 31-36. With Leonard Lundstrum.
The Impact of Inflation Measures on the Real Returns and Risk of U. S. Stocks, The Financial
Review, February 2006, Vol. 41, No. 1, pp. 77-94. with Jack Wilson
The Equity Risk Premium Controversy, Journal of Investing, vol. 14, No. 2, Summer 2005,
with Jack Wilson
Analyzing Stock Market Volatility Using Extreme-Day Measures, The Journal of Financial
Research, Winter 2004, Vol. 27, No. 4, pp. 585-601. with Mark Walker and Jack Wilson
The Changing Nature of Bond and Stock Volatility, Financial Analysts Journal, Vol. 60, No.
1, January-February 2004, pp. 100-113.
"Can Average Stock Returns Match the Performance of the 20th Century?"
The Journal of Wealth Management, Vol. 7, No. 1, Summer 2004, pp. 19-26,
Asset Allocation: What Proportion in Bonds? Journal of Wealth Management, Vol. 6, No. 3
(Winter 2003) pp. 26-34. with Jack Wilson
Pension Assets, Corporate Earnings, and Expected Return Assumptions, Journal of Investing,
Vol. 12, No. 2 (Summer 2003) pp. 25-32. With Mark Walker
Estimating Stock Returns: Should Investors Expect Less in the Future? The Journal of
Portfolio Management, Vol. 29, No. 1 (Fall 2002) pp.40-50. With Jack Wilson and Len
Lundstrum
An Analysis of the S&P 500 Index and Cowles Extensions: 1870-1999, Journal of Business,

Vol. 75, No. 3, (July 2002), pp. 29-61. With Jack Wilson
Will Low Rates of Returns on Stocks Continue? Journal
of Investing, Vol. 11, No. 2 (Summer 2002) pp. 35-37. With Jack Wilson
The Implications of Low Dividend Yields for Investors,
Journal of Wealth Management, Vol. 5, No. 1 (Summer 2002) pp. 35-37. With Jack Wilson
Stochastic Properties of Time-Averaged Financial Data: Explanation and Empirical
Demonstration Using Monthly Stock Prices, The Financial Review, Vol. 36, No. 3, (August
2001), pp. 241-263. With Jack Wilson and Len Lundstrum
Meeting Fixed Income Learning Objectives: An Efficient Tool for Teaching Bond Price and
Duration Calculations, Journal of Financial Education, Vol. 26 (Fall 2000) pp. 60-68. with
Jack Wilson and Len Lundstrum
Recent Extraordinary Stock Returns: Can They be Repeated? A Note Journal of Investing,
Vol. 9, No. 2, (Summer 2000) pp. 71-72. with Jack Wilson
"Asset Allocation Decisions: Making the Choice between Stocks and Bonds," The Journal of
Investing, Vol 8, No. 1, Spring 1999, pp. 51-56. With Jack Wilson
"Expectations About Real Returns: Are They Realistic?" The Journal of Portfolio Management,
Vol. 25, No. 2, Winter 1999, pp. 45-52.
"What Every Bond Investor Should Know," The Journal of Private Portfolio Management, Vol.
1, No. 3, Winter 1998, pp. 57-62. With Jack Wilson
"Understanding the Time Diversification Controversy," The Journal of Financial Education,
Vol. 24, Fall 1998, pp. 1-6. With Jack Wilson
"The Incidence and Impact of Losses from Stocks and Bonds, " The Journal of Private Portfolio
Management, Vol. 1, No. 2, (Summer 1998), pp. 31-39. With Jack Wilson
"Long Term Returns and Risks for Bonds," Journal of Portfolio Management, Vol. 23, No. 3,
(Spring 1997), pp. 15-28. With Jack Wilson
"Are Your Rate of Return Assumptions Realistic?," Financial Consultant, Vol. 1, No. 2,
(Summer 1996) pp. 39-42. With Jack Wilson
"Probable Bond Returns: The Lessons of History," The Journal of Performance Measurement,
Vol. 1, No. 2, (Winter 1996), pp. 14-23. With Jack Wilson and J. C. Poindexter

"Probabilities Associated with Common Stock Returns," Journal of Portfolio Management, Vol.
22, No. 1, (Fall 1995), pp. 21-32. With Jack Wilson
"A Re-Examination of the Seasonal Anomalies: A Comparison of Least Squares and Robust
Estimates," Advances in Quantitative Analysis of Finance and Accounting, Volume 3, 1993, pp.
131-152. with Jack Wilson
"A Comparison of Seasonal Anomalies Across Major Equity Markets: A Note," The Financial
Review, Vol. 28, No. 1, (February 1993). With Jack Wilson
"Is There a January Effect in Corporate Bond and Paper Returns?", The Financial Review, Vol.
25, No. 1, (February 1990), pp. 55-79. With Jack Wilson
"Market Reaction to the Information Content of Earnings Over Alternative Quarters," Journal of
Accounting, Auditing, and Finance, pp. 549-571, Fall, 1990. with Bruce Bublitz
"Is There a January Effect in Corporate Bond and Paper Returns?" The Financial Review, Vol.
25, No. 1, pp. 55-79, February, 1990. with Jack Wilson
"An Analysis of the January Effect in Stocks and Interest Rates Under Varying Monetary
Regimes" Journal of Financial Research, Vol. 12, No. 4, pp. 341-354, Winter, 1989, with Jack
Wilson
"Is Stock Price Volatility Increasing?" Financial Analysts Journal, Vol. 45, No. 6, pp. 20-26
November-December, 1989, with Jack Wilson
"Can Tax Loss Selling Explain the January Effect? The Journal of Finance, Vol. XLII, No. 2,
pp. 453-461, June 1987, Coauthors: Doug Pearce, Jack Wilson
"A Comparison of Annual Common Stock Returns: 1871-1925 and 1926-1985"
The Journal of Business, Vol. 60, No. 2, pp. 239-258, April 1987. Coauthor: Jack Wilson
"Common Stock Prices and Inflation: 1857-1985" Financial Analysts Journal, Vol. 43, No. 4,
pp. 67-70, July-August, 1987. with Jack Wilson
"Further Insight Into The Standardized Unexpected Earnings Anomaly: Size and Serial
Correlation Effects," Financial Review,Vol. 22, No.1 (1987), pp. 131-144. With Richard
Rendleman and Henry Latane.
"Stocks, Bonds, Paper, and Inflation: 1870-1985" The Journal of Portfolio Management, Vol.
14, No. 1, pp. 20-24, Fall 1987. with Jack Wilson
"The CAPM and Equity Return Regularities: An Extension" Financial Analysts Journal, Vol.
43, No. 3, pp. 77-79, 1987. with Bruce Bublitz

"Should We Believe the Tests of Market Efficiency?" The Journal of Portfolio Management,
Vol. 12, No. 4, pp. 49-54, Summer, 1986. with O. Maurice Joy
"Earnings Announcements: Pre-and-Post Responses" The Journal of Portfolio Management,
Vol. 11, No. 3, pp. 28-32, Spring, 1985. with R. Rendleman, H. Latane'
"Empirical Anomalies Based on Unexpected Earnings and The Importance of Risk
Adjustments," Journal of Financial Economics, Vol. 10, No. 3, November 1982, pp. 269-287
with R. Rendleman, H. Latane
"The Relationship Between Performance and Risk: Whence the Bias?" The Journal of Financial
Research, Vol. 4, No. 2. Summer 1981, pp. 103-108 with J. W. Wilson
"An Analysis of Risk and Return Characteristics of Corporate Bankruptcy Using Capital Market
Data" The Journal of Finance, Vol. 59, No. 2, September 1980, pp. 1001-1016 with J. Aharony,
I. Swary
"Standardized Unexpected Earnings - 1971-77" The Journal of Finance, Vol . 34, No. 3, pp.
717-724. June 1979. Coauthor: H. A. Latane'
"Earnings Reports and Market Efficiencies: An Analysis of the Contrary Evidence"
The Journal of Financial Research, Vol. II, No. 1, pp. 55-63, Spring 1979, with O. Maurice Joy
"Standardized Unexpected Earnings--A Progress Report," The Journal of Finance, Vol. 32, No.
5, pp. 1406-1413, December 1977. with H. A. Latane'
"Leverage and the Valuation of Risk Assets: An Empirical Test," The Quarterly Review of
Economics and Business, Vol. 15, No. 4, Winter 1975, with O. Maurice Joy
"An Empirical Approach to Recent Financial Theory," Journal of Business Research, Vol. 2, No.
3, pp. 265-276, July 1974. with Michael A. Simkowitz
"Quarterly Earnings and Subsequent Holding Period Returns," Journal of Business Research,
Vol. 2, No. 2, pp. 119-132, April 1974, with H. A. Latane' and R. Rieke
"The Effect of Recent Tax Policy Changes on Manufacturing Investment," The Quarterly
Review of Economics and Business, Vol. 13, No. 4, pp. 79-88, Winter 1973. with
J. C. Poindexter
"Earnings Trends and Investment Selection," Financial Analysts Journal, Vol. 29, No. 2, pp. 7983, March-April 1973.
"The Simultaneous Nature of a Capital Market," Western Economic Journal, Vol. 10, No. 4, pp.

396-401, December 1972. with Michael A. Simkowitz

"Re: The Money Supply, Portfolio Adjustments and Stock Prices Article," Financial Analysts
Journal, Vol. 28, No. 2, pp. 107-108, March-April 1972. with J. C. Poindexter, R. H.
Williamson
"A Note on the Simultaneous Nature of Finance Methodology," The Journal of Finance, Vol.
27, No. 1, pp. 103-108, March 1972. with Michael A. Simkowitz
"An Exploratory Analysis of the Simultaneity of Stock Price Movements,"
The Journal of Financial and Quantitative Analysis, Vol. VII, No. 2, pp. 1669-1672, March
1972
with Michael A. Simkowitz
"A Simultaneous Equation Model for Security Prices," The Southern Journal of Business, Vol.
7, No. 2, p. 41, May 1972. with Michael A. Simkowitz
"Ordinal Predictions and the Selection of Common Stocks," Journal of Financial and
Quantitative Analysis, Vol. 6, o. 4, pp. 1059-1068, September 1971. with Robert H.
Litzenberger, O. Maurice Joy
"Quarterly Earnings Reports and Intermediate Stock Price Trends." The Journal of Finance, Vol.
25, No. 1, pp. 143-148, March 1970. with Robert H. Litzenberger
"The Capital Structure and the Cost of Capital: A Comment," The Journal of Finance, Vol. 25,
No. 3, pp. 669-673, June 1970. with Robert H. Litzenberger
"Another Look at the Value of P/E Ratios," Financial Analysts Journal, Vol. 26, No. 5, pp. 6168. September-October 1970. with O. Maurice Joy
"Quarterly Data, Sort-Rank Routines, and Security Evaluation," The Journal of Business, Vol.
43, No. 4, pp. 427-438, October 1970 . with Henry A. Latane, O. Maurice Joy
"Quarterly Data: E/P v. Changes in Earnings in Forecasting Future Price Changes"
Financial Analysts Journal, Vol. 25, No. 1, pp. 117-120, January-February 1969
with Henry A. Latane, Donald L. Tuttle
"Adjusting for Risk in the Capital Budget of a Growth-Oriented Company: A Comment,"
Journal of Financial and Quantitative Analysis, Vol. 4, No.3, pp. 301-304, September 1969
with Robert H. Litzenberger
"Is Earnings Seasonality Reflected in Stock Prices?" Financial Analysts Journal, Vol. 25, No. 6,
pp. 57-59, November-December 1969. with Robert H. Litzenberger

PRESENTATIONS AT ACADEMIC MEETINGS

"A Re-Examination of the Financial Leverage Controversy," presented with Robert H.
Litzenberger and O. Maurice Joy at The 1970 Southern Finance Association Meetings in
Atlanta.
"An Exploratory Analysis of the Simultaneity of Stock Price Movements Using Canonical
Correlation," presented with Michael A. Simkowitz at The 1971 Western Finance Association
Meetings in Vancouver, British Columbia.
"A Simultaneous Equation Approach to Examining Security Prices," presented with Michael A.
Simkowitz at The 1971 Southern Finance Association Meetings in Miami Beach, Florida.
"Leverage and the Valuation of Risk Assets: An Empirical Test," presented with Robert H.
Litzenberger and O. Maurice Joy at The 1972 Western Finance Association Meetings in Santa
Clara, California.
"Methods of Estimation for Jointly Determined Variables," presented with Michael A.
Simkowitz at The 1972 Southern Finance Association Meetings in Washington, D. C.
"The Effect of New Tax Policies on Investment Behavior," presented with J. C. Poindexter at
The 1972 Southern Economic Association Meetings, Washington, D. C.
The Value of Published Financial Information and the Efficiency of the Market," presented with
Robert Reike at The 1973 Southern Finance Association Meetings in Houston, Texas.
"The Effect of Inflation Adjustments on the Contemporaneous Association Between Accounting
Based Risk Measures and Systematic Risk: Some Empirical Evidence - Comment," presented at
The Southern Economic Association Meetings, New Orleans, Louisiana, November 2-4, 1977.
"The Use of Unexpected Earnings, Investor Expectations, and Subsequent Stock Price
Movements," presented at The American Finance Association Meetings, New York City,
December, 28-30, 1977.
"Ex-Post Tests of Ex-Ante Hypotheses in Asset Pricing," presented at The Southern Finance
Association Meetings, New Orleans, November 4-6, 1981. (with Henry Latane')
"The Writings of Henry Latane'," Commentation, The Southern Finance Association Meetings,
Atlanta, November 10-12, 1982.
"Some Research Notes on Market Efficiency Testing," presented at Financial Management
Association Meetings, Atlanta, Georgia, October 19-22, 1983.
"U. S. Financial Markets and Long-Term Economic Growth, 1790-1989," presented at the

10

Fetstschrift for Robert Gallman, in Baltimore, Maryland, August, 1990.

11

PRESENTATIONS TO PROFESSIONAL GROUPS

"The Use of Quarterly Data in Predicting Future Stock Price Performance," presented to The
Seminar on Computer Research in Investments, March 1969, New York Society of Severity
Analysts, New York City. By Invitation.
Managerial Finance, complete course taught off campus, 1976.
"Basic Financial Management Concepts," short course in Finance taught for J. E. Sirrine
Company, 1977.
"The Use of Unexpected Earnings in Portfolio Selection," presented to the North Carolina
Institute for Investment Research, Chapel Hill, November 28, 1978.
"The Bias in the Composite Portfolio Performance Measures," presented to the North Carolina
Institute for Investment Research, Chapel Hill, April 16, 1980.
"Exploiting Stock Market Anomalies: An Update," presented to the North Carolina Institute for
Investment Research, Chapel Hill, December 4, 1980.
"New Approaches to Performance Evaluation," presented at the North Carolina Institute for
Investment Research, Nags Head, North Carolina, April 30 - May 1, 1981.
"An Update on Earnings Models and Usefulness in Portfolio Selection," presented to the North
Carolina Institute for Investment Research, Hotel Europa, Chapel Hill, December 9, 1981.
"Standardized Unexpected Earnings," presented to the North Carolina Society of Financial
Analysts, Carolina Inn, Chapel Hill, January 21, 1982.
"The Adjustment of Stock Returns to Unexpected Changes in Quarterly Earnings," presented to
the North Carolina Institute for Investment Research, Chapel Hill, May 12, 1982.
"SUE: Long-Run Documentation, Recent Performance, and Insight into the Adjustment of
Stock Returns to Unexpected Earnings," presented to the North Carolina Institute for Investment
Research, Winston-Salem, N.C., November 5, 1982.

12

PROFESSIONAL ACTIVITIES
Chartered Financial Analyst, 1982
North Carolina Society of Financial Analysts
Member:
American Finance Association
Eastern Finance Association
Western Finance Association
Southern Finance Association
Financial Management Association
Associate Editor - The Journal of Financial Research - 1977-1981; reappointed 1981
Editorial Board - Journal of Business Research - 1971 - 1976 Reviewer, Journal of Financial
and Quantitative Analysis, The Southern Economic Journal, Financial Management
Abstractor, The C.F.A. Digest, 500+ abstracts of journal articles
Executive Committee - Southern Finance Association - 1973-1974
1982 Program Committee, Financial Management Association

13

DEPARTMENTAL AND COLLEGE ACTIVITIES

Member, College Accreditation Committee
Member, O. Max Gardner Award Committee, 2007-2008, 2008-2009
Chair, PTR Committee, 2008-2009
Chair, Textbook Selection Committee, Finance faculty
Comprehensive Review Committee, Summative Review for Rob Handfield, 2005-2006
Advisor to Faculty Recruiting Committee for Finance, 2008-2009
Area Coordinator of Finance: 2008-2009, 2007-2008, 2006-2007, 2005-2006, 2004-2005,
2003-2004, 2002-2003, 2001-2002, 2000-2001
Member, COM Restructuring Committee, 2005
Chair, College Committee for Teaching Awards, 2005-2006
Funds were raised by Jack Wilson and myself from the College of Financial Planning and
A. G. Edwards Brokerage, contributed to Business Management Enhancement Fund,
2000-2006
Member, College Committee for Teaching Awards, 2001-2002, 2002-2003, 2003-2004,
2004-2005, 2005-2006, 2006-2007, 2007-2008
Chair, ad hoc Committee for the 5-year evaluation of Dept. Head, 2003
Chair, College Committee for Teaching Awards, 2003-2004
Member, Business Management Strategic Planning Committee, 2003-2004
Member, MBA Strategic Planning Committee, 2003-2004
Member, College Committee for Teachinig Awards, 2002-2003
Chair, Finance Recruiting Committee 2001-2002
Research by Charles Jones and Jack Wilson was mentioned in an article in Newsweek on
retirement planningJane Bryant Quinn, Newsweek, April 1, 2002
Member, CRC CommitteeClassroom Evaluation 2001-2002

14

Chair, College Committee for Teaching Awards, 2000-2001

Combined Campaign Representative for Business Management, 2000
Deans Search Committee, 1998-1999
Department Head Search Committee, 1998-1999
Finance Search Committee, 1998-1999
Member, AACSB Committee on Faculty Development, 1998-1999
Member, Committee for Selection of Outstanding Teacher, 1998-2003
Chair, Faculty Recruitment Committee, 1995-1998
Chair, Nations Bank Search Committee, 1996
Deans Search Committee, 1992-1993
Chair, Faculty Recruitment, 1991-1992
Chair, Business Management Review Committee, 1989-90
Advisor-Office of the Governor, State of North Carolina - review of the proposal for
the Biotechnology Foundation.
Member-University Group Insurance and Welfare Committee
1975-76, 1976-77, 1977-78.
Member-Outstanding Teacher Committee, School of Liberal Arts
1975.
Member-Ad Hoc Committee on Master of Management Degree for N.C. State
University.
Member-Ad Hoc Committee on Consulting, School of Liberal Arts.
Chair, Search Committee, Finance position, Department of Economics and Business.
Chair, Faculty Recruitment Committee, Department of Economics and Business,
1976- 77, 1977-78, 1985-86.

15

Chair, Gill Chair Evaluation Committee, 1980-81.

Member-Undergraduate Business Management Review Committee
1981-82.

16

CONSULTING

(1) The North Carolina Utilities Commission, in the case of

General Telephone Company of the Southeast
a) Docket No. P-16, Sub 136-1972
b)Docket No. P-19, Sub 133-1973
(2) The Attorney General of North Carolina
a) in re: Western Carolina Telephone Company
Docket No. P-58, Sub 85-1972
b) in re: Westco Telephone Company
Docket No.P-78, Sub 25-1972
(3) The Attorney General of North Carolina
a) in re: Virginia Electric and Power Company
Docket No. E-22, Sub 141-1973

(4) The Attorney General of North Carolina

in re: Southern Bell Telephone & Telegraph Company, Docket No. P-55, Sub 768

(5) Northeastern National Bank (proposed)

Feasibility Study-Economic Analysis
(6) Carolina Power and Light Company
rate of return analysis
(7) Research Triangle Institute, Economics Department
Cost of Capital, Capital Budgeting and Ratio Analysis
(8) Sanford, Adams, McCullough and Beard
Attorneys at Law
valuation of a company
(9) Publishers-Manuscript Evaluation
John Wiley Publishing Company
Wiley--Hamilton Publishing Company
West Publishing Company

17

Winthrop Publishers
Prentice-Hall Publishers
Allyn and Bacon Publishers
(10) Institute of the Chartered Financial Analysts--University of Virginia, Charlottesville,
Virginia
(11) Hollowell and Silverstein, P.A.
Attorneys at Law
Valuation of a closely held corporation
(12) Coleman, Bernholz, Dickerson, Bernholz, Gledhill & Hargrave
Attorneys at Law
Valuation of a professional practice
(13) Union Bank of Switzerland, Zurich, 1993-2000
Conduct certification programs for bank employees, including portfolio theory, security
analysis and portfolio management