Disadvantage in English seaside resorts: A typology of deprived neighbourhoods

Socio-economic disadvantage experienced by residents of English seaside resorts has been growing over the last decade, and academic and practice-based research is providing better insights into the causes, internal dynamics and appropriate policy responses to these issues in coastal communities. This paper examines the nature and extent of disadvantage in English seaside resorts through analysis of a specially devised spatial and temporal database, which draws together various publicly available sources beyond the population census and Index of Multiple Deprivation. Using univariate, bivariate and multivariate analyses of this database, a new typology of highly deprived resort neighbourhoods has been devised, with clear implications for the formulation of more targeted policy responses. The results also indicate the persistence, complexity and distinct spatial clustering of deprivation, which establishes a case for a much stronger geographical emphasis in future research and policy agendas, including third sector partnerships.     

Brexit: Tracking and disentangling the sentiment towards leaving the EU

On 23 June, 2016, the UK held a referendum to decide whether to stay in the European Union or leave. The uncertainty surrounding the outcome of this referendum had major consequences for public policy, investment decisions, and currency markets. We discuss some of the subtleties involved in smoothing and disentangling poll data in light of the problem of tracking the dynamics of the intention to Brexit, and propose a multivariate singular spectrum analysis method that produces trendlines on the unit simplex. The trendline yield via multivariate singular spectrum analysis is shown to resemble that of local polynomial smoothing, and singular spectrum analysis presents the nice feature of disentangling the dynamics directly into components that can be interpreted as changes in public opinion or sampling error. The merits and disadvantages of some different approaches for obtaining smooth trendlines on the unit simplex are contrasted, in terms of both local polynomial smoothing and multivariate singular spectrum analysis.     

Corporate Multinationality and Acquirer Returns

This paper provides evidence on how corporate multinationality from the perspective of acquiring firms relates to M&A returns. Using multivariate regressions and a large dataset of over 6,000 M&As (both cross-border and domestic) by UK firms during 1987 to 2014, the paper finds multinationality to be associated with significantly higher short-run announcement returns and long-run operating performance. While the multinationality premium (higher M&A returns for multinationals) persists over time, it seems to be restricted to firms with superior resource/managerial capabilities and minimal agency problems. Finally, the multinationality premium appears to be driven by foreign acquisitions into advanced economies. The results are robust to correcting for sample selection bias and controlling for several firm and deal characteristics, as well as accounting for firm-, industry-, and year-fixed effects. Collectively, the findings imply that multinationality could be a source of value creation for acquiring firms, particularly in foreign acquisitions, which tend to be complex, and, thereby, require superior managerial capabilities to succeed.     

Bridging the great divide? Making sense of the human rights-CSR relationship in UK multinational companies

Human rights (HR) and corporate social responsibility (CSR) are both fields of knowledge and research that have been shaped by, and examine, the role of multi-national enterprises in society. Whilst scholars have highlighted the overlapping nature of CSR and HR, our understanding of this relationship within business practice remains vague and under-researched. To explore the interface between CSR and HR, this paper presents empirical data from a qualitative study involving 22 international businesses based in the UK. Through an analysis based on sensemaking, the paper examines how and where CSR and HR overlap, contrast and shape one another, and the role that companies’ international operations has on this relationship. The findings reveal a complex and multi-layered relationship between the two, and concludes that in contrast to management theory, companies have bridged the ‘great divide’ in varying degrees most notably in their implementation strategies.     

Does boardroom nationality affect the performance of UK insurers?

Drawing on the board capital literature, we use a panel data design to investigate the effect of boardroom nationality on the profitability and solvency of property-casualty insurers operating in the United Kingdom (UK). We find that boardroom nationality influences corporate outcomes depending on the financial aspects being measured. For example, North American directors are linked with profitable outcomes, while European directors tend to be associated with better solvency. This reflects differences between the shareholder value corporate culture in North America and stakeholder approaches more common in Europe. Our results could help insurers, regulators, and others (e.g., investors) to better understand the potential performance implications of the appointment of directors of different nationality.     

The governmentality and accountability of UK national museums and art galleries

This study furthers our understanding of the role of governmentality mechanisms in relation to other-forming and self-forming accounts of art organisations, by using empirical data collected from interviews with senior managers of UK national museums and art galleries (MAGs) and from secondary published sources. The findings highlight how governmentality mechanisms had power-effects through the creation of knowledge about MAGs and the resistance strategies of MAGs. Whilst the governmentality mechanisms were expected to ensure the automatic functioning of disciplinary power, in some instances the government directly intervened to over-ride decisions taken by senior managers when these conflicted with political imperatives.     

英国金融市场基础设施监管状况及未来发展

文章剖析了英国金融市场基础设施（主要包括支付系统、中央对手方和证券结算系统）的监管框架，总结了监管工作在信用风险和流动性风险、恢复与处置和操作风险管理等方面取得的主要进展，阐述了其在国内、国际监管合作方面的监管权力运用，梳理了下一步的发展方向和酝酿的主要变革。     

英国技术前瞻研究工作全景

英国的技术前瞻研究工作发源于1994年的技术预测计划,现已成为英国政府的一项常规工作。英国技术前瞻研究组挂靠在商业、创新和技能部下属的政府科学办公室,有优秀的研究队伍和稳定的经费支持,其开展的项目涉及新兴科学和技术面临的挑战和机遇以及围绕科技能发挥作用的重大社会问题,例如,全球变化、应对肥胖和洪涝灾害等。技术前瞻研究项目的研究报告和提出的有关建议,不仅对英国政府制定政策提供了重要参考,也对国际社会关于一些重大问题的判断和应对措施产生了较大影响。通过对英国技术前瞻研究工作的由来、已经完成和正在开展的项目、核心研究团队、项目的遴选标准和特点等进行系统介绍,并以案例的形式阐述了其前瞻研究项目对政府部门的影响,旨在为我国开展相关工作提供参考借鉴。     

Profitability and Efficiency of High Nature Value Marginal Farming in England

The UK Brexit vote triggered a new wave of policy developments for a future outside the EU. In this context, we analyse the business performance of English hill and upland farms, characterised by marginal economic conditions but also high nature value (HNV). The analysis aims to help identify farm-level management and policy options for greater economic, environmental and social sustainability. Business performance is measured as technical efficiency and the occurrence and persistence of abnormal profits, estimated through stochastic frontier analysis and static and dynamic panel-data methods. The results help indicate rationales for recent trends including farm enlargement, farm family diversification, and agri-environment scheme entry. The single farm payment is found to be negatively associated with farm technical efficiency while agri-environmental subsidies were positively associated to short-term farm profitability. Farm adaptation and resilience during a period of likely turbulence in external circumstances is discussed in light of these findings, as well as potential parallels with marginal HNV areas across Europe.