Accounting as an engine for the re‐creation of strategy at a university

This paper examines the role of accounting in the strategy re‐creation of a university. Drawing on Donald MacKenzie's theoretical notion of performative engines, our field study of an Australian university reveals how accounting, through various calculative practices, fuelled change and steered people into strategic action, leading to the formation of a new strategic plan. We contribute to the existing accounting and higher education literature on university strategising by illustrating how accounting, when convincing and accepted by decision‐makers, can function as an engine for the transformation and financialisation of universities’ strategies.     

Fragmentation in Urban Movements: The Role of Urban Planning Processes

Urban plans and projects that aim to initiate the redevelopment and gentrification of urban areas create social and ecological pressures on urban environments and thereby stimulate urban movements. These movements have a lifespan, which evolves in interaction with planning authorities under local or central governments and may be marked by institutionalization and co‐optation, as well as fragmentation among the people involved in them. Fragmentations are usually based on conflicting individual and collective interests, but may also be the result of different political perspectives in groups. This article is based on a case study conducted in two adjacent gecekondu neighbourhoods of Istanbul, Gülsuyu and Gülensu, where urban politics have played an important role in efforts to resist plans for urban transformation. It shows that fragmentations are very likely to occur in urban movements during planning processes in a neoliberal era, owing to the different perspectives in the movement on what the just city is.     

The persistence in real exchange rate: Evidence from East Asian countries

In this article, we examine the degree of persistence in monthly real exchange rate of six East Asian countries in relation to their two major trading partners, the United States and Japan, to study the validity of PPP for the 1976:01–2009:03 period. To investigate the persistency in real exchange rate series, we use sum of the autoregressive (AR) coefficients and the confidence interval for it using grid-bootstrap procedure recently developed by Hansen (1999). We have two findings: first, we find evidence for high persistency in real exchange rate in terms of the Japanese yen for five countries and for four countries in terms of the US dollar the for the full and pre-crisis sample periods. Second, for the post-crisis period, the presence of low persistency in real exchange rate supports PPP for three countries in terms of the Japanese yen and five countries in terms of the US dollar. These findings indicate that real exchange rate series of five East Asian countries are mean-revert based on their exchange rate policies and East Asian countries can form a currency union.     

Did large institutional investors flock into the technology herd? An empirical investigation using a vector Markov-switching model

This article investigates whether large non-bank institutional investors herded during the dot-com bubble of the 1990s. We use the vector Markov-switching model of Hamilton and Lin (1996) to analyse the technology stockholdings of 115 large institutional investors from 1980 to 2012. By imposing different restrictions on the elements of the transition probability matrix, we are able to test for various lead/lag scenarios that might have existed between the technology stockholding of each investor and that of the residual market. We find that only 17.4% of the investors in our sample herded during the dot-com bubble. Thus, during the dot-com bubble, herding among large institutional investors was not an especially widespread phenomenon. Among those investors that herded, 80% herded during the run-up, 10% during the collapse and 10% during both phases of the dot-com bubble. About 23% of all investors in our sample exited from the technology sector before the bubble collapsed. These results seem to support Abreu and Brunnermeier’s (2003) theory of bubbles and crashes.     

From mass to ‘responsible’ tourism: the Turkish experience

Turkey has only recently become a destination for the mass tourist, but it has already attracted attention as an example of poor planning and lax environmental controls. This article discusses Turkey's place within the mass v ‘responsible’ tourism debate and presents research into how far the negative views of the western media are reflected by tour operators to the country and its government.