Thought leadership in investment banking: The beginning of a new era

The paper argues that although considerations such as industry consolidation, the role of lending and the effects of technology are still important in shaping the future of investment banking, sustainable competitive advantage necessitates that emphasis is also placed on thought leadership. This entails quite a radical change in terms of the way in which the industry approaches the problem of competition and requires emphasis on value creation for all the constituent parts of the industry: corporations, investors, the banks themselves and research departments. Accordingly, the paper provides a rationale for this change and provides inter alia a range of examples to illustrate how thought leadership could lead to a fundamental change in the future of the investment banking industry.     

A play-the-winner-type urn design with reduced variability

We propose a new adaptive allocation rule, the drop-the-loser, that randomizes subjects in the course of a trial comparing treatments with dichotomous outcomes. The rule tends to assign more patients to better treatments with the same limiting proportion as the randomized play-the-winner rule. The new design has significantly less variable allocation proportion than the randomized play-the-winner rule. Decrease in variability translates into a gain in statistical power. For some values of success probabilities the drop-the-loser rule has a double advantage over conventional equal allocation in that it has better power and assigns more subjects to the better treatment. Acknowledgments. I thank Stephen Durham, the associate editor, and the referees for their helpful suggestions.     

Job growth in early transition: Comparing two paths*

Small start‐up firms are the engine of job creation in early transition. We ask about differences in their growth across two different transition economies: Estonia, which experienced rapid destruction of pre‐existing firms, and the Czech Republic, which reduced the old sector gradually. We find that the majority of job growth corresponds to within‐industry reallocation. The within‐industry growth of small start‐up firms is similar in the two countries, in line with the convergence to Western industry firm‐size distributions. We also find similar patterns in the evolution of wage differentials between start‐ups and old firms and small differences in the extent of low‐wage employment in start‐ups across the two transition paths. JEL Classifications: J2, J3, J4, L1, O1, P2.     

An Examination of the Interaction Between Modelling and Its Relationship with Construction Kits: Lessons from the Past and for the Future

Construction kits have played a significant part in nurturing the growth and development of the minds and manipulation-based skills of children (and adults) in formal and non-formal education settings. These kits have origins rooted in the representation of the built world and now have a diversity of form and function, including technical versions with moving parts. This article examines some of the historically based ideas that lie behind the role that kits may have in terms of physical modelling. The article traces the transformation of kits from simple bricks and blocks into more complicated pieces for space-filling and achieving the transfer of forces and motion. This transformation occurred during the Victorian era when the influence of the ideas of educationalists and, perhaps rather strangely, exponents of early aviation, played major roles in determining the diversity of forms of construction kit and modelled possibilities that are now to be seen in classrooms and homes. The article ends with a review of some of the lessons from the past and present that will need to be considered in relation to concrete modelling in schools for the future. This revised version was published online in July 2006 with corrections to the Cover Date.     

The Impact of the Implementation of Technology Education on In-Service Teacher Education in South Africa (Impact of Technology Education in the RSA)

In this article the impact of technology education, as a new learning area (subject) in the curriculum, on in-service teacher education in South Africa is described in order to ascertain the extent of the impact. The research on which this article is based draws on a variety of experiences and observations in the field at grassroots level (in particular an outreach project in rural communities). The envisaged impact of technology education on South African schools, communities, teacher educators and teachers, the range of in-service teacher education that is required, and the impacts in urban and rural areas are discussed. Finally a number of concluding remarks are made about the extent of the impact of the inclusion of technology education in the new National Curriculum Statement and whether the situation has changed since the implementation of a pilot technology education project in 1998. This revised version was published online in July 2006 with corrections to the Cover Date.