PERFORMANCE REPORTING BY MALAYSIAN LOCAL AUTHORITIES: IDENTIFYING STAKEHOLDER NEEDS

The concept of public accountability promotes the need for a comprehensive set of performance‐related information to satisfy the information needs of a diverse stakeholder interest group. However, literature concerned with the scope of information to be disclosed, and in particular within the context of a developing country, is limited. This paper identifies the information set which stakeholders of Malaysian local authorities consider relevant in the monitoring and assessment of local authority performance. Stakeholders indicated strong interest in performance information that is not traditionally disclosed in the financial statements: non‐financial information particularly performance measurement of outputs, outcomes, efficiency and effectiveness. Disclosures in the Statement of Revenue and Expenditure and forward‐looking information are generally regarded as the most important disclosures. The results of the study also indicate differences amongst stakeholders as to the level of importance that they place on certain items especially items related to internal policies and governance and financial position of the local authorities. The findings will be of significance to policy makers interested in improving the performance reporting of Malaysian public sector entities, particularly local authorities.     

Asymmetric information,adverse selection,and the pricing of CMBS

We demonstrate that asymmetric information between sellers (loan originators) and purchasers (investors and securities issuers) of commercial mortgages gives rise to a standard lemons problem, whereby portfolio lenders use private information to liquidate lower quality loans in commercial mortgage-backed securities (CMBS) markets. Conduit lenders, who originate loans for direct sale into securitization markets, mitigate problems of asymmetric information and adverse selection in loan sales. Our theory provides an explanation for the pricing puzzle observed in CMBS markets, whereby conduit CMBS loans are priced higher than portfolio loans, despite widespread belief that conduit loans are originated at lower quality. Consistent with theoretical predictions of a lemons discount, our empirical analysis of 141 CMBS deals and 16,760 CMBS loans shows that, after controlling for observable determinants of loan pricing, conduit loans enjoyed a 34 basis points pricing advantage over portfolio loans in the CMBS market.     

The Commodification of Self‐Esteem: Branding and British Teenagers

This study explores the role of consumption in the lives of British adolescents, with a particular focus on its role in forming and maintaining self‐esteem. Through a large qualitative study, over 100 adolescents revealed their attitudes and feelings toward consumption—particularly fashion. It was found that as a result of peer pressure and the importance of conformity among adolescents, consuming the correct possessions at the right time, is essential for social acceptance, gaining and maintaining friendships and thus self‐esteem. This paper argues that self‐esteem has been commodified. The consequences of failing to “keep up” with consumption trends were revealed; these include social exclusion, negative peer evaluation, and reduced self‐esteem. Moreover, these negative consequences were particularly pronounced among adolescents from low‐income families who, in contrast to their financial status, were eager to purchase the more expensive brands. Adolescents appear to have a striking awareness of the role of branding, advertising, and peer pressure in forming their consumption attitudes, yet they are unable to resist them. The findings from this study highlight the need for a rethinking of the more traditional components of adolescent self‐esteem.     

Envirox™ fuel-borne catalyst: Developing and launching a nano-fuel additive

The paper presents a product case study tracing the challenges of commercialization from research and product development to market launch. Envirox™ is a diesel fuel additive containing nanoparticles of cerium oxide, which enables fuel efficiency gains alongside reductions in harmful emissions such as black carbon (soot). The case traces developmental stages from lab experimentation and performance data sets, to raising finance, securing manufacturing capability and market testing in Hong Kong and the UK. The paper raises a number of generic and specific issues facing innovative small, university spin-out companies engaged in introducing nano-products to the market-place.     

The economic consequences of the peace

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The economic consequences of the peaceJ. M. Keynes, Londen, Mac Millan and Co., 279 bladz

     

From Edison To Immelt: The GE Way

General Electric is one of the great corporations of our times. While others fall by the wayside, it has forged a uniquely strong corporate trajectory over more than a century. But what makes the giant tick? How has GE outlasted the competition and does it have the strength and sense of purpose to carry on? Stuart Crainer explores the GE way.