Optimizing the Distributions of Limited Partnership Returns

Limited partnerships are accorded great flexibility with respect to the allocation of cash, profits or losses, and gains to each partner. Using iterative linear programming techniques a model is designed to redistribute the various investment flows from a real estate type of investment between partners so as to simultaneously maximize each and all of the partners returns over the investment horizon.     

Solar energy market penetration models: Science or number mysticism?

The forecast market potential of a solar technology is an important factor determining its R&D funding. Since solar energy market penetration models are the method used to forecast market potential, they have a pivotal role in a solar technology's development. This paper critiques the applicability of the most common solar energy market penetration models. It is argued that the assumptions underlying the foundations of rigorously developed models, or the absence of a reasonable foundation for the remaining models, restrict their applicability.     

Accounting Introspection

In 1994 a working party commissioned by the Australian accounting bodies produced a report titled A Research Study on Financial Reporting and Auditing - Bridging the Expectation Gap. The study was the result of concerns about the differing perceptions of the financial reporting and auditing roles. This paper asserts that the research study suffers from shortcomings including a failure to explore some important issues and a consequent failure to correct prevailing misconceptions in the minds of those compiling financial reports and others using them.     

Corporate Temperance a Business Virtue

"There are strong temptations for those at the top of an organisational hierarchy to appropriate to themselves a disproportionate share of the resources of the organisation and to exercise too much power over the activities of other organisational members." Hence the case for taking a cool look at executive remuneration and other possible breaches of applying the classical virtue of temperance to corporate behaviour. The author is Principal Lecturer in the Business Studies Department, Manchester Metropolitan University, Aytoun Building, Aytoun Street, Manchester M1 3GH.     

ASYMMETRIC COVARIANCE,VOLATILITY, AND THE EFFECT OF NEWS

We propose that covariance (rather than beta) asymmetry provides a superior framework for examining issues related to changing risk premiums. Accordingly, we investigate whether the conditional covariance between stock and market returns is asymmetric in response to good and bad news. Our model of conditional covariance accommodates both the sign and magnitude of return innovations, and we find significant covariance asymmetry that can explain, at least in part, the volatility feedback of stock returns. Our findings are consistent across firm size, firm leverage, and temporal and cross‐sectional aggregations.     

A study in using linear programming to design non-urban attendance areas

A great deal of recent work has been directed toward using mathematical programming to achieve racial balance in urban schools. However, with the ever increasing cost of fuel for buses, there also appears to be a need to apply these techniques in non-urban school districts to reduce the use of fuel. This paper describes the development of a linear programming model to assign students to schools in such a way, as to minimize student-miles. Using data gathered in a non-urban school district, this model was tested on a large scale linear programming package with encouraging results. The resulting computational results are presented and discussed along with comments on the additional work necessary to implement this model.     

The challenge from below: an analysis of the role of the shop steward in industrial relations

An analysis of the shop steward's position in industry makes it clear that his task is complicated by the different roles demanded of him by management, his union, the rank and file, and not least, his own conception of his role.     

A REVIEW OF THE ESTIMATION OF TRANSITION PROBABILITIES IN MARKOV CHAINS

A chronological review of the development of estimation procedures for unknown constant Markovian transition probabilities is presented with emphasis on applications involving the availability of macrodata, as opposed to microdata. Monte Carlo results comparing various estimation methods are analysed and several suggestions for estimating non-stationary probabilities are made.     

The aims and methods of the education and training of shop stewards: a case study

The author's research indicates that management's objectives in releasing shop stewards for courses and the shop stewards' objectives may be quite different. Views on how far courses should be “education” and how far “training”, and the best structure for courses, also emerged from this study.