Proposal for a capital market-based guaranty scheme for the financial industry

In this paper, we introduce a capital market-based financial guaranty system as an alternative to current insurance guaranty funds and deposit insurance systems. The guaranty system secures clients’ claims for the event of default by the financial company using a special purpose vehicle which issues bonds to investors. The proposed system, analogous to a credit-linked note, consists of one guaranty vehicle for each financial company. In a first step, we present equations in order to derive the two main input parameters of the special purpose vehicle: the premium and the principal. Subsequently, we analyze the impact of different investment actions taken by the financial companies protected by the guaranty vehicle on various shortfall measures. We find that it will be necessary to restrict the investment volume of investors from the financial industry in order to avoid systematic risk within the proposed guaranty scheme. By deriving practical implications, we show that the capital market-based solution has some key benefits compared to current deposit insurance and insurance guaranty schemes.     

The need for services and technologies in physical fast fashion stores: Generation Y’s opinion

ABSTRACT

This study answers the question of in which services and technologies should fast fashion retailers with physical stores invest. Fifteen improvement options were identified through a literature review, corporate practice and expert interviews. Then, a sample of 255 members of Generation Y evaluated and classified these options as attractive, indifferent, must-be, one-dimensional, or reverse according to Kano’s approach using the segmented Kano perspective. Results show that Generation Y generally values service improvements (e.g. with respect to salesperson friendliness and competence) higher than technology improvements. However, this evaluation differs among customer segments: whereas quality-conscious fast fashion shoppers are mainly indifferent to technology improvements, other customer segments rate ‘3D Bodyscan’, ‘Barcode App’, ‘Click&Collect’, ‘iDressroom’, ‘iTerminal’, ‘Loc Aware App’, or ‘Self-Checkout’ as highly attractive.     

An examination of the effect of international investors on accounting information quality in Russia

This paper investigates the impact of international investors on the quality of financial accounting information in Russia. I hypothesize that international stock ownership leads to enhanced quality and adoptions or intentions to adopt IFRS by Russian firms. Data was gathered through face-to-face interviews with 100 Saint-Petersburg firms randomly selected from the INFOWAVE data base. The results are consistent with the hypotheses.     

Quo vadis, qualitas? Symposium in Wien zum Qualitätsverständnis in Öffentlichkeitsarbeit und Journalismus

Ohne Zusammenfassung     

我们并肩前行

我们是谁？我们是北欧警务及海关事务联络处目前的3名成员：Frc，deZ．Olsen，59岁，来自丹麦警方，已有34年的警务执法经验；JyrkiKaipanen，41岁，拥有19年的芬兰警务执法经验；AIexilndrltWang，33岁，联络处的助于和翻译.     

Implementing studio-based learning for design education: a study on the perception and challenges of Malaysian undergraduates

Studio-based learning (SBL) is a teaching and learning methodology that combines different learning pedagogies such as social constructivist, problem-based, and active learning to mimic real-world working experience. Traditionally, SBL is practised in architecture and art programmes, however there is a growing number of research in other areas such as computer science, engineering, entrepreneurship and design courses. Nevertheless, in Malaysia, studies have only focused on architecture programmes. Therefore, this study focuses on reporting the experience and challenges of implementing SBL for a design course in the area of Visual Communication. By employing a qualitative methodology, findings show positive perception towards SBL where respondents reported awareness in improved design and communication skills, and increased acceptance towards team work. They found the critique sessions, facilitated their learning progress. Nevertheless, students reported challenges with inept teaching and learning facilities for design work, collaboration and communication breakdown with stakeholders. The study also reports on improvement strategies to enhance students learning experience through SBL.

     

The Evolution of Certainty in a Small Decision-Making Group by Consensus

We propose a dynamical systems model for approximating the certainty as a function of communication. Uncertainty is measured during a small group decision-making process, in which participants aim to reach consensus. Assuming that the communication is a one-dimensional continuum variable, both first- and second-order differential models of certainty are analyzed, and then, the general model is obtained by superposition. An experiment was organized, and the data have been used to test the model. A detailed discussion on the assumptions of this approach from the decision theory point of view is also included.     

Hazen S. Pingree and the Detroit Model of Urban Reform

Hazen S. Pingree was a remarkable civic leader. In his four terms as mayor of Detroit from 1889 to 1897, Pingree lowered the cost of vital public utilities, including gas, lighting, and transit; modernized the city's sewage system; and rooted out corruption and dishonesty in municipal government. He successfully spearheaded the movement for the three‐cent streetcar fare and brought Detroit to the brink of public ownership and operation of its own transit system. Pingree's social reform program for Detroit centered around two interrelated urban reform movements gathering steam at the turn of the 20^th century: the movement for municipal ownership and the movement to equalize taxes by increasing taxes on corporate property. Both of these movements drew heavily from Henry George's single tax. In particular, Pingree's efforts to secure a municipally owned and operated street railway system and effort to increase taxation on corporate property illustrate the ways in which turn‐of‐the‐20^th‐century civic leaders drew from the rhetoric and substance of George's ideas to implement progressive urban reforms.