Disability and the Performance Paradox: Can Social Capital Bridge the Divide?

This research captures the physical and social experience of disability by analysing the practical performance problems that arise when an ill or injured employee returns to work, and documenting how those problems are interpreted. The grounded theory approach suggests an alternative to the traditional biomedical or social perspectives on disability. Field research reveals four themes: attendance, disciplinary history, peer interaction and task function. Managerial and co‐worker perceptions were significantly affected by interactions that occurred before any disability was known to exist. Historic patterns of social exchange strongly suggest that social capital theory explains problematic work performance.     

United Nations—projects from Benin to Bali

Technical assistance for tourism in developing countries comes under the auspices of the UN Development Programme. Of the about 4700 projects that the Programme runs tourism specifically accounts for 137 although there are also spin-offs from other funded projects such as communications and transport. Tourism is an especially important part of the UNDP's efforts in developing countries as Daphne Miller, of the UNDP Division of Information, reports.     

No-arbitrage bounds for the forward smile given marginals

We explore the robust replication of forward-start straddles given quoted (Call and Put options) market data. One approach to this problem classically follows semi-infinite linear programming arguments, and we propose a discretisation scheme to reduce its dimensionality and hence its complexity. Alternatively, one can consider the dual problem, consisting in finding optimal martingale measures under which the upper and the lower bounds are attained. Semi-analytical solutions to this dual problem were proposed by Hobson and Klimmek [Financ. Stochastics, 2015, 19, 189–214] and by Hobson and Neuberger [Math. Financ., 2012, 22, 31–56]. We recast this dual approach as a finite-dimensional linear program, and reconcile numerically, in the Black–Scholes and in the Heston model, the two approaches.     

Fair Trade Community Café Expansion

This case concerns the expansion of a small café in the Atlantic provinces of Canada. Ray Merriam had successfully operated a fair trade café in Truro for two years and was ready to expand his business by opening cafés in other locations. He has received an offer from an investor for partnership in a new café in the same time. While Ray was really excited about the investment, he had been considering expanding the business through franchising. Students will have an opportunity to research partnership and franchise agreements. They are expected to analyze the advantages and disadvantages of each and make a recommendation to Ray. The typical issues arising in a franchise or partnership agreement should be addressed. This practical experience would likely be invaluable for the future of many students who open their own businesses.     

Sustainable Development in Affluent Countries and the Neo-Institutionalist Synthesis

Since development is a process rather than an end-state, all countries are always in a constant state of change, regardless of their level of income. This article focuses on the challenges that affluent countries face today in shifting to a sustainable development path. These challenges include improving the quality of life, achieving environmental sustainability, and addressing inequality. In the United States in particular, these challenges have increased in recent decades, despite significant economic growth. The neoclassical development model assumes that growth makes it easier to achieve sustainable development and that wellbeing rises with per capita income. We question these assumptions, and find a theory of economic development in institutional economics that better explains and accommodates sustainability. We draw on the work of many original institutionalist economists (OIE), and others working in this tradition, to analyze the challenges of sustainable development in affluent countries, especially in the United States.