Re-Orientating Vertical Geopolitics

Geopolitics has a tradition of adopting a downward looking view-from-above, which is imbued with an imperialistic ‘god's eye’ perspective. Although acknowledged and critiqued, this paper argues that it needs to be actively re-orientated to encompass the discourses and practices of looking up. The paper analyses the practices of looking up and surveilling the sky through which air defence is achieved. It interrogates the ways in which UK air defence is represented in official documents and analyses the activities of the Royal Air Force's Air Surveillance and Control System. The paper argues that this system enacts a vertical geopolitics that goes beyond those understood in other geopolitical literatures and offers suggestions for developing our understandings of a volumetric vertical geopolitics that recognises the aerial view as generated from below as well as from above.     

Exploring the effectiveness of peer mentoring of accounting and finance students in higher education

This article explores the effectiveness of peer mentoring with accounting and finance students at the University of Dundee. The motives of such a mentoring scheme are to improve the participants' academic performance and to develop their transferable skills. In the context of this study, peer mentoring comprises third year students (mentors) mentoring first year students (mentees). Using a semi-formal tutorial setting and meetings during the latter part of the academic year, mentoring groups address issues such as academic writing skills, study techniques and examination preparation. The effects of mentoring are measured by a comparison of the pre- and post-mentoring examination performance of the mentees. In addition, focus group interviews are used to gather the opinions of the mentees and the mentors as to their impressions about the success of the project. The empirical results suggest that mentoring has had a positive effect on the academic performance of the mentees. The focus group interviews found that both the mentors and the mentees claimed to benefit significantly from their involvement in the project.     

The Incentives for Innovative Activity in the Managerial Firm

This paper discusses the incentives for innovation by a manager‐led firm. In particular, it is investigated how remuneration practices influence the choice of a risky project. In the first place, a dynamic model with uncertainty is used to determine the optimal employment level with exogenous growth and risk. In the second part of the paper, growth and risk are explained by R&D expenditures. Optimal investment expenditures for R&D are derived for (i) the profit‐maximizing firm and (ii) the managerial firm, where the manager receives a fixed salary as well as a variable share of profits. If risk neutrality is assumed, then no difference exists. However, if risk aversion is considered, the managerial firm will invest more into R&D than the owner‐led company. Size‐related salaries are an additional reason for higher expenditures of R&D by managers. Copyright © 2013 John Wiley & Sons, Ltd.     

The return from travel: a new beginning?

Within the context of the return from long-term travel, this paper uncovers the transitional and at times traumatic nature of return for 24 OE (overseas experience) travellers. Important considerations are raised in respect of easing repatriation distress among those returning from long-term travel. Contributing an understanding of the experience of return from travel, this paper proffers that return to the place one left to travel from does not necessarily mark the end of the journey. Conversely, it can mark a new beginning. As such, we argue that a broader framework for examining the travel experience is called for; notably, one that extends the examination of the travel experience to the return phase and beyond.     

Has Devolution Injured American Workers? State and Federal Enforcement of Construction Safety

Although the issue of regulatory devolution has received muchscholarly scrutiny, rigorous empirical studies of its effectson important policy outcomes are scarce. This article exploresthe effects of partial regulatory devolution in the occupationalsafety arena by exploiting a unique historical anomaly wherebysome US states enforce protective labor regulations that areenforced elsewhere by the federal Occupational Safety and HealthAdministration. Analyzing data from the construction industry,this article contains several important findings. First, stateinspectors use traditional enforcement tools more sparinglythan their federal counterparts, typically citing fewer violationsand collecting lower fines per violation. Second, although federalenforcement significantly lowers the estimated frequency ofnonfatal construction injuries, it also predicts a significantincrease in occupational fatalities. I suggest that althoughhigher underreporting of nonfatal injuries in federally regulatedstates could explain this puzzling finding, it is equally possiblethat different regulatory styles have different "comparativeadvantages" in deterring nonfatal injuries on one hand and occupationalfatalities on the other. (JEL D73, D78, H73, I18, J08, J28,J88, K00, K23, K31, K32, L51, and L74)     

Einzelbesprechungen

Ohne ZusammenfassungAus dem Italienischen übersetzt von M. St. Braun, WienAus dem Italienischen übersetzt von E. Allina, WienAus dem Russischen übersetzt von A. GerschenkronÜbersetzt von Paul Brüll, Wien.     

Risk-based decision analysis in support of precautionary policies

A decision-analytic model for avoiding a risky activity is presented. The model considers the benefit and cost of avoiding the activity, the probability that the activity is unsafe, and scientific tests or studies that could be conducted to revise the probability that the activity is unsafe. For a single decision maker, thresholds are identified for his or her current subjective probability that the activity is unsafe. These thresholds indicate whether the preferred course of action is avoiding the activity without further study, engaging in the activity without further study, or conducting a test or research programme to obtain additional information and following the result. When these thresholds are low, precautionary action is more likely to be warranted. When there are multiple stakeholders, differences in their perceptions of the benefit and cost of avoidance and differences in their perceptions of the accuracy of the additional information provided by the test or research programme combine to create differences in their decision thresholds. Thus, the model allows for the rational expression of differences among parties in a way that highlights disagreements and possible paths to conflict resolution. The model is illustrated with an application to phytosanitary standards in international trade and examined in terms of recent empirical research on lay perceptions of risks, benefits, and trust. Further research is suggested to improve the elicitation of model components, as a way of fostering the legitimate application of risk-based decision analysis in precautionary policy making.     

Optimal portfolios and Heston's stochastic volatility model: an explicit solution for power utility

Given an investor maximizing utility from terminal wealth with respect to a power utility function, we present a verification result for portfolio problems with stochastic volatility. Applying this result, we solve the portfolio problem for Heston's stochastic volatility model. We find that only under a specific condition on the model parameters does the problem possess a unique solution leading to a partial equilibrium. Finally, it is demonstrated that the results critically hinge upon the specification of the market price of risk. We conclude that, in applications, one has to be very careful when exogenously specifying the form of the market price of risk.