Personal development on youth expeditions: a literature review and thematic analysis

Youth expeditions are associated with a range of benefits for participants. More young people are participating in overseas expeditions than ever before as vacation and gap year choices are diversified by a rising number of expedition providers. To date, there has been no systematic research effort to draw together and evaluate the evidence that underpins the benefits or, otherwise, for youths participating in overseas expeditions. This paper reviews empirical and philosophical literature which has been published in a range of journals and themes emerging are placed into a personal growth model. This review (or mapping exercise) focused on post-1990 literature and found 35 key publications which met the criteria: youth expedition; duration exceeding 14 days, self-propelled, and based overseas or out-of-state. The 35 publications (UK 26; USA 4; Australia 3; Japan 1; South Africa 1) were subjected to a thematic analysis using Greenaway’s ‘Four Arrows’ model of personal growth. Outcomes associated with overseas youth expedition participation included (1) upward personal growth (realising potential) including increased confidence; physical and social resilience; self-reliance and ability to overcome challenges, (2) outward personal growth (learning about & relating to others), (3) inward personal growth (learning about self) and (4) downward personal growth (learning about environment). The processes that were valued in overseas expeditions and which, with some caution, may be linked with some of the aforementioned outcomes include: genuine independence; group isolation and self-sufficiency; person-centred leadership; positive responses to stress and physically demanding activity. Suggestions for areas for further meaningful research are offered.     

Structural effects of asset-backed securitization

This paper analyses the potential changes in the operational structure of deposit-taking financial institutions that securitize assets. Findings indicate that banks can create an asset securitization pipeline structure that enables them to increase their return on capital. In other words, through securitization banks can expand their loan provision business without increasing their liabilities or their capital levels. Using a contingent claims model, four factors that impact on the bank's decision to securitize are highlighted and analysed: (i) the level of deposit insurance; (ii) capital adequacy requirements; (iii) insolvency risk; and, (iv) the risk of credit enhancements. Furthermore, we identify key accounting and regulatory challenges that emerge for banks from the process of asset backed securitization.     

Rebuilding the limit order book: sequential Bayesian inference on hidden states

The limit order book of an exchange represents an information store of market participants’ future aims and for many traders the information held in this store is of interest. However, information loss occurs between orders being entered into the exchange and limit order book data being sent out. We present an online algorithm which carries out Bayesian inference to replace information lost at the level of the exchange server and apply our proof of concept algorithm to real historical data from some of the world’s most liquid futures contracts as traded on CME GLOBEX, EUREX and NYSE Liffe exchanges.     

Technological advances and the decision to invest

Technological advances impact a firm’s investment decision, as they affect the investment cost. They can also affect the profitability due to demand shocks. We study a firm’s optimal investment decision when technological advances occur as surprises and induce uncertain reductions in the investment cost and in earnings. Despite this complex setting we derive closed-form solutions for the investment option value and the investment threshold. When technological advances only impact the investment cost, we demonstrate significant contributions compared to existing research, which restricts the analysis by keeping the expected investment cost path constant. For example, we show that, albeit the investment threshold is constant, the option value is very sensitive in the expected impact of technological advances. Leaving the restrictive setting, we obtain more intuitive results, e.g. that more frequent technological advances increase the option value. When technological advances impact future earnings we find important long-term effects: the investment threshold increases, whereas the option value decreases. Finally, earnings volatility postpones investment, while uncertainty due to technological advances expedites investment.     

Food for Thought on the ABS Academic Journal Quality Guide

This paper discusses issues relating to the use of the Association of Business Schools' (ABS) Academic Journal Quality Guide within UK business schools. It also looks at several specific issues raised by the Chair of the British Accounting Association/British Accounting and Finance Association regarding the ratings for top international journals, and for accounting education and accounting history journals. The increasing use of this guide by business school deans/heads as a tool for staffing and research resource allocation has significant implications both for individuals and specialist areas of research.     

The Measurement of Harmonisation and the Comparability of Financial Statement Items: Within-Country and Between-Country Effects

This paper reports on an analysis of accounting policy choices made by European companies with an international shareholding. The accounting policies analysed in depth in this paper comprise the treatment of goodwill and accounting for deferred taxation. In the paper, the van der Tas comparability index is developed by separating the index into two components relating to the within-country (intra-national) effects of domestic standardisation and the between-country (inter-national) effects of harmonisation. It is shown in this paper that the value of the index may be interpreted as the probability that two companies selected at random will report financial information that is comparable, and that the lowest level of comparability exists when the accounting methods are assumed to be distributed equiprobably over the companies, the outcome of a random selection of accounting policies. The paper also considers the problems of non-disclosure, and a comprehensive ‘disclosure-adjusted’ comparability index is proposed.