The academic effectiveness of a bridging year for commerce undergraduates

Human resources development in South Africa is constrained by the underpreparedness of many students for university. The problem is particularly acute among school leavers for whom English is not their first language and who are thereby at a disadvantage in an English language university. In order to address the problem, which goes beyond language, bridging curricula have been devised. This research analyses how effective one such intervention is, in terms of an academic achievement outcome.

Decisions to allocate resources to bridging intervention need the assurance that the resources are used effectively. An ex post facto experimental research design ts used in this study to test the learning outcome of the PBS bridging intervention. The analysis assesses whether the PBS programme increases the academic achievement of students at first‐year level.

The examination results achieved by an experimental group of PBS students who matriculated from DET schools are compared with the results of a control group of DET matriculants. The research shows that the academic achievements of the PBS group during the bridging year were superior to those of the control group. Furthermore, superior performance was sustained by the PBS students after they Joined the mainstream BCom curriculum. After the bridging intervention, the PBS students achieved 7.7 percentage points better in Business Economics I examinations than the control group. The research design controls for demonstrated academic ability at school At a 0.01 level of statistical significance, the results of the analysis indicate that the PBS intervention has contributed positively to the students’ academic achievement.     

News Trading and Speed

We compare the optimal trading strategy of an informed speculator when he can trade ahead of incoming news (is “fast”), versus when he cannot (is “slow”). We find that speed matters: the fast speculator's trades account for a larger fraction of trading volume, and are more correlated with short‐run price changes. Nevertheless, he realizes a large fraction of his profits from trading on long‐term price changes. The fast speculator's behavior matches evidence about high‐frequency traders. We predict that stocks with more informative news are more liquid even though they attract more activity from informed high‐frequency traders.     

Catch me if I fall: Cross-national differences in willingness to take financial risks as a function of social and state ‘cushioning’

Knowledge about the existence and source of national differences in willingness to take risks plays a vital role in ensuring successful communication, collaboration, and understanding across countries, from the personal to the organizational and political/social domain. The current study investigates differences in financial risk-taking willingness between countries as a function of social and state ‘cushioning’, i.e. the extent of a person’s social support network and the state’s social-safety support network. The study compares large-scale household data and self-reports on willingness to take financial risks across three countries differing in their state support networks: Austria, Italy and the United States. Results show that personal social support network size influences risk-taking willingness (social cushioning). Furthermore, and most notably, we find evidence of an interactive relationship between social and state cushioning. High state cushioning renders the influence of social cushioning on financial risk-taking willingness less important. Contributions to management and business practice as well as theory on the influence of personal distance to financial support on risk-taking willingness are discussed.     

Schlafmittel – und was noch?

Medikamente allein reichen nicht - Komplement?re Ma?nahmen k?nnen Effekte von Medikamenten verbessern und den Umfang der Medikation vermindern. Aus diesem Grund sollten Pflegende und Therapeuten m?gliche Alternativen kennen und den Betroffenen anbieten.     

Authors’ Reply: On the Time Value of Ruin - Discussion by F. Etienne De Vylder; Marc J. Goovaerts; David C.M. Dickson; Vladimir Kalashnikov; Gérard Pafumi

Abstract

The qualitative behavior of the optimal premium strategy is determined for an insurer in a finite and an infinite market using a deterministic general insurance model. The optimization problem leads to a system of forward-backward differential equations obtained from Pontryagin’s Maximum Principle. The focus of the modelling is on how this optimization problem can be simplified by the choice of demand function and the insurer’s objective. Phase diagrams are used to characterize the optimal control. When the demand is linear in the relative premium, the structure of the phase diagram can be determined analytically. Two types of premium strategy are identified for an insurer in an infinite market, and which is optimal depends on the existence of equilibrium points in the phase diagram. In a finite market there are four more types of premium strategy, and optimality depends on the initial exposure of the insurer and the position of a saddle point in the phase diagram. The effect of a nonlinear demand function is examined by perturbing the linear price function. An analytical optimal premium strategy is also found using inverse methods when the price function is nonlinear.