Designing an Enterprise Risk Management Curriculum for Business Studies: Insights From a Pilot Program

The latest financial crises have highlighted the centrality of managing risks across organizations. Internationally, Basel II/III, The Volcker Rule of the Dodd–Frank Act, and Vickers’ Ring‐Fence all propose stronger management of risk across banks and greater oversight of executive compensation to mitigate generic risk. Given this situation, it might be assumed that academia would also view risk as a central concern for its business programs. It seems not. There is a little evidence that academic curricula are being specifically designed to address this issue. This article examines an Enterprise Risk Management curriculum delivered to graduate student cohorts over 3 consecutive years. Four criteria were used to develop the new curriculum. First, it should take a holistic view of risk; second, the theories related to risk needed to be transformed from individual to group level; third, the dynamics of risk due to market factors needed to be understood; and finally, the way firms respond to crises needed to be observed and embedded in the curriculum.     

The Internet, Economic Growth and Governance

The Internet developed largely as a 'spontaneous order' without central co-ordination. Further development will increase the mobility of capital and labour and make tax collection more difficult. Attempts at self-regulation and government regulation are now under way but meddling is likely to be 'wealth destructive and counter productive.'     

Francesco Forte’s Contributions to <Emphasis Type="Italic">Essentials of Fiscal Sociology</Emphasis>

Francesco Forte has made major contributions to many areas of economics with the result that his theoretical work and applications have opened new areas of inquiry. This paper connects Forte’s work with the work of Jürgen Backhaus on fiscal sociology. Positioned at the crossroads of economics and sociology, the answers to these questions helped fill the void which gave rise to the field of fiscal sociology. Fiscal sociology is primarily a study of taxation and fiscal policies which illuminates core issues in the sociology of contemporary capitalism. It includes the causes of poverty and inequality in rich countries and adds to our understanding the basis for the inequality between rich and poor countries. Our paper reviews several of Forte’s papers on Pareto’s fiscal sociology and the failure of European planning for less-developed regions. The paper highlights Forte’s contributions to economic theory focusing on Pareto’s sociological theory and the influence of the European Union on regional development.     

Research Applications of the Multifamily Housing Institute's Apartment Database

Data on the financial performance of multifamily rental housing has not been available nearly as long as such information for single-family housing. It is believed that this lack of information has increased the cost of debt and equity capital to apartment housing and thus has increased the rents paid by apartment residents. Data on apartments, which is now becoming available through an industry-sponsored initiative, has the potential of narrowing this information gap. This article has several objectives: to describe this new database, AptData^TM, to housing researchers to assess the strengths and weaknesses of AptData^TM for housing market and policy research, to compare estimates from AptData^TM with those from other sources, and to offer several potential research applications of this new data resource.