Incorporating Higher Moments into Value at Risk Forecasting

Value-at-risk (VaR) forecasting generally relies on a parametric density function of portfolio returns that ignores higher moments or assumes them constant. In this paper, we propose a simple approach to forecasting of a portfolio VaR. We employ the Gram-Charlier expansion (GCE) augmenting the standard normal distribution with the first four moments, which are allowed to vary over time. In an extensive empirical study, we compare the GCE approach to other models of VaR forecasting and conclude that it provides accurate and robust estimates of the realized VaR. In spite of its simplicity, on our dataset GCE outperforms other estimates that are generated by both constant and time-varying higher-moments models.

The Self-conscious Researcher – Post-modern Perspectives of Participatory Research with Young People

Research in young people by young people is a growing trend and considered a democratic approach to exploring their lives. Qualitative research is also seen as a way of redistributing power; with participatory research positioned by many as a democratic paradigm of qualitative inquiry. Although participatory research may grant a view on another world, it is fraught with a range of relationships that require negotiation and which necessitate constant self-reflection. Drawing on experiential accounts of participatory research with young people, this paper will explore the power relationship from the perspective of the adult researcher, the young peer researcher and also that of the researched. It will explore the self-conscious exchange of power; and describe how it is relinquished and reclaimed with increasing degrees of compliance as confidence and security develops. Co-authored by a peer researcher and adult researchers, this paper will illustrate a range of practical examples of participatory research with young people, decode the power struggle and consider the implications. It will argue that although the initial stages of the research process are artificial, self-conscious and undemocratic it concludes that the end may justify the means with the creation of social agency knowledge, experience and reality.

FACTORIAL EXPERIMENTAL-DESIGN FOR CONCRETE DURABILITY RESEARCH

It is widely accepted that concrete designed to perform satisfactorily in adverse environmental conditions must have a high cement content and a low water-cement ratio. In addition, in order to enhance its durability, many types of additive and admixture such as super-plasticizers, fly ash, silica fume, ggbfs, etc., have been used in the past. However, a close study of the published literature indicates that the effect of mix variables on the durability and the interaction between the various ingredients are not fully understood. Some of these apparent contradictions are due to the limitations in the design of the experimental programme. For instance, it is evident that relatively higher concentrations of aggregates increase the tortuosity of the flow path and hence reduce the permeability, which results in an improvement in the durability. Therefore, an increase in cement content without a proportional decrease in water-cement ratio may reduce the durability. In such cases, the interactive effects of factors can be established by resorting to a properly designed experimental programme, such as the factorial experimental design.

The Self-Conscious Researcher - Post-modern Perspectives of Participatory Research with Young People

Research in young people by young people is a growing trend and considered a democratic approach to exploring their lives. Qualitative research is also seen as a way of redistributing power; with participatory research positioned by many as a democratic paradigm of qualitative inquiry. Although participatory research may grant a view on another world, it is fraught with a range of relationships that require negotiation and which necessitate constant self-reflection. Drawing on experiential accounts of participatory research with young people, this paper will explore the power relationship from the perspective of the adult researcher, the young peer researcher and also that of the researched. It will explore the self-conscious exchange of power; and describe how it is relinquished and reclaimed with increasing degrees of compliance as confidence and security develops. Co-authored by a peer researcher and adult researchers, this paper will illustrate a range of practical examples of participatory research with young people, decode the power struggle and consider the implications. It will argue that although the initial stages of the research process are artificial, self-conscious and undemocratic it concludes that the end may justify the means with the creation of social agency knowledge, experience and reality.

A connectionist perspective of the transition from Face-to-Face to online teaching in Higher Education

Existing research shows a slow transition to online education by many university teaching staff. A mixed methods approach is used to survey teacher educators in three jurisdictions in the UK who have made the transition to online teaching, followed by focus group and individual interviews to triangulate the data. The eight tenets of connectivism are used as a lens for analysis. Findings reveal sound pedagogical reasons for the limited choice of online tools and tutors highlight two elements, namely, self-fulfilment and their desire to continually develop as an educator, as the rationale for adopting informal professional development in the 21st century.

Who's minding the shop?:the role of Canadian research ethics boards in the creation and uses of registries and biobanks

Abstract. Background. The amount of research utilizing health information has increased dramatically over the last ten years. Many institutions have extensive biobank holdings collected over a number of years for clinical and teaching purposes, but are uncertain as to the proper circumstances in which to permit research uses of these samples. Research Ethics Boards (REBs) in Canada and elsewhere in the world are grappling with these issues, but lack clear guidance regarding their role in the creation of and access to registries and biobanks. Methods. Chairs of 34 REBS and/or REB Administrators affiliated with Faculties of Medicine in Canadian universities were interviewed. Interviews consisted of structured questions dealing with diabetes-related scenarios, with open-ended responses and probing for rationales. The two scenarios involved the development of a diabetes registry using clinical encounter data across several physicians' practices, and the addition of biological samples to the registry to create a biobank. Results. There was a wide range of responses given for the questions raised in the scenarios, indicating a lack of clarity about the role of REBs in registries and biobanks. With respect to the creation of a registry, a minority of sites felt that consent was not required for the information to be entered into the registry. Whether patient consent was required for information to be entered into the registry and the duration for which the consent would be operative differed across sites. With respect to the creation of a biobank linked to the registry, a majority of sites viewed biobank information as qualitatively different from other types of personal health information. All respondents agreed that patient consent was needed for blood samples to be placed in the biobank but the duration of consent again varied. Conclusion. Participants were more attuned to issues surrounding biobanks as compared to registries and demonstrated a higher level of concern regarding biobanks. As registries and biobanks expand, there is a need for critical analysis of suitable roles for REBs and subsequent guidance on these topics. The authors conclude by recommending REB participation in the creation of registries and biobanks and the eventual drafting of comprehensive legislation.

Voices from higher up the ladder:Exploring the team leader role in call centres

This paper focuses on an under-researched employee category in the call centre literature-the team leader. The paper, drawing on data from nine Australian call centres, finds that the team leader role is integral to the effectiveness of call centres, yet it is a role that consists of considerable complexity and contradictions. The research demonstrates the critical role performed by team leaders: coach, mentor, trainer, performance evaluator, communicator and supervisor. It also shows team leaders as being far more positive about many of the features of the call centre work environment compared with those on the front line. However, there does appear to be a need for greater acknowledgement of their challenging role, the contradictions that are inherent in the job and the need, in many cases, for increased support being made available to assist. © 2013 John Wiley & Sons Ltd.

Coal combustion residues valorisation:Research and development on compressed brick production

This paper presents the results of an experimental investigation on compressive strength of unfired compressed brick obtained with coal combustion residues (CCRs) produced by the Niger Coal Society. Preliminary physical and optical (XRD and SEM) characterisation of coal slag, including lixiviation tests, have been carried out. Cement powder, lateritic clayey soil and sand have been chosen as stabilizing agents for bricks. 12 dosages have been tested and about 300 bricks have been produced with a hand-operated press. Results show uniaxial compressive strengths (UCSs) ranging from 4 MPa to 27 MPa for the highest cement stabilisation ratio. UCS higher than 7.5 MPa have been observed for stabilisation with 20% of laterite +10% cement after 45 days of curing. Obtained bricks showed good mechanical resistance and low weight. No health threat has been detected for the obtained samples. Study developments are oriented towards the analysis of Pozzolanic properties of CCRs, properties of hydrated lime stabilisation, thermal properties and durability assessment.© 2012 Elsevier Ltd. All rights reserved.

Existing and emerging high impact invasive species are characterized by higher functional responses than natives

Predicting ecological impacts of invasive species and identifying potentially damaging future invaders are research priorities. Since damage by invaders is characterized by their depletion of resources, comparisons of the ‘functional response’ (FR; resource uptake rate as a function of resource density) of invaders and natives might predict invader impact. We tested this by comparing FRs of the ecologically damaging ‘world's worst’ invasive fish, the largemouth bass (Micropterus salmoides), with a native equivalent, the Cape kurper (Sandelia capensis), and an emerging invader, the sharptooth catfish (Clarias gariepinus), with the native river goby (Glossogobius callidus), in South Africa, a global invasion hotspot. Using tadpoles (Hyperolius marmoratus) as prey, we found that the invaders consumed significantly more than natives. Attack rates at low prey densities within invader/native comparisons reflected similarities in predatory strategies; however, both invasive species displayed significantly higher Type II FRs than the native comparators. This was driven by significantly lower prey handling times by invaders, resulting in significantly higher maximum feeding rates. The higher FRs of these invaders are thus congruent with, and can predict, their impacts on native communities. Comparative FRs may be a rapid and reliable method for predicting ecological impacts of emerging and future invasive species.

The Changing Context for Planning Education in the UK and the Prospects for Research-Led, Practice-Engaged Teaching

The UK’s Royal Town Planning Institute (RTPI) celebrates its centenary in 2014, marking 100 years of close relationships between university-based Planning Schools and a professional body focussed on planning practice. During this period, the context for university education and the very idea of planning has changed dramatically contributing to a continual renegotiation of the relationships between the planning profession and the educational institutions it accredits. These changes have been particularly acute in the last ten years where a number of factors have forced a rapid change in the nature of planning education in the UK. This has included a boom and then slump in the number of planning students linked to the national economic situation, a reorganisation of many planning schools and their merger with cognate disciplines such as geography and an increased focus of research output, rather than professional engagement the key institutional indicator of success. This last factor adds a particularly new dimension to the profession-university relationship, which could potentially lead to either a straining of tensions or a synergy through research-led teaching that could significantly benefit both.

This paper will briefly review the evolution of UK planning schools and the co-evolution of the main ideas informing planning education. It will then describe the current profile of UK planning schools, based on an extensive national survey conducted on behalf of the Royal Town Planning Institute. The paper will then critically review the main challenges and opportunities facing UK Planning Schools in the context of changes in both planning practice and higher education. It will then move on to the concept of research-led teaching, drawing on current practice in the UK and review how well this concept serves students and the idea of developing reflective planning practitioners. Finally, the paper will seek to draw broad lessons from the experience of the UK and reflect on the type of planning education that can best serve planning professions in a variety of international contexts in the future.

A study to evaluate the introduction of simulation as a teaching strategy for the mental health and learning disability fields of nursing, in an undergraduate nursing curriculum within one higher education institution

High Fidelity Simulation or Human Patient Simulation is an educational strategy embedded within nursing curricula throughout many healthcare educational institutions. This paper reports on an evaluative study that investigated the views of a group of Year 2 undergraduate nursing students from the mental health and the learning disability fields of nursing (n = 75) in relation to simulation as a teaching pedagogy. The study took place in the simulation suite within a School of Nursing and Midwifery in the UK. Two patient scenarios were used for the session and participants completed a 22-item questionnaire consisting of three biographical information questions and a 19-item Likert scale. Descriptive statistics were employed to illustrate the data and non-parametric testing (Mann-Whitney U test) was employed to test a number of hypotheses. Overall students were positive about the introduction of patient scenarios using the human patient simulator into the undergraduate nursing curriculum. This study used a small, convenience sample in one institution and therefore the results obtained cannot be generalised to nursing education before further research can be conducted with larger samples and a mixed-method research approach. However these results provide encouraging evidence to support the use of simulation within the mental health and the learning disability fields of nursing, and the development and implementation of further simulations to complement the students’ practicum.