The determinants of a cross market arbitrage opportunity: theory and evidence for the European bond market

This paper examines the determinants of cross-platform arbitrage profits. We develop a structural model that enables us to decompose the likelihood of an arbitrage opportunity into three distinct factors: the fixed cost to trade the opportunity, the level at which one of the platforms delays a price update and the impact of the order flow on the quoted prices (inventory and asymmetric information effects). We then investigate the predictions from the theoretical model for the European Bond market with the estimation of a probit model. Our main finding is that the results found in the empirical part corroborate strongly the predictions from the structural model. The event of a cross market arbitrage opportunity has a certain degree of predictability where an optimal ex ante scenario is represented by a low level of spreads on both platforms, a time of the day close to the end of trading hours and a high volume of trade.

An evaluation of the theoretical potential and practical opportunity for using greywater for domestic purposes in Ghana

Assessments concerning the effects of climate change, water resource availability and water deprivation in West Africa have not frequently considered the positive contribution to be derived from collecting and reusing water for domestic purposes. Where the originating water is taken from a clean water source and has been used the first time for washing or bathing, this water is commonly called “greywater”. Greywater is a prolific resource that is generated wherever people live. Treated greywater can be used for domestic cleaning, for flushing toilets where appropriate, for washing cars, sometimes for watering kitchen gardens, and for clothes washing prior to rinsing. Therefore, a large theoretical potential exists to increase total water resource availability if greywater were to be widely reused. Locally treated greywater reduces the distribution network requirement, lower construction effort and cost and, wherever possible, minimising the associated carbon footprint. Such locally treated greywater offers significant practical opportunities for increasing the total available water resources at a local level. The reuse of treated greywater is one important action that will help to mitigate the reducing availability of clean water supplies in some areas, and the expected mitigation required in future aligns well with WHO/UNICEF (2012) aspirations. The evaluation of potential opportunities for prioritising greywater systems to support water reuse takes into account the availability of water resources, water use indicators and published estimates in order to understand typical patterns of water demand. The approach supports knowledge acquisition regarding local conditions for enabling capacity building for greywater reuse, the understanding of systems that are most likely to encourage greywater reuse, and practices and future actions to stimulate greywater infrastructure planning, design and implementation. Although reuse might be considered to increase the uncertainty of achieving a specified quality of the water supply, robust methods and technologies are available for local treatment. Resource strategies for greywater reuse have the potential to consistently improve water efficiency and availability in water impoverished and water stressed regions of Ghana and West Africa. Untreated greywater is referred to as “greywater”; treated greywater is referred to as “treated greywater” in this paper.

Washington's growth and opportunity act or Beijing's 'Overarching Brilliance': will African governments choose neither?

Growing criticism of Chinese engagement in Africa centres on the risk to African development posed by China's aggressive export policies and the threat to the Washington Consensus and African governance posed by China's 'non-interference' approach to engagement. This article challenges both these assumptions. The growth of Chinese trade has a wide range of impacts, depending on the sector in question, and the current terms of trade Washington extends to Africa under the auspices of the AGOA do not result in uniformly beneficial effects. With regard to African governance, it is argued that the 'Washington Consensus' has been based on competing and often muddled perceptions of US national interest. This fact tempers the regret felt at Washington's loss of influence over the good governance agenda. Evidence is provided to show that China can work within properly regulated countries and industries, if the African governments in question can provide fair, efficient and transparent environments in which to operate.

Introducing children with special educational needs to theatre through ‘Relaxed Performances’

This short chapter explains how a growing number of theatres are beginning to offer families living with autism and other disabilities opportunities to attend without fear of alienation or rejection by other audience members. Using one small theatre as a case study, the chapter illustrates the sort of adaptations that are made to the performance and front of house arrangements.

Environmental SLAPPs in the UK: threat or opportunity?

Strategic lawsuits against public participation (SLAPPs) brought against the environmental movement in the UK since the 1990s are examined. SLAPPs, a form of Green backlash, have been mobilised across a wide range of policy areas that have seen vigorous campaigning and protest by the movement, including roads, GMOs and, more recently, climate change. SLAPPs are typically regarded as a threat, designed to close down democratic free speech and protest. However, in the UK, there are some notable cases where the environmental movement has been able to use agency to convert what may appear as a legal threat into a positive legal or media opportunity.

Young Children's Ability to Engage in Cognitive Therapy Tasks: Associations With Age and Educational Experience

Abstract. In two linked studies we examined children’s performance on tasks required for participation in cognitive therapy. In Study 1 we piloted some new tasks with children aged 5 to 11 years. In study 2 the effects of IQ, age and educational experience were examined in children aged 5 to 7 years. In study 1, 14 children aged 5 to 11 completed three tasks related to cognitive therapy; generating post-event attributions, naming emotions, and linking thoughts and feelings. Study 2 used a between-subjects design in which 72 children aged 5, 6, or 7 years from two primary schools completed the three tasks and the Block Design and Vocabulary sub-tests from the WISC III or WPPSI-R. Children were tested individually during the school day. All measures were administered on the same occasion. In study 2 administration order of the cognitive therapy task and the WISC III/WPPSI-R were randomized. The majority of children demonstrated some ability on each of the three tasks. In study 2, performance was associated with school and with IQ but not with age. There were no gender differences. Children attending a school with an integrated thinking skills programme and those with a higher 1Q were more successful on the cognitive therapy tasks. These results suggest that many young children could engage in cognitive therapy given age-appropriate materials. The effects of training in relevant meta-cognitive skills on children’s ability to use concepts in CBT may warrant further research. Keywords: Cognitive behaviour therapy, young children, cognitive development

Mapping Educational Specialist knowHow (MESH): the building of a knowledge management system for research informed practice

In this invited article the authors present an evaluative report on the development of the MESHGuides project (http://www.meshguides.org/). MESHGuides’ objective is to provide education with an international knowledge management system. MESHGuides were conceived as research summaries for supporting teachers’ in developing evidence-based practice. Their aim is to enhance teachers’ capacity to engage actively with research in their own classrooms. The original thinking for MESH arose from the work of UK-based academics Professor Marilyn Leask and Dr Sarah Younie in response to a desire, which has recently gathered momentum in the UK, for the development of a more research-informed teaching profession and for the establishment of an on-line platform to support evidence-based practice (DfE, 2015; Leask and Younie 2001; OECD 2009). The focus of this article is on how the MESHGuides project was conceived and structured, the technical systems supporting it and the practical reality for academics and teachers of composing and using MESHGuides. The project and the guides are in the early stages of development, and discussion indicates future possibilities for more global engagement with this knowledge management system.

Collecting disability data from parents

This article describes the development and national trial of a methodology for collecting disability data directly from parents, enabling schools and local authorities to meet their obligations under the Disability Discrimination Act (DDA; 2005) to promote equality of opportunity for all children. It illustrates the complexities around collecting this information and also highlights the dangers of assuming that special educational needs (SENs) equate to disability. The parental survey revealed children with medical and mental health needs, but no SENs, who were unknown to schools. It also revealed children with a recorded SEN whose parents did not consider that they had a disability in line with the DDA definition. It identified a number of children whose disability leads to absences from school, making them vulnerable to underachievement. These findings highlight the importance of having appropriate tools with which to collect these data and developing procedures to support their effective use. We also draw attention to the contextual nature of children’s difficulties and the importance of retaining and respecting the place of subjective information. This is central to adopting a definition of disability that hinges on experience or impact.

Departmental differences in attitudes to special educational needs in the secondary school

As trends in favour of inclusion continue, questions arise concerning the extent to which teachers in mainstream schools feel prepared for the task of meeting pupils' special educational needs. Little previous research has considered how the subject taught impacts upon the attitudes of mainstream teachers towards pupils with special educational needs. In this article, Jean Ellins, research fellow at the University of Birmingham, and Jill Porter, senior lecturer at the University of Bath, report on their research into the attitudes of teachers in one mainstream secondary school. Building a detailed case study using documents, records of pupil progress, an interview and a questionnaire using a Likert-type attitude scale and open-ended questions, these researchers set out to explore distinctions between the attitudes of teachers working in different departments. Their findings suggest that the teachers of the core subjects, English, mathematics and science, had less positive attitudes than their colleagues. Further, pupils with special educational needs made least progress in science where teacher attitudes were the least positive. Jean Ellins and Jill Porter review the implications of these findings and make recommendations for future practice and further enquiry.

English language teaching and educational reform in Western China: a knowledge management perspective

This study examines the impact of a large-scale UK-based teacher development programme on innovation and change in English language education in Western China within a knowledge management (KM) framework. Questionnaire data were collected from 229 returnee teachers in 15 cohorts. Follow-up interviews and focus groups were conducted with former participants, middle and senior managers, and teachers who had not participated in the UK programme. The results showed evidence of knowledge creation and amplification at individual, group and inter-organizational levels. However, the present study also identified knowledge creation potential through the more effective organization of follow-up at the national level, particularly for the returnee teachers. It is argued that the KM framework might offer a promising alternative to existing models and metaphors of Continuing Professional Development (CPD).

Opportunity agriculture. The next decade: towards a sustainably competitive industry

Report provided and presented at the Oxford Farming Conference