Career journeys and turning points of senior female managers in small construction firms

There is under-representation of senior female managers within small construction firms in the United Kingdom. The position is denying the sector a valuable pool of labour to address acute knowledge and skill shortages. Grounded theory on the career progression of senior female managers in these firms is developed from biographical interviews. First, a turning point model which distinguishes the interplay between human agency and work/home structure is given. Second, four career development phases are identified. The career journeys are characterized by ad hoc decisions and opportunities which were not influenced by external policies aimed at improving the representation of women in construction. Third, the 'hidden', but potentially significant, contribution of women-owned small construction firms is noted. The key challenge for policy and practice is to balance these external approaches with recognition of the 'inside out' reality of the 'lived experiences' of female managers. To progress this agenda there is a need for: appropriate longitudinal statistical data to quantify the scale of senior female managers and owners of small construction firms over time; and, social construction and gendered organizational analysis research to develop a general discourse on gender difference with these firms.

The impact of liquidity on senior credit index spreads during the subprime crisis

This paper examines the effects of liquidity during the 2007–09 crisis, focussing on the Senior Tranche of the CDX.NA.IG Index and on Moody's AAA Corporate Bond Index. It aims to understand whether the sharp increase in the credit spreads of these AAA-rated credit indices can be explained by worse credit fundamentals alone or whether it also reflects a lack of depth in the relevant markets, the scarcity of risk-capital, and the liquidity preference exhibited by investors. Using cointegration analysis and error correction models, the paper shows that during the crisis lower market and funding liquidity are important drivers of the increase in the credit spread of the AAA-rated structured product, whilst they are less significant in explaining credit spread changes for a portfolio of unstructured credit instruments. Looking at the experience of the subprime crisis, the study shows that when the conditions under which securitisation can work properly (liquidity, transparency and tradability) suddenly disappear, investors are left highly exposed to systemic risk.

'Operation motorway': landscapes of construction on England's M1 motorway

Recent years have seen an increasing number of academics attempt to write more process-oriented and 'nonrepresentational' accounts of landscape. Drawing upon this literature, I discuss a number of the movements, materialities, and practices entailed in constructing England's M1 motorway in the late 1950s. The performances, movements and durability of a diverse range of things-including earth-moving machines, public relations brochures, maps, helicopters, senior engineers, aggregate and labourers-are shown to be important to the construction and ordering of the motorway and spaces of the construction company in different times and spaces, with people's experiences or understandings of construction, both now and in the past, emerging through memories, talk and embodied encounters with architectures, texts and artefacts which are assembled, circulated and/or archived. Aerial perspectives assumed a prominent role in depictions of construction, while journalists and engineers frequently drew upon a military vocabulary and alluded to the military nature of the project when discussing the motorway. (c) 2005 Elsevier Ltd. All rights reserved.