Credit risk of interest rate swaps : a comparative study of CIR and Monte Carlo simulation approach

This paper compares the credit risk profile for two types of model, the Monte Carlo model used in the existing literature, and the Cox, Ingersoll and Ross (CIR) model. Each of the profiles has a concave or hump-backed shape, reflecting the amortisation and diffusion effects. However, the CIR model generates significantly different results. In addition, we consider the sensitivity of these models of credit risk to initial interest rates, volatility, maturity, kappa and delta. The results show that the sensitivities vary across the models, and we explore the meaning of that variation.

Colonial girls' literature and the politics of archives in the digital age

In this paper we examine the politics of print and digital archives and their implications for research in the field of historical children's literature. We use the specific example of our comparative, collaborative project 'From Colonial to Modern: Transnational Girlhood in Australian, New Zealand and Canadian Print Cultures, 1840-1940' to contrast the strengths and limitations of print and digital archives of young people's texts from these three nations. In particular, we consider how the failure of some print archives to collect ephemeral or non-canonical colonial texts may be reproduced in current digitising projects. Similarly, we examine how gaps in the newly forged digital "canon" are especially large for colonial children's texts because of the commercial imperatives of many large-scale digitisation projects. While we acknowledge the revolutionary applications of digital repositories for research on historical children's literature, we also argue that these projects may unintentionally marginalise or erase certain kinds of children's texts from scholarly view in the future.

Critical analysis and comparative study of security for networked RFID systems

The Radio frequency identification (RFID) system is a new technology which uses the open air to transmit information. RFID technology is one of the most promising technologies in the field of ubiquitous computing which is revolutionizing the supply chain. It has already been applied by many major retail chains such as Target, Wal-Mart, etc. The networked RFID system such as supply chain has very unique and special business needs which lead to special sets of RFID security requirements and security models. However, very little work has been done to analyze RFID security parameters in relation to networked RFID systems business needs. This paper presents a critical analysis of the networked application's security requirements in relation to their business needs. It then presents a comparative study of existing literature and the ability of various models to protect the security of the supply chain in a RFID deployment.

School practitioners’ perceptions of the pre-service teacher education practicum: a comparative study

The importance of strong school-university partnerships in bridging the so-called theory- practice gap in pre-service teacher education has been well established in the literature. The experiences of pre-service teachers during practicum have in particular been shown to be enhanced where there are strong links between the two educational sectors. This paper draws from research conducted in two diverse Australian pre-service teacher education programs to evaluate factors that are perceived to profoundly impact on the professional experiences of pre-service teachers during practicum. The particular focus of this paper is the beliefs and experiences of school practitioners and university staff members regarding the efficacy of the practicum in enabling students to enact theory in practice. A mixed methods approach was adopted for both studies, one of which was located in an urban university in Tasmania, the other in a regional university in Queensland. Findings generated from the comparative study of both programs revealed some differences but predominantly a number of similarities between the perceptions of the two samples of school practitioners and university staff members towards practicum. Three key findings are presented and discussed in this paper.

The National Safety and Quality Health Service Standards requirements for orientation and induction within Australian healthcare: a review of the literature

Introduction: A workplace orientation program is a core requirement of the National Safety and Quality Health Service (NSQHS) Standards in Australia. This is particularly important within healthcare as patient safety and the patient experience are at risk if the healthcare workforce is not supported with an effective orientation and induction program. Aim: This study aimed to review the literature and map the requirements of the NSQHS Standards in relation to orientation and induction. Method: This study utilised online databases to search for literature pertaining to orientation and induction within healthcare. Inclusion criteria included relevance to research questions, and originating in a country with a comparative health system to Australia. Results: The search identified a total of 202 articles of potential relevance with 42 articles meeting the inclusion criteria. Articles were ranked according to hierarchy of evidence criteria for both qualitative and quantitative studies. The importance of using orientation to detail safety and quality roles, the organisations' risk management system, governance structure, operational processes and procedures was highlighted. Patient-centred care, antimicrobial stewardship, clinical handover and mechanisms for escalation of care and emergency assistance should also be covered within the orientation process. Conclusion: There is a dearth of studies in relation to orientation and induction in the healthcare literature. Orientation content is now clearly prescribed, what is lacking within healthcare is a standardised framework. Concept mapping, educational theory and adult learning methods have been shown to enhance workforce problem solving and engagement with orientation, however further research is needed to enhance practice

Culture and corporate voluntary reporting: a comparative exploration of the chairperson's report in India and New Zealand

Purpose – The purpose of this paper is to explore the cultural underpinnings of accounting practices through a comparative analysis of India and New Zealand, using the chairperson's report, which is increasingly becoming one of the most important segments of the corporate annual report.
Design/methodology/approach – The annual reports of Indian and New Zealand companies from 2001 to 2005 were selected to investigate the extent and nature of information disclosure in their chairperson's report. “Content analysis” is the main methodological orientation of the paper.
Findings – The paper argues that, contrary to propositions based on Hofstede's cultural framework, Indian companies provide more disclosure in their chairperson's report than their New Zealand counterparts. This leads to the conclusion that voluntary disclosure, more generally, is a complex phenomenon and cultural variables alone may not be sufficient predictors of the voluntary disclosure practices of a country.
Originality/value – Using India and New Zealand, two countries with significant cultural differences, according to Hofstede's typology, the paper extends the literature by focusing on the chairperson's report, a more recent accounting phenomenon which is gaining popularity across the globe.

The comparative efficiency and productivity of labor-managed and capital-managed firms

The available empirical literature comparing the efficiency and productivity of labor-managed and capital-managed firms is reviewed and meta-analysed. The results suggest that labor-managed firms are not less efficient or less productive than capital-managed firms. Labor-managed firms have lower output-to-labor ratios and even lower capital-to-labor ratios. However, the differences in these ratios are not statistically significant. The labor-managed firm's democratic governance, industrial relations climate, and organisational setting do not appear to adversely affect productivity and efficiency. © 1997 by URPE All rights of reproduction in any form reserved.