Going negative : what to do with negative book equity stocks

A firm's book equity is a measure of the value held by a firm's ordinary shareholders. Increasingly, it is being reported as a negative number. Because a firm's limited liability structure means that shareholders cannot have negative value, negative book equity has no obvious interpretation. Consequently, both practitioners and academics typically omit such stocks in their analysis .While these stocks are small in number, they are disproportionately represented in extreme growth-value sectors and, therefore, can have an impact on applications where value is defined in terms of book equity. The authors propose a new approach that classifies negative book equity stocks across the growth-value spectrum by considering how close their returns correspond to those of stocks that fit more obviously into these classifications .They find that this new value factor, which includes negative book equity stock, is economically and statistically different from the old value factor that excludes such stocks. Although they illustrate how this approach can be used to classify negative book equity stock, the approach is quite general and may be used whenever particular accounting data are unavailable or otherwise suspect.

Critical social work : an introduction to theories and practices

A comprehensive introduction to the most widely used approach to social work theory and practice. It offers a systematic overview of core theories and practice issues in challenging domination and oppression.

Mediatizing educational policy : the journalistic field, science policy, and cross-field effects

This paper is concerned to demonstrate the usefulness of the theory of Bourdieu, including the concepts of field, logics of practice and habitus, to understanding relationships between media and policy, what Fairclough has called the 'mediatization' of policy. Specifically, the paper draws upon Bourdieu's accessible account of the journalistic field as outlined in On television and journalism. The usefulness of this work is illustrated through a case study of a recent Australian science policy, The chance to change. As this policy went through various iterations and media representations, its naming and structure became more aphoristic. This is the mediatization of contemporary policy, which often results in policy as sound bite. The case study also shows the cross-field effects of this policy in education, illustrating how today educational policy can be spawned from developments in other public policy fields.

The sociology of Pierre Bourdieu and researching education policy

Bourdieu did not write anything explicitly about education policy. Despite this neglect, we agree with van Zanten that his theoretical concepts and methodological approaches can contribute to researching and understanding educational policy in the context of globalisation and the economising of it. In applying Bourdieu's theory and methodology to research in education policy, we focus on developing his work to understand what we call 'cross-field effects' and for exploring the emergence of a 'global education policy field'. These concepts are derived from some of our recent research concerning globalisation and mediatisation of education policy. The paper considers three separate issues. The first deals with Bourdieu' s primary 'thinking tools', namely practice, habitus,capitals and fields and their application to policy studies. The second and third sections consider two additions to Bourdieu's thinking tools, as a way to reconceptualise the functioning of policy if considered as a social field. More specifically, the second section develops an argument around cross-field effects, as a way to group together, research and describe policy effects. The third section develops an argument about an emergent global education policy field, and considers ways that such a field affects national education policy fields.

Globalizing policy sociology in education : working with Bourdieu

This paper uses Bourdieu to develop theorizing about policy processes in education and to extend the policy cycle approach in a time of globalization. Use is made of Bourdieu's concept of social field and the argument is sustained that in the context of globalization the field of educational policy has reduced autonomy, with enhanced cross-field effects in educational policy production, particularly from the fields of the economy and journalism. Given the social rather than geographical character of Bourdieu's concept of social fields, it is also argued that the concept can be, and indeed has to be, stretched beyond the nation to take account of the emergent global policy field in education. Utilizing Bourdieu's late work on the globalization of the economy through neo-liberal politics, we argue that a non-reified account of the emergent global educational policy field can be provided.

The other side of social exclusion : interrogating the role of the privileged in reproducing inequality

As the chapters in this book demonstrate, social exclusion is a key concept used to understand various forms of inequality in contemporary capitalist societies. I argue in this chapter that while the concept of social exclusion has been important in illustrating the structural dimensions of unequal social relations and examining the costs of those relations for excluded groups, it has done little to address those of us who benefit most from existing social divisions and inequalities. Nor do most of the writings on social exclusion examine how these inequalities are reproduced by and through the daily practices and life-style pursuits of privileged groups.

In this chapter I will interrogate the concept of privilege as the other side of social exclusion and will argue that the lack of critical interrogation of the position of the privileged side of social divisions allows the privileged to reinforce their dominance. I aim to make privilege more visible and consider the extent to which those who are privileged can overcome their own self interest in the maintenance of dominance to enable them to challenge it.

Developing mathematical concepts in Australian pre-school settings : the background

The SIMERR project Mathematical Thinking of Pre-school Children in Rural and Regional Australia: Research and Practice included a review of relevant research literature with the aim of making this accessible to researchers as well as early childhood teachers and educators. This paper introduces the methods used in the project and provides a brief summary of the literature pertaining to the development of mathematical concepts.