Hand in hand:privatising five star hotels in Egypt through the stock market will enhance the latter's role as well as set an example of the benefits that could be gained from privatisation

This thesis examines the possibility of privatising public owned five star hotels in Egypt through its stock market in order to give a boost to the Egyptian privatisation programme and to help activate its stock market. To explore these aspects, two main technical exercises were executed. First the writer constructed, for the first time in Egypt, a daily price index for Cairo Stock Exchange and an index for the tourism sector, in order to analyze the efficiency of the capital market. This technical analysis showed that Cairo stock exchange is inefficient, stagnant and undergoes minimal fluctuations, especially when compared to other developed and emerging markets. Second, given the importance and complexity of the valuation of SOEs prior to their privatisation, a sample of three five star hotels that could be prime candidates for privatisation via the stock market in Egypt were selected and a detailed financial analysis for the three hotels was concluded. The result was a valuation range for the three hotels using various valuation methods. Nevertheless it was found out that the final value of hotels will be determined by the market itself. Depite the inefficiency of Cairo Stock Exchange, the thesis did not rule out privatisation through the stock market. On the contrary it cited several examples of developing countries that were able to successfully privatise some of their SOEs via their rudimentary capital markets. Finally, the thesis recommended that five star hotels could be pefect candidates for privatisation via the stock market in Egypt. This is because five star hotels are profitable, privately managed, non strategic and not highly capital intensive businesses. In addition, they do not suffer from overstaffing and the industry in which they operate i.e. tourism sector, has high growth prospects and is of an international nature. Therefore it is anticipated that privatisation of five star hotels can attract a lot of investors because of the relatively high returns. This in turn will help activate and popularize the capital market in Egypt. At the same time the benefits of privatisation would be more visible which will give more momentum to the privatisation programme and make it more politically acceptable.

I am the very model of a special purpose vehicle

Purpose – This paper aims to provide a critical comment on complex funding systems. Design/methodology/approach – This is a critical comment written in the form of a poem. The poem is in the style of the English light opera composers Gilbert and Sullivan, and is a variation on their song “I Am the Very Model of a Modern Major General”, from The Pirates of Penzance. Findings - The poem spotlights financial failure. Originality/value - The poem spotlights the crazy names and poor transparency of special purpose vehicles.

Technology for enabling : the implications for management science of a hermeneutics of distinction

One way of describing this thesis, is to state that it attempts to explicate the context within which an application of Stafford Beer's Viable System Model (VSM) makes cybernetic sense. The thesis will attempt to explain how such a context is presently not clearly ennunciated, and why such a lack hinders communications of the model together with its consequent effective take-up by the student or practitioner. The epistemological grounding of the VSM will be described as concerning the ontology of the individuals who apply it and give witness to its application. In describing a particular grounding for the Viable System Model, I am instantiating a methodology which I call a `hermeneutics of distinction'. The final two chapters explicate such a methodology, and consider the implications for the design of a computer system. This thesis is grounded in contemporary insights into the nervous system, and research into the biology of language and cognition. Its conclusions emerge from a synthesis of the twin discourses of Stafford Beer and Humberto Maturana.

How HR can inspire the teamwork that allows innovation to flourish

Innovation is vital if organisations are to deal effectively with social and economic change. Yet few studies have looked at the relationship between teamworking and innovation – or, indeed, other organisational outcomes. Our research aimed to fill this gap by exploring the extent to which team-based working in small- and medium- sized manufacturing organisations predicted product innovation. The results show that levels of innovation are higher in organisations using work-based teams than in those with alternative structural arrangements. We also found that effective HRM practices, such as sophisticated selection, induction, appraisal, training and remuneration management, created an environment that allowed teams to excel. The study drew on a variety of sources, including data on organisational-level innovation gathered through a postal survey. Respondents gave estimates of the number of new or adapted products developed in the past two years. They also detailed the percentage of production workers involved in making the new products; sales turnover accounted for by these products; and how far production processes had been changed to accommodate the innovations. We measured HRM effectiveness and the extent of teamworking via interviews with the relevant HR or production manager. We then rated each organisation on a scale of one to five, according to how effective its HRM practices were. We also examined the percentage of staff at management and shopfloor levels engaged in teamworking. The research design was longitudinal, in that the data on product innovation was collected six months to a year after the main questionnaire on teamworking was conducted. Other studies addressing these questions have tended to be cross-sectional, measuring both variables at the same time. Longitudinal studies generally make a stronger case for causality. Perhaps of most theoretical significance is the finding that teamworking combined with effective HR systems explains more of the variance for product innovation than teamworking alone. This is in line with J Richard Hackman (1990), who argued that organisational context affected team performance in various ways – for example, through offering a framework for the administration of reward and the exchange of knowledge and through promoting learning-oriented beliefs. Our work supports these ideas. This study also has practical implications. Increasing the number of teams may be an important step in determining the extent to which they can innovate on a sustained basis. Organisations should therefore consider what HRM practices are most likely to foster team innovation. They might, for example, explore how helpful it would be to develop team-based appraisal and better designed teamworking training. Developing support structures that enable teams to achieve outstanding performance may present a challenge, but our results suggest that such an approach will be worth the effort. Key points: • The greater the percentage of staff working in teams, the higher the level of innovation. • This applies to both management and production teams. • Where sophisticated and effective HRM practices are in place, the relationship between team-based working and product innovation becomes more pronounced. • Both cross-sectional and longitudinal analyses show strong relationships between team-based working and product innovation.

Testing the assertion that 'local food is best':the challenges of an evidence-based approach

Advocates of ‘local food’ claim it serves to reduce food miles and greenhouse gas emissions, improve food safety and quality, strengthen local economies and enhance social capital. We critically review the philosophical and scientific rationale for this assertion, and consider whether conventional scientific approaches can help resolve the debate. We conclude that food miles are a poor indicator of the environmental and ethical impacts of food production. Only through combining spatially explicit life cycle assessment with analysis of social issues can the benefits of local food be assessed. This type of analysis is currently lacking for nearly all food chains.

A sphere of resonance for networked learning in the ‘non-places’ of our universities

The logic of ‘time’ in modern capitalist society appears to be a fixed concept. Time dictates human activity with a regularity, which as long ago as 1944, George Woodcock referred to as The Tyranny of the Clock. Seventy years on, Hartmut Rosa suggests humans no longer maintain speed to achieve something new, but simply to preserve the status quo, in a ‘social acceleration’ that is lethal to democracy. Political engagement takes time we no longer have, as we rush between our virtual spaces and ‘non-places’ of higher education. I suggest it’s time to confront the conspirators that, in partnership with the clock, accelerate our social engagements with technology in the context of learning. Through Critical Discourse Analysis (CDA) I reveal an alarming situation if we don’t. With reference to Bauman’s Liquid Modernity, I observe a ‘lightness’ in policy texts where humans have been ‘liquified’ Separating people from their own labour with technology in policy maintains the flow of speed a neoliberal economy demands. I suggest a new ‘solidity’ of human presence is required as we write about networked learning. ‘Writing ourselves back in’ requires a commitment to ‘be there’ in policy and provide arguments that decelerate the tyranny of time. I am though ever-mindful that social acceleration is also of our own making, and there is every possibility that we actually enjoy it.

Reviewing the hedge funds literature I:hedge funds and hedge funds' managerial characteristics

This paper summarizes the literature on hedge funds (HFs) developed over the last two decades, particularly that which relates to managerial characteristics (a companion piece covers the return and risk management characteristics of HFs). It classifies, the current HF literature, suggesting which critical problems have been “solved” and which problems have not been yet adequately addressed. It also discusses the effects of past financial regulation and the prospects for the effect of new financial regulation on the HF industry and its performance and risk management practices, and suggests new avenues for research. Furthermore, it highlights the importance of managerial characteristics for HF performance, and the successes and the shortfalls to date in developing more sophisticated HF-related risk management tools.

Good practice guide in learning and teaching

This is the second edition of our Aston Business School (ABS) Good Practice Guide and the enthusiasm of the contributors appears undiminished. I am again reminded that I work with a group of very committed, dedicated and professional colleagues. Once again this publication is produced to celebrate and promote good teaching across the School and to offer encouragement to those imaginative and innovative staff who continue to wish to challenge students to learn to maximum effect. It is hoped that others will pick up some good ideas from the articles contained in this volume. Contributors to this Guide were not chosen because they are the best teachers in the School, although they are undoubtedly all amongst my colleagues who are exponents of enthusiastic and inspiring approaches to learning. The Quality Unit approached these individuals because they declared on their Annual Module Reflection Forms that they were doing something interesting and worthwhile which they thought others might find useful. Amongst those reading the Guide I am sure that there are many other individuals who are trying to operate similar examples of good practice in their teaching, learning and assessment methods. I hope that this publication will provoke these people into providing comments and articles of their own and that these will form the basis of next year’s Guide. It may also provoke some people to try these methods in their own teaching. The themes of the articles this year can be divided into two groups. The first theme is the quest to help students to help themselves to learn via student-run tutorials, surprise tests and mock examinations linked with individual tutorials. The second theme is making learning come to life in exciting practical ways by, for example, hands-on workshops and simulations, story telling, rhetorical questioning and discussion groups. A common theme is one of enthusiasm, reflection and commitment on behalf of the lecturers concerned. None of the approaches discussed in this publication are low effort activities on the part of the facilitator, but this effort is regarded as worthwhile as a means of creating greater student engagement. As Biggs (2003)[1] says, in his similarly inspiring way, students learn more the less passive they are in their learning. (Ref). The articles in this publication bear witness of this and much more. Since last year Aston Business School has launched its Research Centre in Higher Education Learning and Management (HELM) which is another initiative to promote excellent learning and teaching. Even before this institution has become fully operational, at least one of the articles in this publication has seen the light of day in the research arena and at least two others are ripe for dissemination to a wider audience via journal publication. More news of our successes in this activity will appear in next year’s edition. May I thank the contributors for taking time out of their busy schedules to write the articles this summer, and to Julie Green who runs the ABS Quality Unit, for putting our diverse approaches into a coherent and publishable form and for chasing us when we have needed it! I would also like to thank Ann Morton and her colleagues in the Centre for Staff Development who have supported this publication. During the last year the Centre has further stimulated the learning and teaching life of the School (and the wider University) via their Learning and Teaching Week and sponsorship of Teaching Quality Enhancement Fund (TQEF) projects. Pedagogic excellence is in better health at Aston than ever before – long may this be because this is what life in HE should be about.

Zwei Wege zur 'Aufhellung der Finsternisse in der Welt'. Zum untergründigen Wechselverhältnis von Literatur & Malerei bei Thomas Bernhard & Francis Bacon:for subterranean exchange relationship between literature and painting in Thomas Bernhard & Francis Bacon

This chapter undertakes the first examination of the role the fine arts play in Thomas Bernhard’s prose works. Though not as prominent as the role of music, painting and the fine arts play a crucial role in Frost and Alte Meister; these two novels coincidentally also happen to be the first and last novels written by Bernhard. This chapter takes its cue from the positive role awarded to Francis Bacon in the novel Das Kalkwerk. Comparing and contrasting the relation and influence between the art of Bacon and the literature of Bernhard, I am able to demonstrate a number of surprising analogies. Following a brief biographical synopsis, I focus on four aesthetic operations that are crucial to both artists. Using the key terms of ‘middle way’, ‘variation’, ‘vibration’ and ‘mediation’, I am able to uncover surprising similarities between the novels and the paintings. These hidden connections are further confirmed by looking at the two artists’ shared major motifs, namely the slaughterhouse, the scream, the relation between animals and humans, and pain. This bleak outlook on the state of human civilisation that these two major artists of the end of the 20th century share, embodies both a warning and a prophesy for the 21st century.

"High commitment" strategies:it ain't what you do; it's the way that you do it

Purpose: This paper sets out to contribute to the advancement of knowledge, particularly with regard to the processes of implementation and the role of managers engaged in such high commitment strategies and work practices. Design/methodology/approach: This study is part of a research project investigating the extent to which employee involvement predicts job performance (as well as job satisfaction, wellbeing and organisational commitment) in the NHS, using both quantitative and qualitative methods. The main focus of this paper is to present evidence from four of the 20 case studies to show the barriers to implementing employee involvement as well as highlighting the techniques and practices that have proven to be most successful. Findings: Employee involvement is used successfully by management and has enabled frontline staff to contribute their knowledge to their work. Research limitations/implications: The ethical issues of confidentiality and anonymity permeated the research process throughout. Practical implications: The link between "high commitment" strategies and organisational performance is of great interest to academics and practitioners alike. One of these "high commitment" strategies, namely employee involvement, has been an important HR strategy for the NHS in the UK. Originality/value: Other organisations can learn from the findings by implementing the successful parts. © Emerald Group Publishing Limited.

It's what you do and the way that you do it:team task, team size, and innovation-related group processes

This article describes a study of the relationships between team inputs (task type and team size) and team processes in 87 cross industry Portuguese teams, some of which had high and some low requirements to innovate. Team processes were measured using the Team Climate Inventory (TCI), which focuses on clarity of and commitment to team objectives, levels of participation, support for innovation, and quality emphases. Three hypotheses were tested. The first proposed that teams carrying out tasks with a high innovation requirement would have high scores on a measure of team processes. This was supported insofar as such teams reported higher levels of participation and support for innovation. The second hypothesis proposed that large teams would have poorer team processes. This hypothesis was confirmed. The third hypothesis concerned the interaction between size and innovation. The results suggested that large teams operating under a relatively high pressure to innovate have poorer team processes than large teams that do not have a high requirement to innovate.

Understanding the factors that affect the severity of juvenile stranger sex offenses

Understanding factors that affect the severity of a juvenile-stranger sexual assault has implications for crime prevention, and potentially, the assessment and treatment of juvenile sex offenders. This study investigated how victim characteristics and the number of suspects affected the use of physical violence and weapons and the occurrence of penetration in 495 allegations of sexual assault committed by juveniles against strangers. Statistically significant interactions between victim age and gender were found for occurrence of penetration and use of violence. Differences in offense characteristics were also found between offenses with varying victim-suspect age differences. When comparing the rate of penetration in the presence and absence of violence, little change was observed for lone suspects. However, the rate of penetration increased significantly for groups in the presence of physical violence, suggesting that violence in this context may be more expressive than instrumental. Theoretical explanations and practical implications are considered.

Adoption of Strategy Tools:examination of the reasons that shape managers' intention to adopt specific strategy tools

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