Crunch time for bank audits? Questions of practice and scope for dialogue

Purpose – The purpose of this paper is to review the way in which auditing issues have been raised and addressed during the credit crunch and developing global financial crisis. Design/methodology/approach – Analysis is based on a review of the academic auditing literature, regulatory and audit reports, together with papers from the financial press. Findings – After highlighting the relative lack of media attention devoted to the external auditing function in the light of major corporate collapses, the paper considers what, contrastingly, is an active and ongoing series of responses to the current crisis on the part of auditing firms and the profession more generally. Through such analysis the paper explores a number of implications of the credit crunch for both auditing practice and research. Research limitations/implications – The paper is constrained in part by the rapidly unfolding nature of events, with important policy developments arising almost on a daily basis. The paper draws primarily on events up to the beginning of October 2008. Practical implications – The paper has important messages for audit practice and research, including the technical capacities of external audits in the banking sector, the contributions of standard setting bodies and regulatory oversight, and the scope for enhanced dialogue between such parties and audit researchers. Originality/value - The paper serves both to focus and stimulate analysis of the credit crunch on the audit profession. It demonstrates the complexity of contemporary practice and highlights the importance, especially from an educational perspective, of developing understanding of banking audit practice and associated regulatory interactions – including the presented possibilities both for research and enhanced academic‐practitioner dialogue.

Personal uses and perceived social and economic effects of advertising in Bulgaria and Romania

Purpose - The objective of this paper is to uncover the underlying dimensions of, and examine the similarities and differences in, personal uses of advertising, perceived socio-economic effects of advertising, and consumer beliefs and attitudes toward advertising in Bulgaria and Romania. Moreover, it aims to identify the relative importance of the predictors of attitudes toward advertising in the two countries. Design/methodology/approach - The paper draws upon findings of previous research and theoretical developments by Bauer and Greyser, Sandage and Leckenby, and Pollay and Mittal. The study uses a stratified random sample of 947 face-to-face interviews with adult respondents from major urban areas in Bulgaria (507) and Romania (440). Variables are measured on multi-item scales as a typical application of the reflective indicator model. Findings - Results show that there are significant differences between Romanian and Bulgarian respondents in terms of their attitudes toward advertising. Romanians are more positive about advertising as an institution than the instruments of advertising. Romanians seem to accept the role of advertising in a free market economy, but have less confidence in advertising claims and techniques. Bulgarian respondents seem more sceptical toward advertising in general and are less enthusiastic about embracing the role of advertising as an institution. Moreover, Bulgarians are highly negative towards the instruments advertising uses to convey its messages to consumers. Research limitations/implications - The research findings reflect the views of urban dwellers and may not be generalisable to the wider population of the two countries. Interviewer bias was reduced by eliminating verbal or non-verbal cues to the respondents, and by the use of stratified random sampling. Practical implications - The paper suggests that the regulatory role of codes of advertising practice and industry regulating bodies should be enhanced, and their ability to protect consumers enforced. Marketing campaigns should be more inclusive to involve diverse social groups and reflect generally-accepted social norms. Originality/value - This study reveals that, while general attitudes toward advertising may be similar, attitudes toward the institution and instruments of advertising may differ even in countries with geographic proximity and low cultural distance. © Emerald Group Publishing Limited.

Marketing strategy and new product development in the UK credit card industry

The development of new products in today's marketing environment is generally accepted as a requirement for the continual growth and prosperity of organisations. The literature is consequently rich with information on the development of various aspects of good products. In the case of service industries, it can be argued that new service product development is of as least equal importance as it is to organisations that produce tangible goods products. Unlike the new goods product literature, the literature on service marketing practices, and in particular, new service product development, is relatively sparse. The main purpose of this thesis is to examine a number of aspects of new service product development practice with respect to financial services and specifically, credit card financial services. The empirical investigation utilises both a case study and a survey approach, to examine aspects of new service product development industry practice relating specifically to gaps and deficiencies in the literature with respect to the financial service industry. The findings of the empirical work are subsequently examined in the context in which they provide guidance and support for a new normative new service product development model. The study examines the UK credit card financial service product sector as an industry case study and perspective. The findings of the field work reveal that the new service product development process is still evolving, and that in the case of credit card financial services can be seen as a well-structured and well-documented process. New product development can also be seen as an incremental, complex, interactive and continuous process which has been applied in a variety of ways. A number of inferences are subsequently presented.

Some aspects of performance at a psychokinetic task

Psychokinetic phenomena are currently anomalous with respect to physics. They are not generally accepted as genuine nor are their possible physical mechanisms understood. It is argued here that a certain class of psychokinetic phenomena, termed "directly detectable" psychokinetic effects, are likely to yield possibly important insights into the physical mechanisms mediating psychokinetic phenomena generally. The current use within parapsychological research of randomly behaving psychokinetic target systems is criticised on several grounds. They are of limited scope for use in delineation of physical mechanisms involved in psychokinesis, and their intrinsic characteristics prevent subjects from utilising their possible capacity to learn to produce larger magnitude effects. It is argued that instrumented directly detectable psychokinetic tasks have characteristics which may allow subjects to treat their psychokinetic ability as akin to a normal skill which can be improved with continued practice, using an experimental paradigm similar to that used in the biofeedback training of physiological functions. The task used in this work was a microscopic form of psychokinetic metal-bending, whereby subjects produce pulse-like electrical outputs in a ceramic piezoelectric element used as psychokinetic target. Subjects were not allowed to touch the target and many effects were obtained under witnessed conditions with subjects situated several metres from it. One pilot and three principal longitudinal training studies were performed with a total of seventeen subjects. Six of the seventeen subjects showed significant improvement in their psychokinetic performance in the training studies, one showed a non-significant increase. The other ten failed to show any convincing signs of psychokinetic output. Three of the successful subjects did not show convincing signs of voluntary control over their effects, three did. Large individual differences were found including different rates of learning and levels of initial and final ability. This research was performed by Julian David Isaacs in preparation for the degree of Doctor of Philosophy and was submitted in 1984.

The West Midlands road transport industry

The object of this project was to identify those elements of management practice which characterised firms in the West Midlands Road Transport Industry. The object being to establish the contents of what might be termed a management policy portfolio for growth. The First Phase was the review of those factors which were generally accepted as having an influence on the success rate of transport firms in order to ascertain if they explained observed patterns. Secondly, if this were not the case, to instigate a field work study to isolate those policies which were associated with growth organizations. Investigation of the vehicle movements for the entire West Midlands Fleet over a complete licence cycle suggested that conventional explanations could not fully account for the observed patterns. To carry out the second phase of the study a sample of growth firms were visited in order to measure their attitudes on a range of factors hypothesised to affect growth. Field data were analysed to establish management activities over a wide range of areas and the results further investigated through a Principal Components and Cluster Analysis programme. The outcome of the study indicates that some past attitudes on the skills and attitudes of transport managers may have to be re-examined. As a result, the project produced a new classification of road transport firms based not on the conventional categories of long and short haul, or the types of traffics carried, but on the marketing policies and management skills employed within the organization.

The adoption of value-based management in large UK companies:a case for diffusion theory

Purpose – In the 1990s, a growing number of companies adopted value-based management (VBM) techniques in the UK. The purpose of this paper is to explore the motivations for the adoption or non-adoption of VBM for managing a business. Design/methodology/approach – An interview-based study of 37 large UK companies. Insights from diffusion theory and institutional theory are utilised to theorise these motivations. Findings – It was found that the rate of adoption of VBM in the sample companies does follow the classical S-shape. It also suggests that the supply-side of the diffusion process, most notably the role played by consultants, was an influence on many companies. This was not, however, a sufficient condition for companies to adopt the technique. The research also finds evidence of relocation diffusion, as several adopters are influenced by new officers, for example chief executive officers and finance directors, importing VBM techniques that they have used in organizations within which they have previously worked. Research limitations/implications – It is quite a small scale study and further work would be needed to develop the findings. Practical implications – Understanding and theorising the adoption of new management techniques will help understand the management of a business. Originality/value – This research adds further evidence to the value of studying management accounting, and more specifically management accounting change, in practice. It shows the developments in the adoption of a new technique and hence how a technique becomes accepted in practice.

Its in her eyes? A barometer for EU accession through female perceptions of role portrayals in advertising:a cross-cultural study of Ukraine and Turkey?

This article examines female response to gender role portrayals in advertising for Ukraine and Turkey. Being both new potential EU candidates, we argue that gender stereotype could also be used as a \u2018barometer\u2019 of progress and closure towards a more generally accepted EU behaviour against women. While their history remains different, both from a political and society values point of views, constraints are currently being faced that require convergence or justification of practices and understanding. Principal components analysis is employed over 290 questionnaires to identify the underlying dimensions. Results indicate overall similarities in perceptions, fragmentation within groups, but seem to provide divergence regarding thresholds.

Researching XBRL as a socio-technical object

The Extensible Business Reporting Language (XBRL) is a grammar based on XML that is defined and described in the XBRL 2.1 specification. Instance documents are created by combining XBRL taxonomies and linkbases with data (facts) for a particular context. An alternative view is, XBRL is a mechanism for communicating information for decision-making between interested parties based on a generally accepted way of representing and digitally transmitting symbols of actions and events. XBRL may be both of these and many other things depending on how we frame our methodological understanding for the purposes of research. In this section we present an approach that conceives XBRL as a socio-technical object in the tradition of post-social perspectives (Knorr Cetina 1997; Latour 1996, 1999). © Deutscher Universitäts-Verlag GWV Fachverlage GmbH, Wiesbaden 2007.

Gas-fired radiant heaters

This dissertation covers four areas of particular interest for the successful application of radiant heating in industrial environments. In it the author tackles the problem of how to predict the thermal comfort produced both by single heaters and also systems of heaters; proposes a method for modelling the mechanisms by which heaters interact with the buildings in which they are installed, in the static and dynamic cases; explores techniques for measuring the radiation produced by heaters; and presents experiments concerned with finding the temperatures and power balances prevailing during normal operation. It is contended that, whilst the generally accepted guides for sizing and operating space heating plant were a good first approximation, there are intrinsic subtleties arising from the fact that the primary mode of heat transfer in this instance is radiative. These nuances are concerned with how best to maximise the heat transfer from the heat source to the heated object; the placement of heaters within a system; and an assessment of the various techniques and strategies involved in controlling a radiant heating system. The conclusions reached are that: if sized and controlled correctly radiant heating systems offer considerable operational advantages over other types of space heating systems in certain applications, in terms of both economy and controllability. The efficacy of radiant heating systems is affected primarily by the control strategy implemented; secondarily, by the structure of the building into which it is installed; and only marginally by all other factors.

Studies in three phase gas-liquid-solid fluidised systems

The work is a logical continuation of research started at Aston some years ago when studies were conducted on fermentations in bubble columns. The present work highlights typical design and operating problems that could arise in such systems as waste water, chemical, biochemical and petroleum operations involving three-phase, gas-liquid-solid fluidisation; such systems are in increasing use. It is believed that this is one of few studies concerned with `true' three-phase, gas-liquid-solid fluidised systems, and that this work will contribute significantly to closing some of the gaps in knowledge in this area. The research work was mainly experimentally based and involved studies of the hydrodynamic parameters, phase holdups (gas and solid), particle mixing and segregation, and phase flow dynamics (flow regime and circulation patterns). The studies have focused particularly on the solid behaviour and the influence of properties of solids present on the above parameters in three-phase, gas-liquid-solid fluidised systems containing single particle components and those containing binary and ternary mixtures of particles. All particles were near spherical in shape and two particle sizes and total concentration levels were used. Experiments were carried out in two- and three-dimensional bubble columns. Quantitative results are presented in graphical form and are supported by qualitative results from visual studies which are also shown as schematic diagrams and in photographic form. Gas and solid holdup results are compared for air-water containing single, binary and ternary component particle mixtures. It should be noted that the criteria for selection of the materials used are very important if true three-phase fluidisation is to be achieved: this is very evident when comparing the results with those in the literature. The fluid flow and circulation patterns observed were assessed for validation of the generally accepted patterns, and the author believes that the present work provides more accurate insight into the modelling of liquid circulation in bubble columns. The characteristic bubbly flow at low gas velocity in a two-phase system is suppressed in the three-phase system. The degree of mixing within the system is found to be dependent on flow regime, liquid circulation and the ratio of solid phase physical properties. Evidence of strong `trade-off' of properties is shown; the overall solid holdup is believed to be a major parameter influencing the gas holdup structure.

Investigating viscous fluid flow in an internal mixer using computational fluid dynamics

This thesis presents an effective methodology for the generation of a simulation which can be used to increase the understanding of viscous fluid processing equipment and aid in their development, design and optimisation. The Hampden RAPRA Torque Rheometer internal batch twin rotor mixer has been simulated with a view to establishing model accuracies, limitations, practicalities and uses. As this research progressed, via the analyses several 'snap-shot' analysis of several rotor configurations using the commercial code Polyflow, it was evident that the model was of some worth and its predictions are in good agreement with the validation experiments, however, several major restrictions were identified. These included poor element form, high man-hour requirements for the construction of each geometry and the absence of the transient term in these models. All, or at least some, of these limitations apply to the numerous attempts to model internal mixes by other researchers and it was clear that there was no generally accepted methodology to provide a practical three-dimensional model which has been adequately validated. This research, unlike others, presents a full complex three-dimensional, transient, non-isothermal, generalised non-Newtonian simulation with wall slip which overcomes these limitations using unmatched ridding and sliding mesh technology adapted from CFX codes. This method yields good element form and, since only one geometry has to be constructed to represent the entire rotor cycle, is extremely beneficial for detailed flow field analysis when used in conjunction with user defined programmes and automatic geometry parameterisation (AGP), and improves accuracy for investigating equipment design and operation conditions. Model validation has been identified as an area which has been neglected by other researchers in this field, especially for time dependent geometries, and has been rigorously pursued in terms of qualitative and quantitative velocity vector analysis of the isothermal, full fill mixing of generalised non-Newtonian fluids, as well as torque comparison, with a relatively high degree of success. This indicates that CFD models of this type can be accurate and perhaps have not been validated to this extent previously because of the inherent difficulties arising from most real processes.

Volunteering for success:mentoring as a form of student volunteering

Previous studies into student volunteering have shown how formally organized volunteering activities have social, economic and practical benefits for student volunteers and the recipients of their volunteerism (Egerton, 2002; Vernon & Foster, 2002); moreover student volunteering provides the means by which undergraduates are able to acquire and hone transferable skills sought by employers following graduation (Eldridge & Wilson, 2003; Norris et al, 2006). Within the UK Higher Education Sector, a popular mechanism for accessing volunteering is through formally organized student mentoring programmes whereby more ‘senior’ students volunteer to mentor less experienced undergraduates through a particular phase of their academic careers, including the transition from school or college to university. The value of student mentoring as a pedagogical tool within Higher Education is reflected in the literature (see for example, Bargh & Schul, 1980, Hartman,1990, Woodd, 1997). However, from a volunteering perspective, one of the key issues relates to the generally accepted conceptualisation of volunteering as a formally organized activity, that is un-coerced and for which there is no payment (Davis Smith, 1992, 1998; Sheard, 1995). Although the majority of student mentoring programs discussed in the paper are unpaid and voluntary in nature, in a small number of institutions some of the mentoring programs offered to students provide a minimum wage for mentors. From an ethical perspective, such payments may cause difficulties when considering potential mentors’ motivations and reasons for participating in the program. Additionally, institutions usually only have one or two paid mentoring programs running alongside several voluntary programmes – sometimes resulting in an over-subscription for places as paid mentors to the detriment of unpaid programs. Furthermore, from an institutional perspective, student mentoring presents a set of particular ethical problems reflecting issues around ‘matching’ mentors and mentees in terms of gender, race, ethnicity and religion. This is found to be the case in some ‘targeted’ mentoring programs whereby a particular demographic group of students are offered access to mentoring in an attempt to improve their chances of academic success. This paper provides a comparative analysis of the experiences and perceptions of mentors and mentees participating in a wide-range of different mentoring programs. It also analyzes the institutional challenges and benefits associated with managing large scale student volunteering programs. In doing so the paper adds to third sector literature by critiquing the distinctive issues surrounding student volunteering and by discussing, in-depth, the management of large groups of student volunteers. From a public policy perspective, the economic, educational, vocational and social outcomes of student volunteering make this an important subject meriting investigation. Little is known about the mentoring experiences of student volunteers with regards to the ‘added value’ of participating in campus-based volunteering activities. Furthermore, in light of the current economic downturn, by drawing attention to the contribution that student volunteering plays in equipping undergraduates with transferable ‘employability’ related skills and competencies (Andrews & Higson, 2008), this paper makes an important contribution to current educational and political debates. In addition to providing the opportunity for students to acquire key transferable skills, the findings suggest that mentoring encourages students to volunteer in other areas of university and community life. The paper concludes by arguing that student mentoring provides a valuable learning experience for student volunteer mentors and for the student and pupil mentees with whom they are placed.

A systematic and mechanistic evaluation of aspartic acid as filler for directly compressed tablets containing trimethoprim and trimethoprim aspartate

The generally accepted paradigm of 'inert' and 'mono functional' excipient in dosage form has been recently challenged with the development of individual excipients capable of exhibiting multiple functions (e.g. binder-disintegrants, surfactant which affect P-gp function). The proposed study has been designed within the realm of multifunctionality and is the first and novel investigation towards evaluation of aspartic acid as a filler and disintegration enhancing agent for the delivery of biopharmaceutical class IV model drug trimethoprim. The study investigated powder characteristics using angle of repose, laser diffractometry and scanning electron microscopy (SEM). The prepared tablets were characterised using Heckel analysis, disintegration time and tensile strength measurements. Although Heckel analysis revealed that both TMP and TMP aspartate salt have high elasticity, the salt form produced a stronger compact which was attributed to the formation of agglomerates. Aspartic acid was found to have high plasticity, but its incorporation into the formulations was found to have a negative impact on the compaction properties of TMP and its salt. Surface morphology investigations showed that mechanical interlocking plays a vital role in binding TMP crystals together during compaction, while the small particle size of TMP aspartate agglomerates was found to have significant impact on the tensile strength of the tablets. The study concluded that aspartic acid can be employed as filler and disintegrant and that compactability within tablets was independent of the surface charge of the excipients.

Separate influences of acoustic AM and FM sensitivity on the phonological decoding skills of impaired and normal readers

Developmental dyslexia is associated with deficits in the processing of basic auditory stimuli. Yet it is unclear how these sensory impairments might contribute to poor reading skills. This study better characterizes the relationship between phonological decoding skills, the lack of which is generally accepted to comprise the core deficit in reading disabilities, and auditory sensitivity to amplitude modulation (AM) and frequency modulation (FM). Thirty-eight adult subjects, 17 of whom had a history of developmental dyslexia, completed a battery, of psychophysical measures of sensitivity to FM and AM at different modulation rates, along with a measure of pseudoword reading accuracy and standardized assessments of literacy and cognitive skills. The subjects with a history of dyslexia were significantly less sensitive than controls to 2-Hz FM and 20-Hz AM only. The absence of a significant group difference for 2-Hz AM shows that the dyslexics do not have a general deficit in detecting all slow modulations. Thresholds for detecting 2-Hz and 240-Hz FM and 20-Hz AM correlated significantly with pseudoword reading accuracy. After accounting for various cognitive skills, however, multiple regression analyses showed that detection thresholds for both 2-Hz FM and 20-Hz AM were significant and independent predictors of pseudoword reading ability in the entire sample. Thresholds for 2-Hz AM and 240-Hz FM did not explain significant additional variance in pseudoword reading skill, it is therefore possible that certain components of auditory processing of modulations are related to phonological decoding skills, whereas others are not.

Impact of derivatives trading on emerging stock markets:some evidence from India

It is generally accepted that the introduction of financial derivatives that facilitate hedging is an important step in the development of stock markets. However, financial derivatives can potentially increase volatility in the underlying cash market, which might be detrimental to the development of the stock market itself. Using data from India, we examine one possible route through which derivatives trading can increase cash market volatility: expiration day effect. Our results indicate that expiration of equity derivatives contracts does not have any effect on the intra-day volatility of the market index, and it reduces the volatility of inter-day returns to the index.