Building post crisis watchtowers: investment management Systems and new institutional logics for regulatory compliance

The financial crisis of 2007-2009 has precipitated large scale regulatory change. Tight deadlines for implementation require organizations to start working on remediation projects before final drafts of regulations are crystalized. Firms are faced with engaging in complex and costly change management programs at a time when profits are diminished. As a consequence of these factors, pre-crisis logics for organizing compliance practices are being questioned and new approaches introduced. Our study explores the use of Investment Management Systems (IMS) in facilitating compliance arrangements. Our motivation is to understand the new logics and the part played by IMS in supporting these approaches. The study adopts an institutional logics perspective to explore the use of such systems at eight financial organizations. The study found new logics for organizing compliance include consolidation, centralization, harmonization and consistency and that the IMS plays an important role in supporting and enabling related activities.

Political instability and the persistence of religion in Greece: the policy implications of the cultural defence paradigm

This paper examines the implications of ‘cultural defence’ in the nature of democracy and the stability of the political system in Greece. It focuses on the Greek Orthodox Church’s maintenance of power and political relevance by virtue of its strong link to national identity. We argue that the inhibition of secularization in Greece as a result of cultural defence has significant policy implications, especially in times of crises, when the role of nationalism as a cohesive factor against perceived threats is intensified. The paper further explores three policy/politics areas: (1) political orientation; (2) religious pluralism; and (3) education.

How Islamic is al-Qaeda? The politics of Pan-Islam and the challenge of modernisation

This article investigates the contested ideology of al-Qaeda through an analysis of Osama bin Ladin’s writings and public statements issued between 1994 and 2011, set in relation to the development of Islamic thought and changing socio-political realities in the late nineteenth and twentieth centuries. Challenging popular conceptions of Wahhabism and the “Salafi jihad”, it reveals an idealistic, Pan-Islamic sentiment at the core of his messages that is not based on the main schools of Islamic theology, but is the result of a crisis of meaning of Islam in the modern world. Both before and after the death of al-Qaeda’s iconic leader, the continuing process of religious, political and intellectual fragmentation of the Muslim world has led to bin Ladin’s vision for unity being replaced by local factions and individuals pursuing their own agendas in the name of al-Qaeda and Islam.

Institutional pressures on financial services firms: the role of information systems in regulatory compliance

The financial crisis of 2008 led to new international regulatory controls for the governance, risk and compliance of financial services firms. Information systems play a critical role here as political, functional and social pressures may lead to the deinstitutionalization of existing structures, processes and practices. This research examines how an investment management system is introduced by a leading IT vendor across eight client sites in the post-crisis era. Using institutional theory, it examines changes in working practices occurring at the environmental and organizational levels and the ways in which technological interventions are used to apply disciplinary effects in order to prevent inappropriate behaviors. The results extend the constructs of deinstitutionalization and identify empirical predictors for the deinstitutionalization of compliance and trading practices within financial organizations.

Breaching the social contract: crises of democratic representation and patterns of extreme right party support

Why has the extreme right Greek Golden Dawn, a party with clear links to fascism experienced a rise defying all theories that claim that such a party is unlikely to win in post-WWII Europe? And, if we accept that economic crisis is an explanation for this, why has such a phenomenon not occurred in other countries that have similar conducive conditions, such as Portugal and Spain? This article addresses this puzzle by (a) carrying out a controlled comparison of Greece, Portugal and Spain and (b) showing that the rise of the extreme right is not a question of intensity of economic crisis. Rather it is the nature of the crisis, i.e. economic versus overall crisis of democratic representation that facilitates the rise of the extreme right. We argue that extreme right parties are more likely to experience an increase in their support when economic crisis culminates into an overall crisis of democratic representation. Economic crisis is likely to become a political crisis when severe issues of governability impact upon the ability of the state to fulfil its social contract obligations. This breach of the social contract is accompanied by declining levels of trust in state institutions, resulting in party system collapse.

Paul Renner: the art of typography

The first study, in any language, of this German typographer and type designer. Renner’s work exemplifies central themes in German culture in the first half of the twentieth century. Starting as an artist and book designer in the Munich cultural renaissance, he was an early and prominent member of the Deutscher Werkbund. In the 1920s Renner worked in Frankfurt, one of the centres of socially-engaged modernism; around this time he began work on his enduring typeface, Futura. Moving to Munich, he ran the printing school that included Jan Tschichold among its teachers. In the crisis of 1933 he was detained and then dismissed from his post. Living through the Nazi years in inner emigration, Renner emer­ged as a voice of experience and reason in postwar debates.

The fractured lives of German Bohemian children, born 1933-40 in the area known as Sudetenland: a memory study, Nablonz-Neugablonz

At the Paris Peace Conferences of 1918-1919, new states aspiring to be nation-states were created for 60 million people, but at the same time 25 million people found themselves as ethnic minorities. This change of the old order in Europe had a considerable impact on one such group, more than 3 million Bohemian German-speakers, later referred to as Sudeten Germans. After the demise of the Habsburg Empire In 1918, they became part of the new state of Czechoslovakia. In 1938, the Munich Agreement – prelude to the Second World War – integrated them into Hitler’s Reich; in 1945-1946 they were expelled from the reconstituted state of Czechoslovakia. At the centre of this War Child case study are German children from the Northern Bohemian town and district, formerly known as Gablonz an der Neisse, famous for exquisite glass art, now Jablonec nad Nisou in the Czech Republic. After their expulsion they found new homes in the post-war Federal Republic of Germany. In addition, testimonies have been drawn upon of some Czech eyewitnesses from the same area, who provided their perspective from the other side, as it were. It turned out to be an insightful case study of the fate of these communities, previously studied mainly within the context of the national struggle between Germans and Czechs. The inter-disciplinary research methodology adopted here combines history and sociological research to demonstrate the effect of larger political and social developments on human lives, not shying away from addressing sensitive political and historical issues, as far as these are relevant within the context of the study. The expellees started new lives in what became Neugablonz in post-war Bavaria where they successfully re-established the industries they had had to leave behind in 1945-1946. Part 1 of the study sheds light on the complex Czech-German relationship of this important Central European region, addressing issues of democracy, ethnicity, race, nationalism, geopolitics, economics, human geography and ethnography. It also charts the developments leading to the expulsion of the Sudeten Germans from Czechoslovakia after 1945. What is important in this War Child study is how the expellees remember their history while living as children in Sudetenland and later. The testimony data gained indicate that certain stereotypes often repeated within the context of Sudeten issues such as the confrontational nature of inter-ethnic relations are not reflected in the testimonies of the respondents from Gablonz. In Part 2 the War Child Study explores the memories of the former Sudeten war children using sociological research methods. It focuses on how they remember life in their Bohemian homeland and coped with the life-long effects of displacement after their expulsion. The study maps how they turned adversity into success by showing a remarkable degree of resilience and ingenuity in the face of testing circumstances due to the abrupt break in their lives. The thesis examines the reasons for the relatively positive outcome to respondents’ lives and what transferable lessons can be deduced from the results of this study.

Flight to quality? An investigation of changing price spreads in commercial real estate markets

Purpose – The purpose of this paper is to investigate the effect of the crisis on the pricing of asset quality attributes. This paper uses sales transaction data to examine whether flight from risk phenomena took place in the US office market during the financial crisis of 2007-2009. Design/methodology/approach – Hedonic regression procedures are used to test the hypothesis that the spread between the pricing of low-quality and high-quality characteristics increased during the crisis period compared to the pre-crisis period. Findings – The results of the hedonic regression models suggest that the price spread between Class A and other properties grew significantly during the downturn. Research limitations/implications – Our results are consistent with the hypothesis of an increased price spread following a market downturn between Class A and non-Class A offices. The evidence suggests that the relationships between the returns on Class A and non-Class A assets changed during the period of market stress or crisis. Practical implications – These findings have implications for real estate portfolio construction. If regime switches can be predicted and/or responded to rapidly, portfolios may be rebalanced. In crisis periods, portfolios might be reweighted towards Class A properties and in positive market periods, the reweighting would be towards non-Class A assets. Social implications – The global financial crisis has demonstrated that real estate markets play a crucial role in modern economies and that negative developments in these markets have the potential to spillover and create contagion for the larger economy, thereby affecting jobs, incomes and ultimately people’s livelihoods. Originality/value – This is one of the first studies that address the flight to quality phenomenon in commercial real estate markets during periods of financial crisis and market turmoil.

The information capacity of hypercycles

Hypercycles are information integration systems which are thought to overcome the information crisis of prebiotic evolution by ensuring the coexistence of several short templates. For imperfect template replication, we derive a simple expression for the maximum number of distinct templates n(m). that can coexist in a hypercycle and show that it is a decreasing function of the length L of the templates. In the case of high replication accuracy we find that the product n(m)L tends to a constant value, limiting thus the information content of the hypercycle. Template coexistence is achieved either as a stationary equilibrium (stable fixed point) or a stable periodic orbit in which the total concentration of functional templates is nonzero. For the hypercycle system studied here we find numerical evidence that the existence of an unstable fixed point is a necessary condition for the presence of periodic orbits. (C) 2008 Elsevier Ltd. All rights reserved.

Selection, exclusion and assimilation: the project lambert of 1931 on the reform of French immigration policy

The unemployment crisis of 1926-7 focused attention onto the question of immigration. Historians of this period have generally focused on the crisis of public policy and popular antipathies towards foreigners; more recently historians have become attuned to voices of racism. Less attention has been paid to attempts to redress the policy weaknesses through a new legislative regime on immigration. This paper reviews one such proposal, made by Charles Lambert, a deputy from the Rhone, in 1931. Instrumental in a revision of the naturalization law in 1927 to encourage the assimilation of foreigners through the acquisition of French citizenship, Lambert proposed a comprehensive statute on immigration to select “desirable” foreigners and exclude the “undesirables” to promote the assimilation of the “better” elements. The paper argues that his rationale betrays a profound fear of mounting French weakness in the face of economic and demographic decline, and grave anxieties for the future health of the French nation.

Community governance in rural Victoria: Rethinking grassroots democracy?

The development of local community associations in small rural towns in Victoria has engendered a sense of local self-governing that can be described as a shift from government to governance. This ‘more flexible’ approach extends beyond government, and the place of its agencies, to a greater sharing of power between the state, the market and civil society via new network and partnership structures. The question arises whether  community networks and partnerships bring with them a new sense of  democracy as well. The paper begins with a discussion of governance, its  relationship to two democratic frameworks - liberal minimalism (or representative governance) and associationalism - and the implications for democracy in community governance. Focusing on three internal factors (accountability of the leadership, inclusiveness and the scope of  responsibility), and two external factors (relationships to the state and types of relationships with other groups), the paper then explores the ways that community governance has been adopted in rural Victoria using in-depth interviews and a survey of community groups in 35 small rural towns. The ensuing discussion argues that while these community associations may be involved in forms of associational democracy, there is still some doubt about the inclusiveness of their membership and the extent to which their advocacy represents all sections of their communities. The paper then  concludes by suggesting that representative and associational forms of democracy need not be seen as opposites but as a more enhanced form of local governance.

Teacher attitudes and perceptions of primary school music education at independent schools in South Africa

As South Africa enters the new millennium and is currently in its second term of democracy, the question remains: is outcomes-based education preliminary the way forward for learners in South Africa. The new education system recognises the importance of arts education and specifically music education at the primary school level. This article focuses on music education at independent schools in Gauteng, South Africa. The reporting of this article is based on the author's doctoral thesis entitled "Outcomes-based music education in the foundation phase at independent schools in Gauteng, South Africa". The principal form of research was a questionnaire sent to music teachers at primary schools registered with the Independent Schools Council (ISC). The purpose of the questionnaires was to contribute to a study on teachers' perceptions, attitudes and opinions regarding music education and outcomes-based education. The questionnaire was divided into three main sections, namely: personal and professional details, outcomes-based education and general information. Both open and closed types of questions were employed. The questionnaire yielded both ambivalent views about the change of the education system as well as the inclusion of music as an area of learning within "Arts and Culture". It also identified current teaching trends and exposed areas of weakness that call for attention.

Letting go without a fight : decolonization, democracy and war, 1900-94

Does the type of regime really make no difference to the likelihood of violent conflict over basic issues of stateness such as separatism and decolonization? Can democratic peace theory be successfully applied when dealing with the national identity or stateness question? This article extends the application of the democratic peace to the process of decolonization. It examines conflict between imperial states and their colonies during the process of decolonization and investigates the question of whether democracy affects the likelihood of conflict. The central finding is that, contrary to the implications of some prominent theories of state formation and democracy, democratic imperial states are significantly less likely to go to war with their colonial possessions in the process of achieving independence. Further, the authors find only a monadic, not dyadic, democratic peace effect. The regime type of the colony does not have a significant effect on the likelihood of war. It is the nature of the regime of imperial states, rather than that of colonies, that is a significant factor. In addition, the predominant source of this effect appears to be the institutional constraints placed on executive action within democracies, rather than the influence of mass politics or the effects of political competition. Regarding power-related factors, power parity between sovereign and colony makes conflict more likely (a colonial power-transition effect), but imperial decline actually makes war with colonies less likely. Sensitivity analysis reveals that a number of other hypothesized effects cannot find robust support. Simulations are used to assess the magnitude of the effect of regime type pre- and post-independence. Overall, the article contributes to theory development by investigating different institutional aspects of democracy and by distinguishing monadic and dyadic effects.

New world orders and the dystopian turn : transforming visions of territoriality and belonging in recent Australian children's fiction

Through the 1990s and into the new millennium, Australian children's literature responded to a conservative turn epitomised by the Howard government and to new world order imperatives of democracy, the market economy, globalisation, and the IT revolution. These responses are evidenced in the ways that children's fiction speaks to the problematics of representation and cultural identity and to possible outcomes of devastating historical and recent catastrophes. Consequently, Australian children's fiction in recent years has been marked by a dystopian turn. Through an examination of a selection of Australian children's fiction published between 1995 and 2003, this paper interrogates the ways in which hope and warning are reworked in narratives that address notions of memory and forgetting, place and belonging. We argue that these tales serve cautionary purposes, opening the way for social critique, and that they incorporate utopian traces of a transformed vision for a future Australia. The focus texts for this discussion are: Secrets of Walden Rising (Allan Baillie, 1996), Red Heart (Victor Kelleher, 2001), Deucalian (Brian Caswell, 1995), and Boys of Blood and BOlle (David Metzenthen, 2003).

Family caregivers of the mentally ill and adaptive coping

The issue investigated in this thesis concerned the adaptive coping strategies that caregivers of the mentally ill adopt at different stages of encounter with their family member’s illness. Specifically, family caregivers’ responses to the illness were investigated within the parameters of the Spaniol and Zipple (1994) 4-stage model of the evolution of caregivers’ responses to mental illness. The accuracy of the model’s representation of the experience of caregivers across all kinship relationships to the care-recipient was evaluated. Spaniol and Zipple proposed four stages which they termed (1) Discovery/Denial, (2) Recognition/Acceptance, (3) Coping and (4) Personal/Political Advocacy. The first stage is characterised by persistent denial of mental illness and seeking answers from multiple sources. The second stage involves caregivers’ expectations of professionals providing answers when the illness is recognised. At this stage caregivers experience guilt, embarrassment and blame. The cyclical nature of the illness impedes acceptance and caregivers experience a deep sense of loss and crisis of meaning as they gradually accept the reality of the situation. In the third stage coping replaces grieving and the issues encountered include loss of faith in professionals, disruption to family life and recurrent crises. Belief in family expertise grows and the focus of coping changes. The fourth stage proposes that caregivers become more assertive, self-blame decreases and the focus is upon changing the system. New meanings and values are integrated. This study found that the model did not accurately describe the experience of all caregivers. Caregiver did not deny mental illness and adaptive coping occurred throughout all stages. Coping evolved as the issues encountered changed and was independent of resolution of grief. The issues encountered were more extensive than the model proposed and differed according to kinship relationship to the care recipient. The ways in which adaptive coping evolved were identified, as were the issues and their accompanying responses. Caregivers coped by adaptively responding to the requirements of care provision, maintaining a sense of self worth and generating positive effect.