Measuring and managing liquidity risk in the Hungarian practice

The crisis that unfolded in 2007/2008 turned the attention of the financial world toward liquidity, the lack of which caused substantial losses. As a result, the need arose for the traditional financial models to be extended with liquidity. Our goal is to discover how Hungarian market players relate to liquidity. Our results are obtained through a series of semi-structured interviews, and are hoped to be a starting point for extending the existing models in an appropriate way. Our main results show that different investor groups can be identified along their approaches to liquidity, and they rarely use sophisticated models to measure and manage liquidity. We conclude that although market players would have access to complex liquidity measurement and management tools, there is a limited need for these, because the currently available models are unable to use complex liquidity information effectively.

Measuring and managing liquidity risk in the Hungarian practice

The crisis that unfolded in 2007/2008 turned the attention of the financial world toward liquidity, the lack of which caused substantial losses. As a result, the need arose for the traditional financial models to be extended with liquidity. Our goal is to discover how Hungarian market players relate to liquidity. Our results are obtained through a series of semistructured interviews, and are hoped to be a starting point for extending the existing models in an appropriate way. Our main results show that different investor groups can be identified along their approaches to liquidity, and they rarely use sophisticated models to measure and manage liquidity. We conclude that although market players would have access to complex liquidity measurement and management tools, there is a limited need for these, because the currently available models are unable to use complex liquidity information effectively.

Outsourcing Information Services in the Hospitality Industry

Outsourcing of informational services, a growing trend outside the hospitality industry for several years, is the process of contracting with an outside vendor to take over all or part of a company's information processing needs. The author examines the pros and cons of outscourcing to help the hospitality industry determine if this si a business practice to be considered.

Online Pricing Practice for Hotel Room Rates in China: The Case of Shanghai

Travel websites that enable hotel room reservations have created unprecedented business opportunities. However, they have also overloaded hotel customers with information. This situation is particularly true of China, an emerging country with the largest population in the world and the most promising growth prospect in tourism. This study investigated the room-rate pricing practice of five online distribution channels, measured by the lowest available rates. These online channels priced hotels of different categories in Shanghai, China’s largest city. Empirical findings indicated that local websites offered lower room rates than international websites for the selected hotels in different categories. Specifically, Chinatravel consistently offered the lowest room rates for the selected hotels.

Oman's foreign policy: Foundations and practice

The object of this dissertation is to record and analyze the foreign policy of the Sultanate of Oman from the early twentieth century until 2004. It challenges the central assumption of the contemporary scholarship on the subject that Muscat's modern foreign policy begins in 1970. It is often presumed that the pre-1970 era does not merit a thorough investigation to understand Muscat's modus operandi today. This study argues that for a comprehensive understanding of Muscat's foreign policy since 1970, the frontier of the historical analysis of Oman's regional and international involvement should be pushed back to the 1930's, when the young Sultan Said assumed power over the country divided by the "Treaty" or the "Agreement" of Sib. Indeed, the thrust of this research lies at once in repudiating the conventional wisdom regarding both the persona of Sultan Said and the customary political/historical narrative of Said's reign. The critical analysis of this period is utilized to rebut the pervasive and largely inaccurate historical narrative of the events prior to 1970, to recount an original interpretation of the period, and to use the narrative as a preamble for subsequent foreign policy directions and initiatives. Furthermore, this dissertation covers the gaps in the literature resulting from the absence of any materials that either record or analyze Muscat's foreign policy from 1996 until 2004. In addition, his study provides new information and a fresh analysis of the international relations of the region, including great power rivalry, especially the competition between the United States and Great Britain, and the attitudes of major regional actors, such as Iran, Saudi Arabia, and Iraq. ^ The use of a thorough historical inquiry is vital to support the central claim of this dissertation; therefore, a large section of this dissertation is based almost exclusively on archival materials collected from the British Public Records Office, the University of Oxford and the Library of Congress. This project represents the most comprehensive use of archival materials on the subject matter to date. ^

Oman's foreign policy : foundations and practice

The object of this dissertation is to record and analyze the foreign policy of the Sultanate of Oman from the early twentieth century until 2004. It challenges the central assumption of the contemporary scholarship on the subject that Muscat's modern foreign policy begins in 1970. It is often presumed that the pre-1970 era does not merit a thorough investigation to understand Muscat's modus operandi today. This study argues that for a comprehensive understanding of Muscat's foreign policy since 1970, the frontier of the historical analysis of Oman's regional and international involvement should be pushed back to the 1930's, when the young Sultan Said assumed power over the country divided by the "Treaty" or the "Agreement" of Sib. Indeed, the thrust of this research lies at once in repudiating the conventional wisdom regarding both the persona of Sultan Said and the customary political/historical narrative of Said's reign. The critical analysis of this period is utilized to rebut the pervasive and largely inaccurate historical narrative of the events prior to 1970, to recount an original interpretation of the period, and to use the narrative as a preamble for subsequent foreign policy directions and initiatives. Furthermore, this dissertation covers the gaps in the literature resulting from the absence of any materials that either record or analyze Muscat's foreign policy from 1996 until 2004. In addition, his study provides new information and a fresh analysis of the international relations of the region, including great power rivalry, especially the competition between the United States and Great Britain, and the attitudes of major regional actors, such as Iran, Saudi Arabia, and Iraq. The use of a thorough historical inquiry is vital to support the central claim of this dissertation; therefore, a large section of this dissertation is based almost exclusively on archival materials collected from the British Public Records Office, the University of Oxford and the Library of Congress. This project represents the most comprehensive use of archival materials on the subject matter to date.

Home birth in Ireland 1993-1997: a review of community midwifery practice

To date little is known about the practices of domiciliary midwives and the outcomes of home birth in Ireland. The purpose of this review is to provide some background information on the situation for women seeking a home birth and to document the outcomes of home births in Ireland between 1993 -1997. Design: Descriptive analysis of prospective data collected from domiciliary midwives regarding women who requested a home birth between 1993 and 1997. Participants: The questionnaire was distributed to 15 domiciliary midwives; this included all the domiciliary midwives known to the authors to be practising in Ireland at that time. Findings: During this period, 585 women planned to give birth in their home with the assistance of midwives, 500 women achieved this. The spontaneous vaginal delivery rate for women who commenced their labour at home was 96.9% (n = 554). These women gave birth without medications or other interventions. 544 (93%) of the women breastfed their babies and 538 (92%) were still breastfeeding at 6 weeks. This is the first review of domiciliary midwifery practice in Ireland in recent years. They obtained data from 11 independent midwives on 585 women who planned home births. Findings showed high rates of spontaneous vaginal delivery and breastfeeding. There were 500 babies born at home with three perinatal deaths, including one undiagnosed breech delivery, one infant with abnormal lungs on post-mortem and one infant with Potter's Syndrome who was stillborn.

Full of Hot Air? Three Examinations of Climate Change in the American Political Information Environment

Climate change is thought to be one of the most pressing environmental problems facing humanity. However, due in part to failures in political communication and how the issue has been historically defined in American politics, discussions of climate change remain gridlocked and polarized. In this dissertation, I explore how climate change has been historically constructed as a political issue, how conflicts between climate advocates and skeptics have been communicated, and what effects polarization has had on political communication, particularly on the communication of climate change to skeptical audiences. I use a variety of methodological tools to consider these questions, including evolutionary frame analysis, which uses textual data to show how issues are framed and constructed over time; Kullback-Leibler divergence content analysis, which allows for comparison of advocate and skeptical framing over time; and experimental framing methods to test how audiences react to and process different presentations of climate change. I identify six major portrayals of climate change from 1988 to 2012, but find that no single construction of the issue has dominated the public discourse defining the problem. In addition, the construction of climate change may be associated with changes in public political sentiment, such as greater pessimism about climate action when the electorate becomes more conservative. As the issue of climate change has become more polarized in American politics, one proposed causal pathway for the observed polarization is that advocate and skeptic framing of climate change focuses on different facets of the issue and ignores rival arguments, a practice known as “talking past.” However, I find no evidence of increased talking past in 25 years of popular newsmedia reporting on the issue, suggesting both that talking past has not driven public polarization or that polarization is occurring in venues outside of the mainstream public discourse, such as blogs. To examine how polarization affects political communication on climate change, I test the cognitive processing of a variety of messages and sources that promote action against climate change among Republican individuals. Rather than identifying frames that are powerful enough to overcome polarization, I find that Republicans exhibit telltale signs of motivated skepticism on the issue, that is, they reject framing that runs counter to their party line and political identity. This result suggests that polarization constrains political communication on polarized issues, overshadowing traditional message and source effects of framing and increasing the difficulty communicators experience in reaching skeptical audiences.

The Role of Home Practice Engagement in a Mindfulness-Based Intervention

Over the last three decades, there has been a precipitous rise in curiosity regarding the clinical use of mindfulness meditation for the self-management of a broad range of chronic health conditions. Despite the ever-growing body of evidence supporting the use of mindfulness-based therapies for both medical and psychological concerns, data on the active ingredients of these mind-body interventions are relatively scarce. Regular engagement in formal mindfulness practice is considered by many to be requisite for generating therapeutic change; however, previous investigations of at-home practice in MBIs have produced mixed results. The equivocal nature of these findings has been attributed to significant methodological limitations, including the lack of standardized, systematic practice monitoring tools, and a singular focus on practice time, with little attention paid to the nature and quality of one’s practice. The present study used a prospective, observational design to assess the effects of home-based practice on dispositional mindfulness, self-compassion, and psychological functioning in twenty-eight people enrolled in an MBSR or MBCT program. To address some of the aforementioned limitations, the present study collected detailed weekly accounts of participants’ home-based practice engagement, including information about practice time (i.e., frequency and duration), exercise type, perceived effort and barriers to participation, and practice quality. Hierarchical multiple regression was used to examine the relative contribution of practice time and practice quality on treatment outcomes, and to explore possible predictors of adherence to at-home practice recommendations. As anticipated, practice quality and perceived effort improved with time; however, rather unexpectedly, practice quality was not a significant predictor of treatment-related improvements in psychological health. Home practice engagement, however, was predictive of change in dispositional mindfulness, in the expected direction. Results of our secondary analyses demonstrated that employment status was predictive of home practice engagement, with those who were unemployed completing more at-home practice on average. Mindfulness self-efficacy at baseline and previous experience with meditation or other contemplative practices were independently predictive of mean practice quality. The results of this study suggest that home practice helps generate meaningful change in dispositional mindfulness, which is purportedly a key mechanism of action in mindfulness-based interventions.

Eliciting and Aggregating Forecasts When Information is Shared

Using the wisdom of crowds---combining many individual forecasts to obtain an aggregate estimate---can be an effective technique for improving forecast accuracy. When individual forecasts are drawn from independent and identical information sources, a simple average provides the optimal crowd forecast. However, correlated forecast errors greatly limit the ability of the wisdom of crowds to recover the truth. In practice, this dependence often emerges because information is shared: forecasters may to a large extent draw on the same data when formulating their responses.

To address this problem, I propose an elicitation procedure in which each respondent is asked to provide both their own best forecast and a guess of the average forecast that will be given by all other respondents. I study optimal responses in a stylized information setting and develop an aggregation method, called pivoting, which separates individual forecasts into shared and private information and then recombines these results in the optimal manner. I develop a tailored pivoting procedure for each of three information models, and introduce a simple and robust variant that outperforms the simple average across a variety of settings.

In three experiments, I investigate the method and the accuracy of the crowd forecasts. In the first study, I vary the shared and private information in a controlled environment, while the latter two studies examine forecasts in real-world contexts. Overall, the data suggest that a simple minimal pivoting procedure provides an effective aggregation technique that can significantly outperform the crowd average.

Academic Integrity and Senior Nursing Undergraduate Clinical Practice

Background: Academic integrity (AI) has been defined as the commitment to the values of honesty, trust, fairness, respect, and responsibility with courage in all academic endeavours. The senior years of nursing studies provide an intersection for students to transition to professional roles through student clinical practice. It is essential to understand what predicts senior nursing students’ intention to behave with AI so that efforts can be directed to initiatives focused on strengthening their commitment to behaving with AI. Research Questions: To what extent do students differ on Theory of Planned Behaviour (TPB) variables? What predicts intention to behave with academic integrity among senior nursing students in clinical practice across three different Canadian Schools of Nursing? Method: The TPB framework, an elicitation (n=30) and two pilot studies (n=59, n=29) resulted in the development of a 38 question (41-item) self-report survey (Miron Academic Integrity Nursing Survey—MAINS: α>0.70) that was administered to Year 3 and 4 students (N=339). Three predictor variables (attitude, subjective norm, perceived behavioural control) were measured with students’ intention to behave with AI in clinical. Age, sex, year of study, program stream, students’ understanding of AI policies, and locations where students accessed AI information were also measured. Results: Hierarchical multiple regression analyses revealed that background, site, and TPB variables explained 32.6% of the variance in intention to behave with academic integrity. The TPB variables explained 26.8% of the variance in intention after controlling for background and site variables. In the final model, only the TPB predictor variables were statistically significant with Attitude having the highest beta value (beta=0.35, p<0.001), followed by Subjective Norm (beta=0.21, p<0.001) and Perceived Behavioural Control (beta=0.12, p<0.02). Conclusion: Student attitude is the strongest predictor to intention to behave with AI in clinical practice and efforts to positively influence students’ attitudes need to be a focus for schools, curricula, and clinical educators. Opportunities for future research should include replicating the current study with students enrolled in other professional programs and intervention studies that examine the effectiveness of specific endeavours to promote AI in practice.

Research in information systems: A study of diversity and inter-disciplinary discourse in the AIS basket journals between 1995 and 2011

The paper investigates how Information Systems (IS) has emerged as the product of inter-disciplinary discourses. The research aim in this study is to better understand diversity in IS research, and the extent to which the diversity of discourse expanded and contracted from 1995 to 2011. Methodologically, we apply a combined citations/co-citations analysis based on the eight Association for Information Systems basket journals and the 22 subject-field classification framework provided by the Association of Business Schools. Our findings suggest that IS is in a state of continuous interaction and competition with other disciplines. General Management was reduced from a dominant position as a reference discipline in IS at the expense of a growing variety of other discourses including Business Strategy, Marketing, and Ethics and Governance, among others. Over time, IS as a field moved from the periphery to a central position during its discursive formation. This supports the notion of IS as a fluid discipline dynamically embracing a diverse range of adjacent reference disciplines, while keeping a degree of continuing interaction with them. Understanding where IS is currently at allows us to better understand and propose fruitful avenues for its development in both academia and practice. © 2013 JIT Palgrave Macmillan All rights reserved.

Building Information Modelling in UK Construction Projects: A State of the Art Review

This paper aims to present a state-of-the-art review of the scope and practical implications of the Building Information Modelling (BIM) platform in the UK construction practice. Theoretical developments suggest that BIM is an integration of both product and process innovation, not just a disparate set of software tools. BIM provides effective collaboration, visual representation and data management, which enable the smooth flow of information throughout the project’s lifecycle. The most frequently reported benefits are related to Capital Cost (capex) and Operational costs (opex) and time savings. Key challenges, however, focus on the interoperability of software, capital installation costs, in-house experience, client preference and cultural issues within design teams and within the organisation. The paper concludes with a critical commentary on the changing roles and a process required to implement BIM in UK construction projects, and suggests areas for further research.

Mobilizing capacity of environmental information: the importance of quality journalism to achieve proenvironmental attitudes

Citizens say they are very concerned about the environment, and they know the role they play in their deterioration; but there is a gap between this proclaimed interest and the mobilization against environmental problems. Several news published between 2010 and 2011 about the Spanish energy policy and Doñana have economic and social aspects, that sometimes are confused with environmental aspects. It is worthy of study, therefore, to analyze how the press reflects that citizen interest; and how a critical issue as the quality of the information can influence the attitude of citizens in issues related to the environment. If the journalistic practice does not meet quality its function, it will condition the social participation.

Net-surplus as a useful tool to analyse financial information in co-op societies

This paper aims to analyse a sample of Galician co-ops to verify whether or not it is possible to deduce different financial behaviours among co-op partners from the amount of net-surplus. To this end, our study adds net-surplus to the variation registered in some account entries so that other residual incomes yielded by the co-op may be considered. The distribution of these revenues shows that partners do not usually choose to fully anticipate residual incomes. This reveals that some firms follow a positive net-surplus strategy, which is actually different from the null net-surplus strategy asserted by the classical financial theory. Furthermore, results show that differences between both strategies are statistically significant. This opens a path to future research on determinants explaining why co-op partners voluntarily renounce to anticipating these residual incomes. Such behaviour only arises when yearly accounts render a positive result, thereby making the accounting net-surplus a useful tool to analyse financial information in co-op societies.