German open ended funds: was there a valuation problem?

In late 2005, a number of German open ended funds suffered significant withdrawals by unit holders. The crisis was precipitated by a long term bear market in German property investment and the fact that these funds offered short term liquidity to unit holders but had low levels of liquidity in the fund. A more controversial suggestion was that the crisis was exacerbated by a perception that the valuations of the fund were too infrequent and inaccurate. As units are priced by reference to these valuations with no secondary market, the valuation process is central to the process. There is no direct evidence that these funds were over-valued but there is circumstantial evidence and this paper examines the indirect evidence of the process to see whether the hypothesis that valuation is an issue for the German funds holds any credibility. It also discusses whether there is a wider issue for other funds of this nature or whether it is a parochial problem confined to Germany. The conclusions are that there is reason to believe that German valuation processes make over-valuation in a recession more likely than in other countries and that more direct research into the German valuation system is required to identify the issues which need to be addressed to make the valuation system more trusted.

Bringing poetry alive: a guide to classroom practice

This edited collection provides ideas and support for ways of 'bringing poetry alive' in the classroom at Key Stages 1,2 and 3, drawing on what is known to work and also exploring fresh thinking. It is designed to help both new and experienced teachers approach poetry teaching with greater imagination and confidence. The book is edited and introduced by Michael Lockwood and features chapters by experts who have taught poetry in different settings for many years, including contributions from poets Michael Rosen and James Carter. Professor Morag Styles of Cambridge University has provided a Preface. All the contributors have a connection with the University of Reading as lecturers, external examiners, current or former graduate students. The book includes the following sections: Introduction: Developments in Poetry Teaching 1: Reflections on Being Children’s Laureate – Michael Rosen 2: Teaching Poetry in the Early Years - Margaret Perkins 3: Actual Poems, Possible Responses - Prue Goodwin 4: Making Poetry - Catriona Nicholson 5: The role of the poet in primary schools -James Carter 6: Cross-Curricular Poetry Writing - Eileen Hyder 7: Teaching Poetry to Teenagers - Lionel Warner 8: Watching the Words: Drama and Poems - Andy Kempe 9: Literary Reading - Andy Goodwyn The book is intended for teacher educators,teachers and trainee teachers working with children aged 5 to 14 years.