Higher education as a portfolio investment: students’ choices about studying, term time employment, leisure, and loans

Recent UK changes in the number of students entering higher education, and in the nature of financial support, highlight the complexity of students’ choices about human capital investments. Today’s students have to focus not on the relatively narrow issue of how much academic effort to invest, but instead on the more complicated issue of how to invest effort in pursuit of ‘employability skills’, and how to signal such acquisitions in the context of a highly competitive graduate jobs market. We propose a framework aimed specifically at students’ investment decisions, which encompasses corner solutions for both borrowing and employment while studying.

Humid periods in southern Arabia: windows of opportunity for modern human dispersal.

Arabia is a key area for the dispersal of anatomically modern humans (AMH, Homo sapiens) out of Africa. Given its modern hostile environment, the question of the timing of dispersal is also a question of climatic conditions. Fresh water and food were crucial factors facilitating AMH expansions into Arabia. By dating relict lake deposits, four periods of lake formation were identified: one during the early Holocene and three during the late Pleistocene centered ca. 80, ca. 100, and ca. 125 ka. Favorable environmental conditions during these periods allowed AMH to migrate across southern Arabia. Between ca. 75 and 10.5 ka, arid conditions prevailed and turned southern Arabia into a natural barrier for human dispersal. Thus, expansion of AMH through the southern corridor into Asia must have taken place before 75 ka, possibly in multiple dispersals.

Reading is now 'cool': a study of English teachers' perspectives on e-reading devices as a challenge and an opportunity

E-reading devices such as The Kindle have rapidly secured a significant place in a number of societies as at least one major platform for reading. To some extent they are part of the overarching move towards a fully digitised world but they have a distinctiveness in being deliberately “book-like”. Teachers generally have some suspicion towards “New Media”, especially when it challenges their established practice and nothing dominates the school more than the physical book. What may be the challenges but also the benefits of e-readers to teachers and students? What may be the particular challenges to those teachers who are, traditionally, the guardians of the book, that is the teachers of mother tongue literature? This article reports on a survey of English teachers in England to gauge their reactions to e-readers, both personally and professionally and describes their speculations about the place of e-readers in schools in the future. There is a mixed reaction with some teachers concerned about the demise of the book and the potential negative impact on reading. However, the majority welcome e-readers as a dynamic element within the reading environment with particular potential to enthuse reluctant readers and those with special or linguistic needs. They also, some grudgingly, view the fact that reading using this form of technology appeals to the “e-generation” and may succeed in making reading “cool”. This form of technology is, ironically (given that it appears to threaten traditional books) likely to be rapidly adopted in classrooms.

Private climate change reporting: an emerging discourse of risk and opportunity?

Purpose – This paper aims to explore the nature of the emerging discourse of private climate change reporting, which takes place in one-on-one meetings between institutional investors and their investee companies. Design/methodology/approach – Semi-structured interviews were conducted with representatives from 20 UK investment institutions to derive data which was then coded and analysed, in order to derive a picture of the emerging discourse of private climate change reporting, using an interpretive methodological approach, in addition to explorative analysis using NVivo software. Findings – The authors find that private climate change reporting is dominated by a discourse of risk and risk management. This emerging risk discourse derives from institutional investors' belief that climate change represents a material risk, that it is the most salient sustainability issue, and that their clients require them to manage climate change-related risk within their portfolio investment. It is found that institutional investors are using the private reporting process to compensate for the acknowledged inadequacies of public climate change reporting. Contrary to evidence indicating corporate capture of public sustainability reporting, these findings suggest that the emerging private climate change reporting discourse is being captured by the institutional investment community. There is also evidence of an emerging discourse of opportunity in private climate change reporting as the institutional investors are increasingly aware of a range of ways in which climate change presents material opportunities for their investee companies to exploit. Lastly, the authors find an absence of any ethical discourse, such that private climate change reporting reinforces rather than challenges the “business case” status quo. Originality/value – Although there is a wealth of sustainability reporting research, there is no academic research on private climate change reporting. This paper attempts to fill this gap by providing rich interview evidence regarding the nature of the emerging private climate change reporting discourse.

The abandoned mandatory OFR: a lost opportunity for SER?

Purpose – An important outcome of the UK Company Law Review (CLR) involved draft regulations for a mandatory operating and financial review (OFR). The unprecedented abandonment of this mandatory OFR in November 2005 threw debate about the genuine motivations underlying the CLR into disarray. This paper seeks to reinterpret the abandonment of a mandatory OFR using interview research. Design/methodology/approach – The authors conducted a series of 24 interviews with companies from the FTSE100 between May and August 2004, prior to the abandonment. Findings – The interviews showed that the OFR was perceived as an appropriate vehicle for social and environmental reporting (SER). The interviewees considered that a mandatory OFR would provide a means of forcing SER into the mainstream and making it mandatory at a basic level. The interviews revealed that processes for the identification of material SER differ widely between organisations, ranging from embryonic to highly structured. Further, interviewees believed that directors had the final veto on inclusion of information. Despite directors' inclination to hide behind materiality as a means of avoiding SER, interviewees did not view the proposed mandatory OFR as “greenwash” but as a vehicle that would increase stakeholder confidence, as processes underlying the proposed OFR would be audited. Practical implications – The research implies that abandoning the mandatory OFR represented a lost opportunity for SER. Originality/value – The paper provides new evidence on the processes of materiality decision making in the SER area as well as strong endorsement of the mandatory OFR, contrary to the government turn-around.

Why all counter-evidence to the critical period hypothesis in second language acquisition is not equal or problematic

That adult and child language acquisitions differ in route and outcome is observable. Notwithstanding, there is controversy as to what this observation means for the Critical Period Hypothesis’ (CPH) application to adult second language acquisition (SLA). As most versions of the CPH applied to SLA claim that differences result from maturational effects on in-born linguistic mechanisms, the CPH has many implications that are amendable to empirical investigation. To date, there is no shortage of literature claiming that the CPH applies or does not apply to normal adult SLA. Herein, I provide an epistemological discussion on the conceptual usefulness of the CPH in SLA (cf. Singleton 2005) coupled with a review of Long's (2005) evaluation of much available relevant research. Crucially, I review studies that Long did not consider and conclude differently that there is no critical/sensitive period for L2 syntactic and semantic acquisition.

Impact of HPA nonlinearity on MIMO systems with quantized equal gain transmission

In this paper, we investigate the performance of multiple-input multiple-output (MIMO) transmit beamforming (TB) systems in the presence of nonlinear high-power amplifiers (HPAs). Due to the suboptimality of maximal ratio transmission/maximal ratio combining (MRT/MRC) under HPA nonlinearity, quantized equal gain transmission (QEGT) is suggested as a feasible TB scheme. The effect of HPA nonlinearity on the performance of MIMO QEGT/MRC is evaluated in terms of the average symbol error probability (SEP) and system capacity, considering transmission over uncorrelated quasi-static frequency-flat Rayleigh fading channels. Numerical results are provided and show the effects of several system parameters, such as the parameters of nonlinear HPA, cardinality of the beamforming weight vector codebook, and modulation order of quadrature amplitude modulation (QAM), on performance.

Private climate change reporting: a discourse of risk and opportunity

Purpose – This paper aims to explore the nature of the emerging discourse of private climate change reporting, which takes place in one-on-one meetings between institutional investors and their investee companies. Design/methodology/approach – Semi-structured interviews were conducted with representatives from 20 UK investment institutions to derive data which was then coded and analysed, in order to derive a picture of the emerging discourse of private climate change reporting, using an interpretive methodological approach, in addition to explorative analysis using NVivo software. Findings – The authors find that private climate change reporting is dominated by a discourse of risk and risk management. This emerging risk discourse derives from institutional investors' belief that climate change represents a material risk, that it is the most salient sustainability issue, and that their clients require them to manage climate change-related risk within their portfolio investment. It is found that institutional investors are using the private reporting process to compensate for the acknowledged inadequacies of public climate change reporting. Contrary to evidence indicating corporate capture of public sustainability reporting, these findings suggest that the emerging private climate change reporting discourse is being captured by the institutional investment community. There is also evidence of an emerging discourse of opportunity in private climate change reporting as the institutional investors are increasingly aware of a range of ways in which climate change presents material opportunities for their investee companies to exploit. Lastly, the authors find an absence of any ethical discourse, such that private climate change reporting reinforces rather than challenges the “business case” status quo. Originality/value – Although there is a wealth of sustainability reporting research, there is no academic research on private climate change reporting. This paper attempts to fill this gap by providing rich interview evidence regarding the nature of the emerging private climate change reporting discourse.

The effect of the national setting on employment practice: the case of downsizing

Although there is now a sizeable body of academic literature that tries to explain cross-country differences in terms of corporate control, capital market development, investor protection and politics, there is as yet very little literature on the degrees of protection accorded to other corporate stakeholders such as employees, based on a systematic comparison of firm level evidence. We find that both theories of legal origin and the varieties of capitalism approach are poor predictors of the relative propensity of firms to make redundancies in different settings. However, the political orientation of the government in place and even more so the nature of the electoral system are relatively good explanators of this propensity. In other words, political structures and outcomes matter more than more rigid institutional features such as legal origin. We explore the reasons for this, drawing out the implications for both theory and practice.

Social equality in the number of choice options is represented in the ventromedial prefrontal cortex

A distinct aspect of the sense of fairness in humans is that we care not only about equality in material rewards but also about equality in non-material values. One such value is the opportunity to choose freely among many options, often regarded as a fundamental right to economic freedom. In modern developed societies, equal opportunities in work, living, and lifestyle are enforced by anti-discrimination laws. Despite the widespread endorsement of equal opportunity, no studies have explored how people assign value to it. We used functional magnetic resonance imaging to identify the neural substrates for subjective valuation of equality in choice opportunity. Participants performed a two-person choice task in which the number of choices available was varied across trials independently of choice outcomes. By using this procedure, we manipulated the degree of equality in choice opportunity between players and dissociated it from the value of reward outcomes and their equality. We found that activation in the ventromedial prefrontal cortex tracked the degree to which the number of options between the two players was equal. In contrast, activation in the ventral striatum tracked the number of options available to participants themselves but not the equality between players. Our results demonstrate that the vmPFC, a key brain region previously implicated in the processing of social values, is also involved in valuation of equality in choice opportunity between individuals. These findings may provide valuable insight into the human ability to value equal opportunity, a characteristic long emphasized in politics, economics, and philosophy.