A synthetic protective put strategy for phased investment in projects without an outright deferral

This paper proposes and computationally demonstrates a synthetic protective put strategy for real options. Specifically, it deals with the problem of deferral option when an outright deferral is not permissible owing to competitive pressures. It is demonstrated that, in such a situation, an appropriate strategy would be to invest in the new project in phases rather than doing it all at once. The replicating portfolio for a protective put on the project is obtained by setting the owner’s equity in the project equal to the price of a call option on the value of the project. This is a logical extension of the financial protective put to the real options scenario and is relatively simple and practicable for businesses to adopt and apply.

Ethical tensions and academic leaders

Internationally universities have been characterized by shrinking government funding, fierce competition for student enrolments, and greater pressures to become commercially viable. It is against this complex background that academic leaders have been required to confront and resolve a magnitude of conflicting interests as they seek to balance a variety of values in their decision-making processes. In this article we put forward a model of ethical decision-making developed from empirical research and literature. To test the efficacy of the model, a case scenario is posed. The article concludes by raising a number of implications for academic leaders regarding ongoing professional learning needed in this area.

Psychometric properties of a scale to measure investment in the sick role : the Illness Cognitions Scale

Rationale, aims and objectives A person’s beliefs about their illness may contribute to recovery and prognosis. Some degree of acceptance of illness and its impact is necessary to integrate the presence of a chronic disorder into one’s lifestyle and adhere to necessary components of illness management; however, some individuals can become ‘stuck’ and have difficulty adjusting out of the sick role. Inventories exist to measure illness cognitions, attitudes and behaviours as they relate to hypochondria and psychosomatic illness, but there is no extant measure of sick role inertia.We describe the psychometric properties of a new scale, the Illness Cognitions Scale (ICS), a metric of investment in the sick role.

Methods The ICS was administered to 97 individuals with bipolar or schizoaffective disorder, and the psychometric properties of the scale measured. Dimensionality was assessed using Principal Components Analysis with Oblimin rotation.

Results The scale has a strong internal consistency, with a Cronbach’s alpha of 0.858. Results of a factor analysis suggested the presence of one main factor, with three other smaller, related sub-factors, capturing aspects of maladaptive illness beliefs.

Conclusion The ICS is a 17-item, internally validated scale measuring difficulty adjusting out of the sick role. The scale predominantly measures a single construct. Further research on external validity of the ICS is required as well as determination of the clinical significance and patient acceptability of the scale.

Ethical issues for internet use policy : balancing employer and employee perspectives

An organisational internet use policy (IUP) is a recognised deterrent to manage insider internet misuse. However, IUPs have proven ineffective against this threat, perhaps because of their neglect of the ethical issues involved. An important part of setting an IUP involves the resolution of key ethical dilemmas when employer and employee perspectives conflict. This paper explores the ethical issues that must be addressed when developing an organisational IUP. It draws on a conceptual analysis and an interpretive study of five medium-size and large organisations in Australia and North America. The paper provides a set of key ethical issues for an IUP and compares and contrasts the employer and employee perspectives. It highlights the need to balance the employer and employee perspectives when setting an IUP. Other implications for theory and practice are discussed.

Explaining organizational investment in CRM point solutions

This paper asks why organisations invest in non-integrated CRM point solutions when many of the benefits of enterprise systems are claimed to be due to integration of processes and information. This paper identifies six factors that explain why organisations invest in CRM point solutions: reduced risk; lower cost; quick benefits realization; low integration ability, low interdependence of business units, and high business-unit differentiation. The evidence suggests that when interdependence between parts of an organization is low, possibly due to one unit producing a clearly differentiated product, the attractions of lower risk, lower cost, and/or faster access to the benefits are likely to induce organizations to adopt CRM point solutions. The contribution of this study is that it recognizes that, and explains why, it is not always optimal for organizations to adopt integrated CRM solutions.

Standards-based accountability : reification, responsibility and the ethical subject

Over the last two decades, teachers in Australia have witnessed multiple incarnations of the idea of ‘educational accountability’ and its enactment. Research into this phenomenon of educational policy and practice has revealed various layers of the concept, particularly its professional, bureaucratic, political and cultural dimensions that are central to the restructuring of educational governance and the reorganization of teachers’ work. Today, accountability constitutes a core concept of neoliberal policy-making in education, both fashioning and normalizing what counts as teacher professionalism in the ‘audit society.’ This article focuses specifically on the recent introduction by the Australian Federal Government of standardised literacy testing in all states across Australia, and raises questions about the impact of this reform on the work practices of English literacy teachers in primary and secondary schools. We draw on data collected as part of a major research project funded by the Australian Research Council, involving interviews with teachers about their experiences of implementing standardised testing. The article traces the ways in which teachers’ work is increasingly being mediated by standardised literacy testing to show how these teachers grapple with the tensions between state-wide mandates and a sense of their professional responsibility for their students.

Organisational change and the care of the self : stress management as ethical self-problematisation

In diverse arenas there is much discussion about the dangerousness of contemporary lifestyles, including the stressful nature of work. These stresses associated with contemporary lifestyles and work are dangerous in so far as they are conceived as placing at-risk the emotional, physical and psychic health and wellbeing of large populations. In this paper I engage with debates about the stressful nature of teachers’ work, and the ways in which teacher health and wellbeing is constructed as being central to the task of delivering more effective schools. I am not so much concerned with the nature of teacher stress as an indication of individual physical, emotional or psychic health and wellbeing. Rather I am more concerned with understanding how it is that at this particular historical juncture the self can be so widely conceived in terms of stress. Moreover, what processes make it possible at this moment to link the success or otherwise of a massive institutional process of state regulated schooling to the health and wellbeing of teachers and the management of this health and wellbeing by school managers?

Doing research with teachers, parents and students : the ethics and politics of collaborative research

Truly collaborative research partnerships between universities and schools are seldom commonplace (Potter, 2001). Many schools – particularly those in disadvantaged communities – have long histories of being involved in research yet few see themselves with real investment in, ownership of and/or benefiting from the experience. In this chapter we discuss research conceived with more mutually beneficial researcher-researched relations, cognisant of the ‘importance of respecting and ultimately giving more than we take to the communities we research’ (Schultz, 2001, p. 1). The research involved teachers’, parents’ and students’ engagement with schooling in a secondary school in regional Australia. Rather than conducting the research on others, we attempted to craft our project with them. Michelle Fine (1994) argues that a decision to work with those we once might have written about or for, necessarily changes our work, making it both more ethical and more explicitly connected to struggles for social justice. This chapter draws on the voices of the teachers, parents and students we worked with and alongside during the research to explore the ethics and politics of such an approach.