Informal finance and rural finance policy in India: historical and contemporary perspectives

From the 1950s up to the early 1990s the All-India data show an ever-declining share of informal credit in the total outstanding debt of rural households. Contemporaneous micro-level studies, using more qualitative research methodologies, provide evidence that questions the strength of this trend, and more recent All-India credit surveys show, first, a levelling, and then a rise, in the share of rural informal credit in 1990/91 and 2000/01, respectively. By reference to findings of a study of village moneylenders in Rajasthan, the paper notes lessons to be drawn. First, informal financial agents have not disappeared from the rural financial landscape in India. Second, formal-sector financial institutions can learn much about rural financial service needs from the financial products and processes of their informal counterparts. Third, a national survey of informal agents, similar to that of the 1921 Census survey of indigenous bankers and moneylenders, would provide valuable pointers towards policy options for the sector. A recent Reserve Bank of India Report on Moneylender Legislation not only explores incentive mechanisms to better ensure fair practice, but also proposes provision for a new category of loan providers that would explicitly link the rural informal and formal financial sectors.

Communities of practice in construction case study organisations: questions and insights

Purpose – At the heart of knowledge management (KM) are the people – an organisation's important knowledge asset. Although this is widely acknowledged, businesses seldom understand this axiom in terms of the communities through which individuals develop and share the capacity to create and use knowledge. It is the collective learning that takes place within the social systems, i.e. communities of practice (CoP) that are of particular significance to an organisation from a KM perspective. This paper aims to review, critique, and raise some pertinent questions on the role of CoPs; and with the help of case studies shed light on the “goings-on” in construction practices. Design/methodology/approach – After critically reviewing the literature on CoPs and querying some underlying assertions, this research investigates how these issues are addressed in practice. A case study approach is adopted. Three organisations operating in the construction sector are interviewed for the purpose of this paper. Findings – Case study findings highlight the potential challenges and benefits of CoPs to a construction organisation, the role they play in generating and delivering value to the organisation and their contribution towards the collective organisational intelligence. From the findings, it is clear that the question is not whether communities exist within organisations, but how they deliver value to the organisation. From an organisational perspective, the key challenge is to provide an environment that is conducive to developing and nurturing such communities as opposed to merely creating them. Practical implications – Challenges and benefits demonstrated through the case studies should be taken in context. The findings are not intended to be prescriptive in nature, but are intentionally descriptive to provide contextual data that allow readers to draw their own inferences in the context of their organisations. They should be applied taking into account an organisation's unique characteristics and differentiators, the dynamics of the environment in which it operates and the culture it harbours within. Originality/value – Investigating the role of CoPs in the context of case study construction organisations forms the prime focus of this paper.

Understanding construction competitiveness: the contribution of system dynamics

Purpose – Construction sector competitiveness has been a subject of interest for many years. Research too often focuses on the means of overcoming the “barriers to change” as if such barriers were static entities. There has been little attempt to understand the dynamic inter-relationship between the differing factors which impinge upon construction sector competitiveness. The purpose of this paper is to outline the benefits of taking a systems approach to construction competitiveness research. Design/methodology/approach – The system dynamics (SD) modelling methodology is described. This can provide practitioners with “microworlds” within which they can explore the dynamic effects of different policy decisions. The data underpinning the use of SD was provided by interviews and case study research which allowed an understanding of the context within which practitioners operate. Findings – The over-riding conclusion is that the SD methodology has been shown to be capable of providing a means to assess the forces which shape the sustained competitiveness of construction firms. As such, it takes the assessment of strategic policy analysis in the construction sector onto a higher plane. The need to collect data and make retrospective assessments of competitiveness and strategic performance at the statistical level is not now the only modus operandi available. Originality/value – The paper describes a novel research methodology which points towards an alternative research agenda for construction competitiveness research.

Implementation of VR systems: a comparison between the early adoption of CAD and current uptake of VR

Use of new technologies, such as virtual reality (VR), is important to corporations, yet understanding of their successful implementation is insuf. ciently developed. In this paper a case study is used to analyse the introduction of VR use in a British housebuilding company. Although the implementation was not successful in the manner initially anticipated, the study provides insight into the process of change, the constraints that inhibit implementation and the relationship between new technology and work organization. Comparison is made with the early use of CAD and similarities and differences between empirical . ndings of the case study and the previous literature are discussed.

Executive pay and performance: did bankers’ bonuses cause the crisis?

This paper examines the pay-performance relationship between executive cash compensation (including bonuses) and company performance for a sample of large UK companies, focusing particularly on the financial services industry, since incentive misalignment has been blamed as one of the factors causing the global financial crisis of 2007–2008. Although we find that pay in the financial services sector is high, the cash-plus-bonus pay-performance sensitivity of financial firms is not significantly higher than in other sectors. Consequently, we conclude that it unlikely that incentive structures could be held responsible for inducing bank executives to focus on short-term results.

Concordance in global office market cycles

A large proportion of international real estate investment is concentrated in the office markets of the world’s largest cities. However, many of these global cities are also key financial services centres, highlighting the possibility of reduced economic diversification from an investor’s perspective. This paper assesses the degree of synchronization in cycles across twenty of the world’s largest office markets, finding evidence of significant concordance across a large number of markets. The results highlight the problems associated with commonalities in the underlying economic bases of the markets. The concentration of investment also raises the possibility of common flow of funds effects that may further reduce diversification opportunities.

Ontology modeling for generation of clinical pathways

Purpose: Increasing costs of health care, fuelled by demand for high quality, cost-effective healthcare has drove hospitals to streamline their patient care delivery systems. One such systematic approach is the adaptation of Clinical Pathways (CP) as a tool to increase the quality of healthcare delivery. However, most organizations still rely on are paper-based pathway guidelines or specifications, which have limitations in process management and as a result can influence patient safety outcomes. In this paper, we present a method for generating clinical pathways based on organizational semiotics by capturing knowledge from syntactic, semantic and pragmatic to social level. Design/methodology/approach: The proposed modeling approach to generation of CPs adopts organizational semiotics and enables the generation of semantically rich representation of CP knowledge. Semantic Analysis Method (SAM) is applied to explicitly represent the semantics of the concepts, their relationships and patterns of behavior in terms of an ontology chart. Norm Analysis Method (NAM) is adopted to identify and formally specify patterns of behavior and rules that govern the actions identified on the ontology chart. Information collected during semantic and norm analysis is integrated to guide the generation of CPs using best practice represented in BPMN thus enabling the automation of CP. Findings: This research confirms the necessity of taking into consideration social aspects in designing information systems and automating CP. The complexity of healthcare processes can be best tackled by analyzing stakeholders, which we treat as social agents, their goals and patterns of action within the agent network. Originality/value: The current modeling methods describe CPs from a structural aspect comprising activities, properties and interrelationships. However, these methods lack a mechanism to describe possible patterns of human behavior and the conditions under which the behavior will occur. To overcome this weakness, a semiotic approach to generation of clinical pathway is introduced. The CP generated from SAM together with norms will enrich the knowledge representation of the domain through ontology modeling, which allows the recognition of human responsibilities and obligations and more importantly, the ultimate power of decision making in exceptional circumstances.

Concordance in global office market cycles

Concordance in global office market cycles, Regional Studies. A large proportion of international real estate investment is concentrated in the office markets of the world's largest cities. However, many of these global cities are also key financial services centres, highlighting the possibility of reduced economic diversification from an investor's perspective. This paper assesses the degree of synchronization in cycles across twenty of the world's largest office markets, finding evidence of significant concordance across a large number of markets. The results highlight the problems associated with commonalities in the underlying economic bases of the markets. The concentration of investment also raises the possibility of common flow of funds effects that may further reduce diversification opportunities.

Acarología forense [Forensic acarology]

Mites are a highly diversified group of chelicerates (arthropods) adapted to a broad spectrum of habitats and diets, presenting extreme specificity to habitats. They are considered to be important indicators of environmental conditions including those modified by human beings. Therefore, they can inform about the environment where a corpse has been exposed to, about the route of specific merchandises, as well as about other applied aspects of forensic entomology. It is not rare the presence of species adapted to cadaveric environments. Jean Pierre Mégnin, forensic veterinarian considered pioneer in the development of forensic entomology, conscious about the importance of mites as forensic indicators, was the first including mites in the decomposition process. For Mégnin, wave six was formed by mites only. Due to the increasing interest of forensic experts in including these organisms in their analysis of trace evidence, as mites are one of the most ubiquitous organisms, we have developed standards for the sampling, conservation and custody of mite evidence of forensic interest.

Crocodiles in the regulatory swamp: navigating the dangers of outsourcing, SaaS and shadow IT

Corporates are entering the brave new world of the internet and digitization without much regard for the fine print of a growing regulation regime. More traditional outsourcing arrangements are already falling foul of the regulators as rules and supervision intensifies. Furthermore, ‘shadow IT’ is proliferating as the attractions of SaaS, mobile, cloud services, social media, and endless new ‘apps’ drive usage outside corporate IT. Initial cost-benefit analyses of the Cloud make such arrangements look immediately attractive but losing control of architecture, security, applications and deployment can have far reaching and damaging regulatory consequences. From research in financial services, this paper details the increasing body of regulations, their inherent risks for businesses and how the dangers can be pre-empted and managed. We then delineate a model for managing these risks specifically focused on investigating, strategizing and governing outsourcing arrangements and related regulatory obligations

The option market reaction to bank loan announcements

In this study, we examine the options market reaction to bank loan announcements for the population of US firms with traded options and loan announcements during 1996-2010. We get evidence on a significant options market reaction to bank loan announcements in terms of levels and changes in short-term implied volatility and its term structure, and observe significant decreases in short-term implied volatility, and significant increases in the slope of its term structure as a result of loan announcements. Our findings appear to be more pronounced for firms with more information asymmetry, lower credit ratings and loans with longer maturities and higher spreads. Evidence is consistent with loan announcements providing reassurance for investors in the short-term, however, over longer time horizons, the increase in the TSIV slope indicates that investors become increasingly unsure over the potential risks of loan repayment or uses of the proceeds.

Simulation and optimisation techniques for sawmill yard operation : A literature review

Increasing costs and competitive business strategies are pushing sawmill enterprises to make an effort for optimization of their process management. Organizational decisions mainly concentrate on performance and reduction of operational costs in order to maintain profit margins. Although many efforts have been made, effective utilization of resources, optimal planning and maximum productivity in sawmill are still challenging to sawmill industries. Many researchers proposed the simulation models in combination with optimization techniques to address problems of integrated logistics optimization. The combination of simulation and optimization technique identifies the optimal strategy by simulating all complex behaviours of the system under consideration including objectives and constraints. During the past decade, an enormous number of studies were conducted to simulate operational inefficiencies in order to find optimal solutions. This paper gives a review on recent developments and challenges associated with simulation and optimization techniques. It was believed that the review would provide a perfect ground to the authors in pursuing further work in optimizing sawmill yard operations.