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.

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.

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.

Writing as capitulation : the shelter of being-responsible

This paper explores the notion of writing and its relationship to an always-existing responsibility. It asks the question of whether writing might necessarily be a kind of biographical undertaking, and then drawing on Heidegger, it inquires into how writing might provoke an ontological encounter for the writer. Via a close investigation of the definitions and etymologies of the word ‘capitulate’, the paper links the concepts of Derridean violence, Hellerian freedom and (post)modernity, non-infinite temporality and assumptions of a metaphysics of presence to a practice of reading/writing. By taking up the Heideggerian concept of Being’s as ex-istence and porosity, it attempts to argue that post-modernity, in coming to terms with the consequences of freedom, offers the subject the opportunity for an ontological encounter with responsibility, and subsequently how an acknowledgement of this thrownness might function in itself as a kind of shelter, albeit an open one.

Development and validation of the Agents' Socially Desirable Responding (ASDR) scale

While the marketing discipline has advanced knowledge by augmenting objective measures of marketing performance with survey-solicited subjective measures, it has not adequately attended to potential response biases. The authors’ review of the literature highlights the need for a valid measure of socially desirable responding that can be used in detecting social desirability bias in managers’ responses to subjective performance measures. Agents’ Socially Desirable Responding (ASDR) scale development and validation procedures are described. Validation efforts reveal the psychometric properties of the eight-item ASDR scale and provide evidence of its utility.

Strain differences in coping behaviour, novelty seeking behaviour, and susceptibility to socially conditioned fear : a comparison between Wistar and Sprague Dawley rats

The aim of the current study was to generate socially conditioned fear in two different strains of rat (Wistar, W and Sprague Dawley, SD) using social conflict, in order to investigate whether the magnitude of the conditioned fear responses in each strain was related to behaviour exhibited prior to or during fear induction (i.e. social conflict). On day one of the study, all intruders were assessed for exploratory activity in a novel environment. Twenty four hours following the novel environment test the locomotor activity of the intruders was assessed, while they underwent a single familiarisation exposure to the arena in which the conflict was subsequently to occur in. Twenty-four hours following familiarisation, intruders underwent either a 10 min social conflict or sham conflict session. One day later we examined the response of the intruders when they were returned to the vacant resident's cage. Upon return to the conflict context, we examined the intruder's ultrasonic distress vocalisations and the extent to which locomotor activity was inhibited. We found that W rats displayed significantly more immobility (i.e. conditioned fear) upon return to context than did SD rats (p < 0.05). Importantly, we observed that the differences in the two strains behaviour upon return to context appeared to be related to their quite different patterns of coping behaviour. The results of the current study indicate that preclinical between-strain comparisons potentially have much to offer in regard to understanding the basis of resilience to social stress.

“The hope – the one hope – is that your generation will prove wiser and more responsible than mine.” Constructions of guilt in a selection of disaster texts for young adults

This paper explores a range of definitions of guilt, and argues that fiction for young adults which is set after a major disaster that has been caused by humans has surprisingly little emphasis on guilt. Focusing on Brother in the Land by Robert Swindells, Nuclear War Diary by James E. Sanford (Jr), The Last Children by Gudrun Pausewang, The Carbon Diaries 2015 by Saci Lloyd and its sequel, The Carbon Diaries 2017, and Days Like This by Alison Stewart, the paper argues that in post-nuclear texts for young adults the emphasis tends to be on the perceived responsibility of the young adult reader&apos;s generation to work towards preventing the disaster from becoming reality, rather than on the guilt of the adult generation that caused the disaster. However, in texts dealing with environmental disaster, the young adult reader&apos;s generation can be seen to have some measure of culpability, and so the issues of guilt and responsibility become more complex

Investment and oil price volatility

In this note, we consider the relationship between oil price volatility and firm returns for 560 firms listed on the New York Stock Exchange. Using daily time series data from 2000 to 2008, we find that oil price volatility increases firm returns for the majority of the firms in our sample.