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It is shown that the widely used risk measures standard deviation and value at risk do not always reflect risk preferences accurately. To overcome these problems in risk measurement a class of coherent risk measures has been proposed. We introduce the idea behind these measures and provide an overview of suggested coherent risk measures. Finally it is shown where the limitations of such measures in practical applications are and how regulatory bodies responded to their introduction in the literature. We find that most contributions on coherent risk measurement come from the actuarial sciences and propagate a widening of the discussion among researchers and practitioners in other industries.

The benefits of value at risk (VaR) are its simplicity and broad applicability. However, the limitations of VaR are only just being openly discussed by researchers and practitioners. This article provides a brief review of problems faced when applying VaR as a risk management tool. The author shows that VaR is not always a good risk measure and is often prone to substantial measurement error. The author concludes that VaR remains a useful risk management tool when appropriately applied with an understanding of its limitations.

Recent evidence suggests that financial analysts have substantial conflicts of interest when publishing their research reports. We argue that not only investors but also listed companies benefit from analyst coverage and suggest that the financial burden of such coverage be shifted entirely to those companies. This article presents a detailed evaluation of a not‐widely‐known proposal that stock exchanges ensure analyst coverage for the companies they list through a levy on their listing fees. We discuss key aspects of the regulatory framework required to ensure the independence of these financial analysts as well as some of its shortcomings. We conclude that this proposal has the potential to ensure the independence of financial analysts more efficiently than the current regulatory approach does.

Financial institutions have been subject to minimum capital requirements for considerable time while other companies do not face any such regulation. This paper investigates the capital requirements of companies and how it should relate to the assets of a company.

The theoretical approach in this paper integrates aspects of liquidity, asset characteristics and capital requirements into a single setting to address the problem of capital requirements for non‐financial companies.

The paper develops a framework in which the impact losses have on the future performance of the company are used to develop three categories of capital and suggest a measure for each category. The paper then relates these categories to properties of the assets the capital should be invested in, which include aspects of liquidity as well as the source of this capital. It is finally pointed out how cost considerations can be used to obtain the optimal asset and capital structure of a company.

This paper presents the conceptual basis for the determination of capital requirements of companies and future research is needed to formalize the ideas presented here more thoroughly and gain additional insights into the relationship to the asset structure.

The results of this paper can be used by companies as a first guide towards deciding on their capital requirements, taking into account the properties of the assets they invest their capital in and how to optimize their capital structure.

The paper provides a first insight into the relationship between capital requirements, asset structure, and risks for non‐financial companies.

The paper seeks to investigate into the shared services phenomenon in the context of government reforms. It especially aims to address the emergence and shaping of shared services. The paper seeks to develop the notion of shared service centres (SSCs) and shared service networks (SSNs).

An interview‐ and document analysis‐based multiple case study was conducted in Germany. The qualitative analysis covered two shared service projects on the local government level.

Important preconditions for shared service emergence are identified, including cost pressure as motive, the existence of key actors as well as the existence of prior cooperation. Moreover, the paper provides evidence that the structure of previous cooperation exerts influence on if shared services are organized in a centralised (SSC) or decentralised format (SSN).

The case selection is a possible limitation of the presented study. The selected cases give an insight into the topic of shared service configuration. The findings derived constitute indicators of possible patterns, which have to be approved by further research in order to identify reliable causal relationships and improve generalisablity of the results presented here.

An insight into conditions of adaptation and shaping of shared services is given, suggesting causal relationships for further theory testing and development.

The authors empirically examine purchasing strategy typologies based on strategic intent (i.e. competitive priorities) and practices used to achieve these priorities. The authors further investigate the implementation conditions of such strategies based on perceived uncertainty and strategic purchasing.

The authors utilize case study data from 11 international service and manufacturing firms with global supply chains. Each company was profiled based on the level of perceived environmental uncertainty, the characteristics of strategic purchasing, the use of relevant purchasing practices and its ability to create value through purchasing.

The study findings show that four purchasing strategy types exist: Purchasing Rationalization, Supply Base Optimization, Purchasing as a Service and World-Class Supply Base Management. Lower levels of perceived environmental uncertainty favor the adoption of rationalization strategies (i.e. Purchasing Rationalization and Supply Base Optimization), while increased uncertainty leads companies to switch to relationship-focused strategies (i.e. Purchasing as a Service and World-Class Supply Base Management). Further, that specific components of strategic purchasing (i.e. strategic planning, maturity, status and report level) enable the successful implementation of different strategy types.

This research contributes to the existing literature by outlining the different types of purchasing strategies and the external and internal factors that need to be considered to achieve strategic alignment and value creation in purchasing, and by classifying purchasing strategy types at the functional level based on empirical evidence.

The purpose of this paper is to describe the music performance collection preserved in Eastern Washington University’s institutional repository (IR). This collection of recordings of student music performances is the result of an ongoing collaboration between the university?s library and music department, which serves to provide discoverability, preservation and access to a collection of student creative works, which had heretofore been a hidden collection.

This collection of student creative work was identified as a suitable project for the Eastern Washington University’s IR while it was still in the planning stages because it was identified as an existing need that the new IR could address. Much of the groundwork for the collaboration between the library and music department was completed prior to IR implementation. Thus, the library was ready to begin work on this collection once the IR was operational.

The student music performance collection has been a successful project for the IR, which benefits the music department by making student performances discoverable and accessible, and benefits the library by providing the opportunity to demonstrate that the then-new IR could support the university’s student-centered focus on teaching and learning.

While there is a growing body of literature on IRs emphasizing student work, there is little literature on music or other creative works’ collections in IRs, much less on creative works by students. This paper adds to the limited body of literature on student creative works in the IR by describing the development, implementation and lessons learned from the successful music performances collection.