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A response to S. Fisher′s paper in LR Vol. 39 No. 6, pp.22‐30. The concept of team librarianship is defended and the teamapproach of Cumbria County Libraries explained.
Abstract
A response to S. Fisher′s paper in LR Vol. 39 No. 6, pp. 22‐30. The concept of team librarianship is defended and the team approach of Cumbria County Libraries explained.
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Vladimir Michaletz and Andrey I. Artemenkov
The purpose of this paper is to present a methodology based on the transactional asset pricing approach (TAPA) and to illustrate the application of TAPA within the context of…
Abstract
Purpose
The purpose of this paper is to present a methodology based on the transactional asset pricing approach (TAPA) and to illustrate the application of TAPA within the context of professional property valuation.
Design/methodology/approach
The TAPA is a novel analytical valuation methodology recasting the traditional derivations of the income approach techniques, including DCF, from a transactional perspective based on the principle of inter-temporal transactional equity, instead of the conventional investor-specific view originating from I. Fisher (1907, 1930).
Findings
The authors present DCF analysis as a specific case of a more general TAPA approach to valuation under the income method. This also leads to novel analytical derivations of the Direct income capitalization, Gordon, Inwood, Hoskold and Ring models. Based on the TAPA framework, the authors also research the value-enhancing effects of benchmark market volatility on the subject property value and conclude that such effects can be statistically significant depending on the DCF analysis period.
Research limitations/implications
The research has a direct bearing on time-variable discount rate forecasting capabilities, as it uses a time-variant structure for the discount rates.
Practical implications
Using the US Case-Shiller and BLS rental indices as a valuation benchmark, the paper contains an example of applying the general TAPA framework to value a notional property under a TAPA’s DCF version. Such property valuations can be easily replicated in practice – especially in the context of equitable/fair value determination under the International Valuation Standards Council valuation standards.
Social implications
TAPA is a deductive principles-based theory of asset valuation especially fit for the transactional and illiquid asset valuation contexts – thus enabling a more efficient pricing for such assets in a sense of reflecting the transactional interests of the parties more closely than achievable under the conventional valuation methods.
Originality/value
TAPA is an original filiation of research with roots going as far back as Aristotelian Catallactics. It contains analytical formalizations of certain transactional equity principles.
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M. Yolles, B.R. Frieden and G. Kemp
This paper aims to initiate a new, formal theory of sociocultural physics.
Abstract
Purpose
This paper aims to initiate a new, formal theory of sociocultural physics.
Design/methodology/approach
Its intended scope is limited to predicting either long‐term, large‐scale or short‐term, small‐scale sociocultural events. The theory that the authors develop, called sociohistory, links three independent but relatable approaches: part of Sorokin's epistemological theory of sociocultural dynamics, Frieden's epistemological theory of extreme physical information (EPI), and Yolles's social viable systems (SVS) theory.
Findings
Although not all of Sorokin's ideas are universally accepted, a subset of them is found to be extremely useful for describing the conceptual context of complex systems. This includes how sociocultural processes link closely into political processes.
Research limitations/implications
The theory that develops helps explain how opposing, cultural enantiomers or yin‐yang forces (represented, for instance, by the polar mindsets represented in Islamic fundamentalism and global enterprise) can result in violent conflict, or in either viable or non‐viable social communities. The informations I and J of EPI theory are regarded, respectively, as sensate and ideational enantiomers.
Originality/value
While the resulting sociocultural physics is in its infancy, an illustrative application to the developmental dynamics of post‐colonial Iran demonstrates its potential utility.
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Maurice Yolles, Gerhard Fink and B. Roy Frieden
In part 1 of this paper the organisation was modelled as a socio‐cognitive agency with a normative personality, where patterns of behaviour occur through underlying trait control…
Abstract
Purpose
In part 1 of this paper the organisation was modelled as a socio‐cognitive agency with a normative personality, where patterns of behaviour occur through underlying trait control processes, and from which specific behaviours can be predicted. However, prediction is dependent on a stable agency orientation which occurs in normal conditions of homeostatic equilibrium. In post‐normal conditions the immanent dynamics of the agency have the potential to change its orientation leading to a lesser likelihood of predicting behaviour. Using information theory, this paper aims to further develop the model to show how it is possible to predict behaviour in post‐normal conditions. It also aims to consider the nature of agency pathologies.
Design/methodology/approach
The information theory approach of Frieden is harnessed to explain the immanent dynamics of the agency, and explore the likelihood of predicting its behaviour.
Findings
The outcomes of the research formulate the cognitive processes of normative personality such that its potential behaviour in given situations can be predicted, even potentially where the agency has pathologies.
Originality/value
There are no comparative approaches to explore organisational behaviour and their potential pathologies.
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William Amasa Scott was in his time well-known as a monetary economist as well as a popularizer of economic ideas, whose opinions were widely regarded by the public. A proponent…
Abstract
William Amasa Scott was in his time well-known as a monetary economist as well as a popularizer of economic ideas, whose opinions were widely regarded by the public. A proponent of Austrian economics and defender of classical economic theory, he soon found a home at the School of Economics, Political Science and History (later the School of Economics) at the University of Wisconsin which, while initially a mainstream department, would evolve into the citadel of Institutional Economics. Notwithstanding his status as an authority on monetary economics and his place as a public intellectual, he remained at the University something of an outsider throughout his career and today is largely forgotten.
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Alexandre Rambaud and Jacques Richard
This chapter gives in “Introduction to the Human Capital Issue” a critical analysis of the standard (economic) Human Capital (HC) theory, with the help of some “traditional”…
Abstract
Purpose
This chapter gives in “Introduction to the Human Capital Issue” a critical analysis of the standard (economic) Human Capital (HC) theory, with the help of some “traditional” (founding) accounting concepts. From this study, to avoid the accounting and social issues highlighted in “Introduction to the Human Capital Issue,” we present, in “The “Triple Depreciation Line” Model and the Human Capital,” the “Triple Depreciation Line” (TDL) accounting model, developed by Rambaud & Richard (2015b), and we apply it to “HC,” but viewed as genuine accounting capital – a matter of concern – that firms have to protect and maintain.
Methodology/approach
From a critical review of literature on HC theory, from the origin of this concept to its connection with sustainable development, this chapter provides a conceptual discussion on this notion and on the differences/common points between capital and assets in accounting and economics. Then, it uses a normative accounting model (TDL), initially introduced to extend, in a consistent way, financial accounting to extra-financial issues.
Findings
This analysis shows at first that the standard (economic) HC theory is based on a (deliberate) confusion between assets and capital, in line with a standard economic perspective on capital. Therefore, this particular viewpoint implies: an accounting issue for reporting HC, because “traditional” accounting capital and assets are clearly isolated concepts; and a societal issue, because this confusion leads to the idea that HC does not mean that human beings are “capital” (i.e., essential), or have to be maintained, even protected, for themselves. It only means that human beings are mere productive means. The application of the TDL model to an accounting redefinition of HC allows a discussion about some key issues involved in the notion of HC, including the difference between the standard and “accounting” narratives on HC. Finally, this chapter presents some important consequences of this accounting model for HC: the disappearance of the concept of wage and the possibility of reporting repeated (or continuous) use of HC directly in the balance sheet.
Research implications
This chapter contributes to the literature on HC and in general on capital and assets, by stressing in particular some confusions and misunderstandings in these concepts. It fosters a cross-disciplinary approach of these issues, through economic, accounting, and sustainability viewpoints. This analysis also participates in the development of the TDL model and the research project associated. It finally proposes another perspective, more sustainable, on HC and HC reporting.
Social implications
The stakes of HC are important in today’s economics, accounting, and sustainable development. The different conceptualizations of HC, and the narratives behind it, may have deep social and corporate implications. In this context, this analysis provides a conceptual, and practicable, framework to develop a more sustainable concept of HC and to enhance working conditions, internal business relations, integrated reporting. As an outcome of these ideas, this chapter also questions the standard corporate governance models.
Originality/value
This chapter gives an original perspective on HC, and in general on the concept of capital, combining an economic and an accounting analysis. It also develops a new way to report HC, using an innovative integrated accounting model, the TDL model.
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Abstract
May 23, 1968 Redundancy — Dismissal — “Work of a particular kind at the place where … so employed” — Complex of factories — Employer's contractual right to transfer employees to other jobs — Closure of particular plant and erection of new plant using fewer employees — Unavailability of work at closed plant to employee after 10 years — Process worker — No redundancy of process workers at same factory complex — Employee's refusal of transfer to any job offered to him — Whether subsequent dismissal “by reason of redundancy” — Redundancy Payments Act, 1965 (c.62), s. 1(1)(a). 1(2)(b).
Yanyan Gao, Jun Sun and Qin Zhou
The purpose of this paper is to estimate the effectiveness of the credit evaluation system using the borrowing data from China’s leading P2P lending platform, Renrendai.com.
Abstract
Purpose
The purpose of this paper is to estimate the effectiveness of the credit evaluation system using the borrowing data from China’s leading P2P lending platform, Renrendai.com.
Design/methodology/approach
The current credit valuation systems are classified into the forward-looking mechanism, which judges the borrowers’ credit levels based on their uploaded information, and the backward-looking mechanism, which judges the borrowers’ credit levels based on their historical repayment performance. Probit models and Tobit models are used to examine the effectiveness of credit evaluation mechanisms.
Findings
The results show that only the “hard” information reflecting borrowers’ credit ability can explain the default risk on the platform under the forward-looking credit evaluation mechanism. The backward-looking credit evaluation mechanism (BCEM) based on the repeated borrowings produces both promise-enhancing and “fishing” incentives and thus fails to explain the default risk, and weakens the effectiveness of forward-looking credit indicators in explaining the default risk because it encourages borrowers to invest in forging forward-looking credit indicators. Additional information such as the interest rate and the repayment periods reveals borrowers’ credit and thus can also be used as a predictor of borrowers’ default risk.
Practical implications
The findings suggest that current ex ante screening based on the information collected from the borrowers or repeated borrowings is inadequate to control the default risk in P2P lending markets and thus needs be improved. Ex post monitoring and sharing on defaulter’s information should be strengthened to increase the default cost and thus to deter potential bad borrowers.
Originality/value
To the authors’ knowledge, this is the first paper classifying the credit evaluation system in online P2P lending market into the forward-looking type and the backward-looking type, which is important since they provide different incentives to borrowers. The paper also investigates and provides evidence on the promise-enhancing and “fishing” incentives of BCEMs.
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