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Franchising manifests a bundle of risks created by the delegation of functions as both franchisor and franchisee exploit their respective comparative advantage. The galvanization of this advantage is governed by the franchise agreement and optimized by the effectiveness of the governance structure. This chapter considers the concept of risk and discusses its implications in valuing franchisee-operated businesses. It examines how risks arise, where they congregate and synthesizes the specific franchising issues relating to risk-adjusted cashflows, risk analysis, risk mitigation, and risk pricing. The authors propose that risks in franchising are multi-layered and hierarchical. Consequently, this relationship is represented in a Franchise Risk Ecology (FRE) comprising risks inherent in the market, the franchisor, the system, the industry, and within the franchisee-operated business.

This chapter provides an overview of approaches to collaboration in Ontario and then focuses in particular on the experiences of the Norway–Canada (NORCAN) programme involving nine schools across Alberta and Ontario (Canada) and Norway from 2014 to 2018. NORCAN was established through collaboration by the teachers’ unions in Alberta (Alberta Teachers’ Association), Norway (Utdanningsforbundet), and Ontario (Ontario Teachers’ Federation) and the Ontario Ministry of Education. A central guiding question was co-developed to inform the work of NORCAN: ‘How can an international network of schools and educators committed to mindful leadership help to identify obstacles to students’ mathematics learning and develop strategies for attaining success?’ With funding support, school teams involving school leaders, teachers, and students had opportunities to collaborate at NORCAN-facilitated events, school visits in each jurisdiction, through an online platform, and ongoing communication. The following important features of NORCAN are identified: the development of collaborative structures, processes, relationships, and trust; student voice, agency, and leadership; professional learning and agency; and sharing knowledge and de-privatizing practices. Four lessons for policy and practice are proposed: 1. school-to-school collaboration benefits from adequate resources of time, funding and a support infrastructure; 2. the intentional cultivation of mutually respectful and trusting relationships is essential; 3. bringing together educators and students as co-learners is powerful and beneficial; and 4. mobilizing knowledge and de-privatizing practices needs to be central to the purpose and operation of collaboration.

In this chapter, we present fragments of previously unpublished correspondence between Ludwig Lachmann and G. L. S. Shackle on the nature of institutions. This correspondence allows us to rationally reconstruct a theory of institutions, which extends Lachmann’s theoretical work. Shackle pointed out to Lachmann that institutions might be inputs into economic activities and that they themselves may be reproduced and transformed by these activities. Lachmann in turn contended that institutions consist of “instruments of interpretation.” We develop the concept of “instruments of interpretation” as a subset of institutions. These instruments are mental models and cognitive tools which are (1) inputs complementary to capital goods (2) jointly produced, reproduced, and transformed through economic activity. We suggest that in contrast to privately produced capital goods, parts of the institutional infrastructure are produced jointly as shared goods because the use of certain institutional elements is non-exclusive and non-subtractable; these elements – instruments of interpretation – are produced and reproduced by sharing and contributions through a process of joint production. This chapter explicitly connects two different but essential themes in Lachmann’s work: capital, and institutions. By combining these two strands of Lachmann’s work, we are able to demonstrate that there is a cross-complementarity between institutional orders and capital structures. This connection in turn provides a thicker understanding of the workings of markets.