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This paper aims to investigate the use of the bias ratio as a possible early indicator of financial fraud – specifically in the reporting of hedge fund returns. In the wake of the 2008-2009 financial crisis, numerous hedge funds were liquidated and several cases of financial fraud exposed.

Risk-adjusted return metrics such as the Sharpe ratio and Value at Risk were used to raise suspicion for fraud. These metrics, however, assume distributional normality and thus have had limited success with hedge fund returns (a characteristic of which is highly skewed, non-normal return distributions).

Results indicate that potential fraud would have been detected in the early stages of the scheme’s life. Having demonstrated the credibility of the bias ratio, it was then applied to several indices and (anonymous) South African hedge funds. The results were used to demonstrate the ratio’s scope and robustness and draw attention to other metrics which could be used in conjunction with it. Results from these multiple sources could be used to justify further investigation.

The traditional metrics for performance evaluation (such as the Sharpe ratio), assume distributional normality and thus have had limited success with hedge fund returns (a characteristic of which is highly skewed, non-normal return distributions). The bias ratio, which does not rely on normally distributed returns, was applied to a known fraud case (Madoff’s Ponzi scheme).

The effectiveness of the bias ratio in demonstrating potential suspicious financial activity has been demonstrated.

The financial market has come under heightened scrutiny in the past decade (2005 – 2015) as a result of the fragile and uncertain economic milieu that still (2015) persists. Numerous risk and return measures have been used to evaluate hedge funds’ risk-adjusted performance, but many fail to account for non-normal return distributions exhibited by hedge funds. The bias ratio, however, has been demonstrated to effectively flag potentially fraudulent funds.

To catalyse the impact economy, we need a common language which unites the various disciplines covered by the universe of impact investing, including environmental science, sociology, anthropology, human capital, childhood education and development, workforce development, criminal justice, diversity equity and inclusion and more and which translates those into monetary estimates to enable decision-making, and to catalyse more sustainable and just outcomes. Impact accounting seeks to do just that by uniting the statements of an organisation's financial health and performance with monetised impact accounts that reflect the organisation's positive and negative impacts on employees, customers, the environment and the broader society. This chapter provides an argument for impact accounting, an implementation roadmap, and grapples with principles and ethics-based challenges for impact accounting.

Collectively, we can use impact accounting to demand accountability from the businesses from which we purchase or of which we are equity owners, either through from investment managers and our retirement accounts. We must demand that they start showing the impact-weighted earnings of their profits or the ‘true’ price of the product they produce.

The purpose of this paper is to explore the profiles of behaviours and adaptive functioning in the UK children and young people with fetal alcohol spectrum disorders.

Data of 106 participants registered from 2005 to 2015 were extracted from a clinic database. In total, 99 individuals with confirmed prenatal alcohol exposure (PAE), aged from 5 to 25 years, were analysed using scaled scores of the Vineland Adaptive Behavior Scales-Second Edition (VABS-II), and the Developmental Behaviour Checklist-Primary Carer Version (DBC-P) and Teacher Version (DBC-T). Differences due to age, gender, IQ and family structure (adopted/living with birth parents) were also explored.

The mean composite adaptive behaviour score on the VABS-II was classified as “low” at 68.2 (SD=8.5), with the socialisation domain being the most impaired. Significantly lower VABS-II composite scores were found in individuals with lower IQ’s, older ages and in males. Disruptive behaviours were the most commonly observed on the DBCs, whereas primary carers scored significantly higher than teachers across all subscales. IQ, age and gender were not associated with the total percentile scores of both DBCs. Adoption made no differences compared to living with birth parents.

Future studies would replicate these findings in a larger sample size including individuals without PAE and those living with birth parents.

This study is the first UK report that examines this issue.

Jeremy Bentham (1748 - 1832) was an eccentric 18th Century English genius of many interests. He was the leader of a group of social and political reformers known as the philosophical radicals that included John Stuart Mill. While Bentham never held a government position, his writings influenced many who did. Bentham’s ideas and works touch on a variety of disciplines including: administrative management, criminal justice, economics, law, organizational theory and decision making, philosophy, political science, public administration, public policy, social welfare, and sociology. Bentham was a wordsmith adding such terms to the popular lexicon as: "minimize," "maximize," and "rational." He was also the first person to use the term "international." This article looks at Jeremy Bentham’s contributions in three areas: organizational theory and decision-making, public policy analysis, and administrative management. The article argues that although his ideas and works have been dismissed as passé in the post 1960s era of selective social consciousness and heightened political correctness, Bentham has much to say that is still important and relevant today

Genetic and environmental factors are associated with psychosis risk, but the latter present more tangible markers for prevention. We conducted a theoretical exercise to estimate the proportion of psychotic illnesses that could be prevented if we could identify and remove all factors that lead to increased incidence associated with ethnic minority status and urbanicity. Measures of impact by population density and ethnicity were estimated from incidence rate ratios [IRR] obtained from two methodologically‐similar first episode psychosis studies in four UK centres. Multilevel Poisson regression was used to estimate IRR, controlling for confounders. Population attributable risk fractions [PAR] were estimated for our study population and the population of England. We considered three outcomes; all clinically relevant ICD‐10 psychotic illnesses [F10‐39], non‐affective psychoses [F20‐29] and affective psychoses [F30‐39]. One thousand and twenty‐nine subjects, aged 18‐64, were identified over 2.4 million person‐years. Up to 22% of all psychoses in England (46.9% within our study areas) could be prevented if exposures associated with increased incidence in ethnic minority populations could be removed; this is equivalent to 66.9% within ethnic minority groups themselves. For non‐affective psychoses only, PAR for population density was large and significant (27.5%); joint PAR with ethnicity was 61.7%. Effect sizes for common socio‐environmental risk indicators for psychosis are large; inequalities were marked. This analysis demonstrates potential importance in another light: we need to move beyond current epidemiological approaches to elucidate exact socio‐environmental factors that underpin urbanicity and ethnic minority status as markers of increased risk by incorporating gene‐environment interactions that adopt a multi disciplinary perspective.

Purpose: This chapter examines how two basic rights, freedom of expression, and the right to equality based on one’s dignity, reputation, and honor, were balanced in a case involving a stand-up comedian and an adolescent suffering from Treacher Collins syndrome. Methodology/Approach: The case is contrasted with Jürgen Habermas’ concept of the public sphere and with the intrinsic and utilitarian values that Canadian courts have attributed to free speech. Findings: Because the case was dealt with first in a human rights tribunal and then by a court of appeal, a number of considerations were overlooked in court proceedings: how laughter occurs; the broadening of Ward’s audience and its consequences; and Ward’s publicity strategy. These aspects are explored here to give a more complete picture of the case beyond the court decisions. Originality/Value: In Canada, freedom of expression is usually dealt with ordinary courts. A whole new avenue for dealing with this right is human rights bodies and tribunals. Contesting free speech in the name of defamation is being replaced by rights entrenched in human rights charters, such as the right to equality based on the preservation of one’s dignity, reputation, and honor.

This paper aims to study the symbolic categorisations management accountants produce. It examines the categories they use to describe their work and analyses the meanings they attach to such categories. This aims at explaining how management accountants can follow a common occupational orientation despite the need to adjust their practices to the specificities of their local and organisational context. The author’s argument is that management accountants build symbolic categories to create a bridge between what they do and who they are. The author further argues that symbolic categories are needed to make sense of a practice in tension between a common aspirational orientation and heterogeneous local contexts.

This paper draws on a multiple case field study conducted by observation and interviews in a range of organisations.

This paper examines the empirical diversity of management accountants’ practices and perceptions through the symbolic categories they produce. The author finds that categorisation work constitutes a central mechanism to build a shared narrative despite heterogeneous situations. The author further shows that through symbolic categorisation work, a variety of activities ranging from bookkeeping through managerial support to hierarchical surveillance and challenge in the name of the shareholder are subsumed under stable labels. This, he argues, serves to mask financial accountability, shareholder orientation and hierarchical control behind a narrative of “support” and “partnership”.

This paper contributes to literature on management accountants’ identity by showing the central role played by symbolic categorisations. It also contributes to literature in accounting more generally by showing how symbolic categorisation work blurs the lines between “operational support” and “shareholder value creation”. The same words are used to refer to activities that managers consider helpful to make operational decisions and other activities that increase shareholder control and surveillance and encourage managers to internalise the frames and objectives of shareholder value creation. Symbolic categories that include hierarchical financial accountability within a narrative of “support” and “partnership” masks “financialisation” behind a rhetoric of “business orientation”.

Interviews Jeremy Preston, Director of the Food Advertising Unit in the UK, on the crucial issues of child obesity and health; the FAU was set up in 1995 under the auspices of the Advertising Association. Explains the work of the FAU in acting as a centre for information, communication and research in the field of food advertising, especially in regard to children. Reviews the legislation in various countries which attempts to restrict the amount of advertising to children. Outlines Jeremy Preston’s views that children are more sophisticated than adults think, and that they know how advertising works from a young age; he sees education, exercise and improved labelling as important methods of promoting healthy lifestyles to children.