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The purpose of this paper is to examine the basis of the complaints against banks which sold private label securities to Fannie Mae and Freddie Mac before the financial crisis. The examination shows that all but one of the cases was settled out of court. Nomura and RBS went to court, but the case against them was based on dubious evidence and on strict liability which only enabled the judge to set aside relevant evidence. The Securities and Exchange Commission’s evidence against senior executives of Fannie and Freddie shows that they deliberately purchased PLSs based on subprime loans to meet the government’s housing targets.

The research was based on publicly available documents, including details of the Federal Housing Finance Agency’s (FHFA) complaints against the banks in question, the settlement agreements published by the DoJ, FHFA and SEC. Furthermore, it includes documentary evidence from the Financial Crisis Inquiry Committee and Senate Committees, the full transcript of the trial, opinions of the judge for the trial and the judgement.

The findings are that many have concluded that settlements out of court fail to satisfy the demand for justice. They have been criticised as a trade-off between the prosecutor and the bank, with a view that the imposition of large fines is to pay back taxpayers’ money spent on rescuing the banks, rather than punishing those responsible. Such fines do little, if anything, to change the behaviour of banks. As a result, the Department of Justice issued a memorandum on 9 September to focus on individual accountability for corporate wrongdoing. It remains to be seen how many cases against senior executives will result from the change in direction.

The implications of the research are that it is important even in the aftermath of such a serious if not devastating financial crisis to ensure that the laws are properly applied and can stand up to any challenge that it has been stretched to obtain the results the administration of the day wants to see. In addition, care must be taken over both the imposition of large fines and the use to which the monies should be put. All the parties involved in bringing about the crisis should be held to account. The major cases against the banks have almost all been “resolved”. A change in direction has now taken place.

The practical implications of holding individuals to account should now be tackled. It requires a careful examination of the laws and regulations already in place to ensure that it is clear within a bank as to who is responsible for what. It will only be possible to hold senior individuals to account if the laws are clear and if all the evidence is not hidden. It may also require a review of the contracts under which senior executives are employed, because to remove a person from his post and then find that he still has a large pension pot and bonuses due may not result in justice either. A delicate balancing act is required because banks require highly competent and motivated individuals to run them.

If a very large fine is imposed on a bank, the shareholders and customers pay. The shareholders will mostly own the shares through their pensions and their savings in mutual funds.

There have been few studies of all the cases against the banks brought by the DoJ and FHFA and still fewer have recognized the fact that government housing policy was the source of the extent of the subprime mortgages.

The purpose of this paper is to examine the usefulness of a heuristic expert system, to show its applicability to real‐world valuation problems, and to suggest several avenues for statistical testing.

The expert systems follow a traditional sales adjustment grid format, with sufficient data for non‐parametric testing.

The paper finds that, while non‐parametric statistics provide weaker results than traditional (e.g. hedonic regression) modeling, the technique provides a statistically testable model useful in situations with limited data and/or poorly characterized probability functions.

This paper addresses the conundrum faced by real estate valuers on the lack of statistical underpinnings of traditional heuristic models.

This is one of the first empirical studies in the valuation literature exploring statistical characterization of heuristic valuation methods.

This paper seeks to extend the literature on property damage assessment by incorporating the right of exclusion as a compensable component to damages. The paper aims to go on to illustrate methodologies to estimate as a rent this damage component.

The authors develop a conceptual framework from which to examine the value of underground storage space with special reference to situations in which migrating contamination from commercial operations have invaded private real property. Specifically they view this invasion as a compensable violation of the right of exclusion. This underground storage analysis uses the three approaches common to traditional appraisal (income, sales and cost) to estimate the value of underground storage caused by migrating contamination.

Conceptually the paper finds that underground storage can be easily valued with existing appraisal methods. Using contamination scenarios paired with actual market data from the South‐Eastern USA, the paper shows an example of each of the three methods for valuation. It concludes by reconciling the estimated values and supply additional issues to consider when valuing underground storage.

Contaminated properties analysis and damages have focused on the right of transfer when estimating damages to real property. Other portions of the bundle of rights also require examination.

This is the first discussion of underground trespass in relation to contaminated property coupled with an empirical example to address the right of exclusion and estimated rents due for use of adjacent properties as a storage facility.

Presents a point‐counterpoint discussion on whether or not we can – or should – measure something as ineffable as spirituality in organizations. Topics covered include “Workplace spirituality: on the need for measurement” and “Towards wholeness in spirituality research: embracing other ways of knowing”

This study explores how the implementation of problem-based learning (PBL) in technical and vocational education training (TVET) systems of Nigerian higher education (HE) can enhance quality graduate outcomes. The study also explores the issues and challenges of PBL implementation in the TVET system of Nigerian HE.

This study follows the assumptions of qualitative research. The authors interviewed 55 participants and had a focus group with 7 TVET postgraduate students. The 55 interviewees were drawn from TVET teachers (n = 33; 24 males and 9 females), Directors at National Board for Technical Education (n = 4; 3 males and 1 female), Directors of National Directorate of Employment (n = 5; 3 males and 2 females), Directors at the Federal Ministry of Education (n = 3 males), and industry executives (n = 10; 7 males and 3 females). Data were collected through a semistructured interview approach, transcribed and coded using NVivo 12 plus and analyzed through thematic analysis.

The results show that PBL in the Nigerian TVET system has positive implications for quality TVET graduate outcomes in that it can enable integrating theory and practice, motivate learning, improve students' self-efficacy, allow students to construct learning on their own, enhance graduate competencies and graduate employability. It also revealed six perceived possible major challenges to effective implementation of PBL in the Nigerian TVET system, which includes inadequacy of teaching and learning facilities; corruption in Nigerian education sector; recruitment of unqualified incompetent TVET teachers; difficulties in identifying real-life problems, among others. Participants offered benchmarks and actions and standards for improving the identified challenges, which formed a framework for coping with issues, challenges, and barriers to effective implementation of PBL in the TVET system of Nigerian HE (Table 1).

The results of this study are original and serve as an advocacy for Nigerian HE authorities to explore how PBL can be implemented in the TVET system to improve graduate outcomes. The study serves as a starting point for more research in the domain of improving the quality of TVET programs in Nigerian HE. Industry leaders and policymakers in Nigeria and other developing countries could use the findings from this study to increase HE and industry participation and partnership for quality of TVET program.

The purpose of this paper is to present a proposal for structuring the use of problem-based learning (PBL) as an active teaching strategy and assess PBL’s implications for student learning in the undergraduate management degree program of a federal university in Northeastern Brazil. PBL can turn students into active subjects in their own learning and promote the development of decision-making abilities through the identification and analysis of real problems.

The study follows the assumptions of qualitative research and uses the action research approach. The data were collected through reflective reports (texts freely written by students describing their experiences in a course) and through interviews. The collected material formed the basis for analysis and discussion of the results using content analysis.

The results indicate that the PBL teaching strategy has positive implications for student learning in that it promotes the integration of theory and practice, which enhances the motivation to learn. The students perceived the practical aspect, teamwork and presence of an entrepreneur/manager in the PBL classes as factors facilitating learning. By contrast, teamwork and the time involved were seen as factors limiting learning.

The use of PBL demonstrates its potential for learning through the integration of students’ cognitive, behavioral and social dimensions, fostering closer integration with the context of professional activity. The presence of entrepreneurs/managers who present real problems to be analyzed by the students in the classroom can contribute significantly to the promotion of learning and reflection by undergraduate management students.

The results of this study reveals its originality and value to management education in Brazil because it defines a framework for the implementation of PBL as an active learning strategy in a management program, it indicates the potential of PBL for the development of students’ competencies, it increases the potential for integrating theory with professional practice and it can aid the process of training teachers as they assess the implications of PBL for student learning.

The purpose of this paper is to explore the demand and supply relationship between urban and non‐urban land, the latter's diminishing supply, arguments for and against its preservation, methods in which preservation might be achieved and one method in particular, with which the authors have considerable experience, that involves the purchase of development rights and density credits.

The research design involved meetings with farmers, city and county officials and members of several land conservation organizations, bringing together several hundred agricultural and residential real estate transactions, quantitative analysis of the transaction data using descriptive and hedonic methods, developing property attribute values and thereby determining the value of agricultural development rights and urban density credits.

Agricultural development rights were valued, on average, at $9,000 per acre. Commercial development rights were valued, on average, at $9.00 per square foot of floor area (FAR).

By acquiring agricultural development rights the process of agricultural land being converted to urban purposes can be slowed or halted. Valuing and selling development rights is a straightforward means of permitting urban density that is understood by developers and easily, objectively and transparently quantified. It is also a good method of raising funds for the acquisition of agricultural development rights.

The valuation process developed and employed does away with the need for individual appraisals of rights to be acquired and sold. Therefore this is a very efficient process. Also, it shows how farmers, preservationists and planners can be brought together to solve a common problem.

For over a century, social studies educators have drawn upon the works of philosopher John Dewey to justify an interdisciplinary vision for the field. This manuscript explores the intellectual context that engendered Dewey’s pedagogical vision, outlines how and why Dewey organized his interdisciplinary curriculum at the University of Chicago Laboratory School, and traces how Dewey expanded his pedagogy in the 1920s and 1930s to include the interdisciplinary study of social and political issues in the classroom. The author argues that Dewey’s interdisciplinary pedagogy is best appreciated through a developmental and contingent framework.

From a recently published letter addressed to a well‐known firm of whisky manufacturers by Mr. JOHN LETHIBY, Assistant Secretary to the Local Government Board, it is plain that the Board decline to entertain the suggestion that the Government should take steps to compel manufacturers of whisky to apply correct descriptions to their products. The adoption of this attitude by the Board might have been anticipated, but the grounds upon which the Board appear to have taken it up are not in reality such as will afford an adequate defence of their position, as the negative evidence given before the Select Committee on Food Products Adulteration and yielded by the reports of Public Analysts is beside the mark. The introduction of a governmental control of the nature suggested is not only undesirable but impracticable. It is undesirable because such a control must be compulsory and is bound to be unfair. It would be relegated to a Government Department, and of necessity, therefore, in the result it would be in the hands of an individual—the head of the Department—and subject entirely to the ideas and the unavoidable prejudices of one person. It is impracticable because no Government or Government Department could afford to take up a position involving the recommendation of particular products and the condemnation of others. No Government could take upon itself the onus of deciding questions of quality as distinguished from questions merely involving nature and substance. A system of control, in order to be effective and valuable alike to the public and the honest manufacturer, must be voluntary in its nature in so far as the manufacturer is concerned, and must be carried out by an independent and authoritative body entirely free from governmental trammels, and possessing full liberty to give or withhold its approbation or guarantee.

The purpose of this paper is to examine the mediating role of social capital in financial literacy and financial inclusion relationship in rural Uganda. The major aim is to establish the role of social capital in the relationship between financial literacy and financial inclusion.

The paper adopts and uses MedGraph programme (Excel version 3.0), Sobel and Kenny and Baron tests to test the mediation effect of social capital in the relationship between financial literacy and financial inclusion.

The results reveals that social capital is a significant mediator in the relationship between financial literacy and financial inclusion of rural poor in Uganda. Financial literacy did not have a direct effect on financial inclusion, but through full mediation of social capital. Existence of social capital into the relationship boosts the relationship between financial literacy and financial inclusion by 61.6 per cent among rural poor households in Uganda. Thus, the finding suggests that with the absence of social capital, financial literacy may fail to enhance the level of financial inclusion among rural poor households in Uganda.

This study adopted only single research approach using a questionnaire. However, future research through interview may be of importance. Besides, for the purpose of triangulation, a study involving financial institutions’ staff may be viable. Moreover this study was limited by the fact that it was cross-sectional. Furthermore, a longitudinal study may be useful in future to investigate the mediating impact of social capital spanning over a long period of time.

Managers, policymakers and financial inclusion practitioners should advocate and embark on building social capital among rural communities, so as to improve on the level of financial inclusion.

While a large body of research has been carried out on financial literacy, this paper is the first to test the mediating role of social capital in the relationship between financial literacy and financial inclusion, especially in rural Uganda. This study generates evidence and contributes to the powerful influence of social capital in enhancing the level of financial inclusion based on financial literacy.