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In 1997, Congress enacted legislation to transition the Student Loan Marketing Association (Sallie Mae) from status as a government-sponsored enterprise (GSE) to a fully-private, non-federally chartered organization. The process through which this legislation was enacted will have precedential value for future legislation affecting other GSEs.

This article reviews the unique context in which the Sallie Mae Privatization Act was considered and enacted. Sallie Mae was an active participant in the development of the privatization legislation, and Congress had little precedent in considering the diverse interests of stakeholders such as other entities involved in student loans, taxpayers, and Sallie Mae shareholders. Full assessment of the 1997 legislation requires a review of how the “privatizing” of Sallie Mae changes the student loan marketplace.

There are striking similarities between publicly-held government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac and investor-owned public utilities. Each firm enjoys large scale economies that give a significant competitive advantage over other companies, possesses a dominant market position that it may be able to exploit to earn profits above competitive levels, and has a strong incentive to enter new markets when the life cycle of its core markets constrain its ability to increase profits. The recent behavior of Fannie Mae and Freddie Mac indicates that the government must impose more stringent economic regulation on those GSEs in order to be sure that they achieve their public purposes.

Unlike the previous studies that examined the direct relationship between media attention on entrepreneurship (MAE) and entrepreneurship participation, this paper aims to examine the mediated link through entrepreneurial intention.

The cognitive theory of media provides the foundation for predictions that primary outcome of MAE is the entrepreneurial intention which in turn affects the different types of entrepreneurship participation (early-stage startup activities, new product development [NPD] activities and informal investment activities). The test of the hypothesized model relies on panel data for 2010–2015 on 40 developing and developed countries taken from the Global Entrepreneurship Monitor report of 2015.

MAE has an indirect effect on two types of entrepreneurship participation (early-stage startup activities and informal investment activities) via entrepreneurial intention, whereas there is no direct or indirect effect of MAE on NPD activities. The findings also suggest when the entrepreneurial intention is added as a mediator in the model; the direct effect of MAE on early-stage entrepreneurial activities becomes insignificant.

To the best of the authors’ knowledge, this is the first study in its nature which established the relationship between MAE and entrepreneurial intention. In addition, this study also explained the mediation mechanism between the relationship of MAE and entrepreneurship participation by using the panel data.

The desirability of financial reform to avoid another financial melt‐down is widely accepted, but the likelihood of reform is uncertain. The purpose of this paper is to present a case study of evolution and reform attempts at US mortgage giants Fannie Mae and Freddie Mac and provides an instructive model of the likely long‐term success of attempts to reform the financial system.

A model of the legislative and regulatory change process is first developed, considering the range of influences that arise. The history of reform attempts for US government sponsored mortgage giants Fannie Mae and Freddie Mac are examined in the context of this model.

The model predicts that reform will often be thwarted. US government sponsored mortgage giants Fannie Mae and Freddie Mac helped fuel the housing bubble and required a government bail‐out. Sentiment for reform was high, but what happened next was – nothing. Fannie Mae and Freddie Mac have a long history of successful lobbying, and they succeeded again. They did not need to stop legislation. They needed only to see it delayed long enough for attention to turn elsewhere. Five years after the bubble broke, their market dominance and the implied guarantees continue. Reform is not on the legislative agenda. This outcome does not bode well for financial market reform or stability.

An understanding of the process, influences, and likelihood of reform is important for governments, businesses, and individuals. While the picture this paper paints is not optimistic, it is important.

This paper investigates the link between equity and credit markets for the government‐sponsored mortgage institutions, Fannie Mae and Freddie Mac, during the period from January 2007 until December 2008. Before the financial crisis, investors perceived these real estate finance institutions as quasi state guaranteed.

By examining Fannie Mae and Freddie Mac during 2007 and 2008, this study extends existing research on the link between equity and credit markets. The authors employ univariate time series regression and vector autoregressive models to analyze the comovements over time and the lead‐lag relationship for equity returns, CDS spread changes, and bond spread changes.

The results provide evidence for equity returns and credit spreads of CDS and bonds being inversely related and adjusting simultaneously. The relationship between equity and credit markets intensifies during periods of heightened risks. The link between equity returns and bond spread changes is more robust in an environment of slightly elevated risk, while the relationship between equity and CDS markets intensifies during times of extreme stress. It was also found that the link between equity and credit markets completely breaks down as government intervention in the form of regulatory changes and ultimately, conservatorship, materializes.

Investors active in equity and credit markets need to be aware of the relevance of the prevailing capital market regime and the role of external effects such as government support and bailout.

There is a growing body of empirical research employing event studies and regression analyses on the firm level to examine the link between equity and credit default swaps. Yet, to the authors' knowledge this relationship has not been explored specifically for quasi guaranteed institutions. However, given the growing number of at least partly state owned real estate finance institutions, this specific focus is important to understand future expected risk compensation of equity and credit investors. The paper ask what lessons are to be learnt from the current financial crisis about investor protection in quasi guaranteed financial institutions.

The aim of this paper is to gain insights into the gap that persists between management accounting education (MAE) and practice.

MAE is examined from four perspectives of the balanced scorecard (BSC), in terms of what is being taught at tertiary level: customer satisfaction, learning and growth, internal business and financial. A survey questionnaire was sent to management accountants selected randomly from a list of practicing management accountants identified by the Chartered Institute of Management Accountants in South Africa.

The study finds support for allegations that a gap exists between MAE and practice and indicates that to address this gap, a holistic focus using the four perspectives of the BSC would be useful to investigate the gap.

Previous studies in relation to the gap in management education have focused on the lack of skills provided by tertiary education. As one of the few studies to focus on the overall performance of MAE, this study identifies that the gap is not limited to the provision of adequate skills. The findings show that the gap is significant in terms of customer perspective but is not significant in relation to the internal business, learning and growth and financial perspectives of the BSC. The study provides deeper insights into the gap and will help tertiary education providers to improve their performance.

As one of the few studies on gaps between MAE and practice, the study provides insights to the potential gaps. The findings serve as a basis for further empirical and theoretical enquiries.

The study contributes to the management accounting literature by focusing on the gap in MAE using a BSC approach. Rather than single out the lack of skills provided by MAE as a reason for the gap, this paper provides information on the four areas of the BSC as ways to identify the gap.

Fannie Mae and Freddie Mac receive explicit and implicit off-budget subsidies from the federal government. This paper reviews the methods to estimate the dollar amount of the subsidies. None of the three techniques to estimate the indirect subsidy yield accurate point estimates. They do suggest that Fannie and Freddie could receive billions of dollars in subsidies in some years and much smaller amounts in other years. However, assessing the size of the implied subsidies is most valuable in demonstrating that Fannie and Freddie, not the federal government, control their size. Efforts to improve federal control face significant difficulties including informational asymmetries and the political incentives that have led to the status quo. These drawbacks bolster the rationale for eliminating federal support for Fannie and Freddie.

A review essay on Ivo Maes, Economic Thought and the Making of European Monetary Union: Selected Essays of Ivo Maes, with forewords by Guy Quaden and A. W. Coats, Cheltenham, U.K., and Northampton, MA: Edward Elgar Publishing. ISBN 1 84064 800 7, hardcover, 2002. European economic integration, leading to the Single Market and at the start of 1999 to the replacement of eleven national currencies by the euro, remains tumultuous, with France and Germany exempting themselves in November 2003 from the budget deficit limits of the Economic Growth and Stability Pact (the Maastricht Treaty), which had been binding on less politically powerful countries such as Portugal. Ivo Maes is ideally suited to provide insight and perspective on the economic thought underlying these developments. As Deputy Head of the Research Department of the National Bank of Belgium and formerly an administrator (that is, a generalist rather than a specialist economist) with the Commission of the European Communities, he is a central bank insider whose book carries a foreword by Guy Quaden, Governor of the National Bank of Belgium, and concludes with a long essay written with Jan Smets, Director of the Research Department of the National Bank of Belgium and Commissioner-General for the Euro, and Jan Michielsen, formerly Head of the Foreign and Financial Market Departments of the National Bank of Belgium. In Part 3, Maes, Smets, and Michielsen argue that Belgium played a leading role in shaping the Economic and Monetary Union (EMU) and especially in promoting Franco-German agreement. At the same time, Maes can view the monetary authorities as an academic outsider, a professor at the University of Leuven and at the ICHEC business school in Brussels, a sometime visiting professor at Texas Lutheran College and Duke University, and a respected historian of economics. His Brussels vantage point, in a city and country particularly closely engaged in the evolution of the European Community but not in one of the major powers within the Community, also contributes to an enlightening perspective. There has been a torrent of books on the politics and economics of the euro (e.g. Padoa-Schioppa, 1994), as well as specialist periodicals such as the Journal of Common Market Studies, but Maes stands out by considering the process as an historian of economics.

The purpose of this paper is to explore how, by encouraging all key stakeholders to “play nicely and act maturely” to share responsibility, the author was able to improve outcomes for children reported missing to Gwent Police. The paper shows that sharing responsibility is a critical factor in such collaboration, requiring people and agencies to let go of power that usually interferes with a preparedness to avoid blame, a willingness to enjoy the rewards of success and together manage the risks.

It offers a viewpoint about identifying the issues and failings of silo working and developing a more creative way of working together to improve outcomes for some of the most vulnerable children and young people. It is informed by close working between colleagues from different agencies and professional disciplines and the lived experience of the author in moving from a social services department to the police service.

Working with people is always complex, the whole process is vulnerable to and affected by personal interpretations and different value bases, yet vulnerable young people need consistency and boundaries. To improve outcomes, the author has to improve the understanding of individuals’ stories, hear what the young people are saying and create a consistent response by balancing risks with potential for change.

There are no formal research findings as yet, but it draws on research carried out elsewhere and highlights where there is shared learning from listening more attentively to what young people say about their experiences of services, set up to protect and safeguard their interests. The independent counselling offered to young people is a critically different ingredient to consider for the future, harnessing the contribution of the third sector and explores their strategic and operational involvement.

Improved outcomes for and engagement with the young people and their families, reducing the long-term impact on the public purse, while lessening risks and breaking the cycle.

It explores collaboration still in its infancy, but one about which there has been considerable interest UK-wide, illustrating the potential for collaboration and/or integration between agencies that have seldom been comfortable “bedfellows”.

Dangos sut, trwy annog yr holl randdeiliaid allweddol i ‘chwarae’n dda ac ymddwyn yn aeddfed’ i rannu cyfrifoldeb, roeddem yn gallu gwella canlyniadau ar gyfer plant yr hysbyswyd Heddlu Gwent eu bod ar goll. Nod yr erthygl hon yw dangos bod rhannu cyfrifoldeb yn ffactor hanfodol mewn cydweithrediad o’r fath ac, yn hynny o beth, mae angen i bobl ac asiantaethau gael gwared ar y pŵer a’r rheolaeth sydd fel arfer yn ymyrryd â pharodrwydd i osgoi bai a pharodrwydd i fwynhau gwobrwyon llwyddiant a rheoli risg gyda’n gilydd. Methodoleg - Mae’n cynnig safbwynt yn ymwneud â nodi materion a methiannau’r ‘hen ffordd’ silo o weithio a datblygu ffordd arloesol a mwy creadigol o weithio gyda’n gilydd i wella canlyniadau ar gyfer rhai o’r plant a’r bobl ifanc mwyaf agored i niwed. Caiff y safbwynt hwn ei lywio gan gydweithio agos rhwng cydweithwyr o asiantaethau gwahanol gyda disgyblaethau proffesiynol a chefndiroedd gwahanol a phrofiad ymarferol yr awdur yn symud o adran gwasanaethau cymdeithasol i weithio yng ngwasanaeth yr heddlu.

Mae gweithio gyda phobl yn gymhleth, gall y broses gyfan gael ei heffeithio gan ddehongliadau personol a gwerthoedd gwahanol, ond eto mae angen cysondeb a ffiniau ar bobl ifanc agored i niwed. Er mwyn gwella canlyniadau, mae’n rhaid i ni wella ein dealltwriaeth o straeon unigolion, clywed yr hyn y mae pobl ifanc yn ei ddweud a chreu ymateb cyson trwy gydbwyso’r peryglon gyda photensial ar gyfer newid.

nid oes unrhyw ganfyddiadau ymchwil ffurfiol ar y prosiect eto, ond bydd yr erthygl yn defnyddio ymchwil a wnaed rhywle arall ac yn amlygu dysgu a rennir wrth wrando’n fwy astud ar yr hyn y mae pobl ifanc yn ei ddweud am eu profiad o wasanaethau, sydd wedi eu sefydlu i amddiffyn a diogelu eu buddiannau. Gall natur annibynnol y cwnsela sy’n cael ei gynnig i bobl ifanc fod yn elfen hanfodol wahanol i’w hystyried ar gyfer y dyfodol ac mae’n defnyddio cyfraniad y trydydd sector ac yn archwilio eu cyfranogiad strategol a gweithredol.

Canlyniadau gwella ar gyfer pobl ifanc a’u teuluoedd ac ar gyfer eu hymgysylltu, gan leihau’r effaith hirdymor ar gyllid cyhoeddus, tra’n lleihau’r peryglon ac yn torri’r cylch.

Mae’r erthygl hon yn archwilio cydweithrediaeth sy’n dal mewn cyfnod cynnar, ond yn un y mae diddordeb sylweddol wedi bod ynddi ar draws y DU ac mae’n dangos y potensial ar gyfer cydweithredu a/neu integreiddio rhwng asiantaethau sydd heb fod yn gyfforddus iawn yn gweithio mewn ‘partneriaeth’.

The purpose of this paper is to understand the strategic role of third-sector agencies, with a history that often left them “sidelined” by the public sector, showing how all agencies involved can be respected and trusted, with conflicts of interest around commissioning services well managed. It highlights how power differentials between agencies/sectors influence behaviour and how a voluntary council can promote the voice of users and carers.

A case study considering the nature of voluntary sector activity in Cwm Taf, referring to learning from elsewhere, confirming and challenging the experience. It draws on the experiences of two key third-sector workers and draws on local survey data, as well as the experiences of community co-ordinators.

The importance of “being there” in policy development, implementing change and taking action; “being at the top table” was critical in developing a stronger third sector and user voice, supporting the ambitions of Social Services and Well-being (Wales) Act 2014. Third-sector agencies have been good and mature partners, honest brokers/commissioners, completer/finishers and critical friends.

Power and influence are significant in changing the way that older people receive a different offer – not, “what can we do for you?”, but, “help us to understand what will make a difference to your life”. Third-sector agencies are crucial change agents, better at representing users and carers than public sector agencies doing it alone. It explores the concept of interdependence, as more energising for older people and agencies.

bydd y papur hwn yn archwilio rôl strategol a gweithredol asiantaethau’r trydydd sector yn datblygu gwasanaethau integredig. Mae asiantaethau’r trydydd sector yn aml yn cael eu diystyru gan asiantaethau’r sector cyhoeddus am nad ydynt wedi eu cynnwys yn y byd ‘proffesiynol’. Bydd y papur yn gwneud synnwyr o’r gwahaniaethau mewn pŵer sydd bron bob amser i’w canfod o fewn a rhwng asiantaethau a’r ffordd y maent yn dylanwadu ar ymddygiad; ymddygiad sy’n dylanwadu’n sylweddol ar graddau’r ymddiriedaeth sydd yn gorfod datblygu rhwng asiantaethau a phobl sy’n gweithio mewn asiantaethau, er mwyn i ni allu symud i ffwrdd o feddylfryd ‘silo’ ac ymddygiad ‘silo’, nad ydynt yn manteisio i’r eithaf ar brofiad ac arbenigedd yr holl randdeiliaid allweddol.

Mae’r papur hwn yn astudiaeth achos sy’n defnyddio ymchwil a phrofiadau o fannau eraill sydd yn cynnwys asiantaethau’r trydydd sector. Mae’n ystyried natur gweithgaredd y sector gwirfoddol yng Nghymru ac yng Nghwm Taf yn benodol.

mae pwysigrwydd ‘bod yno’ yn ganolog i chwarae rôl allweddol yn natblygiad polisi ac mae’r papur yn amlygu sut mae bod ar frig y tabl wedi chwarae rôl allweddol yn cael llais trydydd sector cryfach. Mae hwn yn ei dro yn rhoi mwy o fynediad i lais defnyddwyr a gofalwyr ac mae’n cefnogi uchelgais y prif newid deddfwriaethol yng Nghymru, Deddf Gwasanaethau Cymdeithasol a Lles (Cymru) 2014.

mae’r papur hwn yn ymwneud â dangos grym a dylanwad sylweddol trafod ar gyfer newid yn y ffordd y mae pobl hŷn yn derbyn cynnig sydd bellach yn ddim i’w wneud â ‘beth allwn ni ei wneud i chi?’ ac yn fwy am wahodd pobl hŷn i’n ‘helpu ni i ddeall beth fydd yn gwneud gwahaniaeth i’ch bywyd chi’. Gall asiantaethau’r trydydd sector chwarae rhan hanfodol yn cefnogi’r newid hwnnw, o bosibl yn cynrychioli buddion defnyddwyr a gofalwyr yn well na’r traddodiad o asiantaethau’r sector cyhoeddus yn ceisio gwneud hynny ar eu pen eu hunain. Mae’r papur hefyd yn archwilio’r cysyniad iachach o ryngddibyniaeth, fel nod ar gyfer pobl hŷn, yn ogystal â nod i asiantaethau ei gymryd yn eu perthynas â’i gilydd.