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The purpose of this paper is to introduce a methodology to evaluate sovereign risk. Hereby, a value-based approach using different market measures is introduced.

This study’s approach aims to provide a value-based assessment of sovereign risk, combining market measures from government bond, credit derivatives and other markets as well as economic indicators.

The study finds that the assessment of sovereign risk is only possible when using information from different markets and adjusting according to the information included in these measures. Combining both market-based and economic information leads to a value-based evaluation of sovereign risk.

The practical implications are given for any institution with sovereign risk on their asset side. In fact, part of this research was done for the German Actuarial Foundation which uses the recommendations of this paper for the insurance industry.

The study’s approach is novel because it is the first to include several market-based and economic measures of a sovereign and combines it into a value-based assessment.

The sovereign debt crisis in Europe increased the demand for asset manager worldwide to monitor and manage their sovereign risk. While using information from the credit derivatives and bond markets has been used widely in the corporate sector its usage for sovereign risk is novel. The paper aims to discuss these issues.

The basis between a sovereign credit default swap (CDS) and the government bond contains valuable information for assets managers and traders alike. The paper demonstrates the use of the basis between the announcement date and the issue date of a new government bond to decide whether an investment in this bond is profitable.

With this strategy, the authors are able to generate both over all excess returns with a European sovereign portfolio since 2008 as well as a constant outperformance of simple average euro government bond portfolios. The paper furthermore tests the economic rationale behind this trading strategy and confirms prior findings from the corporate market. CDS market liquidity is among the main driver and it follows that the CDS market is faster in anticipating risks than the bond market not only for corporate but also for sovereign entities.

The authors are the first to study the sovereign basis in a sound trading and asset management environment. The paper provides economic explanations and checks for the robustness of the results before the primary issuance of a new government bond.

The purpose of this study is to identify the barriers to including sustainability in management education institutions (MEIs) in India, and subsequently, to analyze the structure of the causal relationships among the barriers.

In this study, the decision-making trial and evaluation laboratory methodology are applied to analyze the structure of the causal relationships among the identified sustainability barriers.

Through an extensive literature review and expert interviews, this paper identified 4 primary barriers and 46 sub-barriers. Encompassing sustainability in Indian MEIs results in changes in behavior involving increased respect for the environment, hence, leading to improved sustainable efficiency.

The present study is limited to MEIs in India.

The inclusion of sustainability in MEIs equips future managers with the economic, ecological and technical knowledge required to demonstrate sustainable behavior in the workplace. It assists also equips managers with the ability to affect social change at an organizational level. MEIs has been acknowledged as playing a crucial role in societal transformations, including the need for transformation toward sustainability.

The present study adds to the current knowledge base regarding the structure of the causal relationships among the identified sustainability barriers. To the author’s knowledge, this is the first paper to identify such barriers to including sustainability in an Indian MEI context.

The authors present a dynamic macroeconomic model for assessment of disaster risk reduction (DRR) policies under multiple hazards. The model can be used to analyze and compare various potential policies in terms of their economic consequences. The decomposition of these effects into multiple benefits helps policy makers and other stakeholders better understand the ex ante and ex-post advantages of DRR investments. The purpose of this paper is to address these issues.

A dynamic real business cycle model is at the core of this research. In the model multiple natural hazards modeled stochastically cause shocks to the economy. Economic outcomes, most importantly, output can be assessed before and after disasters and under various DRR policies. The decomposition of benefits aims to quantify the concept of triple dividends.

In case study applications in Tanzania and Zambia, the authors find that investments into physical infrastructure and risk transfer instruments generate a variety of benefits even in the absence of disaster. A land use restriction with planned relocation for example reduces output in the short run but in the long run increases it. Overall, policy effects of various DRR interventions evolve in a nonmonotonic manner and should be evaluated over a long period of time using dynamic simulation.

The novelty of this study lies in the economic quantification of multiple benefits described in the triple dividends literature. This helps comparing ex ante, ex-post and volatility-related economic effects of multiple disasters and related physical and financial DRR investment options. As observed in the case studies, the model can also identify overlooked temporal heterogeneity of co-benefits of DRR investments.

The purpose of this paper is to identify and discuss human competences required for sustainability management in organisations.

The research is based on a systematic review of the literature, through qualitative thematic analysis.

The research covered 15 years of scientific publications and was summarised in 43 articles. It revealed that education, more than management, was the field of knowledge with more references in human competences, through exploratory methodological approaches. The competences found were plenty, but there is still some misunderstanding regarding their conceptual and theoretical bases.

This research provides evidence that the academic knowledge on the subject is still at its initial stage, and it exposes the debility of the management area in addressing the subject.

The authors intend to indicate to managers some fundamentals for the adoption of human competences for sustainability aiming at a more sustainable performance in organisations.

The results may instigate studies concerning the fit of sustainability competences developed on higher education institutions and the job market. From it, curricula and pedagogical projects can be proposed and revised with better alignment to the organisational context.

This paper presents a theoretical contribution by building bridges among different perspectives and fields of knowledge on the topic. The paper also offers a managerial contribution by stimulating practical discussions to develop sustainability in organisations through individuals.

The purpose of the research is to investigate education for sustainability (EfS) practice and perceptions in three university contexts in England, Australia and Greece with a view to identify a suitable systems model for effective EfS across the university.

Research tools involved interviews of key people engaged in EfS (n=25) supported by observations plus appropriate documentary analysis as a basis to establish perceived good practice, barriers and ways to improve EfS.

Clear vision, leadership and support for EfS were considered vital, while agreed understanding about the importance, purpose and nature of EfS was necessary to achieve effective EfS across the university. Wide consultation, consensual agreement and collaborative practice were viewed as important to achieve collective views and coordinated action. A distributed model of leadership in which individuals are responsible and collectively empowered to action is relevant to a systems model for EfS. A systems model for coordination of EfS integrates approaches to governance, curriculum and infrastructure management. Details of examples of good practice and ways to improve practice are discussed.

As the research was qualitative in design and focussed on three universities, the sample size is restricted and there are limitations in the generalisability of specific results outside of their contexts. However, the overall results have some broadly significant implications and trends that have relevance for the university sector.

The structure and processes for an approach to systems organisation and identified good practice, barriers and perceived ways to improve practice have relevance for coordination of EfS across the university sector.

The findings have significant social implications, as EfS has urgent and important international priority, while universities have important functions in educating the next generation of professionals across a wide range of contexts.

The paper is an original contribution to establishing an effective systems model for EfS coordination; hence it is of significant educational and social value.

This paper aims to provide data on the self-perceived state of sustainability consciousness of first-year Hong Kong students.

Within a mixed-method research design framework, the authors conducted 787 questionnaires and collected 989 reflective narratives of first-year students of a university in Hong Kong, who were enrolled in the General Education course.

Attributed to students’ immersion in compulsory sustainability education modules within liberal studies programs in secondary through higher education (HE), the quantitative results revealed an increase in the self-perceived knowledge and behavioral aspects of sustainability consciousness of Hong Kong students and their low engagement in sustainability-related civic, campus or action groups. However, qualitative results revealed three aspects of the students’ sustainability consciousness: intentionality to make a difference; engagement with complex questions about identity, society and nature; and eschatological perspectives, which included imaginative, future-oriented and action-oriented approaches to critical reflection, supported by the rhetoric of hope, promises and commitment for better future.

The study provides insights into the challenge of implementation of the United Nations-based sustainable development model in the Hong Kong educational system through the formal liberal studies curriculum. It advances the field by constructing a momentum for conceptual changes in sustainability education research toward design of the non-linear and culturally sensitive frameworks for sustainability implementation in HE. This allows to utilize universities’ unique capacities for fostering students’ sustainability consciousness in a continuous and systemic way.

The purpose of this paper is to examine the green innovation literature using a conceptual framework developed to explain the driving forces behind environmental cooperative activities of firms. The framework links motivations to the different type of partners in the context of environmental innovations.

Literature on innovation, environmental innovation, sustainable development and strategic management is examined in order to build the conceptual framework.

This paper suggests that firms cooperate with governmental agencies, NGOs, suppliers, customers and industry associations to comply with environmental laws and regulation, obtain legitimacy as well as acquire competency (i.e. access to resources such as funds, knowledge and skills). However, only competency‐oriented motivation stimulates organisations to cooperate with competitors and knowledge leaders.

The model developed is conceptual and qualitative in nature. More research that is empirical needs to be conducted to test for the validity of the six formulated propositions.

The significance of this paper is twofold. First, it integrates two different strategic management theories: resource‐based and institutional theories in explaining cooperative environmental motivations. Second, it develops a framework that provides a basis for more theoretical and empirical studies.

The police often respond to persons who are not in direct violation of the law, but are rather undergoing behavioral crises due to mental illness or substance abuse disorders. The purpose of this study is to examine how police behavior influences civilian bystanders' emotional responses and perceptions of procedural justice (PPJ) when officers interact with these populations, which traditionally have been stigmatized in American culture.

Using a factorial vignette approach, the authors investigate whether perceived public stigma moderates the relationship between police behaviors (i.e. CIT tactics, use of force) and PPJ. The authors also investigate whether emotional reactions mediate the relationship between police behaviors and PPJ.

Regardless of suspect population (mental illness, substance use), use of force decreased participants' PPJ, and use of CIT tactics increased PPJ. These effects were consistently mediated by anger, but not by fear. Interactive effects of police behavior and perceived public stigma on PPJ were mixed.

Fear and anger may operate differently as antecedents to PPJ. Officers should note using force on persons in behavioral crisis, even if legally justifiable, seems to decrease PPJ. They should weigh this cost pragmatically, alongside other circumstances, when making discretionary decisions about physically engaging with a person in crisis.