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The purpose of this chapter is to study the mathematisation of finance – excessive use of mathematical models in finance – which has been widely blamed for the recent financial and economic crisis. We argue that the problem might actually be the financialisation of mathematics, as evidenced by the gradual embedding of branches of mathematics into financial economics. The concept of embeddedness, originally proposed by Polanyi, is relevant to describe the sociological relationship between fields of knowledge. After exploring the relationship between mathematics, finance and economics since antiquity, we find that theoretical developments in the 1950s and 1970s lead directly to this embedding. The key implication of our findings is the realization that it has become necessary to disembed mathematics from finance and economics, and proposes a number of partial steps to facilitate this process. This chapter contributes to the debate on the mathematisation of finance by uniquely combining a historical approach, which chronicles the evolution of the relation between mathematics and finance, with a sociological approach from the perspective of Polyani’s concept of embedding.

The task of a document retrieval system is to match a query, perhaps in natural language, against a large number of natural language documents. Neural networks are known to be good pattern matchers. This article describes investigations in implementing a document retrieval system based on a neural network model. It shows that many of the standard strategies of information retrieval are applicable in a neural network model.

The purpose of this paper is to examine accounting students' experience of compulsory group work. The paper hypothesises that a student‐centered style of teaching‐involving activities, like case studies and group‐based learning encourages students to take a deeper approach to learning. The paper also sought students' suggestions to improve learning in a group environment and to identify areas for future research.

There is a paucity of research that examines the relationships between group work and the adoption of a deep learning approach. This research uses empirical data in the form of a questionnaire with open and closed response options. This paper uses a qualitative method, phenomenography, to analyse the responses of 362 students.

The findings reveal variations in conceptions of group work among students with evidence of both surface and deep approaches to learning.

The following limitations are recognised: the questionnaire may not have given students an opportunity to express their perceptions fully; the absence of demographic data did not permit consideration of cultural factors on the outcome and the analysis was able to focus only on perceptions of behaviour rather than actual behaviour. A major implication from the paper is the value of research into accounting education. The paper provides the opportunity to trial research, reflect upon and change curricula, delivery and assessment based on research findings.

Student experiences in group work in accounting, while not entirely new, is however, an area not widely reported on.

This paper reports an application of the combined FEM analysis and Taguchi's DOE method to the parameter optimization of a magnetic recording media. Effects of a soft magnetic keeper layer on the performance of the magnetic recording media disk are analysed using FEM. Optimization of several key parameters using Taguchi method is performed to maximise the desirable characteristics which are brought about by this keeper layer. This application example shows that the combined approach is an effective and efficient tool for parameter optimization of a non‐linear magnetic field system.

Briefly highlights the history of litigation against tobacco companies in the USA. Introduces the legal issues brought before the courts, the parties involved and the outcome of significant cases. This overview is followed by a guide to relevant legal research tools that are useful for exploring tobacco litigation in depth.

The purpose of this paper is to examine what auditor and audit environmental attributes affect auditor appointment decisions in compulsory audit tendering, and whether the attributes affecting appointment of a new auditor (rotation) are consistent with or different from those affecting reappointment of the incumbent (retention).

New South Wales (NSW) local council finance managers were surveyed for importance ratings of 48 attributes. An hypothesis for differential ratings between rotators and retainers was formulated. Confirmatory factor analysis, tests of mean differences and logistic regression were used.

Consistent with the sample's high retention rate, the most important attributes for all respondents related to the quality of previous experience with the incumbent. Consistent with hypothesis, attributes proxying for a quality auditor (technical competence, independence and reputation) were more important for rotators.

The authors proxied rotation/retention by intention. Given the importance of audit quality attributes in the appointment decision and the high retention rate in compulsory audit tendering, future research could examine the relation between audit service quality attributes and retention.

This is the first study to examine attributes affecting auditor appointment decisions in a mandatory choice setting. NSW local councils provide a unique opportunity to do so as it is one of few jurisdictions in which compulsory audit tendering operates. Compulsory tendering may be implemented if current legislation aimed at improving audit independence and quality through mandatory partner rotation proves infeasible.

The purpose of this paper is to advance a proactive perspective on business exit and develop a typology of exit strategies.

This is a research paper, which builds on extant theoretical and empirical research.

Business exit, along with entry, is an integral part of corporate strategy that a firm could utilize to reshuffle its business portfolio and embrace new opportunities. In today’s changing environment characterized by high uncertainty and high velocity, it becomes increasingly important for firms to manage business exit deliberately and proficiently. The traditional perspective which generally perceives exits as failures or responses to failures is no longer sufficient. A proactive perspective on exit could be advanced to better inform exit research and practice. Adopting the dynamic capabilities approach, this paper develops a typology of four exit strategies – retreat, redeploy, realign, and reconfigure – and examines the essential tasks of these strategies as well as the corresponding dynamic capabilities required for their successful implementation.

The proactive perspective advanced in this paper systematically coalesces and elaborates on extant research and formally advocates the importance and feasibility of proactive exit. The typology offered not only helps integrate the dynamic capabilities approach with exit research but also helps better inform exit practice.

The paper aims to analyse audit service quality attributes that were perceived to be important in compulsory audit tendering (CAT) in local councils in New South Wales (NSW). It focuses principally on whether CAT leads to an impairment of auditor independence and audit quality.

A questionnaire survey was conducted of 235 NSW local council finance professionals and 35 local council internal auditors in May 2006.

The most important attributes in evaluating audit service quality were industry expertise, audit firm experience with a council, technical competence, independence, ethical standards and due care. The least important attributes were scepticism, freshness of perspective, audit firm size, and non‐audit services. There is considerable consistency in the findings with those in non‐CAT contexts.

The paper is subject to the general limitations of the survey questionnaire method. A further limitation is that audit quality was assessed using perceptions of audit service quality by preparers of local council financial statements, rather than by users of those statements.

Audit firms will be better able to understand the audit service quality attributes valued by local council clients, to differentiate their promotional and service‐provision strategies, improve their audit quality, and better satisfy local council clients. Concerns that CAT may impair audit independence and audit quality do not appear to be founded.

Because the results are generally consistent with findings in non‐CAT contexts, there can be more confidence in CAT as a regulatory form of audit procurement.