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This article considers the issue of learning in the context of new technology projects that have recently been implemented in the UK retail banking industry. Continual changes in the business environment have focused attention upon the need for organisations to “learn” if they are to retain their market positions. Interviews were conducted with 42 bank managers and industry consultants over an 18 month period. Five case studies of major new projects are drawn upon which provide evidence that learning from past mistakes, or even building upon past successes, continues to be the exception rather than the rule. As a result, even successful projects had a limited impact upon the activities of the organisations as a whole. It is concluded that reluctance to disseminate lessons learned throughout the organisation means the full potential offered by new technologies will continue to elude banks until their apparently complacent attitude towards learning is addressed.

The purpose of this paper is to examine the implications for drug and alcohol treatment of radical policy changes being implemented by the government, particularly the proposed transition of responsibility for treatment from the National Treatment Agency to a new public health service from 2013.

It is argued that this is a critical moment in the development of substance misuse services in England, particularly given the impact of health service reform. Concerns are raised about the lack of reference to drug and alcohol treatment in key policy documents, such as the Department of Health's White Paper Healthy Lives, Healthy People. The removal of the “ring fence” from the pooled treatment budget may result in national disinvestment at a time when public spending cuts are likely to reduce local authority spending on drug and alcohol treatment. It will be challenging to deliver on the vision of recovery in the “Drug strategy 2010”.

The new public health structures and the commitment to recovery create new opportunities to improve services too – for example, the potential for joint working through Health and Wellbeing Boards. It is also positive that Healthy Lives, Healthy People stated that the NHS Constitution will apply to the public health service.

While these changes could provide a platform for improving outcomes, there is a genuine risk that substantial disinvestment in drug and alcohol services will be witnessed.

The purpose of this paper is to investigate how Pakistani banks manage their portfolios (lending vs investment) when the economic indicators are not supportive. This study investigates three aspects of the banking system in Pakistan – prevalence of disintermediation, post-crisis profitability orientation and depositor protection by financial system in unfavorable conditions.

This study is limited to identifying the key economic and financial drivers behind disintermediation and its subsequent impact on banks’ profitability and depositors’ protection. GLS panel regressions and Engle–Granger causality test as specified by the error correction model have been used to test the major hypothesis of this study.

This study shows that small banks have been shifting major part of their portfolios toward risk-free investments to be able to maintain their profitability more efficiently and effectively, like large banks. The study also observes that significant pairing causality exists between gross credit loans and investments confirming disintermediation hypothesis for all types of banks except Islamic or Sharia compliant banks, whereas for significant pairing causality, the results are mixed for remaining variables among gross credit loans as a proportion of assets and economic variables that include GDP growth, unemployment, KSE-100 and SBP policy rate. It is also confirmed by the results that disintermediation improves banks profitability and depositor protection, thus providing a good rationale and justification to banks for opting it.

The study focuses on the impact of structural changes in portfolios only of commercial banks’ revenue-generating assets not including other financial institutions as a part of banking system. Furthermore, data are extracted from balance sheets and is the sole property of corresponding author.

This study aims to examine the impact of regulation and other micro- and macro-economic factors on banks’ productivity growth. It investigates the impact of different regulatory reforms on banks’ performance of total factor productivity (TFP) and its component efficiencies, along with their association with bank-specific variables of profitability and equity, and with macro-level variables of economy and freedom. That is, through analysing the influence of regulatory and supervisory policies related to Basel accords pillars of capital and market discipline through private monitoring; restrictions on bank activities; and economic and financial freedoms on TFP growth and year-end performance in banking.

The authors examine TFP for commercial banks in response to regulatory reforms on an international scale. To estimate the TFP, the authors use a non-parametric frontier technique by calculating the Malmquist output-oriented index, following Delis et al. (2011) and Worthington (1999). The components of the Malmquist index are ratios of distance functions making its estimation a straightforward technique using activity analysis or data envelopment analysis methods. This allows controlling for efficiency changes depending on the reallocation of production frontiers signalling the technical change and the technical efficiency at once.

Results show that high capital requirements enhance productivity growth in North and Latin American banks, but not in European African or Asian banks. Supervisory powers drive bank productivity growth in all regions except Europe and Central Asia. Restrictions on real estate, insurance and securities activities impede productivity change in all income level groups but not in high-income economies. The results also show that market volatility and Z-score drive technological change and scale efficiency growth, but negatively impact pure technical efficiency.

This paper contributes to the literature by examining the relationship between the implementation of regulatory standards and the performance of the banking sector following a structural model of the banking firm and the concept of optimisation. An additional contribution of this study is that it examines economies with different levels of income based on the gross national income per capita. The study summarises bank-specific data used to synthesise the banks’ productivity (inputs and outputs) and country-specific economic and regulatory compliance data over 19 years (1999-2017). The extent of this data set coverage makes it most recent and most conclusive of variables to provide a significant contribution to the literature on bank regulation and efficiency effect.

The purpose of this paper is to understand how the nature of infrastructure as a public good has traditionally lent itself to state provision and to review how land-based financing (LBF) can be used to overcome the public infrastructure funding constraints in South Africa.

The paper is largely based on a review and analysis of the academic literature, government reports and reports from research institutions such as the World Bank, Department for International Development, Urban Land Institute and the Lincoln Institute.

The paper finds that although a number of LBF instruments are being used in South Africa, the majority of them are not suited to addressing the current infrastructure funding constraint. However, the paper finds that some LBF mechanisms, such as tax-increment financing (TIF), that are currently not used could play a role provided that certain preconditions are met.

LBF has only partially been implemented in South Africa, thus the paper is limited to exploring the issues, challenges and necessary policy and regulatory changes needed to support LBF.

The review of LBF mechanisms currently being used in South Africa highlights many of their practical limitations. Furthermore, concrete proposals and legislative amendments are proposed in the paper regarding the implementation of additional funding instruments such as TIF.

Infrastructure is regarded as a key precondition for socio-economic development. LBF offers a viable and important alternative for fiscally constraint governments in emerging economies to fund infrastructure provision.

The main contribution of the paper is its focus on the use of LBF in the under-researched Sub-Saharan African context.

This article examines the impact on disabled children and their families of the Children Act 1989 from the author's perspective of close involvement in this area of policy from 1992 to 2005. It argues that the inclusion of disabled children explicitly for the first time in children's legislation marked a necessary step in seeing disabled children as children first. Two main areas of concern about the effectiveness of the Act's implementation are highlighted. First, provisions in the Act for disabled children living away from home in health and education establishments have been widely ignored and are now seen as inadequate. Second is whether the provisions regarding short breaks (respite care) have been effective in providing the sort of support that families need at the required levels. The article suggests that passing legislation may be insufficient in itself to have much impact on the lives of disabled children.

The Government has published proposals to set up two new structures ‐ one for the regulation of social services and one for independently provided health care. This article argues that a single regulator for all categories of health care, including that provided in social care settings, would be more cost‐effective. It proposes the creation of functionally ring‐fenced divisions of health care regulation, structured within and answerable to the proposed commissions for care standards.

The essence of discounted cash flow valuation is simple; the asset is worth the expected cash flows it will generate, discounted to the reference date for the valuation exercise (normally, the day of the calculation). A survey article was written in Parker (1968), where it was stated that the earliest interest rate tables (use to discount value to the present) dated back to 1340. Works from Boulding (1935) and Keynes (1936) derived the IRR (Internal Rate of Return) for an investment. Samuelson (1937) compared the IRR and NPV (Net Present Value) approaches, arguing that rational investors should maximize NPV and not IRR. The previously mentioned works and the publication of Joel Dean’s reference book (Dean, 1951) on capital budgeting set the basis for the widespread use of the discounted cash flow approach into all business areas, aided by developments in portfolio theory. Nowadays, probably the model with more widespread use is the FCFE/FCFF (Free Cash Flow to Equity and Free Cash Flow to Firm) model. For simplification purposes, we will focus on the FCFE model, which basically is the FCF model’s version for the potential dividends. The focus is to value the business based on its dividends (potential or real), and thus care must be taken in order not to double count cash flows (this matter was treated in this case) and to assess what use is given to that excess cash flow – if it is invested wisely, what returns will come of them, how it is accounted for, etc. (Damodaran, 2006). The bridge to the FCFF model is straightforward; the FCFF includes FCFE and added cash that is owed to debtholders. References: Parker, R.H. (1968). “Discounted Cash Flow in Historical Perspective”, Journal of Accounting Research, v6, pp58-71. Boulding, K.E. (1935). “The Theory of a Single Investment”, Quarterly Journal of Economics, v49, pp479-494. Keynes, J. M. (1936). “The General Theory of Employment”, Macmillan, London. Samuelson, P. (1937). “Some Aspects of the Pure Theory of Capital”, Quarterly Journal of Economics, v51, pp. 469–496. Dean, Joel. (1951). “Capital Budgeting”, Columbia University Press, New York. Damodaran, A. (2006). “Damodaran on Valuation”, Second Edition, John Wiley and Sons, New York.

All information is taken from public sources and with consented company interviews.

Opportunities for value creation may be found in awkward and difficult circumstances. Good strategic thinking and ability to act swiftly are usually crucial to be able to take advantage of such tough environments. Amidst a country-wide economic crisis and general disbelief, José de Mello Group (JMG) saw one of its main assets’ (Brisa Highways) market value tumble down to unforeseen figures and was forced to act on it. Brisa’s main partners were eager in overpowering JMG’s control of the company, and outside pressure from Deutsche Bank was rising, due to the use of Brisa’s shares as collateral. JMG would have to revise its strategy and see if Brisa was worth fighting for; the market implicit assessment about the company’s prospects was very penalizing, but JMG’s predictions on Brisa’s future performance indicated that this could be an investment opportunity. Would it be wise to bet against the market?

This study is excellent for finance and strategy courses, at both undergraduate and graduate levels. Company valuation and corporate strategy are required.