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The purpose of this paper is to examine use of the Black‐Scholes (BS) risky asset model to determine choice of optimal investment term in a reinvestment chain model.

An extension of Tobin's separation theorem is used to establish a mean‐variance efficient strategy for lump sum conversion to an income stream over any fixed term; two criteria involving the BS model are then applied to determine optimal investment term in a perpetual chain of reinvestment. The first criterion selects the term to maximize the value of a call option on excess of a market portfolio accumulation over the indexed value of the original lump sum. The second criterion selects term to maximize the expected present value of this excess without the no‐arbitrage assumption.

It is found that both criteria lead to useful but different income stream funding strategies. Annual returns data for the All Ordinaries Accumulation Index for years 1900‐2009 are used for an empirical assessment of the relative usefulness of the two criteria. Empirical evidence favours use of the criterion without the no‐arbitrage assumption.

Mean‐variance efficiency of the lump sum conversion strategy has been described elsewhere, but it has not previously been recognized as an extension of the Tobin theorem. Determination of optimal reinvestment term in this context is new and crucial to practical application of the model. One application of universal significance is for retirees emerging from defined contribution pension schemes with lump sums to provide for retirement in the face of longevity risk.

Provides some examples of real harassment incidents against gay students. Gives some statistics on the numbers of individuals who experience harassment. Looks at ways schools are trying to protect these individuals by the developing of policies, social clubs and alliances and the education of both student and teacher. Considers the problems of each and concludes that if American public education is to fulfil its mission, people must ensure equity for all and prevent any violence.

Part of a larger multicase ethnographic research project, this case study examines the experience of transgender youth and their teachers at a school that uses restorative practices as an alternative to school suspension.

The current study focuses on interviews from one transgender student, her teachers, and her administrators.

Taken together, these interviews expose complex mechanisms through which transphobia undermines an ostensibly democratic discipline practice intended to promote social justice. The restorative concept of “accountability” framed staff’s efforts to create a more gender-inclusive school, but this frame inadvertently placed the burden of inclusion largely on the transgender student, as staff expected her to educate peers and teachers and enforce gender inclusive practices.

Restorative practice trainings should be integrated with trainings on inclusion of lesbian, gay, bisexual, transgender, and queer (LGBTQ) individuals.

Existing research examines the impact of zero tolerance policies on transgender students. This study demonstrates that even when alternatives to zero tolerance policies are in place, teachers and administrators easily slip holding transgender youth accountable for their own safety. A school-wide commitment to “inclusion” does not negate the need for educating staff and students about LGBTQ identities and inclusion.

Chemsex is a phenomenon that has gained increasing attention in recent years. The purpose of this paper is to differentiate chemsex from other sexualized substance use, and clarify differences between recreational and problematic chemsex use. Despite plentiful publications, little has been published on underlying determinants that predispose individuals to chemsex, and their process toward problematic chemsex use.

During the second European Chemsex Forum, people who engage in chemsex, community organizers, researchers, clinicians, therapists, social workers and (peer) counselors discussed potential pathways to problematic chemsex. In this manuscript, we translate findings from these discussions into a framework to understand the initiation and process toward problematic chemsex.

Six stages (loneliness and emptiness, search for connection, sexual connection, chemsex connection, problematic chemsex and severe health impact) and a set of factors facilitating the transition from one stage to the next have been identified.

It is hoped that this “Journey towards problematic chemsex use” will stimulate reflection and debate, with the ultimate goal of improving prevention and care for people engaging in chemsex.

The most challenging aspect of overseeing an alternative press collection is to provide adequate reference service. The same forces that cause libraries to ignore alternative publications also conspire against their using them fully and effectively once they have been acquired. This holds true for all forms of alternative literature and media, though periodicals probably suffer the most severe neglect. Many periodicals go unindexed from year to year because such companies as H. W. Wilson and its Readers' Guide to Periodical Literature stick basically to a traditional core of “safe” or “acceptable” periodicals. (It took Readers' Guide ten years to include Rolling Stone, which had long since shed its “alternative” image.)

Economists usually try to avoid making moral judgements, at least in their professional capacity. Positive economics is seen as a way of analysing economic problems, in as scientific a manner as is possible in human sciences. Economists are often reluctant to be prescriptive, most seeing their task as presenting information on the various options, but leaving the final choice, to the political decision taker. The view of many economists is that politicians can be held responsible for the morality of their actions when making decisions on economic matters, unlike unelected economic advisors, and therefore the latter should limit their role.

ALLAN RAMSAY'S The Gentle Shepherd is one of these dramas that few people nowadays have read or seen. True, the production in The Royal High School during two of the earlier Edinburgh Festivals drew the attention of many to this old favourite, and the charm of Ramsay's words and songs produced in the classic setting of the old High School hall is such a pleasant memory that a revival at some future Festival would be welcome.