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1 – 10 of over 3000A recent study found state bond bank participants continually realize considerable interest cost savings. Savings were calculated as differences in interest costs of bond bank…
Abstract
A recent study found state bond bank participants continually realize considerable interest cost savings. Savings were calculated as differences in interest costs of bond bank loans and the bond offerings participants would have sold as alternatives to loans, (alternative market offerings). The present evaluation determines the sources of the savings. Savings are generated by not only differences in issue characteristics of bond bank issues and alternative market offerings, but also differential impacts of the same market forces and institutional factors on the interest costs of both types of sales. These findings verify that bond bank issues and alternative market offerings sell in different sub-markets, and confirm municipal bond market segmentation.
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The year opens with omens good, and foreboding, for librarians. Of the first kind is the re‐opening after two years of the Science Museum at South Kensington. The second was the…
Abstract
The year opens with omens good, and foreboding, for librarians. Of the first kind is the re‐opening after two years of the Science Museum at South Kensington. The second was the astounding proposal of the Air Ministry to commandeer the British Museum for its administrative work. After three years of a war which has shown the devastating results of the neglect of things educational and spiritual the rulers of this country had apparently acqui sced in a proposal which, in the words of the President of the British Association, would “cause a shudder to run through all civilised countries. Were it carried out it would cover the British nation with lasting obliquy.” As we go to press, however, it is announced that the proposed outrage is not considered to be necessary and will therefore not take place. We rejoice over the repentance of the Government; but the fact that the proposal was made seriously, and for a time upheld, is so significant that it behoves all who value the treasures of the nation to be upon their guard. The war, also, is not over yet.
UP to the present the war strain has not had a great effect upon the libraries of this country. Issues have naturally fallen in some departments—particularly in districts where…
Abstract
UP to the present the war strain has not had a great effect upon the libraries of this country. Issues have naturally fallen in some departments—particularly in districts where there is a large floating population of aliens—but this has been counterbalanced by increased use in other directions. Many libraries have already been made the local headquarters of relief committees, special constabulary, the National Reserve, boy scouts' associations, etc., and as recruiting stations, and where there is sufficient accommodation, it is proper that the familiar library building should be so used for these emergency national affairs.
Jean-Etienne Joullié and Robert Spillane
This article aims to propose a critical review of James G. March’s research in and particular its consistency with its epistemological and psychological underpinnings.
Abstract
Purpose
This article aims to propose a critical review of James G. March’s research in and particular its consistency with its epistemological and psychological underpinnings.
Design/methodology/approach
The paper proposes a textual and conceptual analysis of James G. March’s study.
Findings
The article argues first that March’s study exemplifies the “physics envy” typical of management and organisation studies scholars since the early 1960s. Second, evidence is presented that March’s conclusions, irrespective of their legacy on management and organisation studies, were not developed along and were not consistent with the foundations that March espoused and advocated during most of his career. As a result, the implications of his conclusions are uncertain. To his credit, however, there are reasons to believe that, towards the end of his career, March came to recognise the limitations of his scholarship. Further, he indicated an alternative avenue for organisation studies which eschews the shortcomings of positivist and post-modern research.
Research limitations/implications
Although centred on March’s work, the argument presented is relevant to psychology, organisations, choice, the nature of knowledge, the limitations of positivism and post-modernism.
Originality/value
The paper balances the perspective offered by recent celebratory reviews of March’s study.
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L.J. Yao, T.H.Y. Kam and S.H. Chan
The paper seeks to investigate how culture, attitudes and barriers affect knowledge sharing in a Hong Kong government department.
Abstract
Purpose
The paper seeks to investigate how culture, attitudes and barriers affect knowledge sharing in a Hong Kong government department.
Design/methodology/approach
Interviews and survey instruments were used to collect data for qualitative analysis.
Findings
Knowledge management and knowledge sharing were welcome ideas in the Hong Kong government department. Informal and tacit knowledge sharing took place but the Chinese culture remained as a barrier to knowledge sharing.
Research limitations/implications
As this is a study of one government department in one particular country, the findings may not be sufficiently generalizable.
Practical implications
Senior management in the public administration sector should be made more aware of what knowledge management can do to help improve organizational efficiency and effectiveness.
Originality/value
The study is an in‐depth analysis of one large government department's use of knowledge management, which has not been studied before. This study and its findings contribute significantly to the knowledge of how culture will affect knowledge management in the public administration sector.
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Kenneth Daniels, Jack Dorminey, Brent Smith and Jayaraman Vijayakumar
Using a unique sample of about 563,000 competitively bid municipal revenue bonds with financial advisors issued during the period 1998–2012, the purpose of this paper is to…
Abstract
Purpose
Using a unique sample of about 563,000 competitively bid municipal revenue bonds with financial advisors issued during the period 1998–2012, the purpose of this paper is to examine the role and influence of financial advisor quality in the municipal bond market.
Design/methodology/approach
The authors use a sample of about 563,000 competitively bid municipal revenue bonds with financial advisors issued during the period 1998–2012. The authors estimate a selection model where the authors identify the factors leading to the selection of a high-quality financial advisor. The authors then, using the inverse mills ratio from the first regression, estimate the association of high-quality advisor (and other factors) with the cost of borrowing.
Findings
The results suggest that high-quality financial advisors provide a credible signal to market participants about issue and issuer quality. This signal translates to a greater number of bids for issues that use high-quality financial advisors, resulting in improved liquidity and lower borrowing costs for these issues. The results also show that the beneficial effects obtained by using higher quality financial advisors are prevalent across all categories of issues such as for refunding and non-refunding issues, and for both insured and non-insured issues. The benefits are also generally observed for issues of most size categories. The results also suggest that the passage of the Dodd–Frank Act requiring mandatory registration of financial advisors and enhanced scrutiny has only increased the benefits to issuers from using higher quality financial advisors.
Originality/value
This paper differs from previous research in several important ways. First, the study is, to the authors’ knowledge, the first study that explores the relationship between financial advisor quality and liquidity in the municipal sector. The authors show using higher quality financial advisors enhances liquidity for the issues by attracting a significantly large number of bids. Second, the sample is exclusively comprised of competitively bid revenue issues all of which rely on financial advisors. This enables us to examine more unambiguously the influence of financial advisor quality, without the confounding effects of issues without financial advisors. Third, time coverage (1998–2012) and size of the sample (roughly 563,000 bond issues) enables us to conduct varied sub-sample analyses with greater power since the resulting sub-sample partitions themselves are of very large size. This provides better and additional insights into the role of financial advisor quality. The more current data when compared to prior research enables us to examine the impact of financial advisor quality inter-temporally with special attention devoted to the period after passage of the Dodd–Frank Act.
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Wieland Schwinger, Werner Retschitzegger, Andrea Schauerhuber, Gerti Kappel, Manuel Wimmer, Birgit Pröll, Cristina Cachero Castro, Sven Casteleyn, Olga De Troyer, Piero Fraternali, Irene Garrigos, Franca Garzotto, Athula Ginige, Geert‐Jan Houben, Nora Koch, Nathalie Moreno, Oscar Pastor, Paolo Paolini, Vicente Pelechano Ferragud, Gustavo Rossi, Daniel Schwabe, Massimo Tisi, Antonio Vallecillo, Kees van der Sluijs and Gefei Zhang
Ubiquitous web applications (UWA) are a new type of web applications which are accessed in various contexts, i.e. through different devices, by users with various interests, at…
Abstract
Purpose
Ubiquitous web applications (UWA) are a new type of web applications which are accessed in various contexts, i.e. through different devices, by users with various interests, at anytime from anyplace around the globe. For such full‐fledged, complex software systems, a methodologically sound engineering approach in terms of model‐driven engineering (MDE) is crucial. Several modeling approaches have already been proposed that capture the ubiquitous nature of web applications, each of them having different origins, pursuing different goals and providing a pantheon of concepts. This paper aims to give an in‐depth comparison of seven modeling approaches supporting the development of UWAs.
Design/methodology/approach
This methodology is conducted by applying a detailed set of evaluation criteria and by demonstrating its applicability on basis of an exemplary tourism web application. In particular, five commonly found ubiquitous scenarios are investigated, thus providing initial insight into the modeling concepts of each approach as well as to facilitate their comparability.
Findings
The results gained indicate that many modeling approaches lack a proper MDE foundation in terms of meta‐models and tool support. The proposed modeling mechanisms for ubiquity are often limited, since they neither cover all relevant context factors in an explicit, self‐contained, and extensible way, nor allow for a wide spectrum of extensible adaptation operations. The provided modeling concepts frequently do not allow dealing with all different parts of a web application in terms of its content, hypertext, and presentation levels as well as their structural and behavioral features. Finally, current modeling approaches do not reflect the crosscutting nature of ubiquity but rather intermingle context and adaptation issues with the core parts of a web application, thus hampering maintainability and extensibility.
Originality/value
Different from other surveys in the area of modeling web applications, this paper specifically considers modeling concepts for their ubiquitous nature, together with an investigation of available support for MDD in a comprehensive way, using a well‐defined as well as fine‐grained catalogue of more than 30 evaluation criteria.
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The great difficulties which attach to the fixing of legal standards of composition for food products have now to be grappled with by the Departmental Committee appointed by the…
Abstract
The great difficulties which attach to the fixing of legal standards of composition for food products have now to be grappled with by the Departmental Committee appointed by the Board of Agriculture to consider and determine what regulations should be made by the Board, under Section 4 of the Sale of Food and Drugs Act, 1899, with respect to the composition of butter. As we predicted in regard to the labours of the Milk and Cream Standards Committee, so we predict now that the Butter Committee will be unable to do more than to recommend standards and limits, which, while they will make for the protection of the public against the sale of grossly adulterated articles, will certainly not in any way insure the sale of butter of really satisfactory, or even of fair, composition. Standards and limits established by law for the purposes of the administration of criminal Acts of Parliament must of necessity be such as to legalise the sale of products of a most inferior character, to which the term “genuine” may still by law be applied as well as to legalise the sale of adulterated and sophisticated products so prepared as to come within the four corners of the law. It is, of course, an obvious necessity that official standards and limits should be established, and the Board of Agriculture are to be congratulated upon the manner in which they are endeavouring to deal with these extremely knotty problems; but it is important that misconception on the part of the public and the trade with respect to the effect of the regulations to be made should be as far as possible prevented. All that can be hoped for is that the conclusions at which the Committee may find themselves compelled to arrive will not be such as to place too high and too obvious a premium upon the sale of those inferior and scientifically‐adulterated products which are placed in such enormous quantities on the food market.
Chad Lin, Graham Pervan and Donald McDermid
The main purpose of this paper is threefold: to understand public‐sector outsourcing in Australia; to examine the linkage between IS/IT outsourcing and the use of evaluation…
Abstract
Purpose
The main purpose of this paper is threefold: to understand public‐sector outsourcing in Australia; to examine the linkage between IS/IT outsourcing and the use of evaluation methodologies; and to identify issues that are critical in evaluating and managing IS/IT outsourcing contracts in public‐sector organizations.
Design/methodology/approach
A survey of the top 500 Australian organizations and two in‐depth case studies of two Australian public‐sector organizations were conducted.
Findings
Several key issues for IS/IT outsourcing were identified – problems in evaluating outsourcing contracts, embedded contract mentality, ability to manage contracts, and staff transition management.
Practical implications
Outsourcing organizations need to implement changes carefully and assess their in‐house capabilities. They also need to fully understand and apply the IS/IT investment evaluation and benefits realization processes. In order to reach the magnitude of improvements ascribed to IS/IT outsourcing organizations need to undertake proper risk assessment and effectively manage outsourcing relationships. These all have to be done before and during the vendor/technology selection assessment and contract negotiation process.
Originality/value
IS/IT outsourcing in the public sector is particularly under‐studied. This study identifies several key issues for organizations undertaking IS/IT outsourcing. Recommendations are provided to assist outsourcing organizations in dealing with these issues.
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