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Industry interest in equity‐based contingent claims models for evaluating credit risky securities has recently surged. These methods assume away valuation uncertainty that exists in practice. This article explores the impact of valuation uncertainty on these contingent claims models, by analyzing how varying levels of model uncertainty bias default probability estimates obtained from standard contingent claims models.

In counterparty credit risk management for swaps, forwards, and other derivative contracts, it is recognized that most common applications of credit exposure measurement suffer from the bias that counterparty default is independent of the amount of exposure. Stress tests are often proposed to compensate for this bias, but these measures tend to be arbitrary and cannot be uniformly applied to setting prices and limits as readily as more standardized approaches. The author proposes a framework in which standard measures of counterparty exposure are conditioned on default probabilities. These conditional measures thus account for “rong way” exposures, but fit naturally into current applications.

This chapter reviews the literature to contextualize the intervention in the post–cold war era characterized by the momentum of globalization dominated by informal actors beside the legal authority of the state. It indicates how these actors deviate the primary purpose of the humanitarian intervention and create an ungovernable environment of the state particularly when interventions are operated in countries endowed with natural resources. The case of the Democratic Republic of the Congo (DRC) serves as a model to ascertain such phenomenon in which actors such as states involved in intervention come in collusion with shadow elites, lobbyists and multinational companies to establish clandestine networks of illegal exploitation and smuggling of natural resources. The chapter winds up by suggesting the redefinition of policies of interventions to keep humanitarian intervention in its primary mission while holding actors involved in illegal and smuggling of natural resources accountable.

This paper provides insights into national practices used to schedule, collect and manage the transportation infrastructure of raw milk by Irish processors.

A survey was designed and distributed to 14 processors, collecting details regarding suppliers, seasonality, costs per litre, planning, processing sites and emissions related to milk collection.

Irish raw milk transportation costs €95 million per annum, with an average weighted cost of 1.1 cents per litre. Primary route clustering of suppliers is based on farm location. Typically, collections employ forty-eight-hour rotas. Just three of the processors reported transportation emissions data. A disjointed approach to the adoption of scheduling and transportation technology was revealed.

Given the broad scope of the survey covering financial, operational and environmental aspects of milk collection, it was challenging to find a single representative such as a transport manager who could be tasked with responding to the entire survey. Future research may consider a more focused interview-based approach with the various stakeholders to provide a more in-depth analysis.

Processors can gain an improved understanding of diversified milk collection methods. The research supports policymakers in considering environmental issues related to milk transportation. Costs could be reduced if transportation was better managed collectively with benefits accruing to the industry, suppliers and wider rural community. Stakeholders will need to address aspects of responsibility concerning environmental issues going forward.

In this paper the authors recognise the environmental cost of milk collection. By improving the transportation infrastructure, this will have a positive impact on society in general.

The paper highlights the unique challenges and extends present knowledge in relation to milk collection; thus, this paves the way for new approaches to raw milk transportation.

This is one of the first long‐term studies on entrepreneurial intentions (EIs) and their role in predicting start‐up. In entrepreneurship, the usefulness of intention models depends crucially on their stability over time. The purpose of this paper is to explore this issue in a cohort of university graduates.

Using a structural equation model (SEM), it addresses three research questions: whether EI and perceptions are stable over time; whether the pattern of relationships of the variables in the model remains stable over a three‐year period; and whether intention accurately predicts entry into self‐employment. A two‐wave study was conducted with respondents being final year students at time 1 (T1), and part of the working/active adult population at time 2 (T2).

The results suggest that construct scores and the pattern of relationships between the variables are notably stable over the three‐year period. The only partial exception is that of perceived behavioral control. Finally, EIs are found to significantly explain actual start‐up behavior. Implications are derived for future research and entrepreneurship education and policy.

The generalizability of the results cannot be claimed until these findings are replicated by additional samples from different segments of the population and in different contexts. In particular, the number of new entrepreneurs at T2 is small and results in this respect are to be taken with caution.

The value of this paper resides in its clarifying the conditions under which EIs and their antecedents remain stable over time, thus enabling actual start‐up behavior.

Éste es uno de los primeros estudios a largo plazo sobre intenciones emprendedoras y su papel para predecir la creación de una empresa. En los estudios sobre emprendimiento, la utilidad de los modelos de intención depende crucialmente de su estabilidad a lo largo del tiempo. Este artículo explora esta cuestión en una cohorte de graduados universitarios.

Gracias a un modelo de ecuación estructural, se abordan tres preguntas de investigación: si la intención y las percepciones emprendedoras son estables en el tiempo; si el patrón de relaciones entre las variables del modelo permanece estable en un periodo de tres años; y si la intención predice con precisión la entrada en el autoempleo. Se ha llevado a cabo un estudio en dos etapas, en la primera los encuestados eran estudiantes universitarios de último año (T1) y en la segunda formaban parte de la población adulta activa/trabajadora (T2).

El trabajo realizado sugiere que tanto las puntuaciones asignadas a cada constructo, como el patrón de relaciones entre las variables son notablemente estables en el periodo de tres años. La única excepción parcial es el control conductual percibido. Finalmente, podemos indicar que las intenciones emprendedoras explican significativamente el comportamiento emprendedor efectivo. Se analizan las implicaciones para futuras investigaciones y para la política sobre educación emprendedora.

Los resultados no se pueden generalizar hasta que éstos no sean replicados en diferentes muestras con otros segmentos de población y en diferentes contextos. En particular, el número de nuevos emprendedores en T2 es pequeño y los resultados en este aspecto deben tomarse con cautela.

El valor de este artículo reside en la clarificación de las condiciones bajo las cuales la intención emprendedora y sus antecedentes permanecen estables en el tiempo, haciendo así posible la efectiva realización del comportamiento emprendedor.

Using a national sample of 7,733 young working adults, the relationship between supervisor gender and perceived job design was explored. Results indicated that a supervisor’s gender did indeed influence subordinates’ perceptions of their job, and the differences were attributed to the different leadership styles men and women frequently use in the workplace. Overall, subordinates who had female supervisors perceived greater interpersonal aspects in their jobs, while subordinates who had male supervisors perceived greater structure in their jobs.

The impact of manager gender on subordinates’ perceived job responsibility and intention to look for work was explored using a national sample of 1,825 supervisors employed in a variety of industries. After accounting for several covariates, results indicated that supervisors who had a female manager perceived lower job responsibility than did those who had a male manager. Results also showed that supervisors who had a female manager had higher intentions to look for work than did those who had a male manager. The causes and managerial implications of these findings are explored.

CONCLUDING THAT much of the ennui which afflicted me during 1980 must have been due to my forfeiture of the mid‐winter skiing holiday to which I have become accustomed in recent years, I have arranged to be back among the mountains of Austria at the time when this issue of NLW is committed to the mercies of the postal services. (Postage rates having just gone up, do let me know if your copy reaches you earlier than usual — that would be called ‘productivity’!).

This paper aims to investigate the long-term impacts autistic adults experienced from childhood participation in the applied behavioural analysis (ABA).

Possible participants were recruited through advertisements on social media and autism and ABA organisations. Possible participants were given the choice between an online or face-to-face interview or an anonymised online questionnaire.

Reflections from 10 participants were indicative of a predominantly detrimental impact of ABA. Reflections gave rise to a core theme “recalling hidden harms of childhood experiences of ABA”. Outcomes are discussed in relation to the impact on autistic identity, current research and progressing understanding of the impacts of early intervention from the autistic perspective.

The practical implications of ABA are discussed alongside recommendations for future practice and research with the involvement of autistic individuals within interventive processes.

This is the first paper to take an in-depth, qualitative approach to autistic experiences of ABA. The findings themselves are driven to conceptualise and give voice to the core impacts which carried through participants’ exploration and understanding of self.

The business model of monoline insurers is to guarantee payments of debt issues in case of defaults by the issuer. Although sparse attention is given to monolines in literature, they play an important role in enabling municipalities and firms in refinancing. This study aims to conduct a systematic review of 181 articles from 1990 to 2020 from 23,130 records and a case study on the key monoline insurers. Key failure, success factors and demand for future monoline insurance are identified. Finally, the study explores monolines’ potential during COVID-19 and develops a framework for monoline governance and regulation.

The study follows Briner and Denyer and Moher et al. to implement the systematic review. The methodology involves ascertaining the motivation behind the review, and formulating research questions; aggregating relevant prior literature from scientific databases, conducting quality assessment and synthesising the data; and conducting extensive analysis for framework development. Case study methodology foundation phase focuses on understanding the research philosophy. The second phase involves documenting the procedures involved. The final phase involves collecting the relevant quantitative and qualitative material. In addition, collecting empirical data from numerous sources allows triangulation.

The review results of 181 articles from 1990 to 2020 show that peak article counts occur in 2010 and 2013 (nine academic studies) and in 2008 and 2010 (six industry studies). Over- and under-explored domains happen to be bond pricing (86 academic studies) and bond markets (36 industry studies) and corporate bonds (19 academic studies), respectively. The study highlights failure factors such as adverse selection, premiums mispricings, inadequate capital and regulation, untimely downgrades and governance issues; and identifies success factors such as conservative underwriting, early financing, competitor business acquisitions and obtaining put-back claims. Potential during COVID-19 is discussed and a monoline governance framework is developed.

Search and selection criteria distortions may lead to sample selection bias in systematic reviews. Issue is addressed by using different permutations of the search key words to refine the search criteria. Reference list of collected final sample of articles are perused to identify additional articles. It is difficult to obtain verifiable empirical data on the bond/monoline insurers or their insured products, especially for the structured finance sector. Most of the information available on data stream and firm’s quarterly financial reports for publicly traded monoline/bond insurers and credit rating reports are included to overcome this issue.

Demand for bond/monoline insurance still persists even in the USA. Although borrowing costs are low, obtaining bank loans would be challenging for municipalities and corporates with increased risks. Especially, given worldwide government stimulus on wages, most municipalities would possess reduced budgets for public finance. Monoline insurance can play a key role in financing such projects. Thus, it is important to understand their unique traditional and transformed business model and applicability during and post-COVID-19. Given the near extinction of bond/monoline insurers during the 2008 global financial crisis (GFC), an adequate framework for bond/monoline insurers as developed in this study is key for future business continuity.

There is significant interest, especially, from the industry on monolines as identified in our systematic review. Monoline insurance has major effects on taxpayers, government policies and bond investors. They aid in financing public finance projects that have significant societal impact. This study contributes by filling existing gaps in the literature, especially, from a behavioural, ethical and social perspective of the monolines, regulators, other stakeholders and new entrants to the industry during COVID-19. This study links prior finance theories to the impact of bond/monoline insurer’s during the 2008 GFC and their stakeholders involved that has societal implications.

This study can be differentiated from prior research on monoline insurers as follows: The study identifies, gaps, similarities, trends between prior academic and industry literature and develop a bond/monoline governance framework; identifies key failure and success factors during the 2008 GFC crisis to develop the governance framework and identify monolines’ potential during COVID-19; as opposed to most prior literature that only focus on one (Drake and Neal, 2011 analyse MBIA) or two key bond/monoline insurers, this study focuses on five key bond/monoline insurers in detail and all other key insurers as well in the empirical analysis section.