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This study tests the relationship between financial leverage and a firm's operational and financial short term responses to poor performance, based on Jensen's (1989) argument that higher predistress leverage increases a firm's incentive to respond more quickly to poor performance. This research is conducted on a sample of 45 poorly performing New Zealand firms between 1985 and 1994. The results indicate that higher leverage increases the probability of firms taking action in the short term. In particular, the evidence suggests that the probability of asset sales is positively associated with long‐term leverage, in addition to its relationship with the firm's stock return. Increased probability of management replacement is related to higher levels of short‐term leverage and surprisingly, the probability of dividend cuts decrease with higher levels of total and short‐term leverage. Poorly performing firms with higher leverage also appear to cut asset levels and dividends more aggressively than those with lower leverage levels.

This is paper is concerned with the learning outcomes associated with connectivity through online networks, open online exchange and wider changes associated with contemporary information practices. The theme of connectivity is used here to capture both the detailed specificity of relations that define networks of learners and the ambient effect of wide accessibility to resources and people through open, online forums.

The paper follows the idea of a network from the ground up, outlining the social network perspective as a way to consider the foundational bases of learning and networks, as well as the effect of ambient influence. The paper addresses the ways learning may be viewed as a social network relation, an interpersonal relationship and an outcome of interaction and connectivity, and how network connectivity can be used as input for design for learning.

The paper presents a range of perspectives and studies that view learning from a social network and connectivity perspective, emphasizing both the person-to-person connectivity of a learning tie and the impact of contemporary data and information sharing through the dynamics of open contributory practice.

The outcome of connectivity in the service of learning is bound up with digital information practices, including individual practices of search, retrieval, participation, knowledge dissemination, knowledge construction and more. This paper provides a network perspective on learning relations that accommodates analysis in online and offline environments, but incorporates attention to the open, online retrieval and contributory practices that now influence learning practices and which may support design of new learning environments.

This paper offers insight into the way social networks and connectivity combine to show network relations, relationships, outcomes and design input at the actor, network and societal levels.