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Addresses the persistent tension that exists between centralized, as opposed to decentralized (devolved), structures of school governance. Examines the claims made in the literature for the positive benefits of devolution and conversely for its negative outcomes, and proposes some more realistic expectations. Focuses on the relationship between devolution and improved teaching and learning. Contributes to future research by providing a detailed analysis of the meaning of devolution and proposes a preliminary research paradigm with a special focus on the variables likely to have a direct effect on student learning outcomes. Calls for a co‐ordinated international programme of research into the effects of devolution under the leadership of the Commonwealth Council of Educational Administration

Describes a study which investigated the relationship between the vision and five dimensions of leadership behaviour of principals in Hong Kong. A survey was carried out on 48 secondary schools involving 548 teachers. Half of the sample schools were in a pilot scheme of school‐based management, the school management initiative (SMI). Factor analysis and multiple regression were used to analyse the data. The results suggested that five dimensions of leadership behaviour were all significantly related to the vision of principals for both types of schools. Whether the school was participating in the SMI or not also had a significant effect on the relationship between the vision of principals and three dimensions of leadership behaviour. Contrary to the expectations of the SMI and the suggestions by some researchers that teachers need to be particularly empowered in schools undergoing reforms, the findings of this study demonstrated that for principals with average and below average scores on vision, the degree of empowerment perceived by teachers in schools under the SMI was lower than for schools not under the reform. However, principals with high vision in schools under the reform had the highest scores in all five dimensions of leadership behaviour. The SMI may provide opportunities for leaders with vision to bring about a better environment for school improvement. These results provide important insights for those responsible for the implementation and evaluation of the SMI in Hong Kong, and perhaps for other systems devolving decision‐making power to more self‐managing schools.

Suggests that a desire on the part of teachers to be more involved in the corporate affairs of the school may stem from a lack of trust in the decision makers and the decision‐making processes. To assist those involved in the management of schools, presents a theoretical framework for research and a financial decision‐making model, based on the establishment of a management philosophy built on trust. Demonstrates how this model helps to differentiate management and classroom or technical decisional issues. Identifies the roles and responsibilities of those involved in the processes. Outlines procedures for effective financial decision making at the school site.

The paper sought to clarify the concept of learning organisation/community; to identify the barriers that are perceived to obstruct the creation of learning communities out of traditional schools; to identify how principals go about the task of converting their schools; and the special characteristics of leadership required to transform schools successfully.

The study was dependent on an extensive review of the literature and generated data from structured interviews of principals from the New South Wales (Australia) public education system.

Respondents lacked a clear understanding of a learning organisation despite their actions to implement the concept in their own schools; the concept may indeed be too abstract to enable a suitable workable definition; there is, nevertheless, a strong belief that the concept has much to offer; leadership is the key factor in transforming schools; and traditional school structures and cultures, lack of implementation time, and difficulty in obtaining the support of staff and parents are seen as the main barriers to implementation.

The paper explores extensively the possible implications of the study and addresses these to schools and school systems, principals, teachers and parents.

Educational decentralization is a popular reform theme of governments around the world, but with motives, strategies and outcomes as different as the countries themselves. For researchers and policy makers alike, there is a growing need to synthesize the positive and negative aspects of these national strategies and experiences. The objective of this paper is to identify and explain the key issues and forces that play major roles in shaping organization and management strategies of educational decentralization. Examples from five Hispanic nations that have initiated decentralization reforms will be utilized to illustrate the major points: Colombia, Venezuela, Argentina, Nicaragua and Spain. The paper is organized around a series of questions that tap core decentralization issues, such as national and regional goals, planning, political stress, resource distribution, infrastructure development, and job stability. The paper concludes with a conceptual model of the decentralization process and a series of “lessons learned” from the five nations.

Explores the challenges faced by principals of one‐teacher schools in the New South Wales Department of School Education as they attempt to implement departmental policy changes during a time of unprecedented structural and organisational change. It examines the substantial international transformations which have taken place in the public sector over the last two decades and their influence on state education in Australia. Highlights the changing relationships between the principals of small schools and senior managers of the department. The study found that over a period of five years the approach to change employed by senior management to have principals implement departmental policy changes altered significantly from an authoritarian approach to one of involvement and partnership.

Uses the outcomes of case study research in socio‐economically disadvantaged education contexts to examine the work of educators who have had a noticeable effect on the quality of life in their communities. Concludes that the work of highly successful classroom practitioners can in part be understood through reference to prominent theories of educational leadership. Questions historical and current approaches to educational administration which associate leadership with positional authority. Proposes an alternative definition of “teacher leadership”.

We highlight key assumptions implicit in the models used by academics conducting research on market efficiency. Most notably, many academics assume that investors can borrow unlimited amounts and construct long-short portfolios at zero cost. We relax these assumptions and examine the attractiveness of long-short strategies as stand-alone investments and as a part of a diversified portfolio. Our analysis illustrates that the key benefit of long-short investing is adding diversification to a portfolio beyond what the market provides. We show that as stand-alone investments, nontrivial risk remains in the “hedge” strategies and that the returns generally do not beat the market in a head-to-head contest. Our findings raise questions about the degree of inefficiency in anomaly studies because plausible measures of costs generally offset strategy returns. The ability to achieve greater diversification may be, but is not necessarily, due to market inefficiency. We also highlight the key role of the generally ignored but critically important short interest rebate and show that absent this rebate, the long-short strategies we examine generally yield insignificant returns.

The purpose of this paper is to further the understanding of how the transfer and adoption of headquarters (HQ)-mandated work practices are shaped by ongoing struggles among the multiple actors of a subsidiary. This paper suggests an alternative perspective for theorizing and researching the management practices and structures that emerge in the face of HQ demands for divergent practice change in subsidiaries, namely, a theory of practice approach.

The paper reports the findings of an ethnographic field study in a UK subsidiary of a multinational corporation based in Denmark.

The study provides a relevant contribution by demonstrating how the degree of adoption of alternative, HQ-mandated work systems undergoes dramatic changes over time due to socially dynamic negotiations and struggles between interest groups in a subsidiary.

A practice theoretical approach unveils the underlying social micro-dynamics that shape the degree to which employees in subsidiaries “internalize”, actively sustain or disrupt divergent practices representing a given contextual rationale.

The practice perspective provides a way for understanding how the practices and rationales that emerge locally in response to HQ-demands are under ongoing (re)reconstruction. It responds to calls for research on why and how contextual rationales, institutional or cultural features, actively are made salient, polarized or convergent, in conflictual practice transfer processes due to local contingencies.

We address an interesting case – the predictability of excess US asset returns from macroeconomic factors within a flexible regime-switching VAR framework – in which the presence of regimes may lead to superior forecasting performance from forecast combinations. After documenting that forecast combinations provide gains in predictive accuracy and that these gains are statistically significant, we show that forecast combinations may substantially improve portfolio selection. We find that the best-performing forecast combinations are those that either avoid estimating the pooling weights or that minimize the need for estimation. In practice, we report that the best-performing combination schemes are based on the principle of relative past forecasting performance. The economic gains from combining forecasts in portfolio management applications appear to be large, stable over time, and robust to the introduction of realistic transaction costs.