Gordon Chi Kai Cheung and Edmund Terence Gomez
This paper aims to examine the UK’s small- and medium-sized enterprises (SMEs) policies under Margaret Thatcher’s era in the 1980s, with a view to understand the success stories…
Abstract
Purpose
This paper aims to examine the UK’s small- and medium-sized enterprises (SMEs) policies under Margaret Thatcher’s era in the 1980s, with a view to understand the success stories, historical development and the structures of Chinese family business through a case study of See Woo Holdings Ltd.
Design/methodology/approach
The authors have achieved the objective on the study of the SMEs policies under Margaret Thatcher through critical evaluation of the historical literatures, books, journals and newspapers. The study on overseas Chinese business and the case of See Woo Holdings Ltd. is mainly through the research of the Chinese overseas in the UK and Southeast Asia, and the companies report from the Companies House in the UK. The authors have used the latest 2011 UK Census statistics and academic reports to locate the most current demographic changes and Chinese business characteristics in the UK and the Northeast of England.
Findings
First, the UK’s SMEs policies under Margaret Thatcher were quite receptive towards the ethnic business. Second, the case of See Woo Holdings Ltd. indicates that family business networks are still one of the characteristics of Chinese business. Finally, the broader UK’s SMEs policies play an important role in this case study.
Originality/value
The authors provide a tentative linkage between the UK’s SMEs policies under Margaret Thatcher and Chinese family business. In addition, the case study of See Woo Holdings Ltd. improves the current understanding of Chinese family business with a clearer picture about their structure, practice, characteristics and development.
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Traditionally, terrorism risk has been priced based exclusively on the relationship between supply and demand in the insurance market, with no basis in actuarial principles. This…
Abstract
Traditionally, terrorism risk has been priced based exclusively on the relationship between supply and demand in the insurance market, with no basis in actuarial principles. This article discusses how the tragic events of September 11, 2001, have irrevocably changed the market for terrorism insurance, since terrorism has become a U.S. catastrophe risk. The author states that since insurers seek to quantify risk distributed over several months (versus a period of only a few days), quantitative assessment of terrorism risk may be achievable. The article proceeds to address the challenge of quantifying terrorism risk, and ultimately suggests that developing quantitative terrorism risk models may provide a foundation for securitizing and trading terrorism risk. The author introduces three examples of potential alternative risk transfer instruments for terrorism risk: 1) a catastrophe bond triggered by workers' compensation claims from extreme terrorism‐related events; 2) a catastrophe bond to cover life insurers from losses related to an attack employing a weapon of mass destruction; and 3) a contingent financing instrument triggered by a terrorism event whose natural buyers are financial short‐sellers.
One aspect of the growing issuance in catastrophe bonds is the increasing geographic diversity of coverage. Although catastrophe bonds initially focused on a single peril and…
Abstract
One aspect of the growing issuance in catastrophe bonds is the increasing geographic diversity of coverage. Although catastrophe bonds initially focused on a single peril and territory, more recently they have been structured with independent multiple event triggers, differing according to peril and territory. This paper reviews the territorial development of catastrophe bonds and explores the geographical horizon for new issues.
This is the first of a series of surveys written to familiarize readers with theoretical concepts underlying the mathematics and economics of pricing insurance risk. This survey…
Abstract
This is the first of a series of surveys written to familiarize readers with theoretical concepts underlying the mathematics and economics of pricing insurance risk. This survey is intended to be relevant for both finance and insurance practitioners, by reviewing several widely referenced texts that introduce the reader to statistical and economic principles that bridge both financial and insurance pricing.
The attack of September 11, 2001, demonstrated that terrorism is capable of inflicting damage and loss of life with a severity that is many multiples of the most extreme U.S…
Abstract
The attack of September 11, 2001, demonstrated that terrorism is capable of inflicting damage and loss of life with a severity that is many multiples of the most extreme U.S. natural perils. This article addresses the need for a mathematical model for evaluating terrorism risk. The author compares and contrasts terrorism risk with other forms of catastrophe risk, and identifies human intelligence and intent as the distinguishing features. The author proceeds to propose that analytical techniques developed and applied within the discipline of wartime operations research (e.g., game theory, search theory), along with specialized statistical techniques, may be adopted to practically model the risk of terrorism. The article proceeds to demonstrate how even a highly simplified model can offer useful insights to the insurance industry with regard to this risk, although access to terrorism expertise is crucial.
Asheer Ram, Warren Maroun and Robert Garnett
Given its innovative characteristics and increasing popularity, the Bitcoin, and other virtual currencies, are expected to become mainstream, leading to the need for a generally…
Abstract
Purpose
Given its innovative characteristics and increasing popularity, the Bitcoin, and other virtual currencies, are expected to become mainstream, leading to the need for a generally accepted accounting treatment. Currently, however, there are no accounting standards which offer guidance on the recognition and measurement of these virtual currencies. To this end, the purpose of this paper is to determine a conceptual approach for accounting for the Bitcoin, grounded in the theories of neoliberalism and stewardship.
Design/methodology/approach
The research adopts an interpretive mixed-method approach. The relevant literature is analysed to identify key characteristics of the Bitcoin. These, as well as the elements of accounting policies inspired by neoliberalism and stewardship, form row and column headings in a correspondence matrix completed by 40 financial reporting experts. The correlations between rows and columns (developed using principal component analysis) are used to identify possible recognition and measurement requirements for the Bitcoin. Semi-structured interviews are used to complement the correspondence analysis.
Findings
The correspondence analysis and interviews reveal an emphasis on cost and fair value proposed by models grounded in stewardship and neoliberalism, respectively. The primary factor at work is the need to account for the underlying economics of the unit of account, something which is informed heavily by an organisation’s business model. Cost and fair value may be conceptual opposites, but in the eyes of respondents, these need to be used to achieve the single goal of communicating the economic rationale for holding the Bitcoin.
Research limitations/implications
The study is based on a purposefully selected sample of experts and lacks the exploratory potential of purely qualitative research. Nevertheless, it makes novel use of a correspondence analysis to provide an initial frame of reference for developing an accounting policy for unusual transactions and balances.
Originality/value
The paper is the first to provide a normative perspective on the accounting for this poorly understood “currency”. It also adds to the limited body of interpretive accounting research which dispenses with traditional finance paradigms and positivist models to provide practical recommendations. Finally, the paper offers an innovative approach, using a correspondence analysis and detailed interviews, for developing an accounting policy for transactions not specifically within the scope of existing accounting standards.
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To examine how public servants are depicted in film, I discuss the changes over time of Batmanʼs Commissioner Gordon, particularly his character arc in the contemporary The Dark…
Abstract
To examine how public servants are depicted in film, I discuss the changes over time of Batmanʼs Commissioner Gordon, particularly his character arc in the contemporary The Dark Knight trilogy. An important aspect of Gordonʼs evolution is in contrast to the filmsʼ other prominent public servant, District Attorney Harvey Dent. The Gordon-Dent contrast illustrates aspects of the Friedrich-Finer debate over administrative discretion, a classic debate in public administration. The trilogyʼs verdict on public service is mixed: the flawed, rule-bending, expedient public servant survives while the fabricated hero is a sham. Commissioner Gordon is far more interesting than he had been for decades, but is he just an expedient bureaucrat ultimately pursuing self preservation? In contrast, the (pre-villain) Harvey Dent, who refuses to compromise his principles, is ultimately undone by his absolutism. For the complexity of his character and its centrality to the plot, I judge the depiction of Commissioner Gordon-warts and all-to be better than simplistic caricatures of bureaucrats and promising for future public servants in film.