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The development of alternative investment has not yet been accompanied by genuine consideration of the specific characteristics of the risks and returns of hedge funds with regard to the provision of information to investors. To fill the gap, in 2004 EDHEC launched an international consultation process, seeking to implement a new framework for funds of hedge funds reporting.

The consultation process was based on a series of recommendations proposed by EDHEC with regard to the academic state‐of‐the‐art on risk measurement in the alternative universe. The findings of the survey, which brought together the opinions of 98 institutional investors and fund managers, allow a consensus to be established on the information required for the implementation of a relevant reporting method in the field of alternative investment.

Interestingly, despite somewhat conflicting goals, investors and fund managers, except for slight discrepancies, globally agree on the definition of relevant information, and as a result on the content of the reports of tomorrow.

A very large majority of hedge fund managers are satisfied with a reporting method based on a mean‐variance structure, which is totally inappropriate for the risk and return profiles of alternative investment. To address this issue, the paper presents a series of indicators relying on a basic return‐based analysis that allow a true and fair picture of the risk and return characteristics of alternative investment to be drawn. This paper therefore offers a pragmatic but robust answer, for both investors and fund managers, to the fund of hedge funds reporting quandary.

This paper serves two purposes. It is an introduction to the theme of this issue of Society and Business Review which is devoted to “Phenomenological approaches to work, life and responsibility” as well as a presentation of the authors' various contributions. The authors of this paper share the sentiment that management sciences and practices may drive us in a way such that the sense of life has been altered and people, contrary to Kant's definition of moral behavior, are treated as means instead of ends. Moreover, starting from a widely‐spread malaise in modern organizations, they argue how phenomenology can provide us with an approach that can be helpful in assessing our present situation as well as getting a renewed perception concerning work and life.

The authors demonstrate the relevance of Husserl's phenomenology in criticizing management techniques for they direct us to objectives that are abstract, calculable, not one's own, and distant. They single out Husserl's concept of epoche for its high relevance with the theme of this issue and its different papers.

The findings suggest Husserl's concept of epoche (suspension) can be considered as the starting point of a process allowing us to firstly take distance with our usual taken for granted assumptions regarding life and work (bracketing) and then to re‐establish a genuine connection with Husserl's “world of life”. In addition, they establish how epoche can be perceived as a hub linking and introducing the work of other researchers comprising this special issue and their various inspiring authors (Koselleck, Levinas, Henry).

By using a phenomenological perspective, this paper brings an original contribution to critical‐management approaches. It can contribute to a social responsibility renewal in the business arena by providing reflexive practitioners with clues that can trigger new and more human practices. Overall, this paper provides one as a human being an opportunity to analyze the causes of one's malaise and identify better ways to live one's life.

How should we make sense of Europe's current malaise? Focused on the great recession, the European Union (EU)'s architecture, or diverging national interests, the literature offers useful economic, institutional, and political explanations. It is our contention that, however diverse, these works share one important limitation: a tendency to focus on rather immediate causes and consequences and not to step back with historical or comparative perspectives to gain a “longer” view of the dynamics at work. In this article, we begin by examining parallels between the EU's current conditions and the Austrian-Hungarian Empire. Then, introducing the articles contained in this special issue, we raise research questions pertaining to long-term historical, social, cultural, economic, and political factors. Are the current challenges unprecedented or do they have roots or connections to past events and developments? Is there a European trajectory into which we can contextualize current events? Are there bright spots, and what do they suggest about Europe's present and future? To engage in such questions, the papers leverage the insights of historical and comparative sociology, as well as comparative politics. In so doing, they offer analyses that see the EU as an instance of state formation. They propose that a key dimension of tension and possible resolution is the classic problem of sovereignty. They grapple with the question of identity and institutions, exploring in that context the extent and limit of citizens' support for more Europe. And they delve into the nature of the nationalist and populist sentiments within and across European countries.

Within the emergent professional field of carbon accounting, we analyse the institutional work that gives birth to a nascent profession in a multi-actor arena. We therefore contribute to enhancing our understanding of the birth of professions – in their very first steps and infancy.

This study employs a qualitative approach. We collected data from 1999 to 2015 and conducted 15 semi-structured interviews. One of the researchers was active in the field for two years and participated in carbon accounting events in France as a “participant observer”.

Our research contributes to an understanding of the dynamic professionalization process in which the different actors mobilize both creative work and sabotage work. We further theorize how nascent professions structure their project around knowledge, identity and boundary work. At the same time, we develop the notion of sabotage work, which is comprised of two sub-categories of institutional work: counter-work and the absence of work.

To our knowledge, this is one of the first attempts to analyse the birth of an environmental accounting profession. We emphasize both creative work and sabotage work in the professionalization project. We conclude on further research that could be performed on environmental accounting professions.

The study of the upper tail of the income and wealth distributions is important to the understanding of economic inequality. By means of the ‘isograph’, a new tool to describe income or wealth distributions, the authors compare wealth and income and wealth-to-income ratios in 16 European countries and the United States using data for years 2013/2014 from the Eurozone Household Finance and Consumption Survey and the US Survey on Consumer Finance. Focussing on the top half of the distribution, the authors find that for households in the top income quintile, wealth-to-income ratios generally increase rapidly with income; the association between high wealth and high incomes is highest among the highest percentiles. There is generally a positive relationship between median wealth in the country and the wealth of the top 1%. However, the United States is an outlier where the median wealth is relatively low but the wealth of the top 1% is extremely high.

The classification of psychological suffering stumbles on the challenge of quantifying the ‘un-quantifiable’ upon the systematic categorising and description of affective and mental states and their transformation into illnesses and disorders. In this chapter, the author will explore the affect of anxiety through a critical recent history of its diagnosis and treatment in the context of psychological care. By unpacking the strategies employed by mainstream psychiatry in the Diagnostic and Statistical Manual of Mental Disorders (DSM), published by the American Psychiatric Association since the mid-twentieth century, it is possible to unveil the dynamics of a reduction of the subject to a productive-biological body in the last decades. This chapter thinks through what happens to the equation ‘body-world’ through the critical genealogy of affect and its relation to diagnoses and treatments of anxiety and depression. It grapples with the ethics of techno-scientific global financial capitalism – heralded by pharmacological corporations and governmentality – which replicates a modern scientific view of the body, affect and suffering in a world of renewed paradigmatic demands. The author argues that by consistently pathologizing and working towards the elimination of anxiety, the hegemonic clinic erases the possibility of such ‘subjective truth’, reducing the subject to the status of ‘dividual’.

The European Union (EU) is not a state, though it has some statelike attributes; it is not an empire, though it includes many former European imperial powers; and it is not a federation, though Euro-federalists seek to make it one. There is, however, no need to argue that the Union is a singularity, nor to invent novel terminology, such as that deployed by “neo-functionalists” and “intergovernmentalists” to capture its legal and political form. The EU is a confederation, but with consociational characteristics in its decision-making styles. This conceptualization facilitates understanding and helps explain the patterns of crises within the Union.

This chapter aims to outline some reasons for the lack of impact of CMS with the intention of provoking debate and inciting action.

The approach is that of an essay, in which argument verges on the polemic.

Refers to public domain knowledge and evidence is adduced rather than cited precisely.

No original field research is introduced, though anecdotal evidence is cited.

The practical implications if the argument in this chapter is accepted could involve a wholesale revision of syllabi and content in business education.

The central argument is that scholarship exists not only in its own right but as a basis for credentialising social action and establishing societal priorities in pursuit of the Good Society.

Very little is new that has not been said before and not listened to.

Perinatal depression is common and increases the risk of adverse outcomes for both the mother and child. Despite regular contact with midwives and GPs during the perinatal period less than 50 per cent of women with depression are identified and treated. A number of reasons for this have been proposed; however, failure of health professionals to recognise the symptoms women present with may contribute. The purpose of this paper is twofold: to explore women’s self-report symptoms of perinatal depression and understand how the symptoms women present with might impact on identification.

Women were invited to post their experiences of perinatal depression on one of two online discussion forums over a nine-month period. Data were analysed using a process of deductive thematic analysis informed by cognitive behavioural therapy.

Women’s symptoms were presented using five headings: triggers (for perinatal depression), thoughts, moods, physical reactions and behaviours. Women believed having a previous mental health problem contributed to their depression. Women’s self-report symptoms included intrusive and violent thoughts; emotional responses including fear, worry and anger; and somatic symptoms including insomnia and weight changes. Women also reported aggressive behaviour and social withdrawal as part of their depressive symptomatology. Symptoms women present with may negatively impact on identification as they often overlap with those of pregnancy; may not be included in the criteria for mental health assessment and may involve undesirable and socially unacceptable behaviour, making disclosure difficult.

A more inclusive understanding of women’s self-report symptoms of perinatal depression is called for, if identification is to improve.

This paper offers an analysis of women’s self-report symptoms of depression, in the context of identification of perinatal mental health problems.

Alienation, a legacy of the Marxian Hegelian critique of domination, remains one of the most heuristic yet ambiguous concepts in social thought. Yet there endure questions of its definition, indications, level of analysis, relationships to capitalism or modernity in general. To speak of alienation raises a notion that there was once either a pristine era of bliss or a Utopian promise of universal self‐realization. I cannot enter this debate but only note that throughout most historical eras people have created societies, institutions and beliefs that have benefited the powerful few at the cost of the powerless many. Yet the few have had the power to construct definitions of reality and ideologies of legitimacy that are reproduced in the everday life routines of the many, so that arbitrary power arrangements seem natural and typical. Insofar as these routines are sustained by habits, fear and anxiety and thwart human potential, we can talk of alienated selfhood and interaction.