Thomas Hewett and Roman Igolnikov
In this paper we attempt to address, in a non‐technical way, the basic assumptions underlying option pricing theory and point out some of the inherent weaknesses they imply in the…
Abstract
In this paper we attempt to address, in a non‐technical way, the basic assumptions underlying option pricing theory and point out some of the inherent weaknesses they imply in the reliability of the resulting valuations. We present several concrete examples to illustrate the impact of the modeling assumptions and selecting input parameters for the models. We point out the importance for anybody involved in derivatives business to be aware of such issues and encourage them to obtain at least a superficial understanding of the quantitative aspects of option pricing.
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Célestin Charles Edward Cassal, who died on the 22nd December last, was the eldest son of the late Chevalier Hugues Stanislas Cassal, LL.D., formerly Professor of French Language…
Abstract
Célestin Charles Edward Cassal, who died on the 22nd December last, was the eldest son of the late Chevalier Hugues Stanislas Cassal, LL.D., formerly Professor of French Language and Literature in University College, London, and The Royal Naval College, Greenwich.
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Samantha Dorney-Smith, Emma Thomson, Nigel Hewett, Stan Burridge and Zana Khan
The purpose of this paper is to review the history and current state of provision of homeless medical respite services in the UK, drawing first on the international context. The…
Abstract
Purpose
The purpose of this paper is to review the history and current state of provision of homeless medical respite services in the UK, drawing first on the international context. The paper then articulates the need for medical respite services in the UK, and profiles some success stories. The paper then outlines the considerable challenges that currently exist in the UK, considers why some other services have failed and proffers some solutions.
Design/methodology/approach
The paper is primarily a literature review, but also offers original analysis of data and interviews, and presents new ideas from the authors. All authors have considerable experience of assessing the need for and delivering homeless medical respite services.
Findings
The paper builds on previous published information regarding need, and articulates the human rights argument for commissioning care. The paper also discusses the current complex commissioning arena, and suggests solutions.
Research limitations/implications
The literature review was not a systematic review, but was conducted by authors with considerable experience in the field. Patient data quoted are on two limited cohorts of patients, but broadly relevant. Interviews with stakeholders regarding medical respite challenges have been fairly extensive, but may not be comprehensive.
Practical implications
This paper will support those who are thinking of undertaking a needs assessment for medical respite, or commissioning a new medical respite service, to understand the key issues involved.
Social implications
This paper challenges the existing status quo regarding the need for a “cost-saving” rationale to set up these services.
Originality/value
This paper aims to be the definitive paper for anyone wishing to get an overview of this topic.
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Zana Khan, Sophie Koehne, Philip Haine and Samantha Dorney-Smith
The purpose of this paper is to describe the delivery of the first clinically led, inter-professional Pathway Homeless team in a mental health trust, within the King’s Health…
Abstract
Purpose
The purpose of this paper is to describe the delivery of the first clinically led, inter-professional Pathway Homeless team in a mental health trust, within the King’s Health Partners hospitals in South London. The Kings Health Partners Pathway Homeless teams have been operating since January 2014 at Guy’s and St Thomas’ (GStT) and Kings College Hospital and expanded to the South London and Maudsley in 2015 as a charitable pilot, now continuing with short-term funding.
Design/methodology/approach
This paper outlines how the team delivered its key aim of improving health and housing outcomes for inpatients. It details the service development and integration within a mental health trust incorporating the experience of its sister teams at Kings and GStT. It goes on to show how the service works across multiple hospital sites and is embedded within the Trust’s management structures.
Findings
Innovations including the transitional arrangements for patients’ post-discharge are described. In the first three years of operation the team saw 237 patients. Improved housing status was achieved in 74 per cent of patients with reduced use of unscheduled care after discharge. Early analysis suggests a statistically significant reduction in bed days and reduced use of unscheduled care.
Originality/value
The paper suggests that this model serves as an example of person centred, value-based health that is focused on improving care and outcomes for homeless inpatients in mental health settings, with the potential to be rolled-out nationally to other mental health Trusts.
Zana Khan, Philip Haine and Samantha Dorney-Smith
Homeless people experience extreme health inequalities and high rates of morbidity and mortality (Aldridge et al., 2017). Use of primary care services are low, while emergency…
Abstract
Purpose
Homeless people experience extreme health inequalities and high rates of morbidity and mortality (Aldridge et al., 2017). Use of primary care services are low, while emergency healthcare use is high (Mathie, 2012; Homeless Link, 2014). Duration of admission has been estimated to be three times longer for homeless patients who often experience poor hospital discharge arrangements (Mathie, 2012; Homeless Link, 2014). This reflects ongoing and unaddressed care and housing needs (Blackburn et al., 2017). The paper aims to discuss these issues.
Design/methodology/approach
This paper reveals how GPs employed in secondary care, as part of Pathway teams, support improved health and housing outcomes and safe transfer of care into community services. It draws on published literature on role of GPs in working with excluded groups, personal experience of working as a GP in secondary care, structured interviews with Pathway GPs and routine data collected by the team to highlight key outcomes.
Findings
The expertise of GPs is highlighted and includes holistic assessment, management of multimorbidity or “tri-morbidity” – the combination of addictions problems, mental illness and physical health (Homeless Link, 2014; Stringfellow et al., 2015) and research and teaching.
Originality/value
The role of the GP in the care of patients with complex needs is more visible in primary care. This paper demonstrates some of the ways in which in-reach GPs play an important role in the care of multiply excluded groups attending and admitted to secondary care settings.
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Gábor Nagy, Carol M. Megehee and Arch G. Woodside
The study here responds to the view that the crucial problem in strategic management (research) is firm heterogeneity – why firms adopt different strategies and structures, why…
Abstract
The study here responds to the view that the crucial problem in strategic management (research) is firm heterogeneity – why firms adopt different strategies and structures, why heterogeneity persists, and why competitors perform differently. The present study applies complexity theory tenets and a “neo-configurational perspective” of Misangyi et al. (2016) in proposing complex antecedent conditions affecting complex outcome conditions. Rather than examining variable directional relationships using null hypotheses statistical tests, the study examines case-based conditions using somewhat precise outcome tests (SPOT). The complex outcome conditions include firms with high financial performances in declining markets and firms with low financial performances in growing markets – the study focuses on seemingly paradoxical outcomes. The study here examines firm strategies and outcomes for separate samples of cross-sectional data of manufacturing firms with headquarters in one of two nations: Finland (n = 820) and Hungary (n = 300). The study includes examining the predictive validities of the models. The study contributes conceptual advances of complex firm orientation configurations and complex firm performance capabilities configurations as mediating conditions between firmographics, firm resources, and the two final complex outcome conditions (high performance in declining markets and low performance in growing markets). The study contributes by showing how fuzzy-logic computing with words (Zadeh, 1966) advances strategic management research toward achieving requisite variety to overcome the theory-analytic mismatch pervasive currently in the discipline (Fiss, 2007, 2011) – thus, this study is a useful step toward solving the crucial problem of how to explain firm heterogeneity.
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The purpose of this paper is to formulate a conceptually and empirically grounded new understanding of childcare arrangements for cross-national and longitudinal micro-level…
Abstract
Purpose
The purpose of this paper is to formulate a conceptually and empirically grounded new understanding of childcare arrangements for cross-national and longitudinal micro-level empirical research by drawing on theoretical discussions about the social, spatial and temporal dimensions of embodied childcare and empirical data in the form of parental narratives from a Romanian qualitative study.
Design/methodology/approach
The paper builds on a critique of an extensive body of empirical literature on the micro-level organisation of childcare and the thematic analysis of in-depth interviews with Romanian parents. The paper combines a critical literature review with findings from a qualitative study on childcare.
Findings
The paper formulates a new understanding of household-level childcare arrangements that is context-insensitive, yet reflects the social, spatial and temporal concerns that the organisation of embodied childcare often raises. The paper expands on six real-life care arrangements in Romanian households represented as different combinations of care encounters.
Research limitations/implications
As the paper draws on parental narratives from a single country, Romania, the mapping of childcare arrangements in other jurisdictions and/or at different times would strengthen the case for the proposed understanding of care arrangements as a valuable tool to represent, compareand contrast household-level care routines.
Originality/value
The idea that parents (especially mothers) make work-care decisions in the light of what is best for their child has been widely documented. However, taxonomies of care arrangements have failed to reflect this. The proposed conceptualisation of childcare arrangements addresses this issue by articulating a conceptually coherent approach to developing empirically grounded childcare typologies that “travel well” cross-nationally and over time.
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There has been virtually no explication of poetry-writing pedagogy in historical accounts of Australian distance education during the 1930s. The purpose of this paper is to…
Abstract
Purpose
There has been virtually no explication of poetry-writing pedagogy in historical accounts of Australian distance education during the 1930s. The purpose of this paper is to satisfy this gap in scholarship.
Design/methodology/approach
The paper concerns a particular episode in the cultural history of education; an episode upon which print media of the 1930s sheds a distinctive light. The paper therefore draws extensively on 1930s press reports to: contextualise the key educational debates and prime-movers inspiring verse-writing pedagogy in Australian education, particularly distance education, in order to; concentrate specific attention on the creation and popular reception of Brave Young Singers (1938), the first and only anthology of children's poetry written entirely by students of the correspondence classes of Western Australia.
Findings
Published under the auspices of the Australian Council for Educational Research (ACER) with funds originating from the Carnegie Corporation, two men in particular proved crucial to the development and culmination of Brave Young Singers. As the end result of a longitudinal study conducted by James Albert Miles with the particular support of Frank Tate, the publication attracted acclaim as a research document promoting ACER's success in educational research investigating the “experiment” of poetry-writing instruction through correspondence schooling.
Originality/value
The paper pays due critical attention to a previously overlooked anthology of Australian children's poetry while simultaneously presenting an original account of the emergence and implementation of verse-writing instruction within the Australian correspondence class curriculum of the 1930s.
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If it is a fraud to dye an unripe orange to make it look ripe, why should it be permissible to dye winter butter to make it look like summer butter?”, he says. Or one might add…
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If it is a fraud to dye an unripe orange to make it look ripe, why should it be permissible to dye winter butter to make it look like summer butter?”, he says. Or one might add, to dye a biscuit brown to imply the presence of chocolate or to colour a cake yellow to simulate the addition of eggs? Our third heading is, What? What colouring matters should be allowed, and upon what conditions? Great Britain is the only leading country which has not a legal schedule of permitted colours. In this country any colouring agent may be added to food, except compounds of antimony, arsenic, cadmium, chromium, copper, mercury, lead and zinc. Gamboge, picric acid, victoria yellow, manchester yellow, aurantia and aurine are also prohibited. The addition, however, of any other colouring agent which is injurious to health would be an offence under the Food and Drugs Act. Other countries, including the United States of America, France, Canada, Australia, New Zealand, Italy, Spain, Sweden and Denmark have drawn up lists of permissible colours. And so the question arises—is it preferable to draw up a list of permissible colours or one of prohibited colours? It is obvious that if only certain colours are prohibited the remainder may be legally employed so long as they are not injurious to health. Thus a colouring agent may be used for a considerable time before it is proved to be injurious, whereas, if only‐certain colouring agents which have been previously proved to be non‐injurious were permitted, this risk of possible danger to health would be avoided. There is no doubt that in many cases proof of injury to the health of the human being is difficult to obtain. Much of the work that has been carried out to establish whether a particular dye is harmless or not has involved the use of dogs as test subjects. This does not appear to be a very satisfactory method of testing, for obviously dogs may react very differently from human beings towards chemicals. A dog's digestive powers are stronger than those of humans. No one would think of suggesting that bones are suitable food for humans just because dogs love them! Matta found that the capacity to depress the human digestion is possessed not only by poisonous dyes but also by dyes which he had proved to be non‐poisonous to animals. In bacteriology the addition of very small amounts of certain dyes to the culture medium will retard the growth of particular organisms and therefore it would seem possible that some dyes might adversely affect the action of enzymes in the body. So it would seem of importance that, if possible, all colouring matters, before being permitted to be used in food, should be proved by a competent authority to be harmless to human beings. If the effects of colouring matters upon the human digestive processes cannot be easily carried out in the body then it might be possible to perform such tests in vitro, using artificial gastric juice. It may be argued that the proportion of colouring matter added to food, ranging from about 1 part in 2,000 to about 1 part in 300,000, is so small that any particular colouring agent would need to be a deadly poison before any appreciable injurious effect upon health would occur. This argument does not, however, take into account the possible injurious effects which may be caused by the frequent ingestion of colouring matters which may have but mild toxic properties. It is known, for instance, that many synthetic colours have marked antiseptic properties even in highly diluted solutions, and therefore they may adversely affect the digestive processes. In any case, surely it would be wiser to eliminate all risks by requiring that official physiological tests should be carried out upon colouring matters before they are permitted to be used in food. One has to safeguard not only the healthy person but also the very young, the old and those who are of a delicate constitution. A harmless colour has been defined in Canada as one “which will not retard digestion nor have special physiological effects when consumed in quantities corresponding to 2 grains per day per adult.” The Departmental Committee in its report on “The use of preservatives and colouring matters in food,” published in 1924, stated that “It appears to us that definite evidence from direct experiments should be obtained as to the harmlessness of a dye before its use should be permitted in food. We have therefore come to the conclusion that a list of permitted colours should be prepared and that no colours other than those in such a list should be allowed to be used in the preparation of food. The list should, in our opinion, be prepared by the Minister of Health and issued by him, provision being made for the consideration of claims advanced by traders for the recognition and approval of additional colours on satisfactory evidence of harmlessness. We do not think that action such as this should seriously embarrass manufacturing interests, or is a course on which it is unreasonable, in view of the importance of the subject, to insist.” Yet, in spite of these recommendations of the Committee, no list of permitted colours was passed into law, and one wonders why. One argument against the drawing up of a list of prohibited colours is that even if a non‐prohibited colour is proved to the satisfaction of a given Court to be injurious to health that decision is not binding on other Courts and so there may be a lack of uniformity. A certain colour may be permitted in one town and prohibited in the next, which fact might add to the difficulties of the large scale manufacturer whose products are sold over a wide area. The leading manufacturers of dyes for use in food no doubt exercise great care in their preparation and such products are normally free from objectionable impurities, but it is possible that other dyestuff manufacturers are not so particular concerning the purity of their products. For instance, about 1938 a firm was fined for selling “Damson Blue” containing 540 parts of lead per million. Therefore it would seem necessary that some official control over the dyes that are sold for use in food should be introduced. The manufacture of some dyes involves complicated processes, and it is stated that in the production of one particular colour over 100 different chemicals are used and thirty different reactions, occupying several weeks, must be carried out before the finished colour is produced.