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The systemic risk of leveraged and covenant-lite loan syndications
Get PDFBy modelling the whole U.S. syndicated loan market as a financial network from 2000 to 2022, we find that highly connected institutions hold significant shares of leveraged and covenant-lite loans. Our analysis indicates that the size of leveraged and covenant- lite syndicated loan portfolios increases financial institutions’ systemic risk, particularly during recession periods. Although banks commonly sell syndicated loans shortly after origination, our results suggest that they remain vulnerable to pipeline risk. Our study has significant implications for policymakers and regulators, as it can aid in identifying banks exposed to systemic risk associated with leveraged and covenant-lite loans and in ranking systemically important financial institutions accordingly
Been around the block: Is the prior experience of coaches in the workplace helpful?
Get PDFWhile most business coaches have prior experience of a workplace, there is debate as to how this should, or does, contribute to their coaching. It is often considered that coaches should be an expert in the process of coaching, and not their client’s business. This study utilised an inductive design to explore the perception of the contribution of prior work experience through semi-structured interviews with 11 clients and 13 experienced coaches. The interviews were analysed using reflexive thematic analysis. The data showed that both clients and coaches valued the coach having experience of working at a similar level. This helped establish credentials at the point of hiring, as well as providing authority and confidence during the coaching relationship. Such experience was also seen to give reference points and wisdom. However, while some participants saw advantages in the coach having a similar work background to the client (providing a common language and shared experiences), others considered that, while it was important that the coach had ‘been around the block’, this could be in a different work domain to the client. Clients also valued the wider experiences of a coach (such as artistic or socio-political) that brought creative insights and wider experiences
The impact of the frequency and magnitude of natural disasters on inventory prepositioning
No full textNatural disasters have been adversely affecting human societies for many centuries. One effective strategy in preparation for a timely response to such disasters is inventory prepositioning. Holding the right amount of inventory is critical in minimizing the social and economic impact and cost. Scholars usually model such problems assuming common Probability Density Functions (PDFs) like Normal, Poisson, and Exponential to simplify calculations. Following Gumbel’s studies regarding “the nature of nature” and exploring the nature of extreme events, in this research, we address the following research questions: first, do the magnitude and timing of natural disasters follow specific PDFs? Second, how can unrealistic assumptions affect such disasters’ economic and social costs of such disasters? Third, how should researchers and practitioners correct their assumptions when modeling inventory prepositioning? To answer these questions, we design a semi-Markovian model for an (S,s) inventory system that considers the magnitude and the timing of disasters for general PDFs. The model is an inventory system that considers the magnitude and the timing of disasters for general PDFs. The model is analytically solved and tested with real data from 1996 to 2019 regarding typhoons in Florida and earthquakes in California. Our findings show that correct assumptions about the time between disasters are far more critical than the disaster’s magnitude regarding the resulting social and economic costs. In this respect, we can summarize our findings as follows: (1) if the maximum inventory level (S) depends only on the average demand, the impact of assumed PDFs is insignificant; (2) if S depends on both the average and standard deviation (STD) of demand, the impact of the employed PDFs is significant; and (3) the STD is the main factor influenced by the type of the PDF
Climate change and sustainability education framework: an opportunity for pre-service teaching
Get PDFThe National Climate Education Action Plan (NCEAP) included 9-actions. Action 2:
develop an initial teacher (pre-service) education framework for embedding climate
change and sustainability education responding to needing a climate action pedagogy
to address the requirements of UK National Policy and Department for Education policy paper ‘Sustainability and climate change: a strategy for the education and children’s services systems’ (Department for Education, 2022).
This paper presents a research project for implementing a framework across three
age phases: early years, primary and secondary (2022–23). It explores the development
and alignment of teaching to incorporate understanding of climate and su-stainability
education enabling climate action.
A qualitative approach was employed, drawing on surveys, reflective statements
and interviews. Using thematic analysis the reflective statements from 10-teacher educators and a student focus group were analysed along with a student end point survey responses from 79 pre-service teachers. Exploring the extent to which the
framework had facilitated the development of pre-service teachers’ understanding
about how to teach climate change and sustainability education.
The findings suggest that, whilst the sample size was small, there was the potential
to embed climate change and sustainability education using a flexible framework,
underpinned by thinking related to competencies across different initial teacher education programmes.
Further research is needed to explore how this framework is applied and contextualised, and the impact it has in developing self-efficacy and competencies. An
exploration of early adopters as part of a Delphi study or survey might help to contribute to this important area of research
Soil and water assessment tool-based prediction of runoff under scenarios of land use/land cover and climate change across Indian agro-climatic zones: implications for sustainable development goals
Get PDFAssessing runoff under changing land use/land cover (LULC) and climatic conditions is crucial for achieving effective and sustainable water resource management on a global scale. In this study, the focus was on runoff predictions across three diverse Indian watersheds—Wunna, Bharathapuzha, and Mahanadi—spanning distinct agro-climatic zones to capture varying climatic and hydrological complexities. The soil and water assessment (SWAT) tool was used to simulate future runoff influenced by LULC and climate change and to explore the related sustainability implications, including related challenges and proposing countermeasures through a sustainable action plan (SAP). The methodology integrated high-resolution satellite imagery, the cellular automata (CA)–Markov model for projecting LULC changes, and downscaled climate data under representative concentration pathways (RCPs) 4.5 and 8.5, representing moderate and extreme climate scenarios, respectively. SWAT model calibration and validation demonstrated reliable predictive accuracy, with the coefficient of determination values (R2) > 0.50 confirming the reliability of the SWAT model in simulating hydrological processes. The results indicated significant increases in surface runoff due to urbanization, reaching >1000 mm, 600 mm, and 400 mm in southern Bharathapuzha, southeastern Wunna, and northwestern Mahanadi, respectively, especially by 2040 under RCP 8.5. These findings indicate that water quality, agricultural productivity, and urban infrastructure may be threatened. The proposed SAP includes nature-based solutions, like wetland restoration, and climate-resilient strategies to mitigate adverse effects and partially achieve sustainable development goals (SDGs) related to clean water and climate action. This research provides a robust framework for sustainable watershed management in similar regions worldwide
Time-consistent consumption, investment, and proportional reinsurance in market models with Markovian regime switching
No full textThis paper outlines an analysis of equilibrium strategies within a game-theoretic framework addressing discounting stochastic scenarios involving consumption, investment, and reinsurance problems. The controlled state process follows a multi-dimensional linear stochastic differential equation influenced by Brownian motion and Poison jump process under a Markovian regime-switching environment. The objective functional encompasses both running and terminal costs explicitly linked to general discount functions, introducing time inconsistency in the model. Open-loop Nash equilibrium controls are detailed, supported by necessary and sufficient equilibrium conditions and a verification outcome. Furthermore, a state feedback equilibrium strategy is attained through a specific partial differential–difference equation. The study delves into investment consumption and equilibrium, reinsurance/new business strategies, specifically examining power and logarithmic utility functions in select cases. To validate the theoretical findings, a numerical example is presented, demonstrating their efficacy
Assessing least-cost mitigation methods for environmental phosphorus loading of different pasture-based and housed dairy production systems in Great Britain
Get PDFMitigating environmental phosphorus loading (EPL) from dairy farms reduces water pollution and improves the sustainability of production. Studies generally simulate EPL from dairy farms using a representative farm type from existing databases. However, housed and pasture-based dairy farming systems might contribute to eutrophication differently and have a varied feasibility of implementing mitigation. This study is the first that quantified EPL from dairy farms using data for FARMSCOPER collected from farmers and comparing EPL and identifying a least-cost suite of mitigation methods. Structural characteristics of 27 dairy farms in Great Britain (GB) were collected. Annual EPL from each farm was simulated in FARMSCOPER under three scenarios. Mean EPL of the production systems was compared to investigate any relationship between EPL and average 305 day adjusted milk yield of cows on each farm. A least-cost suite of mitigation methods was optimised for two model farms to represent either a housed or pasture-based system. Across both systems, ‘current’ implementation of mitigation methods was simulated to have reduced EPL from 0.63 to 0.56 kg P/ha (11%). The ‘current’ EPL positively correlated with milk production on a kg and kg/ha basis (P ≤ 0.001 and P = 0.033, respectively). Farms operating a housed system had a mean ‘current’ EPL that was 59% greater than the pasture-based system though not significant (P = 0.316). This was partly due to a small sample size and because FARMSCOPER’s estimates exclude variations in farm practices (i.e. feeding). EPL was reduced by ~50% and ~60% without incurring annual financial losses by implementing existing mitigation methods for pasture-based and housed systems, respectively. This study highlights the importance of mitigating EPL from GB dairy farming, especially considering the increasing number of higher yielding herds and housed production systems. Furthermore, emphasis should be on increasing implementation of system-specific mitigating methods; efforts to include more recent and specific farm data to improve the FARMSCOPER tool will benefit this
Physician wellbeing in a national rehabilitation hospital, a qualitative study utilizing Maslow’s hierarchy of needs as a framework for analysis
Get PDFBackground Globally, healthcare systems are experiencing a workforce crisis which has been exacerbated
by the COVID19 pandemic. Numerous reports have documented the deterioration of healthcare professional wellbeing
with burnout being called the new pandemic. Rehabilitation Medicine Physicians are among the most likely
specialties to experience burnout. There is a strong association between staff and patient experience and global
and national policies and strategies have recognized the importance of ensuring staff wellbeing in healthcare
organisations.
Although there have been many publications on interventions focusing on wellbeing, these have been directed
mainly at personal rather than organisational factors. Maslow’s hierarchy of needs, an integrated hierarchy of human
needs, has been utilised as a framework to assess wellbeing in doctors but not heretofore in Rehabilitation Medicine.
This study aimed to explore Rehabilitation Medicine Physician wellbeing in a complex specialist rehabilitation setting.
Methods Qualitative deductive content analysis (an approach to reanalyzing existing data in a new context)
was the approach used. Maslow’s hierarchy of needs was used as the categorization matrix. Qualitative data
from three different data sources were systematically analysed.
Results Using Maslow’s five needs (psychological, safety, social, esteem, and self-actualisation needs), the analysis
demonstrated that Rehabilitation Medicine Consultants’ needs were not being met at any of the five levels. The data
revealed what constitutes relative deprivation and organisational injustice.
Conclusions In order to enable the flourishing of the Rehabilitation Medicine Consultants, the organisation needs
to focus on satisfying not just basic needs but creating the conditions for them to function at the highest level. The
adapted Maslow framework provides a scaffolding for interventions to support such flourishing.
Keywords Physician, Wellbeing, Burnout, Maslow, Qualitative content analysis, Organisational injustic
What are the research priorities for the dyslexia community in the United Kingdom and how do they align with previous research funding?
Get PDFTargeting research towards areas that matter to dyslexic people and their families is essential for improving dyslexic people’s lives. However, we do not know what the dyslexia community’s research priorities are, and whether they align with current research funding. We categorised previous funding for dyslexia research in the United Kingdom and considered how this aligns with community research priorities, using multiple methods and a participatory approach. We identified that the vast majority (78%) of funding has been spent on research into biology, brain and cognition. Through seven focus groups (n = 37), dyslexic adults and/or family members/carers of dyslexic children expressed that this balance needs redressing, and we identified four important areas for future research, informed by lived experiences. Finally, 436 members of the dyslexia community ranked the importance of research topics in a survey. The top five priorities related to training teachers and professionals, educational supports and interventions, mental health and self-esteem, making services and spaces more inclusive, and cognition. Research into genes and risk factors were less prioritised. These results provide a point of reference for researchers and funders to align future research funding with the dyslexia community’s priorities so that it can be of translational benefit
The impact of growth hacking on firm performance under environmental turbulence: a moderated-mediation analysis
Get PDFThe purpose of the study is to examine the influence of growth hacking on marketing capability, disruptive innovation, and firms’ performance. Structural equation modeling was used to analyze the data. The results show that growth hacking positively influences marketing capabilities, disruptive innovation, and firms’ performance. Further, marketing capabilities and disruptive innovation were observed to mediate the association between growth hacking and firm performance, whereas technological turbulence moderates the association between disruptive innovation and firm performance. The findings suggest that firms can use growth hacking to foster marketing capabilities and disruptive innovation, which may affect firm performance. Besides, firms need to constantly monitor the technological turbulence levels