Corruption continues to be a big challenge for Europe - a phenomenon that costs the EU economy around 120 billion euros per year. Europeans are deeply worried about corruption - 76% of them believe that corruption is widespread according to a recent Eurobarometer survey.
Published online: 09 April 2014
School of Politics and International Relations, University of Nottingham
The financial cost of corruption has recently been estimated at more than 5 per cent of global GDP. Yet, despite the widespread agreement that corruption is one of the most pressing policy challenges facing world leaders, it remains as widespread today, possibly even more so, as it was when concerted international attention began being devoted to the issue following the end of the Cold War. In reality, we still have a relatively weak understanding of how best to measure corruption and how to develop effective guides to action from such measurement. This paper provides a detailed review of existing approaches to measuring corruption, focusing in particular on perception-based and non-perceptual approaches. We highlight a gap between the conceptualisation of corruption and its measurement, and argue that there is a tension between the demands of policy-makers and anti-corruption activists on the one hand, and the motivations of academic researchers on the other. The search for actionable answers on the part of the former sits uncomfortably with the latter’s focus on the inherent complexity of corruption.
Jennifer L. Castle, David F. Hendry, 13 August 2014
A typical Oxford University econometrics exam question might take the form: “Data mining is bad, so mining with more candidate variables than observations must be pernicious. Discuss.” Similar questions may well be asked at other academic institutions, but there may be few outside Oxford University where the candidates are expected to refute both myths. This column explains why that is the right answer.
"The Intersection between Entrepreneurship and the Base of the Pyramid: What’s the Evolving Role of Strategy in Social Entrepreneurship?"
Saturday, 20 September 2014, from 10:00 a.m. until 1:00 p.m. Lunch to follow.
Generously sponsored by:
IE (Instituto de Empresa Business School, Madrid)
This pre-conference workshop gathers together an impressive panel of Base of the Pyramid and social entrepreneurship scholars and practitioners. Using their professional and personal life experiences as points of departure, they will discuss how scholarship and real-world initiatives have evolved in recent years, and whether/how these two worlds have informed and continue to inform firm-level strategy formulation and implementation.
...“I think what sets my research apart, in part, comes from where I’m situated and what my background is. Most lawyers who decide to become professors go on to teach in law schools, but I chose to come to a business school. Obviously, my research is very connected to the idea of the role that business plays in society. I think what sets my research apart, in part, is the fact that I’m kind of bridging these two worlds and trying to have a conversation, not only with other legal scholars, but also with business and management scholars...
Excellent Sheep: The Miseducation of the American Elite and the Way to a Meaningful Life (Amazon) - Free Press (August 19, 2014)
"William Deresiewicz is one of America's best young public intellectuals. He has written a passionate, deeply informed, and searing critique of the way we are educating our young. Whether you agree or disagree - and I found myself doing both - you must read this book. It should spark a great debate on America's campuses and beyond." (Fareed Zakaria, author of The Post-American World)
New research from the Beedie School of Business suggests that long-established practice used by financial institutions for over two decades is in fact inaccurate – and could have major repercussions for the way banks value assets.
The researchers examined the effect of counterparty credit risk – the risk to each party in a contract that the counterparty will not live up to its contractual obligations – on optimal exercise policy and valuation of American style options. Contrary to previous research on the subject, they found that optimal exercise policy can significantly affect the critical asset price at which early exercise of a vulnerable American option is optimal.
Owners of American style options may exercise that option at any time before it expires, unlike European style options, which can only be exercised at expiration. The major accounting standards boards around the world have long since adopted the results from the previous research when dealing with American style options.
However Klein and Yang’s research indicates that when dealing with American style options this previous research is simply incorrect, resulting in inefficient pricing strategies being utilized by financial institutions.
“The research shows that the accounting standards boards of the world banks have it wrong – the banks really aren’t organized correctly to properly manage credit risk in the American style options,” says Klein...
"Although the unemployment rate didn't go down, the trends very much suggest that it will," said Jerry Nickelsburg, a senior economist with the UCLA Anderson Forecast who focuses on the California economy. "We've got fairly widespread growth."
For the last two months, German startup accelerator Rocket Internet has been working toward an initial public offering, holding meetings with potential investors before making any formal announcements of its intentions. Going public was to be a sign of validation for Rocket and the three Samwer brothers, who cofounded the Berlin company in 2007 with the original intent of mimicking established U.S. technology companies in overseas markets.