Deposits and relationship lending

The authors empirically examine the hypothesis that access to deposits with inelastic rates (core deposits) permits a bank to make contractual agreements with borrowers that are infeasible if the bank must pay market rates for its funds. Access to core deposits insulates a bank's costs of funds from exogenous shocks, allowing the bank to insulate its borrowers against exogenous credit shocks. Using a large sample of loans from the Survey of the Terms of Bank Lending, the authors find that when they control for competitive conditions in loan markets, banks funded more heavily with core deposits provide more smoothing of loan rates in response to exogenous changes in aggregate credit risk. This suggests that a distinctive feature of bank lending is that firms and banks form multiperiod lending relationships, in which loans need not break even period by period. It also partially explains the declining share of bank loans (or near substitutes for bank loans) in credit markets. As banks have increasingly been forced to pay market rates for an increasing share of their funds, multiperiod relationship lending has become increasingly less feasible and bank loans have lost some of their comparative advantage over securities. The authors' results suggest that access to core deposits is one of the foundations of relationship lending.Bank deposits ; Bank loans

Powers to disconnect internet users should not be lightly delegated. (Letter)

From Prof Martin Kretschmer. Sir, Peter Mandelson’s digital economy bill (report, November 20) contains major legislative innovations in the treatment of copyright law. For the first time, a regulatory rather than a property rights approach is used, both for enforcement and access issues in the digital environment. Under the traditional approach, the state grants copyright as a property right but then leaves transaction and enforcement to private parties. Under the regulatory approach (commonly used for utilities) market access, price control and contractual supervision remain prevalent long after a franchise has been awarded. The digital economy bill gives the communications regulator Ofcom and civil servants (under delegated powers to the secretary of state) an unprecedented role in copyright law, in determining whether copyright infringers will be subject to internet speed limits or even disconnection, and in regulating the use of copyright works whose owners cannot be traced (so-called “orphan works”). This is a significant conceptual innovation, and a welcome recognition that intellectual property rights shape the infrastructure of a knowledge-based society. If a regulatory approach is used, however, it is imperative to create a truly independent basis for regulation, using verifiable evidence. Here, the record of the New Labour government is dismal. Certain sectors of the entertainment industry appear to have privileged access to ministers. This has led to proposals for tackling downloads and file-sharing that affect fundamental rights, and are likely to have anti-innovative consequences (for example in driving traffic further underground, throttling legitimate streaming services, and imposing costs on internet service providers). Powers to disconnect internet users should not be lightly delegated, certainly not in the sweeping manner of the digital economy bill that will allow future ministers to change the scope of copyright law without proper scrutiny. Martin Kretschmer, Professor of Information Jurisprudence, Director, Centre for Intellectual Property Policy and Management, The Business School, Bournemouth University, U

Privacy and Cloud Computing in Public Schools

Today, data driven decision-making is at the center of educational policy debates in the United States. School districts are increasingly turning to rapidly evolving technologies and cloud computing to satisfy their educational objectives and take advantage of new opportunities for cost savings, flexibility, and always-available service among others. As public schools in the United States rapidly adopt cloud-computing services, and consequently transfer increasing quantities of student information to third-party providers, privacy issues become more salient and contentious. The protection of student privacy in the context of cloud computing is generally unknown both to the public and to policy-makers. This study thus focuses on K-12 public education and examines how school districts address privacy when they transfer student information to cloud computing service providers. The goals of the study are threefold: first, to provide a national picture of cloud computing in public schools; second, to assess how public schools address their statutory obligations as well as generally accepted privacy principles in their cloud service agreements; and, third, to make recommendations based on the findings to improve the protection of student privacy in the context of cloud computing. Fordham CLIP selected a national sample of school districts including large, medium and small school systems from every geographic region of the country. Using state open public record laws, Fordham CLIP requested from each selected district all of the district’s cloud service agreements, notices to parents, and computer use policies for teachers. All of the materials were then coded against a checklist of legal obligations and privacy norms. The purpose for this coding was to enable a general assessment and was not designed to provide a compliance audit of any school district nor of any particular vendor.https://ir.lawnet.fordham.edu/clip/1001/thumbnail.jp

Privacy and Cloud Computing in Public Schools

Today, data driven decision-making is at the center of educational policy debates in the United States. School districts are increasingly turning to rapidly evolving technologies and cloud computing to satisfy their educational objectives and take advantage of new opportunities for cost savings, flexibility, and always-available service among others. As public schools in the United States rapidly adopt cloud-computing services, and consequently transfer increasing quantities of student information to third-party providers, privacy issues become more salient and contentious. The protection of student privacy in the context of cloud computing is generally unknown both to the public and to policy-makers. This study thus focuses on K-12 public education and examines how school districts address privacy when they transfer student information to cloud computing service providers. The goals of the study are threefold: first, to provide a national picture of cloud computing in public schools; second, to assess how public schools address their statutory obligations as well as generally accepted privacy principles in their cloud service agreements; and, third, to make recommendations based on the findings to improve the protection of student privacy in the context of cloud computing. Fordham CLIP selected a national sample of school districts including large, medium and small school systems from every geographic region of the country. Using state open public record laws, Fordham CLIP requested from each selected district all of the district’s cloud service agreements, notices to parents, and computer use policies for teachers. All of the materials were then coded against a checklist of legal obligations and privacy norms. The purpose for this coding was to enable a general assessment and was not designed to provide a compliance audit of any school district nor of any particular vendor.https://ir.lawnet.fordham.edu/clip/1001/thumbnail.jp

Options for Human Capital Acquisition

An \u27options\u27 view of human capital acquisition explains value creation through timedeferred, sequential, path-dependent investment choices and addresses gaps in the resourcebased theory explanation of the relationship between human resources and competitive advantage. Firms will invest in options for human capital, using alternative employment arrangements like temporary/contractual/part-time workers and internships, or by outsourcing the work, when uncertainty associated with human capital is high and investments in human capital are largely irreversible. We discuss various options for skills and employees, two interrelated components of human capital. These are flexibility options, options to wait or defer, options to abandon, learning options, and switching options. The opportunity cost of not having options is quantifiable, which makes the real options approach valuable for strategic HRM decisions

Privacy and Cloud Computing in Public Schools

Today, data driven decision-making is at the center of educational policy debates in the United States. School districts are increasingly turning to rapidly evolving technologies and cloud computing to satisfy their educational objectives and take advantage of new opportunities for cost savings, flexibility, and always-available service among others. As public schools in the United States rapidly adopt cloud-computing services, and consequently transfer increasing quantities of student information to third-party providers, privacy issues become more salient and contentious. The protection of student privacy in the context of cloud computing is generally unknown both to the public and to policy-makers. This study thus focuses on K-12 public education and examines how school districts address privacy when they transfer student information to cloud computing service providers. The goals of the study are threefold: first, to provide a national picture of cloud computing in public schools; second, to assess how public schools address their statutory obligations as well as generally accepted privacy principles in their cloud service agreements; and, third, to make recommendations based on the findings to improve the protection of student privacy in the context of cloud computing. Fordham CLIP selected a national sample of school districts including large, medium and small school systems from every geographic region of the country. Using state open public record laws, Fordham CLIP requested from each selected district all of the district’s cloud service agreements, notices to parents, and computer use policies for teachers. All of the materials were then coded against a checklist of legal obligations and privacy norms. The purpose for this coding was to enable a general assessment and was not designed to provide a compliance audit of any school district nor of any particular vendor.https://ir.lawnet.fordham.edu/clip/1001/thumbnail.jp

Critical success factors influencing performance outcome of joint venture construction projects in South Africa: Comparison of first and second order models

Joint ventures (JVs) have become increasingly common, because of the complexity and challenges associated with the delivery of construction projects globally and in South Africa. However, it has been established that JV projects have experienced unsatisfactory performance leading to clients’ dissatisfaction. The purpose of this paper is therefore to determine the critical success factors (CSFs) influencing the performance of JV construction projects in South Africa. A positivist philosophy position was adopted using a structured questionnaire survey administered to the construction professionals. Prior to the main study, a content validity of the questionnaire was achieved using a pilot study. The data was collected from 115 conveniently sampled respondents, and analysed using principal component analysis and multiple regression analysis. The exploratory factor analysis revealed two empirical models to be tested; namely the first and second order factor models. The result of the first order model revealed that, management control influenced achievement of project objective of JV, whereas, the second order model established that understanding of contractual agreement, which was explained by six components of CSFs influenced achievement of project objective. It is suggested that stakeholders who prefer to be involved in JV projects should acquire good understanding of the contractual agreement in managing JV projects in order to successfully achieve the project objectives. This study adds to the discourse and literature on CSFs of JVs. It provides new empirical evidence of the CSFs that influence project performance outcome of JV in the context of South Africa which can also be replicated in other countries globally. However, the study may not be generalised because of the geographical setting and respondents