Collateralised loan obligations (CLOs) : a primer

The following descriptive paper surveys the various types of loan securitisation and provides a working definition of so-called collateralised loan obligations (CLOs). Free of the common rhetoric and slogans, which sometimes substitute for understanding of the complex nature of structured finance, this paper describes the theoretical foundations of this specialised form of loan securitisation. Not only the distinctive properties of CLOs, but also the information economics inherent in the transfer of credit risk will be considered, so that we can equally privilege the critical aspects of security design in the structuring of CLO transactions

Risk assessment and relationship management: practical approach to supply chain risk management

The literature suggests the need for incorporating the risk construct into the measurement of organisational performance, although few examples are available as to how this might be undertaken in relation to supply chains. A conceptual framework for the development of performance and risk management within the supply chain is evolved from the literature and empirical evidence. The twin levels of dyadic performance/risk management and the management of a portfolio of performance/risks is addressed, employing Agency Theory to guide the analysis. The empirical evidence relates to the downstream management of dealerships by a large multinational organisation. Propositions are derived from the analysis relating to the issues and mechanisms that may be employed to effectively manage a portfolio of supply chain performance and risks

New Trends in Development of Services in the Modern Economy

The services sector strategic development unites a multitude of economic and managerial aspects and is one of the most important problems of economic management. Many researches devoted to this industry study are available. Most of them are performed in the traditional aspect of the voluminous calendar approach to strategic management, characteristic of the national scientific school. Such an approach seems archaic, forming false strategic benchmarks. The services sector is of special scientific interest in this context due to the fact that the social production structure to the services development model attraction in many countries suggests transition to postindustrial economy type where the services sector is a system-supporting sector of the economy. Actively influencing the economy, the services sector in the developed countries dominates in the GDP formation, primary capital accumulation, labor, households final consumption and, finally, citizens comfort of living. However, a clear understanding of the services sector as a hyper-sector permeating all spheres of human activity has not yet been fully developed, although interest in this issue continues to grow among many authors. Target of strategic management of the industry development setting requires substantive content and the services sector target value assessment

Knowledge Representation Concepts for Automated SLA Management

Outsourcing of complex IT infrastructure to IT service providers has increased substantially during the past years. IT service providers must be able to fulfil their service-quality commitments based upon predefined Service Level Agreements (SLAs) with the service customer. They need to manage, execute and maintain thousands of SLAs for different customers and different types of services, which needs new levels of flexibility and automation not available with the current technology. The complexity of contractual logic in SLAs requires new forms of knowledge representation to automatically draw inferences and execute contractual agreements. A logic-based approach provides several advantages including automated rule chaining allowing for compact knowledge representation as well as flexibility to adapt to rapidly changing business requirements. We suggest adequate logical formalisms for representation and enforcement of SLA rules and describe a proof-of-concept implementation. The article describes selected formalisms of the ContractLog KR and their adequacy for automated SLA management and presents results of experiments to demonstrate flexibility and scalability of the approach.Comment: Paschke, A. and Bichler, M.: Knowledge Representation Concepts for Automated SLA Management, Int. Journal of Decision Support Systems (DSS), submitted 19th March 200

Sustainability and the Talentship Paradigm: Strategic Human Resource Management Beyond the Bottom Line

[Excerpt] This paper proposes such a framework that simultaneously shifts the prize to reflect Sustainability and shifts the paradigm of HRM toward a decision science called “Talentship” (Boudreau & Ramstad, 2002). It defines Sustainability and its measures, defines the typical connection between HRM and sustainability using the traditional HRM paradigm. Then, the HC BRidge® talent decision framework that connects HRM, talent, and competitive/financial strategic success, is used to logically make similar connections between HRM, talent and sustainability. Examples from Shell and DuPont show how the combination of shifting the prize and the paradigm reveals pivotal roles for talent that are not apparent with traditional definitions of strategic success and the traditional HRM paradigm

The Basle securitisation framework explained: the regulatory treatment of asset securitisation

The paper provides a comprehensive overview of the gradual evolution of the supervisory policy adopted by the Basle Committee for the regulatory treatment of asset securitisation. We carefully highlight the pathology of the new “securitisation framework” to facilitate a general understanding of what constitutes the current state of computing adequate capital requirements for securitised credit exposures. Although we incorporate a simplified sensitivity analysis of the varying levels of capital charges depending on the security design of asset securitisation transactions, we do not engage in a profound analysis of the benefits and drawbacks implicated in the new securitisation framework. JEL Klassifikation: E58, G21, G24, K23, L51. Forthcoming in Journal of Financial Regulation and Compliance, Vol. 13, No. 1

Challenges to democratic legitimacy, scrutiny, accountability in the UK national and local state

This article suggests that at national and local levels, the British state is seemingly incapable of solving multi-faceted and intractable social, economic and environmental problems alone. It is argued that new national and local governance arrangements, based on new ideas, different ways of working, and approaches to problem solving have brought into a sharper focus on the issues of democratic legitimacy, scrutiny and accountability. All three complex and ambiguous concepts have long been a concern in public administration. This article draws from existing conceptual frameworks to show that traditional forms of legitimacy, scrutiny and accountability are now under threat. It examines the merits of the new forms, with some recommendations for the future

Union Leadership and Member Attitudes: A Multi-Level Analysis

[Excerpt] Analyses of union leadership roles show that union presidents should have both a within-union focus and an external focus. The authors combined multi-level survey data from 3,871 union members in 248 local teachers’ unions with archival and field staff data to examine relationships between leadership and members’ perceptions of union instrumentality and justice, union commitment, and participation. The results showed significant union-level effects on members’ beliefs about, and attitudes toward, their unions, attributable to the presidents’ internal and external leadership, wage outcomes, and union characteristics. Relationships between internally focused leadership and members’ loyalty and willingness to work for the union were partially mediated by perceptions of union instrumentality and justice. These perceptions fully mediated the relationship between externally focused leadership and union loyalty