Minimising the impact of future fi nancial crises: six key elements of regulatory reform we have to get right.

To be as prepared as possible for the next financial crisis, we should not embark on a long list of detailed proposals that we believe might have prevented the last one. Instead, we should strengthen existing regulatory frameworks to take into account their fundamental shortcomings highlighted by the recent crisis. This improvement should focus on the essentials and be based on a few simple principles so as to be robust against unforeseen events. We have to get these key elements right to ensure that the next episode of stress in financial markets is less disruptive and costly than the current one.

A Critical Review of Contemporary Practice in Internationalisation in the Hospitality, Leisure, Sport and Tourism (HLST) Subject Communities

This report identifies and critically reviews contemporary practice in the field of internationalisation within the HLST subject communities in order to inform curriculum development and pedagogy geared towards the development of international perspectives and global awareness. Drawing on current pedagogical literatures as well as staff and student consultations, it identifies a number of key points which reflect good practice in UK HLST curricula in the UK. Due to the broad disciplinary scope of the subject area in focus and the diversity of curricular activities across the UK, this critical review is selective rather than exhaustive and seeks to stimulate further discussion and research into this area

A Critical Review of Contemporary Practice and Educational Research in Internationalisation within the business education subject communities

This report critically reviews contemporary educational research and practice in the field of internationalisation within the business education subject communities in order to inform curriculum development and pedagogy geared towards the development of international perspectives and intercultural learning. Drawing on current pedagogical literatures as well as staff and student consultations, it identifies a number of key points which reflect good practice in business education curricula. Due to the broad disciplinary scope of the subject area in focus and the diversity of curricular activities across the UK, this critical review is selective rather than exhaustive and seeks to stimulate further discussion and research in the field. The report is structured as a reference text around key themes and issues emerging from the review, providing the reader who has a particular interest or issue in their practice with an outline of key texts which can be followed up as appropriate

Internationalisation and Equality and Diversity in Higher Education: Merging Identities

Summary This project arises out of Eade and Peacock’s (2009) scoping report, commissioned by Equality Challenge Unit (ECU) entitled Internationalising equality and equalising internationalisation: The intersection between internationalisation and Equality and Diversity in higher education. The principal aim of the current study is to identify the advantages of building on the intersection of Internationalisation and E and D agendas, through an exploration of the effective mechanisms for linking E and D and internationalisation policies, structures and activities within a small sample of heterogenous HE institutions located in Australia, England and Wales. Reflecting a multi-level and mixed-method approach this report provides an in-depth account of awareness, commitment, understanding and involvement of domestic and international staff and students, and other key players, in Internationalisation and Equality and Diversity. This account is supported by examples of good practice and synergy and consideration of areas of potential improvement in the two fields. The mixed-method approach involves desk research to consider the influence of geographical location, profile and size on rationales for internationalisation and commitment to Equality and Diversity, complemented by interviews of key personnel to provide insights regarding performance, accessibility etc. Data regarding staff and student awareness, perceptions and dispositions is captured via online survey and focus groups. Finally a review of the literature supports data interpretation by suggesting emergent key themes. Institutional challenges are identified within the context of what may be learned from other organisational forms. A central focus is the student learning experience, with discussions embracing key issues such as competing perspectives on learner support models, the association between inclusive curricula and multicultural education and attendant barriers and tensions. Extensive and systematic analysis of institutional policy in Internationalisation and Equality and Diversity within specific local contexts provides substantial evidence of how current and future direction is shaped by the socio-economic and cultural make-up of surrounding communities, tempered by institutional aspirations in the global arena. The insights of senior managers provide the personal accounts and deep insights into the ongoing strategic initiatives and perceived challenges which determine the practice which emerges from the rhetoric of policy statements. The in-depth exploration of awareness, perceptions and dispositions of staff and students serves to highlight a striking continuity of perspective across the range of stakeholders, within different institutions which approach Internationalisation and Equality and Diversity from widely contrasting positions vis-à-vis locality, status, market position and relative size. Seemingly, any shortcomings of policy to practice transfer are not the outcome of a lack of will on the part of those who have engaged in this research, but rather reflect the complexity of finding the most appropriate way, whether senior manager, teacher, support and development professional, student or other stakeholder. The challenges of internationalisation and Equality and Diversity simply manifest themselves in different ways at different levels within different institutional contexts and key messages from this research include for example: • The need to manage structural diversity within the framework of a broadly-based business-case approach in order to maintain internal cohesion and external credibility. Such an approach should acknowledge diversity of mission which derives from the nature of the global-local interface, profile, status etc. • Broad awareness of the potential synergies between Internationalisation and E and D within a framework of inclusive practice • Broad consensus surrounding the merits of inclusion embodying both local and global dimensions. At this level, diversity of mission, location, status etc. becomes irrelevant. Universities with different cultures can learn much from each other since inclusion should be the response of all institutions recruiting international and/or students from a diversity of cultural, ethnic, religious, socio-economic etc. backgrounds • Awareness of tensions at policy and practice levels, which might be eased by appropriate organisational structures and processes designed specifically to embed synergy across institutions • Acknowledgement of the need to embed the concept of synergy at three levels of diversity: structural (demographic mix); classroom (curriculum and pedagogies) and interactional (informal and social settings) • The significance of readily accessible research-informed and evidence-based practice to raise awareness, build confidence, promote engagement and inform future direction within cross-disciplinary and cross-institutional context

Revisiting valuation practices throughout the business cycle: some symmetry is needed.

The current crisis exposed weaknesses in the application of accounting standards and gaps associated with the valuation of financial products. During the upturn, the revaluation of assets, build-up of off-balance sheet claims, and booking of unrealised gains obscured risk exposures taken by financial institutions. But as we have learned, when the cycles turn, the downward trends and uncertainties in the value of assets may lead to negative dynamics that may exaggerate the trough of the cycle. This is generally accepted, but we need to be more symmetrical in our approach: increasing valuations in the upturns can also create the incentives, through more profits, compensations and dividends, to purchase more of the appreciating assets and thereby exacerbate the peak. All this raises legitimate questions regarding the role of risk management systems, accounting standards and regulations in creating adequate incentives and conveying information on a financial entity’s risk profi le throughout the business cycle. More fundamentally, it raises questions about whether marking-to-market provides the necessary objective representation or may contribute to mispricing of risk during upturns and injecting artificial risk during downturns and thus distorting the information value of prices. Changing accounting standards at the height of the crisis would risk adversely impacting investor confidence and should be avoided. Furthermore, fair value accounting is the direction to go, but going forward, there is a need to revisit the implications of accounting standards on behavior and incentives, especially during good times, with a view to making possible adjustments to current accounting practices. Inconsistencies of accounting standards with best risk management practices and prudential norms can be very expensive for financial stability. Governance and risk management within financial institutions need to be improved, and supervisors should scrutinise more carefully internal processes and controls, as well as valuation and stress testing methodologies.

Liquidity in global markets.

The latest episode of turbulence has been marked by an extended period of illiquidity in a large number of markets –ranging from traditionally highly liquid interbank money markets to the less-liquid structured credit markets. The event began with what was widely perceived as a credit deterioration in the US subprime mortgage market. However, this quickly raised uncertainty about the valuation of securities related to this market, thus affecting their liquidity. The rapidity with which this market illiquidity has been transmitted into funding illiquidity has been both striking and unprecedented. The event has raised questions about how market liquidity in a variety of instruments is determined in both primary and secondary markets and how mechanisms act to transmit illiquidity across markets during a period of stress. The article seeks to identify how standard concepts of liquidity can be applied to various types of markets across the globe with a view to interpreting how liquidity deteriorated so quickly. Several attributes of liquidity –types of market structures (including existence of formal intermediaries and trading venues), the construction of the instruments, and the types of investors– are used to guide the analysis. One feature that appears to be important for liquidity is the degree to which information about the risks underlying the financial instrument are well understood by both buyers and sellers. Another insight is that the expectations of market participants about liquidity and their ability to monitor it also have an impact on liquidity itself. These attributes suggest that the growth in securitization and complex structured credit products –new developments in the transfer of credit risk– may carry with them a predilection to adverse liquidity events that will require further examination. In light of the analysis, the article identifies ways of mitigating some of the problems that arose in this latest bout of illiquidity. Because liquidity is created and maintained by the market participants themselves, most of the room for improvement rests with the private sector. It is already clear that some market practices and policies will need to change and in this context some suggestions for enhancements to financial institutions’ liquidity risk management are outlined. However, given that both market and funding liquidity are intimately related to financial stability, a public good, there is also a potential role for the public sector. Hence, the tools used by central banks to maintain their role in effi cient monetary policy transmission together with financial stability will need to be reviewed.

On the rough Gronwall lemma and its applications

We present a rough path analog of the classical Gronwall Lemma introduced recently by A. Deya, M. Gubinelli, M. Hofmanov\'a, S. Tindel in [arXiv:1604.00437] and discuss two of its applications. First, it is applied in the framework of rough path driven PDEs in order to establish energy estimates for weak solutions. Second, it is used in order to prove uniqueness for reflected rough differential equations

Do patients with suspected heart failure and preserved left ventricular systolic function suffer from "diastolic heart failure" or from misdiagnosis? A prospective descriptive study

OBJECTIVES: To characterise the clinical features of patients with suspected heart failure but preserved left ventricular systolic function to determine if they have other potential causes for their symptoms rather than being diagnosed with 'diastolic heart failure.' DESIGN: Prospective descriptive study. SETTING: Outpatient based direct access echocardiography service. PARTICIPANTS: 159 consecutive patients with suspected heart failure referred by general practitioners. MAIN OUTCOME MEASURES: Symptoms (including shortness of breath, ankle oedema, and paroxysmal nocturnal dyspnoea) and history of coronary heart disease and chronic pulmonary disease. Transthoracic echocardiography, body mass index, pulmonary function tests, and electrocardiography. RESULTS: 109 of 159 participants had suspected heart failure in the absence of left ventricular systolic dysfunction, valvular heart disease, or atrial fibrillation. Of these 109, 40 were either obese or very obese, 54 had a reduction in forced expiratory volume in 1 second to </=70%, and 97 had a peak expiratory flow rate </=70% of normal. Thirty one patients had a history of angina, 12 had had a myocardial infarction, and seven had undergone a coronary artery bypass graft. Only seven patients lacked a recognised explanation for their symptoms. CONCLUSIONS: For most patients with a diagnosis of heart failure but preserved left ventricular systolic function there is an alternative explanation for their symptoms-for example, obesity, lung disease, and myocardial ischaemia-and the diagnosis of diastolic heart failure is rarely needed. These alternative diagnoses should be rigorously sought and managed accordingly

Negative partisanship is real, measurable, and affects political behaviour

Many people explain their political involvement with reference to the kinds of outcomes they’d like to avoid, with Republicans and Democrats alike often framing their campaigns around ‘keeping out’ the opposite side. But what do we actually know about what Nicholas J. Caruana calls ‘negative partisanship’? He presents evidence from Canada that shows it explains a great deal about political involvement, and that there are lessons for political engagement more widely