4,574 research outputs found
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ICT skills acquisition by older people: motivations for learning and barriers to progression
This paper reports findings from one strand of an extensive research project investigating digital engagement of older people and the risks to sustained usage of information and
communication technologies (ICTs). The factors that motivate older people to learn about ICTs, the barriers they face in the learning process and with on-going ICT
use are examined. Research methods included focus groups (28 ICT learners aged 50+); questionnaires and interviews
with seven 50+ learners; three interviews with ICT tutors; and observation sessions in three different ICT learning and support environments in England and Scotland. Findings show that while learning to use ICTs to ease the mechanics of daily life (e.g. on-line shopping) was a motivating factor for some, the more powerful drivers tended to be those applications seen as enriching quality of life e.g.
using ICTs to keeping in contact with family and friends and
using ICTs in pursuit of passions and interests. The key
barriers relate to fear of using a computer; learning suppo
rt ; quality and provision of ICT training; cost of training
and technology; memory problems, and technology barriers. Implications of these findings for service providers, ICT designers and policy makers are identified and discussed
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Falling Off the Bandwagon? Exploring the Challenges to Sustained Digital Engagement by Older People
Objectives: This study examines older people’s use of information and communication technologies (ICTs) and identifies the factors which can prevent or promote their sustained use.
Methods: A mixed methods approach was adopted. Quantitative and qualitative data were collected by a survey of 323 older ICT users (aged 50+) between 2011 and 2012. These data were supplemented by qualitative data obtained through in-depth interviews, focus groups,and story-telling. Quantitative data were analysed using PASW including bivariate and multivariate analyses. Qualitative data were analysed using an inductive, thematic approach.
Results: The findings show that, contrary to some stereotypes, many older people are enthusiastic, competent and confident users of ICTs. However they report a range of challenges in reaching and maintaining this situation. These include technological complexity and change, age-related capability changes and a lack of learning and support mechanisms. Intrinsic motivation and social support are important in enabling older people to overcome these challenges.
Discussion: Getting older people online has been a high priority in many countries over the past decade. However, little attention has been paid to whether and how their usage can be sustained over time. We discuss the implications of the findings for policy and practice
Financing Innovations and Capital Structure Choices
The last two decades have seen a stream of innovation in financial markets, especially in the corporate bond arena. Some of these innovations were designed to give firms more
flexibility in designing cash flows on borrowings, allowing them to match up cash flows on financing more closely to cash flows on assets, thus increasing their debt capacity. These changes have been for the most part good news for corporate treasurers, but the relentless torrent of innovation has also resulted in some firms issuing these new and more complex securities for the wrong reasons. Some have done so to keep up with other firms in their peer group, and other to take advantage of loopholes in the way ratings
agencies and regulatory agencies define debt and equity. In this context, it is worth noting that as corporate bonds have become more complex, investment bankers once
more become indispensable to the process, proving both pricing and selling support. It is important that firms recognize when complexity serves their interests, and when it can end up hurting them
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Janaki Ammal, C.D. Darlington and J.B.S. Haldane: Scientific encounters at the end of Empire
Right from the beginning, genetics has been an international venture, with international networks involving the collaboration of scientists across continents. Janaki Ammal’s career illustrates this. This paper traces her scientific path by situating it in the context of her relationships with J. B. S. Haldane and C. D. Darlington
Estimating Equity Risk Premiums
Equity risk premiums are a central component of every risk and return model in finance. Given their importance, it is surprising how haphazard the estimation of equity risk premiums remains in practice. The standard approach to estimating equity risk premiums remains the use of historical returns, with the difference in annual returns on stocks and bonds over a long time period comprising the expected risk premium, looking forward. We note the limitations of this approach, even in markets like the United States, which
have long periods of historical data available, and its complete failure in emerging markets, where the historical data tends to limited and noisy. We suggest ways in which equity risk premiums can be estimated for these markets, using a base equity premium and a country risk premium. Finally, we suggest an alternative approach to estimating equity risk premiums that requires no historical data and provides updated estimates for most markets
Dealing with Operating Leases in Valuation
Most firm valuation models start with the after-tax operating income as a measure of the operating income on a firm and reduce it by the reinvestment rate to arrive at the free cash flow to the firm. Implicitly, we assume that the operating expenses do not include any financing expenses (such as interest expense on debt). While this assumption, for the most part, is true, there is a significant exception. When a firm leases an asset, the accounting treatment of the expense depends upon whether it is categorized as an operating or a capital lease. Operating lease expenses are treated as part of the operating expenses, but we will argue that they really represent financing expenses. Consequently, the operating income, capital, profitability and cash flow measures for firms with operating leases have to be adjusted when operating lease expenses get categorized as financing expenses. This can have significant effects not just on valuation model inputs, but also on some multiples such as Value/EBITDA ratios that are widely used in valuation
Research and Development Expenses: Implications for Profitability Measurement and Valuation
Most valuation models begin with a measure of accounting earnings to arrive at cash flow estimates. When using accounting earnings, we implicitly assume that the income is obtained by netting out only those expenses that are operating expenses, i.e., expenses designed to generate revenues in the current period. Expenses that are intended to provide benefits over multiple periods are assumed to be considered as capital expenditures, and
these expenses are depreciated or amortized over multiple periods. In addition, when
computing profitability measures such as return on equity and capital, we stick with this assumption that operating income measures income generated by assets in place. In this paper, we examine the accounting treatment of research and development expenses, and the effects of the treatment on operating income, capital and profitability. We argue that research and development expenses should be treated as tax-deductible capital expenditures, for purposes of valuation, and this can have significant effects on operating income, capital and expected growth measures for firms with substantial research expenses
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