"More Than a University": The Impact of CSR Initiatives on Business Students' Perceptions as Future Managers

Given that research into attitudes to responsible management in education is still in its infancy, this chapter explored business students' experiences in relation to award-winning corporate social responsibility (CSR) practices of their university and mandatory curriculum on responsible management, based on the United Nations Principles of Responsible Management Education (PRME). Drawing on a qualitative study, focus groups were conducted with 107 students who were asked about their awareness, perceptions, and impact of the ethical, environmental, and social practices that their university implements. The findings suggested strong awareness and pride of its ethical standards, while many students' choice of university was influenced by their institution's sustainability practices. However, while students enjoy an immersive experience in CSR and ethics education, some doubted that this prepares them to face ethical quandaries in the real world. The chapter highlights a number of important orientations for the future development of university curriculum in relation to CSR

Bankruptcy probabilities inferred from option prices

[[abstract]]Option prices contain forward looking information about stock price volatility and, potentially, the probability of default. We develop a risk-neutral density (RND) model consisting of a mixture of two lognormal densities augmented with a probability of bankruptcy. To test the model we calibrate this model to daily stock and option prices of six financial institutions during the onset of the 2008 financial crisis. We find that the addition of the probability of bankruptcy term substantially improves the quality of the fit of the RND. The bankruptcy probability and the shape of the RND for the institutions are examined, particularly on major event dates. We find that that acquiring banks have a lower bankruptcy probability than the acquired banks; RNDs of financial institutions reflect market shocks, especially in fat tails and bankruptcy probability. Finally, the results from a simple multivariate regression for each institution suggest that high volatility and negative returns, while naturally linked to an increase in the probability of bankruptcy, do not fully explain it

The almanac investor : profit from market history and seasonal trends

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