Social Justice Through the Lens of the Cross: A Case for a Biblical Foundation of Social Work

Social work values social justice, as the profession promotes the well-being of society and the rights each person holds. Although social justice is a core value of social work, it is necessary to address the value’s foundation, and questioning the “why” behind social justice calls for a deeper understanding of social work. Using the “Inside-Out” apologetic approach demonstrates how the secular grounding of social work neglects to provide the foundation required to make claims on the necessity of social justice. A Christian foundation, however, offers the grounding needed to support the values and mission of social work, and it is valuable to support a Christian understanding of social work

Competition between exchanges : Euronext versus Xetra

Exchanges in Europe are in a process of consolidation. After the failure of the proposed merger between Deutsche Börse and Euronext, these two groups are likely to become the nuclei for further mergers and co-operation with currently independent exchanges. A decision for one of the groups entails a decision for the respective trading platform. Against that background we evaluate the attractiveness of the two dominant continental European trading systems. Though both are anonymous electronic limit order books, there are important differences in the trading protocols. We use a matched-sample approach to compare execution costs in Euronext Paris and Xetra. We find that both quoted and effective spreads are lower in Xetra. When decomposing the spread we find no systematic differences in the adverse selection component. Realized spreads, on the other hand, are significantly higher in Euronext. Neither differences in the number of liquidity provision agreements nor differences in the minimum tick size or in the degree of domestic competition for order flow explain the different spread levels. We thus conclude that Xetra is the more efficient trading system. JEL Classification: G10, G1