Non-compliance, board structures and the performance of financial firms during crisis: UK Evidence

This paper examines the effectiveness of internal corporate governance mechanisms for improving the performance of financial firms in the UK. The research is first of its kind to look into the relationship between corporate governance and performance of financial firms in the UK before and during the financial crisis. Using Generalised Methods of Moments (GMM) estimates that control for dynamic endogeneity, this study shows that firm performance as measured by Total Shareholder Returns (TSR) and Return on Equity (ROE) is negatively associated with the level of non-compliance with the UK Corporate Governance Code. The study also finds that having higher number of internal controls is most effective monitoring mechanism and is positively associated with firm performance. However, board independence represented by the number of non-executive directs (NEDs) is the least effective monitoring mechanism and is negatively associated with the performance of firms. The study also shows that directors’ share ownership is an effective incentive mechanism for aligning their interests with shareholders as it is positively associated with firm performance. However, the findings suggest that remuneration is negatively associated with performance. Finally, the study provides evidence which indicates that board size impact the performance of firms differently in different time periods. As proposed by agency theory the study provides evidence that shows the positive impact of effective monitoring and incentive alignment for performance. It also provides support for the resource dependence view that directors are a critical resource during difficult economic times

S09RS SGB No. 6 (Rules of Order)

A BILL To Amend the Louisiana State University Student Government Senate Rules of Order by creating Rule 6.

Local water markets for irrigation in southern Spain: A multicriteria approach

Spanish authorities have recently approved a new legislative framework for the creation of local water markets to improve allocative efficiency for this scarce resource. This paper analyses the potential impacts of the policy. A utility function for three groups of farmers was elicited, using a method that does not require interaction with the decision‐makers. Utility was measured as a function of the first two moments of the distribution of total gross margin. The utility functions were then used to simulate farmers' responses to changes in the price of water.Resource /Energy Economics and Policy,

S09RS SGR No. 13 (Stimulus)

A RESOLUTION To urge all United States Senators and Congressmen of Louisiana to Vote Against the American Recovery and Reinvestment Act of 2009

S09RS SGB No. 30 (Recycling Bill)

A BILL to allocate a maximum of five thousand dollars ($5,000.00) from the Senate Contingency Account to implement the Student Recycling Initiative

Why A Change In Financial Behaviour Does Not Always Trigger A Change In Financial Well-Being?

“Finance, money and debt” are the most common causes of anxiety affecting mental health and well-being (Swift et al., 2014). Previous research has sought to understand financial well-being and the important factors for promoting financial well-being (FWB) for both individuals and society. The research seeks to explain why financial behaviour change matters. Financial education is considered as an important intervention to improve FWB (Brüggen et al., 2017). Nevertheless, the level of impact of financial education on financial behaviour change, capability and well-being are disputed. Behaviour change is not only influenced by education; other factors play an important role. There are constraints preventing people from changing behaviour, such as socioeconomic status, personality, financial knowledge, literacy, psychological and demographic characteristics (Hensley, 2015; Collins and Holden, 2014; Lyons et al., 2006; Bird et al., 1997). This paper investigates how behaviours influence individual FWB and how financial education can play a role in enhancing these elements. Saving and borrowing are key behaviours discussed in this paper. Some factors that might constrain people from making a change, such as financial attitudes and resources are also explored. Using data from my PhD, the efficacy of the online financial education intervention “Managing My Money” on Future Learn will be explored. The research uses a mix of quantitative and qualitative methods including surveys, financial literacy quizzes, interviews and content from online discussions. Key findings show that there is no significant change in perceived FWB before and after the intervention. From the data, it is not clear why there were some changes in influential factors such as financial behaviour, attitudes, attitudes towards making a change, knowledge and capacity, but no significant change in FWB. It might be that the level of change of these influential factors was not large enough to trigger a change in FWB. It could also be that the changes in some indicators of these influential factors are not sufficient to create a significant change in FWB. For instance, there was a positive change in saving behaviour within the financial behaviour factor, however, a positive change simultaneously in other indicators (i.e. paying off debts, retirement funds) might be needed to generate a positive change in FWB. Low response rates in post-surveys make it difficult to justify the causes of this result. The findings from the thematic analysis of the qualitative data revealed that saving and borrowing were the favourite topics in the online discussions. Learners were contemplating how their cognition, attitudes and behaviours in managing their finances had been changed over time. They asked for advice and stressed that they needed some help in managing their finances. Financial education was recognised by learners as key in achieving their financial needs and goals. The stories of their life-changing situations explained how these changes influenced their financial behaviours such as spending, saving and borrowing money. This research found that learners were at different stages of behaviour change for individual financial behaviours. Due to various circumstances, a few learners had relapsed in their saving behaviour, but over a twelve-month period were back on track. It was the limited financial resources in a specific period that prevented them from maintaining a desirable behaviour such as saving, rather than a lack of self-efficacy to maintain the change, awareness of the desirability of change or a lack of knowledge of saving for instance. These learners stressed they knew that they needed to save and to pay off debt. However, when the relapse was caused by limited financial resources, it might take longer than the one to six months cut-off periods, as suggested in five stages of behaviour change (Prochaska et al., 2002) to observe the change in behaviour after a relapse. Financial behaviour is constrained by an individual’s financial capacity, so the approach to dealing with behaviour change is distinguished from other types of behaviour change that involve purely physical and psychological factors (e.g. exercise, diet, smoking etc.). It requires a different approach and more thought to define the stages of financial behaviour change. Learners also discussed how risk attitude influenced the way they spend, save, borrow and invest their money. Risk attitude is defined as “an individual’s orientation toward taking or avoiding risk when deciding how to proceed in situations with uncertain outcomes” (Glanz et al., 2016, p.1). Financial capacity constrained the levels of risk attitude of learners. The more risk-averse attitude the learners had the more resilience they developed to resist pressure to “keep up with the Joneses”. There is not one answer that fits all, as it depends on an individual’s financial situation. Informed decision making is more important to help them make the right decision at the right time with reasonable costs or risks. This paper offers some preliminary findings on the above to inform the social marketers in designing financial education interventions that work for different segments

A Phenomenological Approach to Understanding the Impact of Chronic Ear Disease on Wellbeing in Young People: Patient and Carer Perspectives.

Background: Chronic Suppurative Otitis Media (CSOM) is a chronic inflammation of the middle ear which usually occurs in childhood. Symptoms of CSOM include ear pain, an odorous discharge and hearing loss, necessitating significant medical intervention. Previous research has largely focused on functional outcomes of CSOM using quantitative methods. Consequently, the lived experience of this condition from patient and carer perspectives is relatively unknown. The aim of the current study is to qualitatively explore the psychological impact of CSOM on young people. Methods: A qualitative semi-structured interview design is proposed. Up to 10 young people aged 12-18 and their primary caregivers will be recruited from local ENT clinics and interviewed individually. Interviews will consider participants’ experience of the meaning of CSOM, its impact on identity and social and emotional aspects of daily life. Interviewing both patients and primary caregivers about the same phenomena will enable triangulation of the data. All interviews will be audio recorded and transcribed verbatim. Data will be analysed using Interpretative Phenomenological Analysis (IPA). Findings: IPA will be conducted on patient and primary caregiver interview data according to the process outlined in Smith, Larkin and Flowers (2009). Initial findings will be shared with the young people and their primary caregivers. Discussion: The findings from the current study will lead to a greater understanding of CSOM on young people’s wellbeing and quality of life. This knowledge will enable ENT clinics and other medical teams to address the psychosocial support needs of this group and ultimately improve patient care

Allergic rhinitis: To sneeze or to wheeze. Pollen is the question, what is the answer?

Allergic rhinitis, also known colloquially as hay fever, is the most common among the allergic diseases. Recent literature reports that it affects up to a tenth of the world population. Atopic diseases have a particularly high prevalence in young children which is often attributed to their immature immune systems. Traditionally, atopic diseases have plagued industrialised countries, but the burden has recently extended its reach to developing countries. Over the past few decades, there has been a marked increase in all allergy-related diseases. Supported by the advent of the Atopic March, research has been primarily directed at understanding the aetiology and pathophysiology associated with diseases stemming from atopy. In this article, we review current treatments available in South Africa and explain the pathophysiology of allergic rhinitis