The framing of financial decisions: a pilot study

We continually need to make decisions, but it is clear that, in so doing, we do not act in accordance with strict rules of rationality. For example, the effect of framing (i.e. the choice of particular words to present a given set of facts) can influence our choices, which raises some serious questions about our real freedom of choice. An increasing body of literature on framing supports a tendency for people to take more risks when seeking to avoid losses as opposed to securing gains. This is explained by framing and the value function within Tversky & Kahneman’s prospect theory. An empirical study was undertaken within a Business School to test the hypothesis that framing influenced subjects’ choices in four simple financial decisions (A,B,C,D) as indicated in the previous paragraph. The results, based on a sample of 51 adults, partly supported the hypothesis (cases B and D), but the anticipated outcomes were not found in cases A and C. It is probably a high level of risk aversion, irrespective of framing, on the part of the subjects which explains these unexpected findings since subjects exhibited a clear tendency to favour certainty over risky options

Some thoughts on marketing controllership

“It is paradoxical that while many of the most significant financial and accounting activities within any company start with the forecasts of market opportunities, sales volumes, prices and anticipated revenues, the explicit role of accounting and finance in the control of the marketing function itself has been neglected.” (Anthony Hopwood in Vernon (1976: p.227).) Whilst there is an increasing trend towards an interdisciplinary approach to managerial problem-solving, there still appears to be an absence of mutual understanding between marketing and control people due to (in Boulding’s terms) ‘specialised ears’ and ‘generalised deafness’

Tangible user interfaces for learning

Tangible user interfaces (TUIs), systems characterised by the embodiment of interaction in physical objects, have attracted general interest but have not yet been widely adopted for learning. Employing these kinds of novel technologies could yield substantial benefits to learners. This paper provides a review of state-of-the-art TUIs for learning, scoped by a revised definition of TUIs that serves to delineate and differentiate these from other kinds of interfaces. We propose a classification framework that attends to important aspects of TUIs for use in learning and review tangible systems within this classification to expose research and design gaps. Our work provides guidance for researchers and learning technologists to help identify potential research directions for TUIs for learning

Constrained action selection in children with developmental coordination disorder

The effect of advance (‘precue’) information on short aiming movements was explored in adults, high school children, and primary school children with and without developmental coordination disorder (n = 10, 14, 16, 10, respectively). Reaction times in the DCD group were longer than in the other groups and were more influenced by the extent to which the precue constrained the possible action space. In contrast, reaction time did not alter as a function of precue condition in adults. Children with DCD showed greater inaccuracy of response (despite the increased RT). We suggest that the different precue effects reflect differences in the relative benefits of priming an action prior to definitive information about the movement goal. The benefits are an interacting function of the task and the skill level of the individual. Our experiment shows that children with DCD gain a benefit from advance preparation in simple aiming movements, highlighting their low skill levels. This result suggests that goal-directed RTs may have diagnostic potential within the clinic

Characterization of the recD gene of Neisseria gonorrhoeae MS11 and the Effect of recD Inactivation on Pilin Variation and DNA Transformation

Pilin antigenic variation in Neisseria gonorrhoeae may result following intrachromosomal recombination between homologous pi/ genes. Despite extensive study, recA is the only previously characterized gene known to be involved in this process. In this study, the gonococcal recD gene, encoding one subunit of the putative RecBCD holoenzyme, was characterized and its role in pilin variation assessed. The complete recD gene of N. gonorrhoeae M S l l was cloned and its nucleotide sequence determined. The gonococcal recD gene complemented a defined Escherichia coli recD mutant, based on plaque formation of bacteriophage 1 and the restoration of ATP-dependent nuclease activity. Inactivation of the gonococcal recD gene had no measurable effect on cell viability or survival following UV exposure, but did decrease the frequency of DNA transformation approximately threefold. The frequency at which nonparental pilin phenotypes were spawned was 12-fold greater in M S l l recD mutants compared with the parental MS11 re& strain. Similar results were obtained using recD mutants that were not competent for DNA transformation. Complementation of the M S l l recD mutant with a wild-type recD gene copy restored the frequency of pilin phenotypic variation to approximately wild-type levels. The nucleotide changes at pi/€ in the recD mutants were confined to the variable regions of the gene and were similar to changes previously attributed to gene conversion

Conceptualising financial literacy

The term financial literacy is one that is not new. Financial literacy is perceived as important and as something to be encouraged in those who are not financially literate. These perceptions are exemplified by the existence of centres or bodies dedicated to financial literacy. These include the Financial Literacy Centre, University of Warwick, the National Endowment for Financial Education (USA), Financial Literacy Center (USA), and programmes such as the Start Right Coalition for Financial Literacy (Canada) and the Jump$tart Coalition for Personal Financial Literacy (USA). In the UK the Money Management Council is involved in a number of projects aimed at raising the financial literacy of consumers. And yet what does the term financial literacy actually mean ? What distinguishes a financially literate individual from one who is financially illiterate ? This paper explores literature examining aspects of individuals’ financial literacy in particular contexts. Use of the term literacy is also explored. Current definitions were found to be lacking (clearly having implications for the operationalisation of the concept of financial literacy). These limitations are explored and suggestions are offered towards developing an explicit conceptualisation of financial literacy

Design and evaluation of sustained release matrix tablets of levofloxacin for effective treatment of microbial infections

The objective of present work was to formulate and evaluate sustained release matrix tablets of levofloxacin for treating microbial infections effectively. Levofloxacin is the active component of the racemate ofloxacin, and used for treating a variety of clinical conditions such as lower respiratory tract infections, acute sinusitis, uncomplicated skin and soft-tissue infections and complicated urinary tract infections. Different formulations were prepared by wet granulation method using various release rate controlling hydrophilic polymers. The formulations were evaluated for hardness, weight variation, friability and drug content uniformity. The in vitro release of drug from the formulations was studied in pH 1.2 acidic buffer and pH 6.8 phosphate buffer, and it was found that the prepared tablets were able to sustain the release of the drug. The release of levofloxacin from the tablets was diffusion controlled and the release mechanism was non-Fickian. For conclusion, the developed formulations may reduce the dosing intervals, reduce the dose related side effects and increase the drug’s efficacy for treating infections.Keywords: Matrix tablets, levofloxacin, HPMC, guar gum, xantham gum, locust bean gum, Amorphophallus starch

The valuing of Information Assets in UK companies

The primary focus of this study is on the impact of the UK financial reporting standard for goodwill and intangible assets (FRS10) on information assets. It was anticipated that the identification of methods already in use under the terms of FRS10 for valuing information assets would be identified. It was anticipated that once UK companies have recognised information as an asset for valuation purposes this would bring information assets within the compass of financial appraisal. Interviews were conducted with accounting and information professionals as well as with representatives of their professional and regulatory bodies focusing on the valuation of information as an asset. Of the 24 organisations in which interviews were carried out, eight were FTSE 100 companies which were identified as being information-intensive organisations, thus likely to represent the state of the art with regard to the valuation of information assets. The main method of data gathering was by individual interview using a semi-structured approach. The most surprising finding was that UK companies appear not to be using FRS10 to value their information assets. Moreover, many of those interviewed did not believe that information should be categorised as an asset or valued for inclusion on the balance sheet. One difficulty identified in using FRS10 to value information assets was that it specifically excludes internally-generated intangibles which do not have a 'readily ascertainable market value'. The information assets considered most important by interviewees were internally-generated. These were typically not valued for internal purposes, hence one reason why there is little impetus to include information assets on the balance sheet maybe because it could be unwise to report externally that which has not been addressed internally

Valuation of Information Assets

Information is an important asset for organisations. The concepts of intellectual capital and knowledge management have focused managers' attention on how organisations can exploit information assets for commercial gain. Yet, without acceptance of the need for or means of evaluation of information assets, it is difficult to highlight the benefits of such concepts in commercial terms. This paper deals with some of the conceptual issues relating to this issue. The term 'information assets' can be defined as data that is or should be documented, and which has value or potential value. Information is often seen as a raw material and knowledge is an end result achieved through learning. However, knowledge is also raw material, and information an end result through formalisation. Among the identifying attributes of information one can include expandable, compressible, substitutable, easily transportable, diffusable and shareable. These attributes are manifest in organisational activities such as monitoring how processes are performed, integrating different business processes, customising products and services, and creating information products as the primary output of a business. It is evident, therefore, that the scope of information assets within organisations can be extremely far reaching. The accounting concept of assets does not easily accommodate information assets. Since information cannot be readily measured in monetary terms, and since cost is not a measure of value, there is the problem of how the value of information assets might be ascertained. Approaching this issue requires a consideration of the two main reasons for valuing information assets. The first is for financial reporting purposes whilst the second is to encourage the better management of information assets. With regard to the former, there are two potential paths which financial reporting may take in the future which may accommodate information assets. The first is for a major review of accounting practice to include intellectual capital, and the second involves reporting information assets which may impact on the performance of a company as an additional commentary in a company's annual Operating and Financial Review. With regard to the latter, a possible approach might be to value information in the light of its contribution to making improved decisions, although this has both conceptual and measurement problems associated with it