In this paper, we apply the single barrier strategy to optimize the dividend payment in the situation where there is a time lag d 0 between decision and implementation. Using a Brownian motion with drift as the surplus process, we obtain the optimal barrier b* which maximises the expected...

In this paper we propose a market consistent futures price dynamics model for cap-andtrade schemes, designed in the spirit of the European Union’s Emissions Trading Scheme (EU ETS). Historical price dynamics for the EU ETS suggest that, both, European emission Allowances (EUAs) and Certified...

A common view is that the performance of the UK economy between 1997 and 2010 under Labour was very weak and that the current economic problems are a consequence of poor policies in this period. In this report, we analyse the historical performance of the UK economy since 1997 compared with...

Choice and competition policies in public services are popular reform strategies in the member states of the European Union (EU). The European choice agenda is based on the view in the EU of, "social policy as a productive factor," and the need for, "modernisation," of the EU welfare states....

This paper introduces a new model for portfolio credit risk incorporating default and spread widening in a simple and consistent framework. Credit spreads are modelled by geometric Brownian motions with a dependence structure powered by a t-copula. Their joint evolution drives the spreads...

This paper reports the accounts of fifteen headteachers of primary schools in one local authority in the South East of England, including headteachers of schools that are amongst the most advantaged five per cent of schools in England and those amongst the most disadvantaged twenty per cent. The...

The introduction of the Research Governance Framework for Health and Social Care by the Department of Health in 2001 extended the reach of research governance from the NHS, where reviewing arrangements were already well established, into universities and local authorities, who were requested in...

This review focuses on structured observational research, primarily in services for people with learning disabilities. Observational research is particularly useful where people using services are unable to answer interviews or questionnaires about their experiences, and where proxy respondents...

In this paper, we review recent developments in the field of outsourcing and offshoring and the implications for engineering management. We examine three aspects involved in outsourcing and offshoring, namely, sourcing models, coordination, and value extracted from outsourcing projects. We...

As we write, the world is still in the grips of a financial crisis. Germany was one of the first countries to bail out a bank in July 2007. Then, in September 2007, the United Kingdom (UK) witnessed a run on a building society, Northern Rock, and the subsequent widespread nationalization of its...